Revenue has severely deteriorated, collapsing 91.9% year-over-year to $9.7 million in Q2 2026, with NOI swinging to a negative $11.3 million, indicating significant operational disruption or portfolio revaluation events.
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 | 425.09M | 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 % | -18.08% | 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 | 124.43M | 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) | 300.66M | 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 % | 70.73% | 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 | 151.5M | 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 | 144.04M | 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 | 161.39M | 389.97M | 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 % | 37.97% | 70.14% | 22.05% | 28.65% | 49.62% | 93.2% | 33.34% | 38.3% | 58.6% | 72.58% | 75.09% | 70.9% | 0% | 0% | - |
| Depreciation & Amortization | 12.23M | 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 % | 2.88% | 1.73% | 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 | 149.15M | 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 % | 35.09% | 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 | -57.05M | 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 | 65.97M | 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 % | 15.52% | 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 | 7.19M | 3.88M | 1.12M | -2.76M | -399K | 3.6M | -2.06M | 4.48M | 79K | 225K | 0 | 0 | 209K | 101.67M | 0 |
| Effective Tax Rate % | 10.9% | 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 | 64.12M | 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 % | 15.08% | 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 % | -22.61% | 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) | 76.35M | 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 % | 17.96% | 16.52% | 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 % | 215.49% | 23.28% | -51.5% | 6.38% | 114.53% | 18.14% | -58.44% | 44% | 52.7% | 15.42% | 64.45% | 33964.95% | - | - | - |
| FFO per Share | 0.90 | 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 % | 142.57% | 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) | 0.76 | 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 % | -54.45% | -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 | 84.75M | 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
Persistent negative NOI and FFO volatility
Metrics are mathematically derived from official filings.
Severe Revenue & NOI Collapse in Q2
Revenue collapsed by 91.9% to $9.7 million in Q2 2026, and NOI turned sharply negative at -$11.3 million, signaling a major operational disruption or portfolio event during the period, as reported in the company's recent quarterly results.
The near-total evaporation of revenue suggests a significant write-down, disposition, or discontinuation of a major income source, as this scale of decline is inconsistent with normal mortgage REIT operations. The negative NOI confirms that operating costs or valuation adjustments overwhelmed the minimal revenue, indicating a severe, non-recurring event impacting the core business.
FFO Decoupling From GAAP & Revenue
FFO of $17.6 million in Q2 2026 was positive despite a $9.7 million revenue and negative NOI, with per-share FFO of $0.21, suggesting non-cash or non-operating items are currently the primary earnings driver for the company.
The substantial disconnect between FFO and revenue/NOI implies that gains, adjustments, or other non-recurring items are heavily influencing the bottom line, masking the underlying operational weakness. This volatility complicates the assessment of sustainable dividend capacity, as the FFO was not supported by core net interest income during the quarter.
NOI Margin Extremes Indicate Instability
NOI margin has swung wildly from -117.1% in Q2 2026 to 90.4% in Q1 2026 and -67.4% in Q4 2024, demonstrating extreme volatility in property-level profitability that warrants close monitoring by investors.
For a mortgage REIT, NOI margin should reflect the net interest spread and credit performance. Such dramatic margin swings suggest large, lumpy items like loan loss provisions, fair value adjustments, or one-time settlements are distorting the measure, rather than reflecting stable net interest income generation.
Organic Performance Appears Deteriorating
Year-over-year revenue growth was negative across most recent periods, including -91.9% in Q2 2026 and -10.0% in Q2 2025, indicating a challenging environment for organic growth in the company's lending activities.
The persistent negative revenue growth, especially the precipitous drop in the latest quarter, suggests shrinking earning assets or reduced net interest margins. This trend may reflect loan payoffs without sufficient redeployment, credit migration impacting interest income, or a strategic shift in the portfolio composition.
Sustainability of Core Earnings is Unproven
The single largest risk is that the positive FFO in recent quarters, including Q2 2026, may be heavily reliant on non-cash or non-recurring gains rather than sustainable net interest income, as the underlying revenue and NOI trajectory remains deeply challenged.
Investors should scrutinize the composition of FFO to determine what proportion stems from recurring net interest income versus realized gains on disbursements, modifications, or other items. The extreme volatility in both revenue and NOI raises questions about the predictability and quality of the core earnings stream needed to support the dividend.