Franklin BSP Realty Trust, Inc. logo FBRT - Franklin BSP Realty Trust, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 1
BUY 3
HOLD 0
SELL 0
STRONG
SELL 0
| PRICE TARGET: $15.33 DETAILS
HIGH: $16.00
LOW: $15.00
MEDIAN: $15.00
CONSENSUS: $15.33
UPSIDE: 87.87%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Real Estate Investment Trust 85% confidence

Primary model: P/FFO × Default REIT Multiple

Valuation Signal Undervalued Strong
Trading 66.9% below fair value
Current Price $8.16
Bear Case $20.48 151.0% upside ($20.48 - $8.16) / $8.16 = 151.0% $1.19 FFO × 18x
Fair Value $24.67 202.3% upside ($24.67 - $8.16) / $8.16 = 202.3% $1.19 FFO × 22x
Bull Case $28.86 253.7% upside ($28.86 - $8.16) / $8.16 = 253.7% $1.19 FFO × 26x

Adjust Assumptions

22.1x
1.19$

Key Value Driver

FFO/share ($1.19) × default P/FFO multiple

Implied Market Multiple 6.8x

Plain-Language Summary

At $1.19 FFO/share with a 22x default REIT multiple, the base-case value is $24.67 per share. Dividend yield: 13.6%. DDM cross-check: $20.69.

Warnings

⚠ Standard profit figures are misleading for real estate companies — large non-cash accounting charges make profits look artificially low. Dividend yield and funds from operations are better measures.
⚠ Dividend yield of 13.6% is unusually high — make sure the company generates enough cash to keep paying it.

Key Risks

  • P/E and EV/EBITDA are structurally wrong for REITs — use P/FFO and NAV
  • Interest rate sensitivity: REIT multiples compress when rates rise
  • FFO approximation (NI + D&A) may include gains on property sales — verify