Franklin BSP Realty Trust (FBRT) Financials

$9.02 +0.22 (+2.44%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$9.04 +0.02 (+0.22%)

As of 08:05 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	25	30	34	49	67	95	-7.89	-27	145	96	82
Consolidated Net Income / (Loss)	25	30	34	53	84	55	26	14	145	92	84
Net Income / (Loss) Continuing Operations	25	30	43	108	84	55	26	14	145	92	84
Total Pre-Tax Income	25	30	43	108	88	53	29	14	142	94	88
Total Operating Income	38	55	69	170	146	135	79	290	486	475	372
Total Gross Profit	59	77	90	235	198	184	222	367	574	562	505
Total Revenue	59	77	90	235	198	184	165	367	574	562	558
Operating Revenue	59	77	90	235	198	184	222	367	574	562	558
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	54
Operating Cost of Revenue	-	-	-	-	-	-	-	-	0.00	0.00	54
Total Operating Expenses	22	22	20	65	52	49	143	78	88	86	133
Selling, General & Admin Expense	5.70	7.80	16	27	32	27	23	42	41	46	88
Depreciation Expense	-	-	0.00	0.00	0.51	2.23	2.11	5.41	7.13	5.63	9.59
Other Operating Expenses / (Income)	16	15	-	37	19	19	28	29	39	34	34
Restructuring Charge	-	-	4.20	0.45	0.90	0.70	1.20	1.36	1.24	1.00	0.95
Total Other Income / (Expense), net	-13	-25	-26	-62	-58	-82	6.80	-276	-345	-382	-284
Interest Expense	13	24	32	70	90	63	61	166	303	338	296
Interest & Investment Income	0.00	-0.31	-	-	0.00	-	-	-	0.00	0.00	3.58
Other Income / (Expense), net	0.00	-0.25	6.32	8.02	33	-19	11	-110	-41	-43	8.35
Income Tax Expense	0.00	0.00	0.23	0.08	4.48	-2.06	3.60	-0.40	-2.76	1.12	3.88
Preferred Stock Dividends Declared	-	0.00	-	-	-	-	34	42	27	27	27
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	-0.22	-0.71	-3.48	1.81
Basic Earnings per Share	$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	$55,278,000.65
Weighted Average Basic Shares Outstanding	23.94M	27.90M	31.77M	34.27M	41.86M	44.38M	43.42M	71.63M	82.31M	81.85M	81.97M
Diluted Earnings per Share	$1.03	$0.95	$1.06	$1.44	$1.60	$0.90	($7,885,000.18)	($0.38)	$1.42	$0.82	$0.64
Weighted Average Diluted Shares Outstanding	24.26M	31.67M	31.78M	36.78M	41.87M	44.40M	43.43M	71.63M	82.31M	81.85M	86.19M
Basic & Diluted Earnings per Share	-	-	-	-	-	-	-	-	$118,222,000.00	$68,885,000.00	$55,278,000.00
Weighted Average Basic & Diluted Shares Outstanding	31.56M	31.61M	31.53M	39.86M	44.39M	44.14M	43.96M	82.89M	82.12M	82.21M	80.97M
Cash Dividends to Common per Share	$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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	32	30	36	-8.92	32	37	24	23	17	18	12
Consolidated Net Income / (Loss)	31	30	36	-3.77	30	30	24	24	18	18	12
Net Income / (Loss) Continuing Operations	31	30	36	-3.77	30	30	24	24	18	18	12
Total Pre-Tax Income	29	30	37	-3.88	30	30	24	24	15	25	13
Total Operating Income	119	115	115	120	122	110	95	90	93	99	82
Total Gross Profit	140	136	135	138	144	136	126	120	132	133	117
Total Revenue	140	136	135	51	144	136	126	120	166	152	140
Operating Revenue	140	136	135	138	144	136	126	120	166	152	140
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	34	19	23
Operating Cost of Revenue	-	-	-	-	0.00	-	0.00	-	34	-	23
Total Operating Expenses	22	21	21	18	22	26	30	30	39	34	35
Selling, General & Admin Expense	11	8.77	9.31	7.77	13	16	20	20	27	22	23
Depreciation Expense	1.51	1.61	1.42	1.42	1.39	1.41	1.38	1.38	3.43	3.40	3.42
Other Operating Expenses / (Income)	9.16	10	9.66	8.34	7.04	9.09	8.80	7.85	8.32	8.64	8.46
Restructuring Charge	0.32	0.26	0.24	0.20	0.26	0.31	0.30	0.18	0.27	0.21	0.17
Total Other Income / (Expense), net	-90	-85	-78	-124	-92	-80	-71	-66	-78	-74	-69
Interest Expense	81	81	81	87	90	81	71	70	76	79	65
Interest & Investment Income	-	-	-	-	0.00	-	0.00	0.18	0.01	-	12
Other Income / (Expense), net	-8.79	-4.22	3.34	-37	-1.87	0.73	-0.33	4.33	-1.55	0.97	-16
Income Tax Expense	-1.80	-0.35	0.84	-0.12	0.21	0.19	0.65	-0.14	-2.90	6.27	0.93
Preferred Stock Dividends Declared	6.75	6.75	6.75	6.75	6.75	6.75	6.75	6.75	6.75	6.75	5.92
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.77	0.02	-0.09	-1.59	-1.44	-0.35	-0.35	1.18	0.30	0.68	0.31
Basic Earnings per Share	$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	$10,565,000.12	$10,950,000.14	$6,064,000.07
Weighted Average Basic Shares Outstanding	82.21M	82.31M	81.99M	81.82M	81.79M	81.85M	82.05M	82.18M	82.21M	81.97M	79.93M
Diluted Earnings per Share	$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	$10,565,000.12	($44,327,999.87)	$6,064,000.07
Weighted Average Diluted Shares Outstanding	82.21M	82.31M	81.99M	81.82M	81.79M	81.85M	82.05M	82.18M	90.60M	86.19M	79.93M
Weighted Average Basic & Diluted Shares Outstanding	82.07M	82.12M	81.87M	81.83M	81.84M	82.21M	82.21M	82.27M	81.61M	80.97M	76.96M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	$0.36	-	$0.20

