Franklin BSP Realty Trust Inc. (FBRT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.24	$0.25	+4.2%	—	$116.3M	—
Q1 26	$0.23	$0.09	-60.9%	—	$116.4M	—
Q4 25	$0.27	$0.12	-55.6%	—	$124M	—
Q3 25	$0.3	$0.22	-26.7%	—	$136.7M	—
Q2 25	$0.3	$0.27	-10.0%	—	$119.5M	—
Q1 25	$0.26	-$0.12	-146.2%	—	$120.7M	—
Q4 24	$0.34	$0.32	-5.9%	—	$136.5M	—
Q3 24	$0.4	-$0.1	-125.0%	—	$139.6M	—
Q2 24	$0.4	$0.31	-22.5%	—	$137.6M	—
Q1 24	$0.39	$0.41	+5.1%	—	$135.3M	—
Q4 23	$0.39	$0.39	0.0%	—	$136M	—
Q3 23	$0.4	$0.43	+7.5%	—	$140.4M	—
Q2 23	$0.5	$0.66	+32.0%	—	$159.3M	—
Q1 23	$0.37	$0.42	+13.5%	—	$133.8M	—
Q4 22	$0.36	$0.37	+2.8%	—	$120.8M	—
Q3 22	$0.31	$0.33	+6.5%	—	$96.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.65	—	—	$501M	—
FY24	—	$0.82	—	—	$548.9M	—
FY23	—	$1.42	—	—	$569.5M	—
FY22	—	-$0.38	—	—	$367.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$79.4M	$89.6M	$152.3M	$198.5M	$184.2M	$221.6M	$367.4M	$569.5M	$548.9M	$501M
YoY change	+33.7%	+12.8%	+70%	+30.3%	-7.2%	+20.3%	+65.7%	+55%	-3.62%	-8.73%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	79.4M	89.6M	152.3M	198.5M	184.2M	221.6M	367.4M	569.5M	548.9M	501M
Cost of revenue	32.7M	41.6M	80.3M	109.4M	85.4M	84.3M	186.7M	339.4M	338.5M	288.3M
Gross profit	46.7M	47.9M	72M	89M	98.8M	137.3M	180.7M	230.1M	210.5M	212.7M
Gross margin	58.9%	53.5%	47.3%	44.9%	53.6%	62%	49.2%	40.4%	38.3%	42.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9.8M	12.2M	21.8M	28M	24.1M	19.3M	38M	34.5M	58.3M	129.9M
Operating expenses	9.8M	12.2M	21.8M	30.8M	24.1M	19.3M	38M	34.5M	58.3M	129.9M
Operating income	35.6M	36.4M	46.9M	57.5M	59.2M	121.1M	101.1M	154.8M	110.8M	85M
Operating margin	44.8%	40.7%	30.8%	29%	32.1%	54.6%	27.5%	27.2%	20.2%	17%
Non-operating income, net	-5.6M	-2.4M	6M	30.9M	-6.5M	-91.8M	-87.3M	-13M	-17.3M	2.9M
Pretax income	30M	34M	52.9M	88.4M	52.7M	29.3M	13.8M	141.8M	93.5M	88M
Income tax	0	225K	79K	4.5M	-2.1M	3.6M	-399K	-2.8M	1.1M	3.9M
Net income	30M	33.8M	52.8M	83.9M	54.7M	25.7M	14.2M	144.5M	92.4M	84.1M
Net margin	37.8%	37.7%	34.7%	42.3%	29.7%	11.6%	3.87%	25.4%	16.8%	16.8%
EBITDA	38.9M	35M	35.9M	23.4M	64.6M	211.1M	187.3M	165.1M	112.2M	49.3M
EPS	0.67	0.76	1.11	1.5	0.9	-0.18	-0.38	1.42	0.82	0.65
Diluted EPS	0.67	0.76	1.11	1.5	0.9	-0.18	-0.38	1.42	0.82	0.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	140.4M	136M	135.3M	137.6M	139.6M	136.5M	120.7M	119.5M	136.7M	124M	116.4M	116.3M
Cost of revenue	85.9M	90.2M	81.3M	86.7M	89.9M	80.5M	70.6M	70.2M	76.5M	71M	65.2M	67.3M
Gross profit	54.5M	45.8M	54M	50.9M	49.7M	55.9M	50.1M	49.3M	60.2M	53M	51.2M	49M
Gross margin	38.8%	33.7%	39.9%	37%	35.6%	41%	41.5%	41.2%	44.1%	42.7%	44%	42.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9M	8.2M	16.6M	12.9M	14.4M	14.4M	18.7M	16.4M	55.5M	39.2M	42.9M	38.7M
Operating expenses	9M	8.2M	16.6M	12.9M	14.4M	14.4M	18.7M	16.4M	55.5M	39.2M	42.9M	38.7M
Operating income	41.6M	30.6M	33M	4.4M	34.1M	39.2M	31.9M	33M	1.8M	18.3M	-6.5M	1.2M
Operating margin	29.6%	22.5%	24.4%	3.18%	24.5%	28.7%	26.4%	27.6%	1.35%	14.8%	-5.6%	0.99%
Non-operating income, net	-12.4M	-923K	3.6M	-8.3M	-3.7M	-8.9M	-7.5M	-8.7M	12.9M	6.3M	19.7M	12.2M
Pretax income	29.2M	29.7M	36.7M	-3.9M	30.4M	30.4M	24.4M	24.2M	14.7M	24.6M	13.2M	13.4M
Income tax	-1.8M	-349K	835K	-117K	209K	193K	654K	-138K	-2.9M	6.3M	929K	-2.9M
Net income	31M	30M	35.8M	-3.8M	30.2M	30.2M	23.7M	24.4M	17.6M	18.4M	12.3M	16.3M
Net margin	22.1%	22.1%	26.5%	-2.74%	21.6%	22.1%	19.6%	20.4%	12.9%	14.8%	10.6%	14%
EBITDA	54.1M	31.7M	28.5M	10.9M	33.5M	39.3M	30.9M	31.5M	-21.6M	8.4M	-21.6M	-19.8M
EPS	0.3	—	0.35	-0.11	0.3	—	0.2	0.19	0.12	—	0.07	0.12
Diluted EPS	0.3	—	0.35	-0.11	0.3	—	0.2	0.19	0.12	—	0.07	0.12

