NOI margins have exhibited extreme instability, ranging from a negative 67.4% in 2024Q4 to a peak of 94.2% in 2024Q2, reflecting significant operational volatility.
| 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 | 401.09M | 0 | 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 % | -1.64% | -100% | -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 | 160.78M | 0 | 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) | 320.42M | 0 | 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 % | 79.89% | - | 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 | 92.47M | -87.97M | 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 | 153.24M | 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 | 159.48M | 97.56M | 121.04M | 163.18M | 182.29M | 206.57M | 61.4M | 76.02M | 89.24M | 65.01M | 59.62M | 42.11M | 0 | 0 | 0 |
| EBITDA Margin % | 39.76% | - | 22.05% | 28.65% | 49.62% | 93.2% | 33.34% | 38.3% | 58.6% | 72.58% | 75.09% | 70.9% | 0% | 0% | - |
| Depreciation & Amortization | 11.63M | 9.59M | 5.63M | 8.41M | 129.98M | 41.61M | 2.23M | 53.17M | 42.38M | 28.57M | 24.03M | 7.92M | -5.51M | -102K | 96K |
| D&A / Revenue % | 2.9% | - | 1.03% | 1.48% | 35.38% | 18.77% | 1.21% | 26.79% | 27.83% | 31.9% | 30.26% | 13.33% | -43.4% | -13.73% | - |
| Operating Income | 147.85M | 87.97M | 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 % | 36.86% | - | 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 | 2M | 0 | 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 | - | - | 1.28x | 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 | 22.15M | 2.95M | 0 | 0 | -82.96M | 57.31M | 0 | -7.27M | -80.94M | -7.5M | 0 | 3.01M | -2.31M | -31.98K | 0 |
| Pretax Income | 76.83M | 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 % | 19.16% | - | 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 | 4.16M | 3.88M | 1.12M | -2.76M | -399K | 3.6M | -2.06M | 4.48M | 79K | 225K | 0 | 0 | 209K | 101.67M | 0 |
| Effective Tax Rate % | 5.41% | 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 | 71.75M | 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 % | 17.89% | - | 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 % | 25.82% | 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) | 83.38M | 91.86M | 74.52M | 153.63M | 144.41M | 67.31M | 56.98M | 137.1M | 95.21M | 62.35M | 54.02M | 32.85M | -97K | 0 | 0 |
| FFO Margin % | 20.79% | - | 13.57% | 26.97% | 39.31% | 30.37% | 30.94% | 69.08% | 62.52% | 69.62% | 68.03% | 55.31% | -0.76% | 0% | - |
| FFO Growth % | 2379.03% | 23.28% | -51.5% | 6.38% | 114.53% | 18.14% | -58.44% | 44% | 52.7% | 15.42% | 64.45% | 33964.95% | - | - | - |
| FFO per Share | 1.04 | 1.07 | 0.91 | 1.87 | 2.02 | 0.77 | 0.64 | 1.54 | 1.07 | 0.70 | 0.61 | 0.37 | -0.01 | 0.00 | - |
| FFO Payout Ratio % | 131.14% | 158.47% | 194.47% | 93.96% | 96.54% | 100.95% | 87.38% | 44.21% | 38.81% | 62.27% | 74.51% | 82.04% | -7826.8% | - | - |
| EPS (Diluted) | 0.90 | 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 % | -23.88% | -21.95% | -42.25% | 473.68% | -111.11% | -120% | -40% | 35.14% | 46.05% | 13.43% | 19.64% | -25.33% | 294.74% | - | - |
| EPS (Basic) | - | 0.65 | 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 | 79.93M | 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 |
Maturity defaults on loans
As reported in financial statements, FBRT's FFO per share experienced significant volatility, declining from $0.46 in 2024Q1 to $0.19 by 2026Q1, a trend that suggests the company's core earnings power is struggling to maintain consistency amidst a challenging interest rate and credit environment.
The sharp contraction in FFO per share highlights the sensitivity of the company's floating-rate portfolio to borrower stress and potential credit impairments. Investors should monitor whether the recent decline in FFO reflects a permanent shift in the earnings baseline or temporary disruptions from non-accrual loans.
Based on the provided quarterly data, NOI margins have exhibited extreme fluctuations, ranging from a negative 67.4% in 2024Q4 to a peak of 94.2% in 2024Q2, indicating that property-level profitability is highly susceptible to lumpy REO expenses and potential operational inefficiencies within the portfolio.
The erratic nature of these margins suggests that the company's property-level performance is being heavily influenced by idiosyncratic events rather than steady-state rental income. This volatility complicates the assessment of the company's underlying profitability and may indicate that the portfolio requires significant capital intervention.
According to recent SEC filings, the divergence between GAAP net income and FFO, coupled with the inconsistent quarterly performance, suggests that FBRT's earnings quality may be compromised by the timing of credit loss provisions and the accounting treatment of distressed assets within the loan book.
The reliance on Distributable Earnings to smooth out GAAP volatility may mask the true economic impact of deteriorating collateral health. Analysts should be wary of whether current earnings metrics adequately capture the potential for future principal losses on the office-heavy loan portfolio.
As indicated by the financial data, revenue growth has turned negative in several recent periods, with a 100% decline reported in 2025Q1, reflecting the inherent difficulty in maintaining consistent origination volumes in a high-rate environment that discourages new commercial real estate transactions.
The inability to sustain revenue growth suggests that the company's conduit lending and bridge loan business models are facing significant headwinds from reduced market liquidity. This trajectory implies that the company may struggle to replace maturing loans with new, higher-yielding assets without taking on excessive credit risk.
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 $0.0M.
Franklin BSP Realty Trust, Inc. (FBRT) is profitable, generating $82.3M in net income for the fiscal year ending 2025.