FBRT (Franklin BSP Realty Trust) Scaled Net Operating Assets: 0.98 (As of Mar. 2026)


FBRT Franklin BSP Realty Trust Inc FBRT
65 GF Score
Price $8.08
GF Value $9.62
Valuation Modestly Undervalued
! 10 Warning Signs
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What is Franklin BSP Realty Trust Scaled Net Operating Assets?

Franklin BSP Realty Trust FBRT +2.02% 65 Scaled Net Operating Assets is 0.98 as of Mar. 2026. GuruFocus rates FBRT with a GF Score™ of 65/100 and a GF Value™ of $9.62 (Modestly Undervalued). The stock has 10 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Franklin BSP Realty Trust's operating assets for the quarter that ended in Mar. 2026 was $6,185.4 Mil. Franklin BSP Realty Trust's operating liabilities for the quarter that ended in Mar. 2026 was $240.7 Mil. Franklin BSP Realty Trust's Total Assets for the quarter that ended in Dec. 2025 was $6,057.3 Mil. Therefore, Franklin BSP Realty Trust's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.98.


Franklin BSP Realty Trust Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Franklin BSP Realty Trust's Scaled Net Operating Assets can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Franklin BSP Realty Trust Scaled Net Operating Assets Chart

Franklin BSP Realty Trust Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.43 0.59 0.88 0.95 0.94

Franklin BSP Realty Trust Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.88 0.89 1.03 0.90 0.98

FBRT vs TRTX, RWT, BRSP: Scaled Net Operating Assets Comparison

For the REIT - Mortgage subindustry, Franklin BSP Realty Trust's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Franklin BSP Realty Trust Scaled Net Operating Assets vs REITs Industry

For the REITs industry and Real Estate sector, Franklin BSP Realty Trust's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Franklin BSP Realty Trust's Scaled Net Operating Assets falls into.


FBRT
65GF Score
Franklin BSP Realty Trust Inc FBRT
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Franklin BSP Realty Trust Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Franklin BSP Realty Trust's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(5889.958-275.493)/6002.386
=0.94

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6057.25 - 167.292
=5889.958

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=4525.773 - 4062.909 - 187.371
=275.493

Franklin BSP Realty Trust's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(6185.401-240.68)/6057.25
=0.98

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6301.001 - 115.6
=6185.401

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=4820.955 - 4368.107 - 212.168
=240.68

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.98 mean?
Franklin BSP Realty Trust (FBRT) has a Scaled Net Operating Assets of 0.98 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Franklin BSP Realty Trust and its competitors.
Is Franklin BSP Realty Trust's Scaled Net Operating Assets too high?
Franklin BSP Realty Trust's current Scaled Net Operating Assets is 0.98. Overall, Franklin BSP Realty Trust has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Franklin BSP Realty Trust's Scaled Net Operating Assets compare to TRTX and RWT?
Franklin BSP Realty Trust's Scaled Net Operating Assets of 0.98 can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a REITs company?
A good Scaled Net Operating Assets depends on the REITs industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Franklin BSP Realty Trust and its competitors. Franklin BSP Realty Trust's current Scaled Net Operating Assets is 0.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Franklin BSP Realty Trust stock overvalued right now?
Based on GuruFocus' analysis, Franklin BSP Realty Trust (FBRT) is currently considered Modestly Undervalued. The stock's GF Value™ is $9.62, compared to a current price of $8.08 — trading 16% below its estimated fair value. The current Scaled Net Operating Assets is 0.98. Franklin BSP Realty Trust's overall GF Score™ is 65/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Franklin BSP Realty Trust (FBRT), the current Scaled Net Operating Assets is 0.98 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Franklin BSP Realty Trust (FBRT) Overvalued in 2026?

Based on GuruFocus' analysis, Franklin BSP Realty Trust stock appears to be undervalued. The current stock price of $8.08 is trading 16% below its estimated GF Value™ of $9.62. GuruFocus considers Franklin BSP Realty Trust to be Modestly Undervalued.

Key valuation signals for FBRT:

  • Scaled Net Operating Assets: 0.98
  • GF Value™: $9.62 vs. price of $8.08 (16% below fair value)
  • GF Score™: 65/100 with 10 warning signs

No single metric tells the full story. See the FBRT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Franklin BSP Realty Trust Business Description

Industry Real EstateREITs
Other Exchanges 6VH:Germany
Address 1 Madison Avenue, New York, NY, USA, 10010
Franklin BSP Realty Trust Inc is a private real estate investment trust that originates, acquires, and manages a diversified portfolio of commercial real estate debt, and first mortgage loans. secured by properties located in the United States. The Company's operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency Business. Its four reporting segments are as follows: The real estate debt business, The Agency Business, The commercial real estate conduit business, and The real estate owned business.
65GF Score

Get the complete analysis for FBRT

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$8.08
Price
$9.62
GF Value