Franklin BSP Realty Trust (FBRT) Financials

$10.87 -0.01 (-0.09%)

Closing price 03:59 PM Eastern

Extended Trading

$10.86 0.00 (-0.05%)

As of 04:20 PM Eastern

Annual Income Statements for Franklin BSP Realty Trust

This table shows Franklin BSP Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	5.42	25	30	34	49	67	95	-7.89	-27	145	96
Consolidated Net Income / (Loss)	5.42	25	30	34	53	84	55	26	14	145	92
Net Income / (Loss) Continuing Operations	5.42	25	30	43	108	84	55	26	14	145	92
Total Pre-Tax Income	5.62	25	30	43	108	88	53	29	14	142	94
Total Operating Income	8.28	38	55	69	170	146	135	79	290	482	462
Total Gross Profit	15	59	77	90	235	198	184	222	367	570	549
Total Revenue	15	59	77	90	235	198	184	165	367	570	549
Operating Revenue	15	59	77	90	235	198	184	222	367	570	549
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	7.19	22	22	20	65	52	49	143	78	88	86
Selling, General & Admin Expense	2.20	5.70	7.80	16	27	32	27	23	42	41	46
Depreciation Expense	-	-	-	0.00	0.00	0.51	2.23	2.11	5.41	7.13	5.63
Other Operating Expenses / (Income)	4.99	16	15	-	37	19	19	28	29	39	34
Restructuring Charge	-	-	-	4.20	0.45	0.90	0.70	1.20	1.36	1.24	1.00
Total Other Income / (Expense), net	-2.65	-13	-25	-26	-62	-58	-82	6.80	-276	-340	-369
Interest Expense	2.20	13	24	32	70	90	63	61	166	303	338
Other Income / (Expense), net	-0.46	0.00	-0.25	6.32	8.02	33	-19	11	-110	-37	-30
Income Tax Expense	0.21	0.00	0.00	0.23	0.08	4.48	-2.06	3.60	-0.40	-2.76	1.12
Preferred Stock Dividends Declared	-	-	0.00	-	-	-	-	34	42	27	27
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	0.00	0.00	-0.22	-0.71	-3.48
Basic Earnings per Share	$0.75	$1.03	$0.95	$1.06	$1.44	$1.60	$0.90	($7,885,000.18)	($0.38)	$118,222,001.42	$68,885,000.82
Weighted Average Basic Shares Outstanding	7.23M	23.94M	27.90M	31.77M	34.27M	41.86M	44.38M	43.42M	71.63M	82.31M	81.85M
Diluted Earnings per Share	$0.75	$1.03	$0.95	$1.06	$1.44	$1.60	$0.90	($7,885,000.18)	($0.38)	$1.42	$0.82
Weighted Average Diluted Shares Outstanding	7.23M	24.26M	31.67M	31.78M	36.78M	41.87M	44.40M	43.43M	71.63M	82.31M	81.85M
Basic & Diluted Earnings per Share	-	-	-	-	-	-	-	-	-	$118,222,000.00	$68,885,000.00
Weighted Average Basic & Diluted Shares Outstanding	18.57M	31.56M	31.61M	31.53M	39.86M	44.39M	44.14M	43.96M	82.89M	82.12M	82.21M
Cash Dividends to Common per Share	$2.06	$2.06	$2.06	$1.80	$1.44	$1.44	$1.30	$1.26	$1.42	$1.42	$1.42

This table shows Franklin BSP Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	21	44	40	32	30	36	-8.92	32	37	24	23
Consolidated Net Income / (Loss)	27	44	40	31	30	36	-3.77	30	30	24	24
Net Income / (Loss) Continuing Operations	27	44	40	31	30	36	-3.77	30	30	24	24
Total Pre-Tax Income	27	43	40	29	30	37	-3.88	30	30	24	24
Total Operating Income	102	112	136	119	115	115	120	118	110	90	90
Total Gross Profit	121	134	159	140	136	135	138	140	136	121	120
Total Revenue	154	134	159	140	136	135	51	140	136	121	120
Operating Revenue	121	134	159	140	136	135	138	140	136	121	120
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	18	22	23	22	21	21	18	22	26	30	30
Selling, General & Admin Expense	9.53	11	10	11	8.77	9.31	7.77	13	16	20	20
Depreciation Expense	1.52	1.81	2.20	1.51	1.61	1.42	1.42	1.39	1.41	1.38	1.38
Other Operating Expenses / (Income)	7.05	9.11	10	9.16	10	9.66	8.34	7.04	9.09	8.80	7.85
Restructuring Charge	0.36	0.38	0.28	0.32	0.26	0.24	0.20	0.26	0.31	0.30	0.18
Total Other Income / (Expense), net	-109	-68	-97	-90	-85	-78	-124	-87	-80	-66	-66
Interest Expense	64	66	75	81	81	81	87	90	81	71	70
Interest & Investment Income	-	-	-	-	-	-	-	-	-	-	0.18
Other Income / (Expense), net	-12	-2.06	-22	-8.79	-4.22	3.34	-37	2.49	0.73	4.59	4.33
Income Tax Expense	-0.68	-0.66	0.05	-1.80	-0.35	0.84	-0.12	0.21	0.19	0.65	-0.14
Preferred Stock Dividends Declared	6.88	6.75	6.75	6.75	6.75	6.75	6.75	6.75	6.75	6.75	6.75
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.22	0.01	0.04	-0.77	0.02	-0.09	-1.59	-1.44	-0.35	-0.35	1.18
Basic Earnings per Share	$47,823,000.70	$37,082,000.44	$32,854,000.39	$25,019,000.30	$23,267,000.29	$29,172,000.35	($8,923,000.11)	$24,865,000.30	$14,848,000.28	$17,310,000.20	$16,453,000.19
Weighted Average Basic Shares Outstanding	71.63M	82.77M	82.25M	82.21M	82.31M	81.99M	81.82M	81.79M	81.85M	82.05M	82.18M
Diluted Earnings per Share	$47,823,000.70	$37,082,000.44	$32,854,000.39	$25,019,000.30	($94,954,999.71)	$29,172,000.35	($8,923,000.11)	$24,865,000.30	($54,036,999.72)	$17,310,000.20	$16,453,000.19
Weighted Average Diluted Shares Outstanding	71.63M	82.77M	82.25M	82.21M	82.31M	81.99M	81.82M	81.79M	81.85M	82.05M	82.18M
Weighted Average Basic & Diluted Shares Outstanding	82.89M	82.28M	82.21M	82.07M	82.12M	81.87M	81.83M	81.84M	82.21M	82.21M	82.27M

