Franklin BSP Realty Trust (FBRT) is a commercial real estate finance company structured as a REIT. Its core business is originating and holding floating-rate bridge and transitional loans secured primarily by multifamily properties, targeting middle-market borrowers who use these loans to acquire, refinance, or reposition assets while awaiting permanent financing. FBRT's balance sheet loan portfolio is approximately $4.4B, with roughly 77% backed by multifamily assets. FBRT funds this portfolio primarily through CRE CLOs — non-recourse, non-mark-to-market vehicles with reinvestment periods that allow FBRT to recycle repayments into new originations. Earnings in the balance sheet business are driven by portfolio size, the spread between loan yields and borrowing costs, and credit quality. In 2025, FBRT acquired NewPoint, an agency multifamily lending and servicing platform licensed to originate loans under Fannie Mae, Freddie Mac, and HUD/Ginnie Mae programs. NewPoint originates and sells agency loans, retaining the mortgage servicing rights, and manages a servicing portfolio of roughly $47.8B. NewPoint earns gain-on-sale income at origination and recurring servicing income on the retained portfolio. FBRT also runs a conduit business, originating fixed-rate commercial loans for sale into CMBS securitizations. FBRT is externally managed by Benefit Street Partners, a Franklin Templeton subsidiary. Management is deliberately repositioning FBRT away from pure balance sheet lending toward a broader CRE platform that blends credit income with more durable, recurring agency servicing revenue.