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	648.7M	—	—	1B	822.1M	557.2M
Enterprise value	—	—	—	—	—	3.5B	—	—	5.2B	4.9B	5B
Shares outstanding	44.5M	44.5M	44.5M	44.5M	44.4M	43.4M	71.6M	82.3M	81.8M	82M	82M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	25.2	—	—	11.1	9.78	16.2
P/S	—	—	—	—	—	2.93	—	—	1.87	1.64	1.98
P/B	—	—	—	—	—	0.38	—	—	0.68	0.54	0.47
EV/EBITDA	—	—	—	—	—	16.6	—	—	45.9	99.4	102.3
EV/Sales	—	—	—	—	—	15.8	—	—	9.39	9.79	17.3
Earnings yield	—	—	—	—	—	3.96%	—	—	9%	10.2%	6.17%
FCF yield	—	—	—	—	—	22.6%	—	—	5.58%	35.5%	9.92%
PEG	—	—	—	—	—	—	—	—	—	—	-0.44

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	58.9%	53.5%	47.3%	44.9%	53.6%	62%	49.2%	40.4%	38.3%	42.4%	42.2%
Operating margin	44.8%	40.7%	30.8%	29%	32.1%	54.6%	27.5%	27.2%	20.2%	17%	8.55%
Net margin	37.8%	37.7%	34.7%	42.3%	29.7%	11.6%	3.87%	25.4%	16.8%	16.8%	21.4%
ROE	4.73%	5.53%	7.2%	10.3%	6.86%	1.5%	0.9%	9.11%	6.08%	5.49%	4.12%
ROA	2.4%	2.13%	2.03%	2.37%	1.72%	0.27%	0.23%	2.43%	1.54%	1.39%	1.07%
ROIC	3.18%	2.44%	2.08%	1.7%	2.06%	2.33%	1.8%	2.85%	1.94%	1.45%	0.24%
Return on tangible assets	2.4%	2.13%	2.03%	2.38%	1.72%	0.27%	0.23%	2.44%	1.55%	1.61%	1.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	15.3	28.5	42.1	7.32	13.5	2.2	11	20.1	17.1	18.4	8.7
Quick ratio	15.3	28.5	42.1	7.32	13.5	2.2	11	20.1	17.1	18.4	20.4
Debt / equity	0.95	1.57	2.33	3.04	2.69	4.42	2.82	2.64	2.84	2.78	2.7
Debt / assets	0.48	0.6	0.66	0.7	0.67	0.8	0.72	0.7	0.72	0.7	0.73
Net debt / EBITDA	12.5	24.9	42.3	102.7	32	13.5	21.5	23.3	36.8	82.8	-83.2
Effective tax rate	0%	0.66%	0.15%	5.07%	0%	12.3%	0%	0%	1.2%	4.42%	2.13%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.78	2.01	3.42	4.46	4.15	5.1	5.13	6.92	6.71	6.11	3.66
EPS (basic)	0.67	0.76	1.11	1.5	0.9	-0.18	-0.38	1.42	0.82	0.65	0.65
EPS (diluted)	0.67	0.76	1.11	1.5	0.9	-0.18	-0.38	1.42	0.82	0.64	0.43
Book value per share	14.2	13.7	16.5	18.4	18	39.4	22	19.3	18.6	18.7	14.8
FCF per share	0.79	0.19	0.16	1.02	2.6	3.37	2.13	2.4	0.7	3.56	1.86
Cash per share	2.65	1.88	4.3	1.96	1.85	108.7	5.79	4.1	2.25	2.04	1.85