This table details how cash moves in and out of Franklin BSP Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.21	14	103	-31	113	-95	-17	76	22	153	-147
Net Cash From Operating Activities	2.69	25	35	8.35	7.10	45	115	146	153	197	57
Net Cash From Continuing Operating Activities	2.69	25	34	8.35	7.10	45	-197	146	152	197	57
Net Income / (Loss) Continuing Operations	5.42	25	30	34	53	84	55	26	14	145	92
Consolidated Net Income / (Loss)	5.42	25	30	34	53	84	55	26	14	145	92
Depreciation Expense	-	-	-	-	0.00	0.00	2.23	2.11	5.33	8.41	5.63
Amortization Expense	0.08	1.26	0.18	2.10	8.11	3.44	3.59	-2.47	-6.31	-5.29	3.41
Non-Cash Adjustments To Reconcile Net Income	0.32	-0.72	3.00	-26	-45	-47	-254	41	132	48	-47
Changes in Operating Assets and Liabilities, net	-3.13	-0.04	1.06	-1.29	-8.92	5.14	-3.07	80	6.86	1.51	2.64
Net Cash From Investing Activities	-472	-750	139	-333	-856	-969	241	1,069	3,097	381	-155
Net Cash From Continuing Investing Activities	-472	-750	139	-333	-856	-969	241	1,069	3,097	381	-155
Purchase of Property, Plant & Equipment	-	-	-	0.00	0.00	-42	-2.82	-134	-0.66	-1.15	-0.32
Purchase of Investments	-46	-879	-54	-838	-1,639	-1,694	-1,431	-2,882	-2,448	-1,160	-1,852
Sale and/or Maturity of Investments	0.07	3.01	81	50	12	11	346	2,061	3,731	437	122
Other Investing Activities, net	-426	126	67	333	771	756	1,305	2,024	1,816	1,105	1,575
Net Cash From Financing Activities	469	739	-72	293	961	829	-373	-1,139	-3,227	-425	-49
Net Cash From Continuing Financing Activities	469	739	-72	293	961	829	-373	-1,139	-3,227	-425	-49
Repayment of Debt	135	-378	37	-1,010	-433	-255	-159	-296	-1,067	-1,348	-858
Repurchase of Preferred Equity	26	91	-51	-28	5.51	350	-208	-2,429	-3,739	-266	63
Repurchase of Common Equity	-36	-48	-18	-21	-16	-14	-10	-11	-17	-13	-4.87
Payment of Dividends	-7.59	-27	-40	-39	-37	-61	-50	-88	-140	-146	-161
Issuance of Debt	5.55	716	0.00	1,390	1,171	669	43	1,651	1,669	1,349	914
Issuance of Common Equity	346	385	0.00	0.00	124	76	11	0.00	0.13	0.00	0.06
Other Financing Activities, net	-	-	-	-	-	0.00	0.00	20	65	-0.81	-1.51
Cash Interest Paid	1.50	8.89	19	27	53	79	60	51	144	295	325
Cash Income Taxes Paid	0.05	0.16	0.00	0.00	0.36	0.00	4.40	0.14	1.20	0.33	1.04

This table details how cash moves in and out of Franklin BSP Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-72	47	-5.14	186	-74	-96	-142	248	-157	27	199
Net Cash From Operating Activities	22	33	45	63	56	13	1.91	97	-55	116	12
Net Cash From Continuing Operating Activities	22	34	45	63	56	13	1.91	97	-55	116	12
Net Income / (Loss) Continuing Operations	27	44	40	31	30	36	-3.77	30	30	24	24
Consolidated Net Income / (Loss)	27	44	40	31	30	36	-3.77	30	30	24	24
Depreciation Expense	1.44	1.64	1.91	2.90	1.96	1.42	1.42	1.39	1.41	1.38	1.38
Amortization Expense	-2.09	-2.33	-0.03	-1.78	-1.16	0.65	0.89	1.27	0.60	0.72	0.62
Non-Cash Adjustments To Reconcile Net Income	36	-4.51	3.66	28	21	-29	5.90	64	-88	84	-17
Changes in Operating Assets and Liabilities, net	-41	-5.06	-0.38	3.18	3.77	3.88	-2.53	0.71	0.57	6.56	2.38
Net Cash From Investing Activities	-105	423	-142	274	-174	-139	-390	109	265	287	239
Net Cash From Continuing Investing Activities	-105	423	-142	274	-174	-139	-390	109	265	287	239
Purchase of Property, Plant & Equipment	-0.66	0.00	-0.65	-0.27	-0.24	0.00	-	-0.05	-0.28	-0.71	-0.42
Purchase of Investments	-409	-216	-357	-256	-332	-504	-624	-353	-371	-172	-112
Sale and/or Maturity of Investments	0.17	225	-97	59	249	42	15	33	31	34	146
Other Investing Activities, net	305	414	215	351	126	323	219	429	604	426	216
Net Cash From Financing Activities	11	-409	92	-151	44	31	246	42	-367	-376	-52
Net Cash From Continuing Financing Activities	11	-409	92	-151	44	31	246	42	-367	-376	-52
Repayment of Debt	-87	-201	69	-639	-577	42	237	-790	-326	-336	-123
Payment of Dividends	-37	-36	-36	-36	-38	-36	-37	-52	-36	-38	-36
Issuance of Debt	39	44	3.23	574	729	28	-	886	-	0.00	107
Cash Interest Paid	58	69	73	77	76	78	84	86	76	68	66
Cash Income Taxes Paid	-	-0.02	0.33	0.01	0.00	0.05	0.41	0.00	0.57	3.73	-2.97

