Franklin BSP Realty Trust, Inc. is a real estate finance company and REIT that operates two primary business units: Commercial Real Estate Financing, which originates, acquires, and asset-manages a range of commercial real estate debt investments including first mortgage loans, subordinated loans, bridge loans, mezzanine loans, equity participations, real estate securities, and conduit loans; and an Agency Business that originates, sells, and services multifamily finance products under government-sponsored enterprise and government agency programs including Fannie Mae, Freddie Mac, HUD, and Ginnie Mae. The company generates income through interest income and origination fees on commercial real estate debt, appreciation gains from equity participations, net gains on loan and security sales, and servicing and asset management fees. As a REIT, the company distributes at least 90 percent of REIT taxable income to shareholders and finances its operations primarily through secured repurchase agreements, supplemented by equity offerings and debt issuances, while employing leverage to enhance returns within REIT compliance parameters.