Is FBRT or FR more undervalued in 2026?

CirclFi compares Franklin BSP Realty Trust, Inc. (FBRT) and First Industrial Realty Trust, (FR) using 13 institutional-grade valuation models. FBRT has a Quality of Company score of 8.0/10 while FR scores 8.6/10.

Which is a better buy — FBRT or FR?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do FBRT and FR valuations compare?

FBRT at $8.67 and FR at $61.87 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

FBRT vs FR Valuation Comparison 2026 — Intrinsic Value Analysis

FBRT

Real Estate Investment Trusts

Franklin BSP Realty Trust, Inc.

Quality

8.0

out of 10

Value Trap

SAFE

Price

$8.67

Last close

Models

10/13

Active

FR

Real Estate Investment Trusts

First Industrial Realty Trust,

Quality

8.6

out of 10

Value Trap

LOW

Price

$61.87

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	FBRT Fair Value	FBRT Upside	FR Fair Value	FR Upside
Bayesian DCF	Intrinsic	$18.31	+111.2%	$40.56	-34.4%
Earnings Power Value	Intrinsic	$11.31	+30.5%	$18.47	-70.1%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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FBRT vs FR — Which Stock Is More Undervalued?

FR scores higher with a 8.6/10 quality rating vs FBRT's 8.0/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Franklin BSP Realty Trust, Inc. (FBRT) and First Industrial Realty Trust, (FR) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

FBRT currently trades at $8.67 with a QOC of 8.0/10, while FR trades at $61.87 with a QOC of 8.6/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).