This table presents Franklin BSP Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	514	1,282	1,248	1,584	2,606	3,541	3,190	9,475	6,204	5,955	6,002
Total Current Assets	3.67	22	120	88	2,415	501	101	182	206	363	214
Cash & Equivalents	0.39	15	118	84	191	87	82	155	179	338	184
Restricted Cash	0.07	5.37	-	-	13	22	10	13	11	6.09	12
Prepaid Expenses	3.78	0.69	1.92	4.01	4.24	5.32	8.54	14	16	19	18
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	510	1,260	1,128	1,504	191	3,040	3,089	9,292	5,997	5,592	5,788
Long-Term Investments	-	-	-	-	-	-	-	-	-	0.00	13
Noncurrent Note & Lease Receivables	0.00	0.00	22	49	74	2,852	99	252	43	55	158
Intangible Assets	-	-	-	-	0.00	14	14	48	55	43	40
Other Noncurrent Operating Assets	510	1,260	1,107	1,455	117	174	2,977	8,992	5,900	5,494	5,577
Total Liabilities & Shareholders' Equity	514	1,282	1,248	1,584	2,606	3,541	3,190	9,475	6,204	5,955	6,002
Total Liabilities	184	628	614	973	1,727	2,515	2,182	7,667	4,530	4,279	4,393
Total Current Liabilities	7.28	12	5.23	11	10	11	5.13	15	67	29	14
Accounts Payable	2.39	6.81	1.17	4.51	4.50	11	5.13	13	18	13	14
Total Noncurrent Liabilities	176	616	609	962	1,707	2,504	2,177	7,651	4,442	4,219	4,378
Long-Term Debt	0.00	287	278	852	1,505	1,832	1,686	2,373	3,321	3,709	3,747
Other Noncurrent Operating Liabilities	176	329	331	111	202	671	491	5,279	1,121	510	632
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	-	-	-	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	209	97	95	90	90
Total Equity & Noncontrolling Interests	331	654	634	610	879	1,026	798	1,711	1,578	1,586	1,520
Total Preferred & Common Equity	331	654	634	610	733	817	798	1,706	1,563	1,559	1,513
Preferred Stock	0.00	-	0.00	0.00	146	209	0.04	969	259	259	259
Total Common Equity	331	654	634	610	733	817	798	736	1,304	1,300	1,254
Common Stock	341	692	705	704	828	904	913	903	1,603	1,600	1,602
Retained Earnings	-10	-35	-71	-94	-94	-86	-106	-167	-299	-299	-348
Accumulated Other Comprehensive Income / (Loss)	-0.31	-2.25	-0.50	0.00	-0.46	-0.98	-8.26	-0.06	0.39	-0.70	0.08
Noncontrolling Interest	-	-	-	-	-	-	0.00	5.76	15	27	7.50

This table presents Franklin BSP Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	6,262	6,178	5,839	5,985	5,875	6,028	6,269	6,335	5,654	5,630
Total Current Assets	474	351	257	248	436	268	123	374	242	446
Cash & Equivalents	446	217	230	225	411	240	95	346	215	414
Restricted Cash	11	45	6.87	7.44	6.66	8.09	11	7.72	8.74	8.70
Prepaid Expenses	15	14	19	16	18	20	17	20	18	23
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	5,787	5,827	5,582	5,737	5,440	5,760	6,146	5,961	5,412	5,184
Long-Term Investments	-	-	-	-	-	-	-	-	13	23
Noncurrent Note & Lease Receivables	45	5,369	18	67	26	27	54	196	54	172
Intangible Assets	47	46	59	66	44	42	41	41	39	38
Other Noncurrent Operating Assets	5,696	412	5,505	5,605	5,370	5,691	6,051	5,724	5,305	4,951
Total Liabilities & Shareholders' Equity	6,262	6,178	5,839	5,985	5,875	6,028	6,269	6,335	5,654	5,630
Total Liabilities	4,574	4,502	4,158	4,296	4,190	4,353	4,636	4,721	4,059	4,045
Total Current Liabilities	18	53	16	49	53	63	27	26	29	14
Accounts Payable	14	53	16	12	17	11	13	14	18	14
Total Noncurrent Liabilities	4,556	4,449	4,143	4,231	4,120	4,290	4,609	4,695	4,029	4,031
Long-Term Debt	3,373	3,350	3,237	3,220	3,606	3,649	3,538	4,216	3,345	3,265
Other Noncurrent Operating Liabilities	1,182	1,098	906	1,012	513	641	1,071	479	684	765
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	97	97	90	90	90	90	90	90	90	90
Total Equity & Noncontrolling Interests	1,591	1,580	1,591	1,600	1,596	1,585	1,544	1,524	1,505	1,496
Total Preferred & Common Equity	1,585	1,574	1,570	1,570	1,567	1,558	1,519	1,516	1,500	1,489
Preferred Stock	259	259	259	259	259	259	259	259	259	259
Total Common Equity	1,326	1,315	1,311	1,311	1,308	1,300	1,260	1,258	1,241	1,230
Common Stock	1,615	1,606	1,605	1,601	1,602	1,598	1,598	1,600	1,602	1,604
Retained Earnings	-289	-290	-292	-288	-293	-299	-338	-342	-360	-374
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.37	-1.94	-1.30	-1.10	0.53	0.58	0.40	-0.32	-0.30
Noncontrolling Interest	5.76	5.76	21	30	29	27	25	7.79	5.68	6.92