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	134.2%	114.9%	70%	72.2%	90.9%	264.4%	980.8%	99.9%	156.8%	173.1%	258.1%
Dividend yield	—	—	—	—	—	10.5%	—	—	14.1%	17.7%	11.9%

Yield

11.9%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Jun 30, 2026

Payout ratio

258%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.20
Mar 31, 2026	$0.20
Dec 31, 2025	$0.355
Sep 30, 2025	$0.355
Jun 30, 2025	$0.355
Mar 31, 2025	$0.355
Dec 31, 2024	$0.355
Sep 30, 2024	$0.355

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$140.4M	$136M	$135.3M	$137.6M	$139.6M	$136.5M	$120.7M	$119.5M	$136.7M	$124M	$116.4M	$116.3M
YoY change	+45.5%	+12.6%	+1.06%	-13.6%	-0.57%	+0.36%	-10.8%	-13.2%	-2.02%	-9.11%	-3.55%	-2.68%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	118M	83.7M	191.4M	87.2M	82.1M	4.7B	415M	337.6M	184.4M	167.3M
Receivables	—	—	0	266K	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.2B	1.6B	2.6B	3.1B	3B	9.3B	5.7B	5.4B	5.4B	5B
Property, plant & equipment	—	—	—	6M	—	—	—	—	—	—
Goodwill & intangibles	—	—	0	14.4M	13.5M	48.5M	54.8M	42.8M	39.8M	839.6M
Total assets	1.2B	1.6B	2.6B	3.5B	3.2B	9.5B	6.2B	6B	6B	6.1B
Accounts payable	1.2M	4.5M	4.5M	10.9M	5.1M	12.7M	17.7M	13.3M	14.4M	18.9M
Short-term debt	66.6M	39M	44.5M	394.4M	186.8M	4.2B	440M	174.1M	236.6M	187.4M
Total current liabilities	78.4M	55.4M	61.1M	421.9M	219.3M	4.2B	522.1M	270.5M	315.5M	273.4M
Long-term debt	536.1M	917.5M	1.7B	2.1B	2B	3.4B	4B	4B	4.1B	4.1B
Total liabilities	614.5M	973.3M	1.9B	2.7B	2.4B	7.8B	4.6B	4.4B	4.5B	4.5B
Shareholders' equity	633.6M	610.3M	733.2M	816.8M	798.4M	1.7B	1.6B	1.6B	1.5B	1.5B
Total debt	602.8M	956.6M	1.7B	2.5B	2.1B	7.6B	4.4B	4.2B	4.3B	4.3B
Net debt	484.7M	872.9M	1.5B	2.4B	2.1B	7.4B	4.3B	3.8B	4.1B	4.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	411.4M	337.6M	240M	94.8M	346.2M	184.4M	215.4M	414.1M	116.7M	167.3M	115.6M	136.3M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	5.4B	5.4B	5.5B	5.6B	5.7B	5.4B	5.1B	5.1B	5.3B	5B	5.2B	5.3B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	43.6M	42.8M	42M	41.3M	40.6M	39.8M	39.1M	38.4M	834.8M	839.6M	833.9M	818.9M
Total assets	5.9B	6B	6B	6.3B	6.3B	6B	5.7B	5.6B	6.2B	6.1B	6.3B	6.4B
Accounts payable	16.9M	13.3M	11.2M	13M	14M	14.4M	17.6M	14.3M	20.8M	18.9M	20.3M	15.3M
Short-term debt	292.4M	174.1M	194.8M	267.6M	307.8M	236.6M	206.2M	128.9M	131.7M	187.4M	212.2M	196.5M
Total current liabilities	386.1M	270.5M	290.6M	357.9M	387.9M	315.5M	284.6M	206M	224.7M	273.4M	283.6M	262.2M