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	14	103	-31	113	-95	-17	76	22	153	-147	-12
Net Cash From Operating Activities	25	35	8.35	7.10	45	115	146	153	197	57	292
Net Cash From Continuing Operating Activities	25	34	8.35	7.10	45	-197	146	152	197	57	251
Net Income / (Loss) Continuing Operations	25	30	34	53	84	55	26	14	145	92	84
Consolidated Net Income / (Loss)	25	30	34	53	84	55	26	14	145	92	84
Depreciation Expense	-	-	-	0.00	0.00	2.23	2.11	5.33	8.41	5.63	9.59
Amortization Expense	1.26	0.18	2.10	8.11	3.44	3.59	-2.47	-6.31	-5.29	3.41	25
Non-Cash Adjustments To Reconcile Net Income	-0.72	3.00	-26	-45	-47	-254	41	132	48	-47	121
Changes in Operating Assets and Liabilities, net	-0.04	1.06	-1.29	-8.92	5.14	-3.07	80	6.86	1.51	2.64	11
Net Cash From Investing Activities	-750	139	-333	-856	-969	241	1,069	3,097	381	-155	381
Net Cash From Continuing Investing Activities	-750	139	-333	-856	-969	241	1,069	3,097	381	-155	422
Purchase of Property, Plant & Equipment	-	-	0.00	0.00	-42	-2.82	-134	-0.66	-1.15	-0.32	-1.95
Acquisitions	-	-	-	-	-	-	-	-	0.00	-13	-307
Purchase of Investments	-879	-54	-838	-1,639	-1,694	-1,431	-2,882	-2,448	-1,160	-1,839	-1,068
Sale and/or Maturity of Investments	3.01	81	50	12	11	346	2,061	3,731	419	122	193
Other Investing Activities, net	126	67	333	771	756	1,305	2,024	1,816	1,123	1,575	1,605
Net Cash From Financing Activities	739	-72	293	961	829	-373	-1,139	-3,227	-425	-49	-684
Net Cash From Continuing Financing Activities	739	-72	293	961	829	-373	-1,139	-3,227	-425	-49	-684
Repayment of Debt	-378	37	-1,010	-433	-255	-159	-296	-1,067	-1,014	-795	-1,569
Repurchase of Common Equity	-48	-18	-21	-16	-14	-10	-11	-17	-13	-4.87	-14
Payment of Dividends	-27	-40	-39	-37	-61	-50	-88	-140	-146	-161	-153
Issuance of Debt	716	0.00	1,390	1,171	669	43	1,651	1,669	749	914	1,054
Issuance of Common Equity	385	0.00	0.00	124	76	11	0.00	0.13	0.00	0.06	0.13
Other Financing Activities, net	-	-	-	-	0.00	0.00	20	65	-0.81	-1.51	-2.39
Cash Interest Paid	8.89	19	27	53	79	60	51	144	295	325	276
Cash Income Taxes Paid	0.16	0.00	0.00	0.36	0.00	4.40	0.14	1.20	0.33	1.04	1.10

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	186	-74	-96	-142	248	-157	27	199	-279	41	-49
Net Cash From Operating Activities	63	56	13	1.91	97	-55	116	12	-148	312	-54
Net Cash From Continuing Operating Activities	63	56	13	1.91	97	-55	116	12	-148	271	-54
Net Income / (Loss) Continuing Operations	31	30	36	-3.77	30	30	24	24	18	18	12
Consolidated Net Income / (Loss)	31	30	36	-3.77	30	30	24	24	18	18	12
Depreciation Expense	2.90	1.96	1.42	1.42	1.39	1.41	1.38	1.38	3.43	3.40	3.42
Amortization Expense	-1.78	-1.16	0.65	0.89	1.27	0.60	0.72	0.62	15	8.63	8.24
Non-Cash Adjustments To Reconcile Net Income	28	21	-29	5.90	64	-88	84	-17	-203	257	-72
Changes in Operating Assets and Liabilities, net	3.18	3.77	3.88	-2.53	0.71	0.57	6.56	2.38	19	-17	-5.70
Net Cash From Investing Activities	274	-174	-139	-390	109	265	287	239	-52	-93	-246
Net Cash From Continuing Investing Activities	274	-174	-139	-390	109	265	287	239	-52	-52	-246
Purchase of Property, Plant & Equipment	-0.27	-0.24	0.00	-	-0.05	-0.28	-0.71	-0.42	-0.31	-0.52	-0.36
Acquisitions	-	-	-	-	-	-	0.00	-	-297	-	-21
Purchase of Investments	-256	-332	-504	-624	-353	-371	-172	-112	-189	-595	-531
Sale and/or Maturity of Investments	59	249	42	15	33	31	34	146	7.03	6.70	12
Other Investing Activities, net	351	126	323	219	429	604	426	216	427	537	294
Net Cash From Financing Activities	-151	44	31	246	42	-367	-376	-52	-79	-178	251
Net Cash From Continuing Financing Activities	-151	44	31	246	42	-367	-376	-52	-79	-178	251
Repayment of Debt	-639	-577	42	237	-790	-326	-336	-123	-41	-1,070	332
Repurchase of Common Equity	-0.01	-3.34	-1.88	-2.99	-	-	0.00	-	-	-14	-40
Payment of Dividends	-36	-38	-36	-37	-52	-36	-38	-36	-38	-41	-39
Other Financing Activities, net	-	-	-1.51	-	-	-	-2.39	-	-	-	-2.23
Cash Interest Paid	77	76	78	84	86	76	68	66	68	74	61
Cash Income Taxes Paid	0.01	0.00	0.05	0.41	0.00	0.57	3.73	-2.97	0.02	0.32	0.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	1,282	1,248	1,584	2,606	3,541	3,190	9,475	6,204	5,955	6,002	6,057
Total Current Assets	22	120	88	2,415	501	101	182	206	363	214	230
Cash & Equivalents	15	118	84	191	87	82	155	179	338	184	167
Restricted Cash	5.37	-	-	13	22	10	13	11	6.09	12	18
Prepaid Expenses	0.69	1.92	4.01	4.24	5.32	8.54	14	16	19	18	45
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	1,260	1,128	1,504	191	3,040	3,089	9,292	5,997	5,592	5,788	5,827
Long-Term Investments	-	-	-	-	-	-	-	-	0.00	13	92
Noncurrent Note & Lease Receivables	0.00	22	49	74	2,852	99	252	43	55	158	51
Goodwill	-	-	-	-	-	-	-	-	-	0.00	92
Intangible Assets	-	-	-	0.00	14	14	48	55	43	40	116
Other Noncurrent Operating Assets	1,260	1,107	1,455	117	174	2,977	8,992	5,900	5,494	5,577	5,477
Total Liabilities & Shareholders' Equity	1,282	1,248	1,584	2,606	3,541	3,190	9,475	6,204	5,955	6,002	6,057
Total Liabilities	628	614	973	1,727	2,515	2,182	7,667	4,530	4,279	4,393	4,436
Total Current Liabilities	12	5.23	11	10	11	5.13	15	67	29	18	31
Accounts Payable	6.81	1.17	4.51	4.50	11	5.13	13	18	13	4.08	19
Other Current Liabilities	-	4.06	6.42	-	-	-	-	-	-	14	12
Total Noncurrent Liabilities	616	609	962	1,707	2,504	2,177	7,651	4,442	4,219	4,374	4,405
Long-Term Debt	287	278	852	1,505	1,832	1,686	2,373	3,321	3,709	3,747	2,958
Noncurrent Employee Benefit Liabilities	-	-	-	-	-	-	-	-	-	0.00	44
Other Noncurrent Operating Liabilities	329	331	111	202	671	491	5,279	1,121	510	628	1,404
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	90
Total Equity & Noncontrolling Interests	654	634	610	879	1,026	798	1,711	1,578	1,586	1,520	1,531
Total Preferred & Common Equity	654	634	610	733	817	798	1,706	1,563	1,559	1,513	1,442
Preferred Stock	-	0.00	0.00	146	209	0.04	969	259	259	259	259
Total Common Equity	654	634	610	733	817	798	736	1,304	1,300	1,254	1,183
Common Stock	692	705	704	828	904	913	903	1,603	1,600	1,602	1,594
Retained Earnings	-35	-71	-94	-94	-86	-106	-167	-299	-299	-348	-411
Accumulated Other Comprehensive Income / (Loss)	-2.25	-0.50	0.00	-0.46	-0.98	-8.26	-0.06	0.39	-0.70	0.08	-0.28
Noncontrolling Interest	-	-	-	-	-	0.00	5.76	15	27	7.50	90

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	6,178	5,839	5,985	5,875	6,028	6,269	6,335	5,654	5,630	6,218	6,301
Total Current Assets	351	257	248	436	268	123	374	242	446	191	175
Cash & Equivalents	217	230	225	411	240	95	346	215	414	117	116
Restricted Cash	45	6.87	7.44	6.66	8.09	11	7.72	8.74	8.70	27	21
Prepaid Expenses	14	19	16	18	20	17	20	18	23	47	39
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	5,827	5,582	5,737	5,440	5,760	6,146	5,961	5,412	5,184	6,028	6,126
Long-Term Investments	-	-	-	-	-	-	-	13	23	88	121
Noncurrent Note & Lease Receivables	5,369	18	67	26	27	54	196	54	172	26	79
Goodwill	-	-	-	-	-	-	-	-	-	91	92
Intangible Assets	46	59	66	44	42	41	41	39	38	118	113
Other Noncurrent Operating Assets	412	5,505	5,605	5,370	5,691	6,051	5,724	5,305	4,951	5,705	5,721
Total Liabilities & Shareholders' Equity	6,178	5,839	5,985	5,875	6,028	6,269	6,335	5,654	5,630	6,218	6,301
Total Liabilities	4,502	4,158	4,296	4,190	4,353	4,636	4,721	4,059	4,045	4,563	4,731
Total Current Liabilities	53	16	49	53	63	27	26	29	14	34	31
Accounts Payable	53	16	12	17	11	13	14	18	14	21	20
Other Current Liabilities	-	-	-	-	-	-	-	-	-	13	11
Total Noncurrent Liabilities	4,449	4,143	4,231	4,120	4,290	4,609	4,695	4,029	4,031	4,529	4,700
Long-Term Debt	3,350	3,237	3,220	3,606	3,649	3,538	4,216	3,345	3,265	3,036	2,860
Noncurrent Employee Benefit Liabilities	-	-	-	-	-	-	-	-	-	48	29
Other Noncurrent Operating Liabilities	1,098	906	1,012	513	641	1,071	479	684	765	1,445	1,811
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	97	90	90	90	90	90	90	90	90	90	90
Total Equity & Noncontrolling Interests	1,580	1,591	1,600	1,596	1,585	1,544	1,524	1,505	1,496	1,566	1,480
Total Preferred & Common Equity	1,574	1,570	1,570	1,567	1,558	1,519	1,516	1,500	1,489	1,472	1,391
Preferred Stock	259	259	259	259	259	259	259	259	259	259	259
Total Common Equity	1,315	1,311	1,311	1,308	1,300	1,260	1,258	1,241	1,230	1,213	1,133
Common Stock	1,606	1,605	1,601	1,602	1,598	1,598	1,600	1,602	1,604	1,606	1,555
Retained Earnings	-290	-292	-288	-293	-299	-338	-342	-360	-374	-393	-421
Accumulated Other Comprehensive Income / (Loss)	-0.37	-1.94	-1.30	-1.10	0.53	0.58	0.40	-0.32	-0.30	0.06	-1.06
Noncontrolling Interest	5.76	21	30	29	27	25	7.79	5.68	6.92	94	89

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	284.02%	30.48%	15.57%	161.91%	-15.39%	-7.20%	-10.16%	122.03%	55.03%	-3.62%	-0.61%
EBITDA Growth	390.85%	41.68%	41.49%	139.54%	-2.11%	-33.40%	-26.04%	98.87%	151.08%	-1.61%	-5.85%
EBIT Growth	379.78%	45.96%	38.12%	135.46%	0.41%	-35.38%	-22.00%	99.15%	147.97%	-2.95%	-11.95%
NOPAT Growth	370.73%	46.62%	25.36%	146.44%	-18.30%	1.04%	-50.80%	332.03%	64.67%	-6.95%	-24.29%
Net Income Growth	360.44%	20.28%	12.63%	56.38%	58.87%	-34.77%	-53.05%	-44.69%	916.60%	-36.06%	-9.00%
EPS Growth	37.33%	-7.77%	11.58%	35.85%	11.11%	-43.75%	-876,111,231.11%	100.00%	473.68%	-42.25%	-21.95%
Operating Cash Flow Growth	847.23%	37.71%	-76.15%	-15.03%	539.18%	154.21%	27.02%	4.11%	29.42%	-71.00%	410.09%
Free Cash Flow Firm Growth	-91.44%	133.73%	-378.59%	-22.11%	95.56%	-247.13%	-1,262.73%	58.94%	150.81%	31.55%	202.62%
Invested Capital Growth	178.91%	-14.34%	74.61%	58.36%	7.62%	10.11%	54.23%	21.17%	4.34%	1.75%	-16.41%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	33.49%	0.09%	-10.67%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.06%	0.27%	-0.22%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.74%	-0.01%	-2.80%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.44%	-1.64%	-8.28%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.02%	0.15%	-12.30%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	100.00%	100.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	33.68%	20.84%	-65.98%	488.44%
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%	536.44%	-14.54%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.96%	-5.74%	-3.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	133.96%	100.00%	100.00%	100.00%	90.38%
EBITDA Margin	65.29%	70.89%	86.79%	79.38%	91.84%	65.91%	54.26%	48.60%	78.71%	80.35%	74.36%
Operating Margin	63.17%	70.98%	77.40%	72.50%	73.70%	73.31%	47.56%	78.90%	84.58%	84.25%	66.62%
EBIT Margin	63.17%	70.66%	84.45%	75.92%	90.10%	62.75%	54.48%	48.86%	78.16%	78.70%	68.12%
Profit (Net Income) Margin	41.98%	38.70%	37.71%	22.52%	42.29%	29.73%	15.53%	3.87%	25.37%	16.83%	15.06%
Tax Burden Percent	100.00%	100.00%	78.05%	48.87%	94.93%	103.91%	87.72%	102.89%	101.94%	98.80%	95.58%
Interest Burden Percent	66.45%	54.76%	57.22%	60.69%	49.44%	45.59%	32.51%	7.70%	31.85%	21.65%	23.13%
Effective Tax Rate	0.00%	0.00%	0.52%	0.07%	5.07%	-3.91%	12.28%	-2.89%	-1.94%	1.20%	4.42%
Return on Invested Capital (ROIC)	5.96%	6.39%	6.33%	9.49%	6.09%	5.65%	2.09%	6.72%	9.89%	8.93%	7.53%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.21%	-5.16%	-1.19%	-1.70%	1.95%	-0.19%	-0.19%	-3.81%	-0.64%	-1.56%	-1.21%
Return on Net Nonoperating Assets (RNNOA)	-0.90%	-1.74%	-0.89%	-2.40%	2.72%	-0.27%	-0.26%	-5.90%	-1.26%	-3.31%	-2.32%
Return on Equity (ROE)	5.06%	4.66%	5.43%	7.09%	8.81%	5.38%	1.83%	0.82%	8.63%	5.62%	5.20%
Cash Return on Invested Capital (CROIC)	-88.48%	21.84%	-48.01%	-35.69%	-1.24%	-3.97%	-40.58%	-12.42%	5.64%	7.20%	25.40%
Operating Return on Assets (OROA)	4.18%	4.33%	5.34%	8.50%	5.82%	3.43%	1.42%	2.29%	7.32%	7.23%	6.31%
Return on Assets (ROA)	2.78%	2.37%	2.39%	2.52%	2.73%	1.63%	0.41%	0.18%	2.38%	1.55%	1.39%
Return on Common Equity (ROCE)	5.06%	4.66%	5.43%	6.40%	7.17%	4.28%	0.99%	0.48%	6.71%	4.37%	3.93%
Return on Equity Simple (ROE_SIMPLE)	3.81%	4.73%	5.53%	7.20%	10.27%	6.86%	1.51%	0.91%	9.27%	6.11%	0.00%
Net Operating Profit after Tax (NOPAT)	38	55	69	170	139	140	69	298	491	457	356
NOPAT Margin	63.17%	70.98%	77.00%	72.45%	69.96%	76.18%	41.72%	81.18%	86.22%	83.24%	63.68%
Net Nonoperating Expense Percent (NNEP)	9.17%	11.56%	7.51%	11.19%	4.14%	5.84%	2.28%	10.53%	10.53%	10.49%	8.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.09%	9.27%	8.68%	7.92%
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%	9.62%
SG&A Expenses to Revenue	9.60%	10.07%	17.92%	11.36%	16.01%	14.88%	14.05%	11.45%	7.17%	8.32%	15.84%
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	36.83%	29.02%	22.60%	27.50%	26.30%	26.69%	86.40%	21.10%	15.42%	15.75%	23.75%
Earnings before Interest and Taxes (EBIT)	38	55	76	178	179	116	90	180	445	432	380
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	39	55	78	186	182	121	90	179	448	441	415
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.68	0.66	0.76	0.82	0.69
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.73	0.68	0.79	0.85	0.84
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	3.04	2.33	1.74	1.87	1.47
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.83	10.70	9.95
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.50%	13.69%	11.75%	11.32%	14.16%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.64%	9.34%	10.05%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.94	0.90	0.93	0.95	0.92
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	22.84	11.85	8.31	8.96	7.05
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	42.10	24.39	10.56	11.15	9.48
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	41.93	24.26	10.63	11.39	10.35
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	54.75	14.60	9.64	10.76	11.07
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	25.80	28.55	23.98	85.94	13.49
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.90	13.35	3.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.44	1.40	1.71	1.79	1.67	1.31	1.98	2.21	2.33	1.82
Long-Term Debt to Equity	0.44	0.44	1.40	1.71	1.79	1.67	1.31	1.98	2.21	2.33	1.82
Financial Leverage	0.28	0.34	0.75	1.41	1.39	1.44	1.35	1.55	1.97	2.11	1.92
Leverage Ratio	1.82	1.96	2.28	2.81	3.23	3.31	4.50	4.50	3.63	3.64	3.73
Compound Leverage Factor	1.21	1.08	1.30	1.71	1.60	1.51	1.46	0.35	1.16	0.79	0.86
Debt to Total Capital	30.51%	30.53%	58.26%	63.13%	64.11%	62.59%	56.75%	66.50%	68.88%	69.95%	64.60%
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	30.51%	30.53%	58.26%	63.13%	64.11%	62.59%	56.75%	66.50%	68.88%	69.95%	64.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	6.11%	7.32%	0.00%	23.18%	5.18%	4.80%	4.83%	5.65%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	7.77%	2.45%	2.21%	2.17%	1.82%	3.92%
Common Equity to Total Capital	69.49%	69.47%	41.74%	30.75%	28.58%	29.64%	17.61%	26.12%	24.15%	23.41%	25.83%
Debt to EBITDA	7.41	5.07	10.96	8.08	10.05	13.89	26.43	18.60	8.27	8.49	7.12
Net Debt to EBITDA	6.89	2.92	9.88	6.99	7.34	13.13	24.56	17.54	7.51	8.02	6.46
Long-Term Debt to EBITDA	7.41	5.07	10.96	8.08	10.05	13.89	26.43	18.60	8.27	8.49	7.12
Debt to NOPAT	7.66	5.06	12.35	8.86	13.20	12.02	34.37	11.14	7.55	8.20	8.32
Net Debt to NOPAT	7.12	2.92	11.14	7.65	9.63	11.36	31.94	10.50	6.85	7.74	7.54
Long-Term Debt to NOPAT	7.66	5.06	12.35	8.86	13.20	12.02	34.37	11.14	7.55	8.20	8.32
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.00	0.08	0.23	0.48	0.43	0.35
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	9.79%	18.63%	20.57%	45.50%	41.39%	22.23%	22.26%	24.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.79	22.92	8.02	233.81	45.84	19.64	11.84	3.09	12.63	7.86	7.44
Quick Ratio	1.30	22.55	7.66	232.14	43.35	16.01	10.06	2.69	11.75	6.76	5.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-557	188	-523	-639	-28	-98	-1,342	-551	280	368	1,200
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	107.98%	0.00%	109.28%	23,003.77%	17,149.17%	17,664.51%	14,994.35%
Free Cash Flow to Firm to Interest Expense	-44.26	7.68	-16.18	-9.13	-0.31	-1.57	-22.06	-3.33	0.92	1.09	4.05
Operating Cash Flow to Interest Expense	2.02	1.43	0.26	0.10	0.50	1.83	2.41	0.92	0.65	0.17	0.99
Operating Cash Flow Less CapEx to Interest Expense	2.02	3.25	4.02	0.10	0.04	2.15	0.20	0.92	0.65	0.17	0.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.06	0.06	0.11	0.06	0.05	0.03	0.05	0.09	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	4.68
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	78.02
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-78.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	927	794	1,386	2,196	2,363	2,602	4,013	4,862	5,073	5,161	4,302
Invested Capital Turnover	0.09	0.09	0.08	0.13	0.09	0.07	0.05	0.08	0.11	0.11	0.12
Increase / (Decrease) in Invested Capital	595	-133	592	809	167	239	1,411	849	211	89	-844
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	3,779	4,355	4,733	4,919	3,938
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	503	855	992	1,026	819
Book Value per Share	$35.23	$20.08	$19.31	$23.25	$20.49	$17.99	$16.68	$15.81	$15.84	$15.32	$14.49
Tangible Book Value per Share	$35.23	$20.08	$19.31	$23.25	$20.13	$17.68	$15.58	$15.15	$15.32	$14.83	$11.95
Total Capital	942	912	1,462	2,384	2,858	2,694	4,181	4,994	5,385	5,356	4,579
Total Debt	287	278	852	1,505	1,832	1,686	2,373	3,321	3,709	3,747	2,958
Total Long-Term Debt	287	278	852	1,505	1,832	1,686	2,373	3,321	3,709	3,747	2,958
Net Debt	267	160	768	1,301	1,337	1,594	2,204	3,130	3,365	3,536	2,681
Capital Expenditures (CapEx)	0.00	-44	-122	0.00	42	-20	134	0.66	1.15	0.32	1.95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-10	-3.32	-6.92	2,201	-5.60	3.41	-1.37	-51	-9.51	-9.76	14
Debt-free Net Working Capital (DFNWC)	9.81	115	77	2,405	490	96	167	140	334	187	199
Net Working Capital (NWC)	9.81	115	77	2,405	490	96	167	140	334	187	199
Net Nonoperating Expense (NNE)	13	25	35	117	55	86	43	284	347	365	272
Net Nonoperating Obligations (NNO)	273	160	776	1,317	1,337	1,594	2,204	3,189	3,397	3,552	2,681
Total Depreciation and Amortization (D&A)	1.26	0.18	2.10	8.11	3.44	5.82	-0.37	-0.98	3.12	9.04	35
Debt-free, Cash-free Net Working Capital to Revenue	-17.44%	-4.28%	-7.73%	938.18%	-2.82%	1.85%	-0.83%	-13.86%	-1.67%	-1.78%	2.54%
Debt-free Net Working Capital to Revenue	16.52%	148.04%	85.73%	1,025.32%	246.81%	51.88%	100.83%	38.00%	58.68%	34.09%	35.70%
Net Working Capital to Revenue	16.52%	148.04%	85.73%	1,025.32%	246.81%	51.88%	100.83%	38.00%	58.68%	34.09%	35.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.03	$0.95	$1.06	$1.44	$0.00	$0.90	($0.18)	($0.38)	$118,222,001.42	$68,885,000.82	$55,278,000.65
Adjusted Weighted Average Basic Shares Outstanding	24.25M	31.66M	38.09M	42.29M	0.00	44.38M	43.42M	71.63M	82.31M	81.85M	81.97M
Adjusted Diluted Earnings per Share	$1.03	$0.95	$1.06	$1.44	$0.00	$0.90	($0.18)	($0.38)	$1.42	$0.82	$0.64
Adjusted Weighted Average Diluted Shares Outstanding	24.26M	31.67M	31.78M	36.78M	0.00	44.40M	43.43M	71.63M	82.31M	81.85M	86.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$118,222,000.00	$68,885,000.00	$55,278,000.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	31.56M	31.61M	31.53M	39.86M	0.00	44.14M	43.96M	82.89M	82.12M	82.21M	80.97M
Normalized Net Operating Profit after Tax (NOPAT)	26	39	73	170	140	95	148	204	338	458	357
Normalized NOPAT Margin	44.22%	49.69%	81.66%	72.64%	70.39%	51.58%	89.16%	55.49%	59.36%	83.42%	63.85%
Pre Tax Income Margin	41.98%	38.70%	48.32%	46.08%	44.54%	28.61%	17.71%	3.76%	24.89%	17.04%	15.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.98	2.24	2.34	2.54	1.98	1.84	1.48	1.08	1.47	1.28	1.29
NOPAT to Interest Expense	2.98	2.25	2.13	2.43	1.54	2.23	1.13	1.80	1.62	1.35	1.20
EBIT Less CapEx to Interest Expense	2.98	4.05	6.10	2.54	1.51	2.15	-0.72	1.08	1.46	1.28	1.28
NOPAT Less CapEx to Interest Expense	2.98	4.06	5.89	2.43	1.07	2.54	-1.07	1.80	1.61	1.35	1.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	108.09%	134.21%	114.95%	69.95%	72.22%	90.95%	344.10%	986.00%	101.26%	174.34%	181.95%
Augmented Payout Ratio	300.25%	194.81%	175.77%	100.19%	88.68%	109.69%	388.52%	1,102.63%	110.10%	179.61%	199.04%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	80,965,793.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	80,965,793.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	45.54%	-11.48%	1.06%	-13.62%	-0.57%	0.36%	-10.77%	134.86%	15.37%	-34.35%	11.13%
EBITDA Growth	46.03%	23.97%	10.34%	-26.97%	10.62%	1.07%	-19.16%	13.05%	-10.56%	-0.82%	-19.93%
EBIT Growth	34.42%	22.21%	7.76%	-27.78%	9.33%	-0.02%	-19.52%	13.78%	-24.17%	-9.87%	-30.44%
NOPAT Growth	61.15%	10.96%	-1.08%	-38.31%	-7.25%	-6.03%	-21.51%	7.78%	-8.47%	-37.43%	-17.87%
Net Income Growth	-12.09%	10.52%	-18.28%	-109.50%	-2.65%	0.46%	-33.83%	747.65%	-41.62%	-39.07%	-48.15%
EPS Growth	-11.78%	-298.56%	-21.33%	-100.00%	-0.62%	43.09%	-40.66%	284.39%	-57.51%	1.74%	-64.97%
Operating Cash Flow Growth	-59.23%	155.60%	-61.00%	-95.76%	54.53%	-198.51%	796.21%	517.50%	-252.02%	666.37%	-146.47%
Free Cash Flow Firm Growth	97.60%	0.00%	93.00%	-2,425.48%	-290.29%	122.06%	255.39%	397.00%	363.61%	1,951.20%	21.01%
Invested Capital Growth	5.05%	4.34%	9.22%	7.13%	11.14%	1.75%	-8.00%	-13.06%	-18.56%	-16.41%	-11.28%
Revenue Q/Q Growth	-11.91%	-3.11%	-0.53%	1.74%	1.40%	-2.21%	-11.56%	-0.99%	38.94%	-8.37%	-8.24%
EBITDA Q/Q Growth	-4.71%	0.53%	7.46%	-29.06%	44.33%	-8.15%	-14.04%	-0.79%	14.19%	1.84%	-30.60%
EBIT Q/Q Growth	-4.12%	0.82%	6.37%	-29.77%	45.15%	-7.80%	-14.37%	-0.71%	-3.26%	9.58%	-33.92%
NOPAT Q/Q Growth	-7.30%	-7.63%	-3.82%	-25.08%	39.35%	-6.42%	-19.66%	2.87%	22.73%	-33.52%	3.19%
Net Income Q/Q Growth	-21.82%	-3.11%	19.30%	-110.51%	901.41%	-0.02%	-21.42%	2.86%	-27.76%	4.34%	-33.12%
EPS Q/Q Growth	-23.85%	-479.53%	130.72%	-100.00%	22,604,545,827.27%	-317.32%	132.03%	-4.95%	-35.79%	-519.57%	113.68%
Operating Cash Flow Q/Q Growth	39.67%	-11.31%	-76.81%	-85.24%	4,990.80%	-156.54%	311.00%	-89.83%	-1,353.29%	310.64%	-117.31%
Free Cash Flow Firm Q/Q Growth	-1,116.44%	14.54%	-407.61%	20.79%	-70.59%	104.83%	2,280.91%	51.40%	49.90%	-18.56%	-33.89%
Invested Capital Q/Q Growth	4.19%	2.96%	1.41%	-0.90%	8.09%	-5.74%	-8.87%	-6.35%	1.25%	-3.54%	-3.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	79.26%	87.31%	83.65%
EBITDA Margin	79.17%	82.15%	88.75%	61.88%	88.08%	82.73%	80.40%	80.56%	66.22%	73.60%	55.66%
Operating Margin	84.63%	84.66%	84.75%	87.12%	84.39%	80.72%	74.86%	75.27%	55.86%	65.05%	58.67%
EBIT Margin	78.37%	81.56%	87.22%	60.21%	86.18%	81.25%	78.66%	78.89%	54.93%	65.69%	47.31%
Profit (Net Income) Margin	22.08%	22.08%	26.49%	-2.74%	21.62%	22.11%	19.64%	20.40%	10.61%	12.08%	8.80%
Tax Burden Percent	106.16%	101.18%	97.72%	96.99%	99.31%	99.36%	97.32%	100.57%	119.70%	74.57%	92.97%
Interest Burden Percent	26.54%	26.76%	31.07%	-4.69%	25.26%	27.38%	25.65%	25.72%	16.14%	24.66%	20.02%
Effective Tax Rate	-6.16%	-1.18%	2.28%	0.00%	0.69%	0.64%	2.68%	-0.57%	-19.70%	25.43%	7.03%
Return on Invested Capital (ROIC)	7.97%	9.82%	9.66%	6.84%	8.84%	8.60%	7.93%	9.64%	8.41%	5.73%	7.04%
ROIC Less NNEP Spread (ROIC-NNEP)	4.93%	7.20%	7.29%	4.13%	6.39%	6.32%	5.97%	7.52%	5.61%	3.95%	4.80%
Return on Net Nonoperating Assets (RNNOA)	9.17%	14.15%	13.98%	8.04%	13.76%	13.37%	11.95%	14.61%	11.44%	7.60%	8.66%
Return on Equity (ROE)	17.14%	23.97%	23.64%	14.88%	22.60%	21.97%	19.88%	24.25%	19.85%	13.34%	15.70%
Cash Return on Invested Capital (CROIC)	0.00%	5.64%	1.18%	2.83%	-1.62%	7.20%	17.16%	22.52%	28.26%	25.40%	19.60%
Operating Return on Assets (OROA)	5.55%	7.64%	8.39%	5.40%	7.74%	7.46%	7.20%	8.00%	5.47%	6.08%	4.53%
Return on Assets (ROA)	1.56%	2.07%	2.55%	-0.25%	1.94%	2.03%	1.80%	2.07%	1.06%	1.12%	0.84%
Return on Common Equity (ROCE)	13.38%	18.64%	18.39%	11.52%	17.57%	17.08%	15.44%	18.76%	15.00%	10.06%	11.77%
Return on Equity Simple (ROE_SIMPLE)	9.04%	0.00%	8.76%	6.13%	6.08%	0.00%	5.35%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	126	116	112	84	117	109	88	90	111	74	76
NOPAT Margin	89.85%	85.66%	82.82%	60.99%	83.81%	80.20%	72.85%	75.69%	66.86%	48.51%	54.55%
Net Nonoperating Expense Percent (NNEP)	3.04%	2.63%	2.37%	2.71%	2.44%	2.28%	1.96%	2.11%	2.80%	1.78%	2.24%
Return On Investment Capital (ROIC_SIMPLE)	-	2.20%	-	-	-	2.08%	1.81%	1.90%	2.41%	1.64%	1.75%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.74%	12.69%	16.35%
SG&A Expenses to Revenue	7.53%	6.45%	6.88%	5.65%	9.39%	11.37%	16.45%	16.86%	16.17%	14.21%	16.35%
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	15.37%	15.34%	15.25%	12.88%	15.61%	19.28%	25.14%	24.74%	23.40%	22.26%	24.98%
Earnings before Interest and Taxes (EBIT)	110	111	118	83	120	111	95	94	91	100	66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	111	112	120	85	123	113	97	96	110	112	78
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.75	0.76	0.82	0.82	0.85	0.82	0.84	0.71	0.74	0.69	0.61
Price to Tangible Book Value (P/TBV)	0.77	0.79	0.85	0.85	0.88	0.85	0.87	0.74	0.89	0.84	0.74
Price to Revenue (P/Rev)	2.29	1.74	1.87	1.88	1.95	1.87	1.96	1.46	1.43	1.47	1.20
Price to Earnings (P/E)	7.20	6.83	7.76	11.62	12.06	10.70	12.47	7.57	8.77	9.95	9.79
Dividend Yield	11.94%	11.75%	10.93%	11.27%	10.87%	11.32%	11.15%	13.28%	13.08%	14.16%	14.90%
Earnings Yield	13.88%	14.64%	12.88%	8.61%	8.29%	9.34%	8.02%	13.21%	11.40%	10.05%	10.21%
Enterprise Value to Invested Capital (EV/IC)	0.92	0.93	0.95	0.95	0.97	0.95	0.96	0.92	0.93	0.92	0.89
Enterprise Value to Revenue (EV/Rev)	10.65	8.31	8.48	8.81	9.64	8.96	8.44	6.72	6.62	7.05	6.51
Enterprise Value to EBITDA (EV/EBITDA)	10.65	10.56	10.54	11.30	12.02	11.15	10.79	9.45	9.95	9.48	9.41
Enterprise Value to EBIT (EV/EBIT)	10.69	10.63	10.67	11.47	12.24	11.39	11.03	9.64	10.58	10.35	10.61
Enterprise Value to NOPAT (EV/NOPAT)	9.48	9.64	9.90	10.17	11.38	10.76	10.41	10.01	10.68	11.07	10.99
Enterprise Value to Operating Cash Flow (EV/OCF)	27.82	23.98	27.34	36.14	31.42	85.94	28.09	23.79	0.00	13.49	30.63
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	16.90	84.04	34.90	0.00	13.35	5.36	3.80	2.95	3.28	4.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.14	2.21	2.18	2.17	2.61	2.33	2.10	2.06	1.83	1.82	1.82
Long-Term Debt to Equity	2.14	2.21	2.18	2.17	2.61	2.33	2.10	2.06	1.83	1.82	1.82
Financial Leverage	1.86	1.97	1.92	1.95	2.15	2.11	2.00	1.94	2.04	1.92	1.80
Leverage Ratio	3.59	3.63	3.54	3.69	3.70	3.64	3.57	3.70	3.84	3.73	3.78
Compound Leverage Factor	0.95	0.97	1.10	-0.17	0.93	1.00	0.92	0.95	0.62	0.92	0.76
Debt to Total Capital	68.15%	68.88%	68.54%	68.41%	72.32%	69.95%	67.71%	67.32%	64.71%	64.60%	64.56%
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	68.15%	68.88%	68.54%	68.41%	72.32%	69.95%	67.71%	67.32%	64.71%	64.60%	64.56%
Preferred Equity to Total Capital	4.89%	4.80%	4.86%	5.00%	4.44%	4.83%	5.24%	5.33%	5.52%	5.65%	5.84%
Noncontrolling Interests to Total Capital	2.24%	2.17%	2.19%	2.21%	1.67%	1.82%	1.93%	1.99%	3.91%	3.92%	4.03%
Common Equity to Total Capital	24.72%	24.15%	24.41%	24.37%	21.57%	23.41%	25.12%	25.36%	25.86%	25.83%	25.57%
Debt to EBITDA	8.45	8.27	7.94	8.27	9.59	8.49	8.00	7.61	7.29	7.12	7.22
Net Debt to EBITDA	7.47	7.51	7.40	8.02	8.78	8.02	7.43	6.57	6.74	6.46	6.57
Long-Term Debt to EBITDA	8.45	8.27	7.94	8.27	9.59	8.49	8.00	7.61	7.29	7.12	7.22
Debt to NOPAT	7.52	7.55	7.46	7.44	9.08	8.20	7.72	8.07	7.83	8.32	8.43
Net Debt to NOPAT	6.65	6.85	6.95	7.21	8.31	7.74	7.17	6.96	7.23	7.54	7.67
Long-Term Debt to NOPAT	7.52	7.55	7.46	7.44	9.08	8.20	7.72	8.07	7.83	8.32	8.43
Altman Z-Score	0.28	0.29	0.28	0.21	0.28	0.25	0.26	0.29	0.21	0.20	0.15
Noncontrolling Interest Sharing Ratio	21.97%	22.23%	22.21%	22.62%	22.24%	22.26%	22.31%	22.64%	24.42%	24.59%	25.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.20	12.63	4.28	4.64	14.18	7.86	8.37	31.16	5.68	7.44	5.59
Quick Ratio	7.75	11.75	3.84	3.57	13.12	6.76	7.44	28.94	3.48	5.41	3.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-111	-95	-320	-253	-432	21	497	752	1,127	918	607
Operating Cash Flow to CapEx	0.00%	23,399.58%	0.00%	0.00%	216,528.89%	-19,745.16%	16,464.31%	2,834.29%	-48,249.51%	60,349.90%	-15,003.33%
Free Cash Flow to Firm to Interest Expense	-1.37	-1.16	-3.93	-2.92	-4.81	0.26	7.04	10.71	14.74	11.67	9.30
Operating Cash Flow to Interest Expense	0.78	0.69	0.16	0.02	1.08	-0.68	1.65	0.17	-1.94	3.97	-0.83
Operating Cash Flow Less CapEx to Interest Expense	2.26	0.69	0.16	0.02	1.08	-0.69	1.64	0.16	-1.94	3.96	-0.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.09	0.10	0.09	0.09	0.09	0.09	0.10	0.10	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	1.98	4.68	4.04
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	184.70	78.02	90.29
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-184.70	-78.02	-90.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,927	5,073	5,112	5,066	5,476	5,161	4,703	4,405	4,460	4,302	4,173
Invested Capital Turnover	0.09	0.11	0.12	0.11	0.11	0.11	0.11	0.13	0.13	0.12	0.13
Increase / (Decrease) in Invested Capital	237	211	432	337	549	89	-409	-662	-1,016	-844	-531
Enterprise Value (EV)	4,544	4,733	4,842	4,837	5,287	4,919	4,509	4,054	4,140	3,938	3,727
Market Capitalization	978	992	1,066	1,032	1,069	1,026	1,047	879	894	819	687
Book Value per Share	$15.91	$15.84	$15.85	$15.39	$15.37	$15.32	$15.09	$14.96	$14.75	$14.49	$13.99
Tangible Book Value per Share	$15.38	$15.32	$15.34	$14.89	$14.87	$14.83	$14.62	$14.49	$12.21	$11.95	$11.46
Total Capital	5,292	5,385	5,324	5,172	5,830	5,356	4,940	4,851	4,692	4,579	4,430
Total Debt	3,606	3,709	3,649	3,538	4,216	3,747	3,345	3,265	3,036	2,958	2,860
Total Long-Term Debt	3,606	3,709	3,649	3,538	4,216	3,747	3,345	3,265	3,036	2,958	2,860
Net Debt	3,188	3,365	3,401	3,433	3,862	3,536	3,107	2,819	2,804	2,681	2,603
Capital Expenditures (CapEx)	-120	0.24	0.00	0.00	0.05	0.28	0.71	0.42	0.31	0.52	0.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-36	-9.51	-43	-9.24	-6.08	-9.76	-11	8.85	13	14	7.45
Debt-free Net Working Capital (DFNWC)	382	334	205	96	348	187	214	432	157	199	144
Net Working Capital (NWC)	382	334	205	96	348	187	214	432	157	199	144
Net Nonoperating Expense (NNE)	95	86	76	88	87	79	64	66	93	55	64
Net Nonoperating Obligations (NNO)	3,241	3,397	3,437	3,433	3,862	3,552	3,108	2,819	2,804	2,681	2,603
Total Depreciation and Amortization (D&A)	1.12	0.80	2.07	2.31	2.65	2.01	2.10	2.00	19	12	12
Debt-free, Cash-free Net Working Capital to Revenue	-8.35%	-1.67%	-7.47%	-1.68%	-1.11%	-1.78%	-1.98%	1.47%	2.11%	2.54%	1.30%
Debt-free Net Working Capital to Revenue	89.65%	58.68%	35.99%	17.57%	63.42%	34.09%	39.96%	71.58%	25.12%	35.70%	25.14%
Net Working Capital to Revenue	89.65%	58.68%	35.99%	17.57%	63.42%	34.09%	39.96%	71.58%	25.12%	35.70%	25.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$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	$10,565,000.12	$10,950,000.14	$6,064,000.07
Adjusted Weighted Average Basic Shares Outstanding	82.21M	82.31M	81.99M	81.82M	81.79M	81.85M	82.05M	82.18M	82.21M	81.97M	79.93M
Adjusted Diluted Earnings per Share	$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	$10,565,000.12	($44,327,999.87)	$6,064,000.07
Adjusted Weighted Average Diluted Shares Outstanding	82.21M	82.31M	81.99M	81.82M	81.79M	81.85M	82.05M	82.18M	90.60M	86.19M	79.93M
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	82.07M	82.12M	81.87M	81.83M	81.84M	82.21M	82.21M	82.27M	81.61M	80.97M	76.96M
Normalized Net Operating Profit after Tax (NOPAT)	83	81	112	84	117	110	88	63	65	74	76
Normalized NOPAT Margin	59.40%	59.40%	82.99%	61.09%	83.99%	80.43%	73.10%	52.79%	39.21%	48.61%	54.66%
Pre Tax Income Margin	20.80%	21.83%	27.10%	-2.82%	21.77%	22.25%	20.18%	20.29%	8.86%	16.20%	9.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.36	1.37	1.45	0.96	1.34	1.38	1.35	1.34	1.19	1.27	1.01
NOPAT to Interest Expense	1.56	1.43	1.38	0.97	1.30	1.36	1.25	1.29	1.45	0.94	1.17
EBIT Less CapEx to Interest Expense	2.84	1.36	1.45	0.96	1.34	1.37	1.34	1.34	1.19	1.26	1.01
NOPAT Less CapEx to Interest Expense	3.04	1.43	1.38	0.97	1.30	1.36	1.24	1.28	1.45	0.93	1.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	102.61%	101.26%	107.07%	158.45%	176.72%	174.34%	202.63%	149.56%	154.60%	181.95%	212.22%
Augmented Payout Ratio	113.19%	110.10%	115.11%	167.28%	185.62%	179.61%	206.35%	149.56%	154.60%	199.04%	286.79%

Financials Breakdown Chart

Key Financial Trends

Here are the key four-year trends for Franklin BSP Realty Trust (FBRT) based on quarterly statements from 2022 through 2025 (Q1–Q4). The data show a large, cash-flow-driven mortgage REIT profile with steady scale, meaningful investing activity, and debt-driven funding needs. The summary highlights the biggest positive signals, followed by neutral observations and then the main drawbacks.

Strong operating cash flow in late 2025: Net cash from continuing operating activities in Q4 2025 was 271.3 million, underscoring robust cash generation from core operations despite fluctuating net income.
Substantial debt issuance boosts liquidity: FBRT pulled in 947.2 million from the issuance of debt in Q4 2025, providing liquidity for investment and funding activities.
High gross margin in the latest quarter: Q4 2025 Total Gross Profit of 132.84 million on 152.15 million revenue implies a gross margin around 87%, reflecting strong margin capture on revenue.
Scale and asset base support ongoing operations: Total assets typically sit around 6.0–6.3 billion with long-term debt around 3.0–3.6 billion, highlighting a sizable, asset-backed portfolio typical of mortgage REITs.
Notable non-cash adjustments in cash flow: Q4 2025 included non-cash adjustments to net income of 257.5 million, indicating a large amount of non-cash activity driving reported cash from operations in that period.
Concentration in certain noncurrent assets: In 2025, Other Noncurrent Operating Assets were substantial (around 5.71 billion in Q3 2025), reflecting the breadth of FBRT’s long-term asset base, though this is a mix of investments and related assets rather than liquid balance-sheet items.
Net income attributable to common shareholders has been softer in 2025: FBRT’s quarterly net income attributable to common shareholders was around 17.7 million in Q4 2025, below levels seen in some earlier years, signaling a softer earnings quarter despite strong cash flow.
Heavy investing activity pressures cash flow: Large purchases of investments in several quarters (e.g., 595.2 million in Q4 2025) contributed to significant investing outflows and ongoing portfolio deployment.
Frequent financing outflows despite debt issuance: Net cash from financing activities was negative in several periods (e.g., −177.8 million in Q4 2025), indicating net cash paid for debt repayments and dividends more than offset by new borrowings in some periods.
High interest expense relative to net income: Interest expense remained sizable (e.g., about 78.7 million in Q4 2025) and weighed on net income, highlighting leverage risk in a rising-rate environment.

05/14/26 06:18 AM ETAI Generated. May Contain Errors.

Franklin BSP Realty Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Franklin BSP Realty Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Franklin BSP Realty Trust's net income appears to be on an upward trend, with a most recent value of $84.09 million in 2025, rising from $24.93 million in 2015. The previous period was $92.40 million in 2024. Check out Franklin BSP Realty Trust's forecast to explore projected trends and price targets.

Franklin BSP Realty Trust's total operating income in 2025 was $372.03 million, based on the following breakdown:

Total Gross Profit: $504.66 million
Total Operating Expenses: $132.63 million

Over the last 10 years, Franklin BSP Realty Trust's total revenue changed from $59.39 million in 2015 to $558.40 million in 2025, a change of 840.2%.

Franklin BSP Realty Trust's total liabilities were at $4.44 billion at the end of 2025, a 1.0% increase from 2024, and a 606.2% increase since 2015.

In the past 10 years, Franklin BSP Realty Trust's cash and equivalents has ranged from $14.81 million in 2015 to $337.60 million in 2023, and is currently $167.29 million as of their latest financial filing in 2025.

Over the last 10 years, Franklin BSP Realty Trust's book value per share changed from 35.23 in 2015 to 14.49 in 2025, a change of -58.9%.

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Financial statements for NYSE:FBRT last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Franklin BSP Realty Trust (FBRT) Financials

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Franklin BSP Realty Trust (FBRT) Financials

Annual Income Statements for Franklin BSP Realty Trust

Quarterly Income Statements for Franklin BSP Realty Trust

Annual Cash Flow Statements for Franklin BSP Realty Trust

Quarterly Cash Flow Statements for Franklin BSP Realty Trust

Annual Balance Sheets for Franklin BSP Realty Trust

Quarterly Balance Sheets for Franklin BSP Realty Trust

Annual Metrics And Ratios for Franklin BSP Realty Trust

Quarterly Metrics And Ratios for Franklin BSP Realty Trust

Financials Breakdown Chart

Key Financial Trends

Franklin BSP Realty Trust Financials - Frequently Asked Questions

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

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

What is Franklin BSP Realty Trust's operating income?

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

How much debt does Franklin BSP Realty Trust have?

How much cash does Franklin BSP Realty Trust have?

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

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