This table displays calculated financial ratios and metrics derived from Franklin BSP Realty Trust's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1,895.61%	284.02%	30.48%	15.57%	161.91%	-15.39%	-7.20%	-10.16%	122.03%	55.03%	-3.62%
EBITDA Growth	18,272.09%	390.85%	41.68%	41.49%	139.54%	-2.11%	-33.40%	-26.04%	98.87%	151.08%	-1.61%
EBIT Growth	5,735.82%	379.78%	45.96%	38.12%	135.46%	0.41%	-35.38%	-22.00%	99.15%	147.97%	-2.95%
NOPAT Growth	5,848.04%	370.73%	46.62%	25.36%	146.44%	-18.30%	1.04%	-50.80%	332.03%	64.67%	-6.95%
Net Income Growth	5,208.82%	360.44%	20.28%	12.63%	56.38%	58.87%	-34.77%	-53.05%	-44.69%	916.60%	-36.06%
EPS Growth	294.74%	37.33%	-7.77%	11.58%	35.85%	11.11%	-43.75%	-876,111,231.11%	100.00%	473.68%	-42.25%
Operating Cash Flow Growth	246.01%	847.23%	37.71%	-76.15%	-15.03%	539.18%	154.21%	27.02%	4.11%	29.42%	-71.00%
Free Cash Flow Firm Growth	0.00%	-91.44%	133.73%	-378.59%	-22.11%	95.56%	-247.13%	-1,262.73%	58.94%	150.81%	31.55%
Invested Capital Growth	895.74%	178.91%	-14.34%	74.61%	58.36%	7.62%	10.11%	54.23%	21.17%	4.34%	1.75%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	33.49%	0.09%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.06%	0.27%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.74%	-0.01%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.44%	-1.64%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.02%	0.15%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	100.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	33.68%	20.84%	-65.98%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	536.44%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.96%	-5.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	133.96%	100.00%	100.00%	100.00%
EBITDA Margin	51.08%	65.29%	70.89%	86.79%	79.38%	91.84%	65.91%	54.26%	48.60%	78.71%	80.35%
Operating Margin	53.52%	63.17%	70.98%	77.40%	72.50%	73.70%	73.31%	47.56%	78.90%	84.58%	84.25%
EBIT Margin	50.56%	63.17%	70.66%	84.45%	75.92%	90.10%	62.75%	54.48%	48.86%	78.16%	78.70%
Profit (Net Income) Margin	35.01%	41.98%	38.70%	37.71%	22.52%	42.29%	29.73%	15.53%	3.87%	25.37%	16.83%
Tax Burden Percent	96.28%	100.00%	100.00%	78.05%	48.87%	94.93%	103.91%	87.72%	102.89%	101.94%	98.80%
Interest Burden Percent	71.92%	66.45%	54.76%	57.22%	60.69%	49.44%	45.59%	32.51%	7.70%	31.85%	21.65%
Effective Tax Rate	3.72%	0.00%	0.00%	0.52%	0.07%	5.07%	-3.91%	12.28%	-2.89%	-1.94%	1.20%
Return on Invested Capital (ROIC)	4.36%	5.96%	6.39%	6.33%	9.49%	6.09%	5.65%	2.09%	6.72%	9.89%	8.93%
ROIC Less NNEP Spread (ROIC-NNEP)	-51.26%	-3.21%	-5.16%	-1.19%	-1.70%	1.95%	-0.19%	-0.19%	-3.81%	-0.64%	-1.56%
Return on Net Nonoperating Assets (RNNOA)	-1.32%	-0.90%	-1.74%	-0.89%	-2.40%	2.72%	-0.27%	-0.26%	-5.90%	-1.26%	-3.31%
Return on Equity (ROE)	3.04%	5.06%	4.66%	5.43%	7.09%	8.81%	5.38%	1.83%	0.82%	8.63%	5.62%
Cash Return on Invested Capital (CROIC)	-159.14%	-88.48%	21.84%	-48.01%	-35.69%	-1.24%	-3.97%	-40.58%	-12.42%	5.64%	7.20%
Operating Return on Assets (OROA)	2.84%	4.18%	4.33%	5.34%	8.50%	5.82%	3.43%	1.42%	2.29%	7.32%	7.23%
Return on Assets (ROA)	1.97%	2.78%	2.37%	2.39%	2.52%	2.73%	1.63%	0.41%	0.18%	2.38%	1.55%
Return on Common Equity (ROCE)	3.04%	5.06%	4.66%	5.43%	6.40%	7.17%	4.28%	0.99%	0.48%	6.71%	4.37%
Return on Equity Simple (ROE_SIMPLE)	1.64%	3.81%	4.73%	5.53%	7.20%	10.27%	6.86%	1.51%	0.91%	9.27%	6.11%
Net Operating Profit after Tax (NOPAT)	7.97	38	55	69	170	139	140	69	298	491	457
NOPAT Margin	51.53%	63.17%	70.98%	77.00%	72.45%	69.96%	76.18%	41.72%	81.18%	86.22%	83.24%
Net Nonoperating Expense Percent (NNEP)	55.62%	9.17%	11.56%	7.51%	11.19%	4.14%	5.84%	2.28%	10.53%	10.53%	10.49%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	6.09%	9.27%	8.68%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	14.21%	9.60%	10.07%	17.92%	11.36%	16.01%	14.88%	14.05%	11.45%	7.17%	8.32%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.48%	36.83%	29.02%	22.60%	27.50%	26.30%	26.69%	86.40%	21.10%	15.42%	15.75%
Earnings before Interest and Taxes (EBIT)	7.82	38	55	76	178	179	116	90	180	445	432
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7.90	39	55	78	186	182	121	90	179	448	441
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.68	0.66	0.76	0.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.73	0.68	0.79	0.85
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.04	2.33	1.74	1.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.83	10.70
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.50%	13.69%	11.75%	11.32%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.64%	9.34%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.94	0.90	0.93	0.95
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.84	11.85	8.31	8.96
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	42.10	24.39	10.56	11.15
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	41.93	24.26	10.63	11.39
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	54.75	14.60	9.64	10.76
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.80	28.55	23.98	85.94
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.90	13.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.44	0.44	1.40	1.71	1.79	1.67	1.31	1.98	2.21	2.33
Long-Term Debt to Equity	0.00	0.44	0.44	1.40	1.71	1.79	1.67	1.31	1.98	2.21	2.33
Financial Leverage	0.03	0.28	0.34	0.75	1.41	1.39	1.44	1.35	1.55	1.97	2.11
Leverage Ratio	1.54	1.82	1.96	2.28	2.81	3.23	3.31	4.50	4.50	3.63	3.64
Compound Leverage Factor	1.11	1.21	1.08	1.30	1.71	1.60	1.51	1.46	0.35	1.16	0.79