Long-term debt	3.8B	4B	4.1B	4.3B	4.3B	4.1B	3.8B	3.8B	4.2B	4.1B	4.4B	4.5B
Total liabilities	4.3B	4.4B	4.4B	4.7B	4.8B	4.5B	4.1B	4.1B	4.7B	4.5B	4.8B	4.9B
Shareholders' equity	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B	1.5B	1.5B	1.6B	1.5B	1.5B	1.5B
Total debt	4.1B	4.2B	4.3B	4.5B	4.6B	4.3B	4B	4B	4.4B	4.3B	4.6B	4.7B
Net debt	3.7B	3.8B	4B	4.4B	4.3B	4.1B	3.8B	3.6B	4.2B	4.1B	4.5B	4.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	30M	33.8M	52.8M	83.9M	54.7M	25.7M	14.2M	144.5M	92.4M	84.1M
Depreciation & amortization	—	—	0	0	2.2M	2.1M	5.3M	8.4M	5.6M	9.6M
Stock-based compensation	44K	97K	157K	156K	193K	211K	2.5M	4.8M	8.2M	9.1M
Change in working capital	1.3M	1.1M	-3.1M	5.7M	1.6M	-1M	4.5M	-6M	13.2M	2.7M
Operating cash flow	34.1M	14M	12.7M	50.8M	106.5M	32.2M	42.4M	167.5M	48.2M	291.9M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	139.4M	-332.8M	-855.8M	-924.7M	221M	1.2B	3.1B	342.2M	-189.5M	312.2M
Dividends paid	-40.3M	-38.8M	-37M	-60.6M	-49.8M	-68M	-139.4M	-144.3M	-144.9M	-145.6M
Share repurchases	-19M	-20.5M	-15.1M	-13.8M	-10.3M	-11.4M	-16.6M	-12.5M	-4.9M	-14.4M
Financing cash flow	-70.7M	73.5M	1.1B	1.3B	-556.7M	-2.8B	-7.3B	-425M	-48.6M	-684.4M
Net change in cash	102.8M	-245.3M	207.5M	407.5M	-229.2M	-1.6B	-4.2B	84.7M	-189.9M	-80.3M
Free cash flow	35M	8.4M	7.1M	45.4M	115.3M	146.5M	152.5M	197.4M	57.2M	291.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	31M	30M	35.8M	-3.8M	30.2M	30.2M	23.7M	24.4M	17.6M	18.4M	12.3M	16.3M
Depreciation & amortization	2.9M	2M	1.4M	1.4M	1.4M	1.4M	1.4M	1.4M	3.4M	3.4M	3.4M	2M
Stock-based compensation	1.3M	1.3M	1.8M	2.1M	2.1M	2.2M	2.2M	2.3M	2.2M	2.3M	2.4M	2.5M
Change in working capital	2.1M	-2.7M	1.6M	3.4M	8.2M	42K	12.6M	-59K	-1.8M	-7.9M	3.3M	-4.3M
Operating cash flow	53.2M	48.6M	10.2M	-28.4M	105.5M	-39.1M	123.4M	16.3M	-148.1M	312M	-54M	48.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	444.9M	-110.3M	-165.9M	-441.2M	133.7M	376.8M	258.8M	148.5M	123.1M	-173M	-224.4M	273.8M
Dividends paid	-36.2M	-36.2M	-36.1M	-36.3M	-36.2M	-36.2M	-36.2M	-36.4M	-36.5M	-36.4M	-36M	-21.6M
Share repurchases	0	-3.3M	-1.9M	-3M	0	0	0	0	0	-14.4M	-39.8M	-16M
Financing cash flow	-151.4M	43.7M	30.8M	266.3M	111.5M	-366.9M	-375.9M	-52M	-186.4M	-128.6M	251.4M	-287.5M
Net change in cash	346.6M	-18M	-124.8M	-203.3M	350.7M	-29.2M	6.2M	112.8M	-211.4M	10.4M	-27M	34.6M
Free cash flow	63.1M	55.9M	13M	1.9M	97.4M	-55.1M	116.2M	11.8M	-148.3M	311.8M	-54.1M	48.3M

Franklin BSP Realty Trust Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement