Revenue held in a narrow band while NOI margin swung between negative 117.1% and 94.2%, with the 2026Q3 swing to a $26.7M net loss on $120.7M of revenue signaling unstable profitability.
Franklin BSP Realty Trust, Inc. (FBRT) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 541.04M | 555.97M | 548.92M | 569.53M | 367.36M | 221.65M | 184.17M | 198.47M | 152.29M | 89.56M | 79.4M | 59.39M | 12.7M | 743K | 0 |
| Revenue Growth % | 4.85% | 1.28% | -3.62% | 55.03% | 65.74% | 20.35% | -7.2% | 30.32% | 70.03% | 12.8% | 33.69% | 367.66% | 1609.29% | - | - |
| Property Operating Expenses | 47.24M | 43.68M | 338.47M | 305.58M | 165.71M | 60.84M | 70.21M | 93.22M | 70M | 32.36M | 23.17M | 12.27M | 4.39M | 0 | 0 |
| Net Operating Income (NOI) | 493.79M | 512.28M | 210.45M | 263.95M | 201.65M | 160.81M | 113.96M | 105.25M | 82.29M | 57.2M | 56.23M | 47.13M | 8.31M | 743K | 0 |
| NOI Margin % | 91.27% | 92.14% | 38.34% | 46.35% | 54.89% | 72.55% | 61.88% | 53.03% | 54.03% | 63.87% | 70.82% | 79.34% | 65.46% | 100% | - |
| Operating Expenses | 225.96M | 131.91M | 50.17M | 109.18M | 105.69M | 44.33M | 54.79M | 47.73M | 35.43M | 20.77M | 20.64M | 12.93M | 2.69M | 641K | 96K |
| G&A Expenses | 93.24M | 129.91M | 58.35M | 68.32M | 64.17M | 47.42M | 39.26M | 44.22M | 32.06M | 21.48M | 19.35M | 12.61M | 1.68M | 86.88K | 96K |
| EBITDA | 278.87M | 389.97M | 121.04M | 161.89M | 57.64M | 167.07M | 61.4M | 23.36M | 59.54M | 41.09M | 39.64M | 42.11M | 0 | 0 | 0 |
| EBITDA Margin % | 51.54% | 70.14% | 22.05% | 28.43% | 15.69% | 75.38% | 33.34% | 11.77% | 39.09% | 45.88% | 49.93% | 70.9% | 0% | 0% | - |
| Depreciation & Amortization | 11.04M | 9.59M | 5.63M | 7.13M | 5.33M | 2.11M | 2.23M | 507K | 12.68M | 4.65M | 4.05M | 7.92M | -5.51M | -102K | 96K |
| D&A / Revenue % | 2.04% | 1.73% | 1.03% | 1.25% | 1.45% | 0.95% | 1.21% | 0.26% | 8.33% | 5.19% | 5.1% | 13.33% | -43.4% | -13.73% | - |
| Operating Income | 267.83M | 380.37M | 115.41M | 154.77M | 52.31M | 164.96M | 59.17M | 22.85M | 46.85M | 36.44M | 35.59M | 34.2M | 5.51M | 102K | -96K |
| Operating Margin % | 49.5% | 68.42% | 21.03% | 27.17% | 14.24% | 74.43% | 32.13% | 11.51% | 30.77% | 40.68% | 44.83% | 57.57% | 43.4% | 13.73% | - |
| Interest Expense | 4M | 288.33M | 338.47M | 305.58M | 165.71M | 60.84M | 66.56M | 90.42M | 70M | 32.36M | 23.17M | 12.27M | 2.2M | 32.31M | 0 |
| Interest Coverage | - | 1.31x | 1.28x | 0.51x | 0.61x | 1.99x | 0.89x | 0.64x | 0.67x | 1.13x | 1.54x | 2.79x | 3.56x | 0.00x | - |
| Non-Operating Income | -11.72M | 4.08M | 0 | 0 | -82.96M | 57.31M | 0 | -7.27M | -80.94M | -7.5M | 0 | 3.01M | -2.31M | -31.98K | 0 |
| Pretax Income | 16.18M | 87.97M | 93.52M | 141.75M | 13.82M | 29.3M | 52.68M | 88.41M | 52.9M | 34M | 29.99M | 24.93M | 5.62M | 102K | -96K |
| Pretax Margin % | 2.99% | 15.82% | 17.04% | 24.89% | 3.76% | 13.22% | 28.61% | 44.54% | 34.74% | 37.97% | 37.77% | 41.98% | 44.28% | 13.73% | - |
| Income Tax | 12.32M | 3.88M | 1.12M | -2.76M | -399K | 3.6M | -2.06M | 4.48M | 79K | 225K | 0 | 0 | 209K | 101.67M | 0 |
| Effective Tax Rate % | 76.14% | 4.42% | 1.2% | -1.94% | -2.89% | 12.28% | -3.91% | 5.07% | 0.15% | 0.66% | 0% | 0% | 3.72% | 99672.55% | 0% |
| Net Income | 20.12M | 82.27M | 68.89M | 145.22M | 14.43M | 25.7M | 54.75M | 83.92M | 52.83M | 33.78M | 29.99M | 24.93M | 5.42M | 102K | -96K |
| Net Margin % | 3.72% | 14.8% | 12.55% | 25.5% | 3.93% | 11.6% | 29.73% | 42.29% | 34.69% | 37.71% | 37.77% | 41.98% | 42.64% | 13.73% | - |
| Net Income Growth % | -70.65% | 19.43% | -52.56% | 906.27% | -43.85% | -53.05% | -34.77% | 58.87% | 56.38% | 12.63% | 20.28% | 360.44% | 5208.82% | 206.25% | - |
| Funds From Operations (FFO) | 31.16M | 91.86M | 74.52M | 152.34M | 19.76M | 27.81M | 56.98M | 84.43M | 65.51M | 38.43M | 34.04M | 32.85M | -97K | 0 | 0 |
| FFO Margin % | 5.76% | 16.52% | 13.57% | 26.75% | 5.38% | 12.55% | 30.94% | 42.54% | 43.01% | 42.91% | 42.87% | 55.31% | -0.76% | 0% | - |
| FFO Growth % | 34.79% | 23.28% | -51.09% | 670.97% | -28.94% | -51.19% | -32.51% | 28.89% | 70.46% | 12.9% | 3.62% | 33964.95% | - | - | - |
| FFO per Share | 0.39 | 1.07 | 0.91 | 1.85 | 0.28 | 0.32 | 0.64 | 0.95 | 0.74 | 0.43 | 0.38 | 0.37 | -0.01 | 0.00 | - |
| FFO Payout Ratio % | 370% | 158.47% | 194.47% | 94.75% | 705.54% | 244.36% | 87.38% | 71.79% | 56.41% | 101.04% | 118.25% | 82.04% | -7826.8% | - | - |
| EPS (Diluted) | 0.25 | 0.64 | 0.82 | 1.42 | -0.38 | -0.18 | 0.90 | 1.50 | 1.11 | 0.76 | 0.67 | 0.56 | 0.75 | 0.19 | 0.00 |
| EPS Growth % | -111.16% | -21.95% | -42.25% | 473.68% | -111.11% | -120% | -40% | 35.14% | 46.05% | 13.43% | 19.64% | -25.33% | 294.74% | - | - |
| EPS (Basic) | - | 0.67 | 0.82 | 1.42 | -0.38 | -0.18 | 0.90 | 1.50 | 1.11 | 0.76 | 0.67 | 0.56 | 0.75 | 0.19 | 0.00 |
| Diluted Shares Outstanding | 80.76M | 86.19M | 81.85M | 82.31M | 71.63M | 86.87M | 88.8M | 88.99M | 88.99M | 88.99M | 88.99M | 88.99M | 14.47M | 1.06M | 0 |
Quick answers to the most common questions about buying FBRT stock.
For fiscal year 2025, Franklin BSP Realty Trust, Inc. (FBRT) reported total revenue of $556.0M.
Franklin BSP Realty Trust, Inc. (FBRT) is profitable, generating $82.3M in net income for the fiscal year ending 2025 with a net profit margin of 14.8%.
Franklin BSP Realty Trust, Inc. (FBRT) reported an operating income of $380.4M, resulting in an operating profit margin of 68.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Franklin BSP Realty Trust, Inc. (FBRT) generated $512.3M in gross profit for the year, representing a gross profit margin of 92.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile NOI and FFO
Metrics are mathematically derived from official filings.
Revenue Stable While NOI Swings Sharply
Based on reported figures, FBRT's revenue held in a $120M to $145M band across the ten quarters, yet NOI ranged from negative $91.3M to $130.9M, indicating that revenue alone does not explain the earnings trajectory.
The gap between stable top-line revenue and erratic NOI suggests that property-level or mortgage-related expense recognition, impairments, or reserve movements may be driving the swings rather than rental demand. Investors should monitor whether the quarterly NOI volatility reflects recurring operating performance or episodic charges that warrant further investigation.
NOI Margin Volatility Undermines Consistency
As reported in the income statements, FBRT's NOI margin moved between negative 117.1% and 94.2% over the period, with the 2026Q2 and 2024Q4 quarters both showing negative values that depart sharply from the roughly 90% readings in other quarters.
Margins clustering near 90% in most quarters and collapsing in others suggests the reported NOI may be sensitive to non-recurring items rather than a stable cost structure. The absence of a consistent margin profile makes the single-quarter NOI figures a weak basis for projecting run-rate profitability.
FFO Per Share Trending Downward Recently
Based on FBRT's reported figures, FFO per share fell from $0.40 in 2024Q3 to negative $0.30 in 2026Q3, with the most recent quarter showing a $24.4M FFO loss against $17.6M of positive FFO just one quarter earlier.
The shift from positive to negative FFO over recent quarters suggests deteriorating core earnings power that cannot be attributed to depreciation, which FFO is designed to exclude. Because AFFO is available for only two quarters, the quality of distributable cash earnings cannot be fully assessed, and dividend coverage warrants close monitoring.
2026Q3 Swing to Net Loss
According to the reported filings, FBRT moved from $15.6M of net income in 2026Q2 to a net loss of $26.7M in 2026Q3, a swing of more than $42M in a single quarter despite revenue rising to $120.7M.
The divergence between a revenue jump and a sharp earnings reversal suggests that expense items, provisions, or fair-value adjustments may have absorbed the top-line gain. This pattern appears to warrant further investigation into the composition of the quarter's charges before any conclusion about underlying earnings power is drawn.
Reported Recovery May Mask Earnings Fragility
Based on reported figures, the 2026Q1 and 2025Q4 quarters show NOI margins near 90% and positive FFO, which could be read as a recovery, but these readings sit against multiple negative quarters within the same ten-quarter window.
Treating the strongest recent quarters as a normalized base would overlook the frequency of negative NOI and FFO readings in the dataset. The data does not establish whether the favorable quarters reflect durable performance or timing effects, so a recovery thesis should be treated as unconfirmed.