Debt to Total Capital	0.00%	30.51%	30.53%	58.26%	63.13%	64.11%	62.59%	56.75%	66.50%	68.88%	69.95%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	30.51%	30.53%	58.26%	63.13%	64.11%	62.59%	56.75%	66.50%	68.88%	69.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	6.11%	7.32%	0.00%	23.18%	5.18%	4.80%	4.83%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.77%	2.45%	2.21%	2.17%	1.82%
Common Equity to Total Capital	100.00%	69.49%	69.47%	41.74%	30.75%	28.58%	29.64%	17.61%	26.12%	24.15%	23.41%
Debt to EBITDA	0.00	7.41	5.07	10.96	8.08	10.05	13.89	26.43	18.60	8.27	8.49
Net Debt to EBITDA	0.00	6.89	2.92	9.88	6.99	7.34	13.13	24.56	17.54	7.51	8.02
Long-Term Debt to EBITDA	0.00	7.41	5.07	10.96	8.08	10.05	13.89	26.43	18.60	8.27	8.49
Debt to NOPAT	0.00	7.66	5.06	12.35	8.86	13.20	12.02	34.37	11.14	7.55	8.20
Net Debt to NOPAT	0.00	7.12	2.92	11.14	7.65	9.63	11.36	31.94	10.50	6.85	7.74
Long-Term Debt to NOPAT	0.00	7.66	5.06	12.35	8.86	13.20	12.02	34.37	11.14	7.55	8.20
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.08	0.23	0.48	0.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	9.79%	18.63%	20.57%	45.50%	41.39%	22.23%	22.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.50	1.79	22.92	8.02	233.81	45.84	19.64	11.84	3.09	12.63	7.86
Quick Ratio	-0.03	1.30	22.55	7.66	232.14	43.35	16.01	10.06	2.69	11.75	6.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-291	-557	188	-523	-639	-28	-98	-1,342	-551	280	368
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	107.98%	0.00%	109.28%	23,003.77%	17,149.17%	17,664.51%
Free Cash Flow to Firm to Interest Expense	-132.51	-44.26	7.68	-16.18	-9.13	-0.31	-1.57	-22.06	-3.33	0.92	1.09
Operating Cash Flow to Interest Expense	1.22	2.02	1.43	0.26	0.10	0.50	1.83	2.41	0.92	0.65	0.17
Operating Cash Flow Less CapEx to Interest Expense	1.22	2.02	3.25	4.02	0.10	0.04	2.15	0.20	0.92	0.65	0.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.07	0.06	0.06	0.11	0.06	0.05	0.03	0.05	0.09	0.09
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	332	927	794	1,386	2,196	2,363	2,602	4,013	4,862	5,073	5,161
Invested Capital Turnover	0.08	0.09	0.09	0.08	0.13	0.09	0.07	0.05	0.08	0.11	0.11
Increase / (Decrease) in Invested Capital	299	595	-133	592	809	167	239	1,411	849	211	89
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,779	4,355	4,733	4,919
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	503	855	992	1,026
Book Value per Share	$141.57	$35.23	$20.08	$19.31	$23.25	$20.49	$17.99	$16.68	$15.81	$15.84	$15.32
Tangible Book Value per Share	$141.57	$35.23	$20.08	$19.31	$23.25	$20.13	$17.68	$15.58	$15.15	$15.32	$14.83
Total Capital	331	942	912	1,462	2,384	2,858	2,694	4,181	4,994	5,385	5,356
Total Debt	0.00	287	278	852	1,505	1,832	1,686	2,373	3,321	3,709	3,747
Total Long-Term Debt	0.00	287	278	852	1,505	1,832	1,686	2,373	3,321	3,709	3,747
Net Debt	-0.45	267	160	768	1,301	1,337	1,594	2,204	3,130	3,365	3,536
Capital Expenditures (CapEx)	0.00	0.00	-44	-122	0.00	42	-20	134	0.66	1.15	0.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.06	-10	-3.32	-6.92	2,201	-5.60	3.41	-1.37	-51	-9.51	-9.76
Debt-free Net Working Capital (DFNWC)	-3.61	9.81	115	77	2,405	490	96	167	140	334	187
Net Working Capital (NWC)	-3.61	9.81	115	77	2,405	490	96	167	140	334	187
Net Nonoperating Expense (NNE)	2.56	13	25	35	117	55	86	43	284	347	365
Net Nonoperating Obligations (NNO)	1.83	273	160	776	1,317	1,337	1,594	2,204	3,189	3,397	3,552
Total Depreciation and Amortization (D&A)	0.08	1.26	0.18	2.10	8.11	3.44	5.82	-0.37	-0.98	3.12	9.04
Debt-free, Cash-free Net Working Capital to Revenue	-26.27%	-17.44%	-4.28%	-7.73%	938.18%	-2.82%	1.85%	-0.83%	-13.86%	-1.67%	-1.78%
Debt-free Net Working Capital to Revenue	-23.34%	16.52%	148.04%	85.73%	1,025.32%	246.81%	51.88%	100.83%	38.00%	58.68%	34.09%
Net Working Capital to Revenue	-23.34%	16.52%	148.04%	85.73%	1,025.32%	246.81%	51.88%	100.83%	38.00%	58.68%	34.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.75	$1.03	$0.95	$1.06	$1.44	$0.00	$0.90	($0.18)	($0.38)	$118,222,001.42	$68,885,000.82
Adjusted Weighted Average Basic Shares Outstanding	7.23M	24.25M	31.66M	38.09M	42.29M	0.00	44.38M	43.42M	71.63M	82.31M	81.85M
Adjusted Diluted Earnings per Share	$0.75	$1.03	$0.95	$1.06	$1.44	$0.00	$0.90	($0.18)	($0.38)	$1.42	$0.82
Adjusted Weighted Average Diluted Shares Outstanding	7.23M	24.26M	31.67M	31.78M	36.78M	0.00	44.40M	43.43M	71.63M	82.31M	81.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$118,222,000.00	$68,885,000.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.57M	31.56M	31.61M	31.53M	39.86M	0.00	44.14M	43.96M	82.89M	82.12M	82.21M
Normalized Net Operating Profit after Tax (NOPAT)	7.97	26	39	73	170	140	95	148	204	338	458
Normalized NOPAT Margin	51.53%	44.22%	49.69%	81.66%	72.64%	70.39%	51.58%	89.16%	55.49%	59.36%	83.42%
Pre Tax Income Margin	36.36%	41.98%	38.70%	48.32%	46.08%	44.54%	28.61%	17.71%	3.76%	24.89%	17.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.56	2.98	2.24	2.34	2.54	1.98	1.84	1.48	1.08	1.47	1.28
NOPAT to Interest Expense	3.63	2.98	2.25	2.13	2.43	1.54	2.23	1.13	1.80	1.62	1.35
EBIT Less CapEx to Interest Expense	3.56	2.98	4.05	6.10	2.54	1.51	2.15	-0.72	1.08	1.46	1.28
NOPAT Less CapEx to Interest Expense	3.63	2.98	4.06	5.89	2.43	1.07	2.54	-1.07	1.80	1.61	1.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	140.20%	108.09%	134.21%	114.95%	69.95%	72.22%	90.95%	344.10%	986.00%	101.26%	174.34%
Augmented Payout Ratio	806.17%	300.25%	194.81%	175.77%	100.19%	88.68%	109.69%	388.52%	1,102.63%	110.10%	179.61%

This table displays calculated financial ratios and metrics derived from Franklin BSP Realty Trust's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	72.55%	301.15%	45.54%	-11.48%	1.06%	-13.62%	-0.57%	0.36%	-10.77%	134.86%
EBITDA Growth	0.00%	103,520.00%	854.91%	46.03%	23.97%	10.34%	-26.97%	10.62%	1.07%	-19.16%	13.05%
EBIT Growth	0.00%	214,776.47%	1,546.23%	34.42%	22.21%	7.76%	-27.78%	9.33%	-0.02%	-19.52%	13.78%
NOPAT Growth	0.00%	181.68%	282.12%	61.15%	10.96%	-1.08%	-38.31%	-7.25%	-6.03%	-21.51%	7.78%
Net Income Growth	0.00%	294.78%	254.20%	-12.09%	10.52%	-18.28%	-109.50%	-2.65%	0.46%	-33.83%	747.65%
EPS Growth	0.00%	185.21%	200.58%	-11.78%	-298.56%	-21.33%	-100.00%	-0.62%	43.09%	-40.66%	284.39%
Operating Cash Flow Growth	232.27%	203.01%	446.65%	-59.23%	155.60%	-61.00%	-95.76%	54.53%	-198.51%	796.21%	517.50%
Free Cash Flow Firm Growth	0.00%	0.00%	100.24%	97.60%	0.00%	93.00%	-2,425.48%	-290.29%	122.06%	255.39%	397.00%
Invested Capital Growth	0.00%	0.00%	2.72%	5.05%	4.34%	9.22%	7.13%	11.14%	1.75%	-8.00%	-13.06%
Revenue Q/Q Growth	59.30%	2,040.67%	19.04%	-11.91%	-3.11%	-0.53%	1.74%	1.40%	-2.21%	-11.56%	-0.99%
EBITDA Q/Q Growth	18.42%	20.74%	7.18%	-4.71%	0.53%	7.46%	-29.06%	44.33%	-8.15%	-14.04%	-0.79%
EBIT Q/Q Growth	10.90%	20.64%	4.79%	-4.12%	0.82%	6.37%	-29.77%	45.15%	-7.80%	-14.37%	-0.71%
NOPAT Q/Q Growth	34.15%	7.88%	20.12%	-7.30%	-7.63%	-3.82%	-25.08%	39.35%	-6.42%	-19.66%	2.87%
Net Income Q/Q Growth	-22.93%	61.33%	-9.57%	-21.82%	-3.11%	19.30%	-110.51%	901.41%	-0.02%	-21.42%	2.86%
EPS Q/Q Growth	68.63%	80.77%	-11.40%	-23.85%	-479.53%	130.72%	-100.00%	22,604,545,827.27%	-317.32%	132.03%	-4.95%
Operating Cash Flow Q/Q Growth	-85.85%	52.00%	35.75%	39.67%	-11.31%	-76.81%	-85.24%	4,990.80%	-156.54%	311.00%	-89.83%
Free Cash Flow Firm Q/Q Growth	100.00%	0.00%	100.24%	-1,116.44%	14.54%	-407.61%	20.79%	-70.59%	104.83%	2,280.91%	51.40%
Invested Capital Q/Q Growth	3.66%	-3.73%	1.04%	4.19%	2.96%	1.41%	-0.90%	8.09%	-5.74%	-8.87%	-6.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	78.65%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	58.66%	81.29%	73.19%	79.17%	82.15%	88.75%	61.88%	88.08%	82.73%	80.40%	80.56%
Operating Margin	66.63%	83.34%	85.50%	84.63%	84.66%	84.75%	87.12%	84.39%	80.72%	74.86%	75.27%
EBIT Margin	59.08%	81.80%	72.01%	78.37%	81.56%	87.22%	60.21%	86.18%	81.25%	78.66%	78.89%
Profit (Net Income) Margin	17.69%	32.75%	24.88%	22.08%	22.08%	26.49%	-2.74%	21.62%	22.11%	19.64%	20.40%
Tax Burden Percent	102.51%	101.53%	99.87%	106.16%	101.18%	97.72%	96.99%	99.31%	99.36%	97.32%	100.57%
Interest Burden Percent	29.21%	39.44%	34.60%	26.54%	26.76%	31.07%	-4.69%	25.26%	27.38%	25.65%	25.72%
Effective Tax Rate	-2.57%	-1.53%	0.13%	-6.16%	-1.18%	2.28%	0.00%	0.69%	0.64%	2.68%	-0.57%
Return on Invested Capital (ROIC)	5.16%	9.51%	7.00%	7.97%	9.82%	9.66%	6.84%	8.84%	8.60%	7.93%	9.64%
ROIC Less NNEP Spread (ROIC-NNEP)	2.72%	4.89%	3.77%	4.93%	7.20%	7.29%	4.13%	6.39%	6.32%	5.97%	7.52%
Return on Net Nonoperating Assets (RNNOA)	5.19%	8.72%	6.64%	9.17%	14.15%	13.98%	8.04%	13.76%	13.37%	11.95%	14.61%
Return on Equity (ROE)	10.35%	18.23%	13.64%	17.14%	23.97%	23.64%	14.88%	22.60%	21.97%	19.88%	24.25%
Cash Return on Invested Capital (CROIC)	-11.33%	0.00%	0.00%	0.00%	5.64%	1.18%	2.83%	-1.62%	7.20%	17.16%	22.52%
Operating Return on Assets (OROA)	2.77%	3.69%	4.50%	5.55%	7.64%	8.39%	5.40%	7.74%	7.46%	7.20%	8.00%
Return on Assets (ROA)	0.83%	1.48%	1.56%	1.56%	2.07%	2.55%	-0.25%	1.94%	2.03%	1.80%	2.07%
Return on Common Equity (ROCE)	6.07%	14.22%	10.65%	13.38%	18.64%	18.39%	11.52%	17.57%	17.08%	15.44%	18.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.13%	9.29%	9.04%	0.00%	8.76%	6.13%	6.08%	0.00%	5.35%	0.00%
Net Operating Profit after Tax (NOPAT)	105	113	136	126	116	112	84	117	109	88	90
NOPAT Margin	68.34%	84.62%	85.39%	89.85%	85.66%	82.82%	60.99%	83.81%	80.20%	72.85%	75.69%
Net Nonoperating Expense Percent (NNEP)	2.44%	4.63%	3.24%	3.04%	2.63%	2.37%	2.71%	2.44%	2.28%	1.96%	2.11%
Return On Investment Capital (ROIC_SIMPLE)	2.14%	-	-	-	2.20%	-	-	-	2.08%	1.81%	1.90%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	6.20%	8.23%	6.59%	7.53%	6.45%	6.88%	5.65%	9.39%	11.37%	16.45%	16.86%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.02%	16.66%	14.50%	15.37%	15.34%	15.25%	12.88%	15.61%	19.28%	25.14%	24.74%
Earnings before Interest and Taxes (EBIT)	91	109	115	110	111	118	83	120	111	95	94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	90	109	117	111	112	120	85	123	113	97	96
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.66	0.66	0.80	0.75	0.76	0.82	0.82	0.85	0.82	0.84	0.71
Price to Tangible Book Value (P/TBV)	0.68	0.69	0.84	0.77	0.79	0.85	0.85	0.88	0.85	0.87	0.74
Price to Revenue (P/Rev)	2.33	3.29	2.74	2.29	1.74	1.87	1.88	1.95	1.87	1.96	1.46
Price to Earnings (P/E)	0.00	14.43	7.91	7.20	6.83	7.76	11.62	12.06	10.70	12.47	7.57
Dividend Yield	13.69%	13.58%	11.16%	11.94%	11.75%	10.93%	11.27%	10.87%	11.32%	11.15%	13.28%
Earnings Yield	0.00%	6.93%	12.64%	13.88%	14.64%	12.88%	8.61%	8.29%	9.34%	8.02%	13.21%
Enterprise Value to Invested Capital (EV/IC)	0.90	0.91	0.93	0.92	0.93	0.95	0.95	0.97	0.95	0.96	0.92
Enterprise Value to Revenue (EV/Rev)	11.85	16.10	11.53	10.65	8.31	8.48	8.81	9.64	8.96	8.44	6.72
Enterprise Value to EBITDA (EV/EBITDA)	24.39	14.75	11.27	10.65	10.56	10.54	11.30	12.02	11.15	10.79	9.45
Enterprise Value to EBIT (EV/EBIT)	24.26	14.66	11.12	10.69	10.63	10.67	11.47	12.24	11.39	11.03	9.64
Enterprise Value to NOPAT (EV/NOPAT)	14.60	12.16	10.22	9.48	9.64	9.90	10.17	11.38	10.76	10.41	10.01
Enterprise Value to Operating Cash Flow (EV/OCF)	28.55	19.43	17.31	27.82	23.98	27.34	36.14	31.42	85.94	28.09	23.79
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	16.90	84.04	34.90	0.00	13.35	5.36	3.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.98	1.93	1.91	2.14	2.21	2.18	2.17	2.61	2.33	2.10	2.06
Long-Term Debt to Equity	1.98	1.93	1.91	2.14	2.21	2.18	2.17	2.61	2.33	2.10	2.06
Financial Leverage	1.91	1.78	1.76	1.86	1.97	1.92	1.95	2.15	2.11	2.00	1.94
Leverage Ratio	4.50	3.47	3.63	3.59	3.63	3.54	3.69	3.70	3.64	3.57	3.70
Compound Leverage Factor	1.32	1.37	1.25	0.95	0.97	1.10	-0.17	0.93	1.00	0.92	0.95
Debt to Total Capital	66.50%	65.82%	65.58%	68.15%	68.88%	68.54%	68.41%	72.32%	69.95%	67.71%	67.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	66.50%	65.82%	65.58%	68.15%	68.88%	68.54%	68.41%	72.32%	69.95%	67.71%	67.32%
Preferred Equity to Total Capital	5.18%	5.26%	5.27%	4.89%	4.80%	4.86%	5.00%	4.44%	4.83%	5.24%	5.33%
Noncontrolling Interests to Total Capital	2.21%	2.26%	2.44%	2.24%	2.17%	2.19%	2.21%	1.67%	1.82%	1.93%	1.99%
Common Equity to Total Capital	26.12%	26.66%	26.71%	24.72%	24.15%	24.41%	24.37%	21.57%	23.41%	25.12%	25.36%
Debt to EBITDA	18.60	11.27	8.22	8.45	8.27	7.94	8.27	9.59	8.49	8.00	7.61
Net Debt to EBITDA	17.54	10.44	7.63	7.47	7.51	7.40	8.02	8.78	8.02	7.43	6.57
Long-Term Debt to EBITDA	18.60	11.27	8.22	8.45	8.27	7.94	8.27	9.59	8.49	8.00	7.61
Debt to NOPAT	11.14	9.29	7.45	7.52	7.55	7.46	7.44	9.08	8.20	7.72	8.07
Net Debt to NOPAT	10.50	8.61	6.92	6.65	6.85	6.95	7.21	8.31	7.74	7.17	6.96
Long-Term Debt to NOPAT	11.14	9.29	7.45	7.52	7.55	7.46	7.44	9.08	8.20	7.72	8.07
Altman Z-Score	0.18	0.21	0.25	0.28	0.29	0.28	0.21	0.28	0.25	0.26	0.29
Noncontrolling Interest Sharing Ratio	41.39%	22.00%	21.92%	21.97%	22.23%	22.21%	22.62%	22.24%	22.26%	22.31%	22.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.09	16.53	5.09	8.20	12.63	4.28	4.64	14.18	7.86	8.37	31.16
Quick Ratio	2.69	14.84	4.62	7.75	11.75	3.84	3.57	13.12	6.76	7.44	28.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-4,567	11	-111	-95	-320	-253	-432	21	497	752
Operating Cash Flow to CapEx	3,300.15%	0.00%	6,999.69%	0.00%	23,399.58%	0.00%	0.00%	216,528.89%	-19,745.16%	16,464.31%	2,834.29%
Free Cash Flow to Firm to Interest Expense	0.00	-68.88	0.15	-1.37	-1.16	-3.93	-2.92	-4.81	0.26	7.04	10.71
Operating Cash Flow to Interest Expense	0.34	0.50	0.60	0.78	0.69	0.16	0.02	1.08	-0.68	1.65	0.17
Operating Cash Flow Less CapEx to Interest Expense	0.33	0.50	0.59	2.26	0.69	0.16	0.02	1.08	-0.69	1.64	0.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.06	0.07	0.09	0.10	0.09	0.09	0.09	0.09	0.10
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,862	4,681	4,729	4,927	5,073	5,112	5,066	5,476	5,161	4,703	4,405
Invested Capital Turnover	0.08	0.11	0.08	0.09	0.11	0.12	0.11	0.11	0.11	0.11	0.13
Increase / (Decrease) in Invested Capital	0.00	4,681	125	237	211	432	337	549	89	-409	-662
Enterprise Value (EV)	4,355	4,236	4,413	4,544	4,733	4,842	4,837	5,287	4,919	4,509	4,054
Market Capitalization	855	866	1,047	978	992	1,066	1,032	1,069	1,026	1,047	879
Book Value per Share	$15.81	$15.82	$15.94	$15.91	$15.84	$15.85	$15.39	$15.37	$15.32	$15.09	$14.96
Tangible Book Value per Share	$15.15	$15.10	$15.13	$15.38	$15.32	$15.34	$14.89	$14.87	$14.83	$14.62	$14.49
Total Capital	4,994	4,918	4,909	5,292	5,385	5,324	5,172	5,830	5,356	4,940	4,851
Total Debt	3,321	3,237	3,220	3,606	3,709	3,649	3,538	4,216	3,747	3,345	3,265
Total Long-Term Debt	3,321	3,237	3,220	3,606	3,709	3,649	3,538	4,216	3,747	3,345	3,265
Net Debt	3,130	3,000	2,987	3,188	3,365	3,401	3,433	3,862	3,536	3,107	2,819
Capital Expenditures (CapEx)	0.66	0.00	0.65	-120	0.24	0.00	0.00	0.05	0.28	0.71	0.42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-51	3.84	-33	-36	-9.51	-43	-9.24	-6.08	-9.76	-11	8.85
Debt-free Net Working Capital (DFNWC)	140	241	199	382	334	205	96	348	187	214	432
Net Working Capital (NWC)	140	241	199	382	334	205	96	348	187	214	432
Net Nonoperating Expense (NNE)	78	69	96	95	86	76	88	87	79	64	66
Net Nonoperating Obligations (NNO)	3,189	3,000	3,040	3,241	3,397	3,437	3,433	3,862	3,552	3,108	2,819
Total Depreciation and Amortization (D&A)	-0.64	-0.68	1.89	1.12	0.80	2.07	2.31	2.65	2.01	2.10	2.00
Debt-free, Cash-free Net Working Capital to Revenue	-13.86%	1.46%	-8.58%	-8.35%	-1.67%	-7.47%	-1.68%	-1.11%	-1.78%	-1.98%	1.47%
Debt-free Net Working Capital to Revenue	38.00%	91.64%	52.08%	89.65%	58.68%	35.99%	17.57%	63.42%	34.09%	39.96%	71.58%
Net Working Capital to Revenue	38.00%	91.64%	52.08%	89.65%	58.68%	35.99%	17.57%	63.42%	34.09%	39.96%	71.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$47,823,000.70	$37,082,000.44	$32,854,000.39	$25,019,000.30	$23,267,000.29	$29,172,000.35	($0.11)	$24,865,000.30	$14,848,000.28	$17,310,000.20	$16,453,000.19
Adjusted Weighted Average Basic Shares Outstanding	71.63M	82.77M	82.25M	82.21M	82.31M	81.99M	81.82M	81.79M	81.85M	82.05M	82.18M
Adjusted Diluted Earnings per Share	$47,823,000.70	$37,082,000.44	$32,854,000.39	$25,019,000.30	($94,954,999.71)	$29,172,000.35	($0.11)	$24,865,000.30	($54,036,999.72)	$17,310,000.20	$16,453,000.19
Adjusted Weighted Average Diluted Shares Outstanding	71.63M	82.77M	82.25M	82.21M	82.31M	81.99M	81.82M	81.79M	81.85M	82.05M	82.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	82.89M	82.28M	82.21M	82.07M	82.12M	81.87M	81.83M	81.84M	82.21M	82.21M	82.27M
Normalized Net Operating Profit after Tax (NOPAT)	72	78	136	83	81	112	84	117	110	88	63
Normalized NOPAT Margin	46.81%	58.54%	85.57%	59.40%	59.40%	82.99%	61.09%	83.99%	80.43%	73.10%	52.79%
Pre Tax Income Margin	17.25%	32.26%	24.92%	20.80%	21.83%	27.10%	-2.82%	21.77%	22.25%	20.18%	20.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.41	1.65	1.53	1.36	1.37	1.45	0.96	1.34	1.38	1.35	1.34
NOPAT to Interest Expense	1.63	1.71	1.81	1.56	1.43	1.38	0.97	1.30	1.36	1.25	1.29
EBIT Less CapEx to Interest Expense	1.40	1.65	1.52	2.84	1.36	1.45	0.96	1.34	1.37	1.34	1.34
NOPAT Less CapEx to Interest Expense	1.62	1.71	1.80	3.04	1.43	1.38	0.97	1.30	1.36	1.24	1.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	986.00%	181.51%	99.39%	102.61%	101.26%	107.07%	158.45%	176.72%	174.34%	202.63%	149.56%
Augmented Payout Ratio	1,102.63%	206.64%	117.21%	113.19%	110.10%	115.11%	167.28%	185.62%	179.61%	206.35%	149.56%

Key Financial Trends

Franklin BSP Realty Trust (NYSE: FBRT) has shown several interesting trends in its financial performance and position over the last four years, based on its quarterly financial statements.

Positive Highlights:

Consolidated net income has rebounded from losses reported in mid-2022 to consistent positive income through 2023 and into 2025, reaching $24.4 million in Q2 2025.
Operating revenue has generally grown, with Q2 2025 at about $119.5 million compared to less than $73 million in Q2 2022, signaling business expansion.
Net cash from continuing operating activities surged to $11.8 million in Q2 2025 and even higher in previous quarters, indicating improved cash generation capability.
Total equity, including noncontrolling interests, has grown over the years, reaching approximately $1.5 billion by Q2 2025, showcasing strengthening of the company's financial base.
Cash & equivalents have risen substantially since 2022, with $414 million reported in Q2 2025, improving liquidity position.
The company has maintained regular dividend payments, with approximately $36 million in dividends paid in Q2 2025, reflecting cash flow stability and shareholder returns.

Neutral Points:

Depreciation and amortization expenses have remained relatively stable, consistent with the company's asset base and amortization policies.
Weighted average shares outstanding have been fairly consistent over the periods, around 82 million shares, indicating limited dilution.
Interest paid remains significant, reflecting the company's leverage and ongoing financing costs near $65 million paid in Q2 2025.

Areas of Concern / Risks:

Interest expense remains very high, with $70 million in Q2 2025, putting pressure on net income and cash flows.
Long-term debt remains substantial at about $3.27 billion as of Q2 2025, which may pose refinancing and interest rate risk challenges.
The 'Other Noncurrent Operating Assets' category is very large above $4.9 billion and has fluctuated, which may require scrutiny of asset quality and valuation.
Negative retained earnings of approximately -$374 million at Q2 2025 suggest accumulated losses or distributions exceeding earnings in past periods.
Net cash from investing activities often involves large purchases and sales of investments, showing potential volatility in asset management and cash flows.
The company has repaid and issued debt aggressively each quarter, signaling active balance sheet management but underlying financing risk.
Other operating expenses and restructuring charges have periodically increased, which may affect operating margins and indicate transitional costs.

Summary:

Franklin BSP Realty Trust has demonstrated improving profitability and cash generation since 2022 despite high leverage and interest costs. The company’s growing revenue and cash reserves are positive signs, though investors should watch leverage levels, financing costs, and the quality of large noncurrent asset accounts. The stable dividend payments may appeal to income-focused investors, but risks remain related to debt levels and operational expense volatility.

08/08/25 10:53 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Franklin BSP Realty Trust's Financials

When does Franklin BSP Realty Trust's financial year end?

According to the most recent income statement we have on file, Franklin BSP Realty Trust's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Franklin BSP Realty Trust's net income changed over the last 10 years?

Franklin BSP Realty Trust's net income appears to be on an upward trend, with a most recent value of $92.40 million in 2024, rising from $5.42 million in 2014. The previous period was $144.51 million in 2023. See Franklin BSP Realty Trust's forecast for analyst expectations on what’s next for the company.

What is Franklin BSP Realty Trust's operating income?

Franklin BSP Realty Trust's total operating income in 2024 was $462.48 million, based on the following breakdown:

Total Gross Profit: $548.93 million
Total Operating Expenses: $86.44 million

How has Franklin BSP Realty Trust's revenue changed over the last 10 years?

Over the last 10 years, Franklin BSP Realty Trust's total revenue changed from $15.47 million in 2014 to $548.93 million in 2024, a change of 3,449.2%.

How much debt does Franklin BSP Realty Trust have?

Franklin BSP Realty Trust's total liabilities were at $4.39 billion at the end of 2024, a 2.6% increase from 2023, and a 2,291.0% increase since 2014.

How much cash does Franklin BSP Realty Trust have?

In the past 10 years, Franklin BSP Realty Trust's cash and equivalents has ranged from $386 thousand in 2014 to $337.60 million in 2023, and is currently $184.44 million as of their latest financial filing in 2024.

How has Franklin BSP Realty Trust's book value per share changed over the last 10 years?

Over the last 10 years, Franklin BSP Realty Trust's book value per share changed from 141.57 in 2014 to 15.32 in 2024, a change of -89.2%.

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This page (NYSE:FBRT) was last updated on 8/8/2025 by MarketBeat.com Staff

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