Franklin BSP Realty Trust, Inc. (FBRT) Income Statement
FBRT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFBRT revenue and net income
Where FBRT's revenue goes
2025Each bar shows an amount and its share of revenue. FBRT kept 14.8% of revenue as net income.
FBRT profit margins
FBRT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.3% | +14.8% | +24.7% | +25.1% |
| Gross profit | +143.4% | +36.4% | +35.1% | +26.9% |
| Operating income | +229.6% | +93.7% | +45.1% | +27.2% |
| Net income | +19.4% | +78.6% | +8.5% | +12.7% |
| EPS (diluted) | −53.3% | −37.5% | −5.5% | −6.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FBRT quarterly EPS vs estimates
Franklin BSP Realty beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.22).
FBRT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $556.0M | $548.9M | $569.5M | $367.4M | $221.6M | $184.2M | $198.5M | $152.3M | $89.6M | $79.4M |
| Cost of revenue | $43.7M | $338.5M | $305.6M | $165.7M | $60.8M | $70.2M | $93.2M | $70.0M | $32.4M | $23.2M |
| Gross profit | $512.3M | $210.5M | $263.9M | $201.7M | $160.8M | $114.0M | $105.2M | $82.3M | $57.2M | $56.2M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $129.9M | $58.3M | $102.2M | $64.2M | $47.4M | $39.3M | $44.2M | $32.1M | $21.5M | $19.3M |
| Total operating expenses | $131.9M | $50.2M | $109.2M | $105.7M | $44.3M | $54.8M | $47.7M | $35.4M | $20.8M | $20.6M |
| Operating income | $380.4M | $115.4M | $154.8M | $52.3M | $165.0M | $59.2M | $22.9M | $46.9M | $36.4M | $35.6M |
| Interest expense | $288.3M | $338.5M | $305.6M | $165.7M | $60.8M | $66.6M | $90.4M | $70.0M | $32.4M | $23.2M |
| Income before taxes | $88.0M | $93.5M | $141.8M | $13.8M | $29.3M | $52.7M | $88.4M | $52.9M | $34.0M | $30.0M |
| Income taxes | $3.9M | $1.1M | −$2.8M | −$399,000 | $3.6M | −$2.1M | $4.5M | $79,000 | $225,000 | $54.8M |
| Net income | $82.3M | $68.9M | $145.2M | $14.4M | $25.7M | $54.7M | $83.9M | $52.8M | $33.8M | $30.0M |
| EBITDA | $385.9M | $437.6M | $161.9M | $106.5M | $167.1M | $61.4M | $58.0M | $46.9M | $36.4M | $35.6M |
| EPS (diluted) | $0.49 | $1.05 | $1.92 | $2.01 | $1.25 | $0.65 | $0.50 | $0.34 | $0.64 | $0.71 |
| Gross margin | 92.1% | 38.3% | 46.3% | 54.9% | 72.6% | 61.9% | 53.0% | 54.0% | 63.9% | 70.8% |
| Operating margin | 68.4% | 21.0% | 27.2% | 14.2% | 74.4% | 32.1% | 11.5% | 30.8% | 40.7% | 44.8% |
| Net margin | 14.8% | 12.5% | 25.5% | 3.9% | 11.6% | 29.7% | 42.3% | 34.7% | 37.7% | 37.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $141.5M | $133.8M | $145.0M | $136.6M | $119.5M | $124.5M | $135.4M | $139.6M | $132.8M | $141.2M | $136.0M | $140.4M |
| Cost of revenue | $9.9M | $12.9M | $14.1M | $76.5M | $70.2M | $9.3M | $226.7M | $89.9M | $7.7M | $9.3M | $81.2M | $4.1M |
| Gross profit | $131.6M | $121.0M | $130.9M | $60.1M | $49.3M | $115.1M | −$91.3M | $49.7M | $125.1M | $131.9M | $54.8M | $136.2M |
| Sales, general & admin | $7.2M | $42.9M | $17.6M | $55.5M | $16.4M | $18.7M | $14.4M | $14.4M | $15.0M | $16.6M | $4.0M | $4.2M |
| Total operating expenses | $51.6M | $54.9M | $31.0M | $58.4M | $16.3M | −$24.4M | −$86.4M | $15.5M | $40.2M | $11.0M | $19.4M | $4.2M |
| Operating income | $79.9M | $66.0M | $99.9M | $1.7M | $33.0M | $24.4M | $136.2M | $34.1M | $115.0M | $120.9M | $132.4M | −$8.3M |
| Interest expense | $67.3M | $65.2M | $71.0M | $76.5M | $70.2M | $70.6M | $80.5M | $89.9M | $86.7M | $81.3M | $152.3M | $78.0M |
| Income before taxes | $13.4M | $13.2M | $24.6M | $14.7M | $24.2M | $24.4M | $30.4M | $30.4M | −$3.9M | $36.7M | $29.7M | $29.2M |
| Income taxes | −$2.9M | $929,000 | $6.3M | −$2.9M | −$138,000 | $654,000 | $193,000 | $209,000 | −$117,000 | $835,000 | −$3.9M | −$1.8M |
| Net income | $15.6M | $12.0M | $19.3M | $17.3M | $23.2M | $24.1M | $4.0M | $31.6M | −$2.6M | $35.9M | $37.0M | $24.7M |
| EBITDA | $83.0M | $81.9M | $99.1M | $5.2M | $34.3M | $33.2M | −$31.3M | $35.5M | −$10.1M | $122.3M | $32.1M | $44.5M |
| EPS (diluted) | $0.17 | $0.09 | $0.12 | $0.22 | $0.27 | −$0.12 | $0.43 | −$0.10 | $0.31 | $0.41 | $0.39 | $0.43 |
| Gross margin | 93.0% | 90.4% | 90.3% | 44.0% | 41.2% | 92.5% | −67.4% | 35.6% | 94.2% | 93.4% | 40.3% | 97.1% |
| Operating margin | 56.5% | 49.3% | 68.9% | 1.3% | 27.6% | 19.6% | 100.6% | 24.5% | 86.6% | 85.6% | 97.4% | −5.9% |
| Net margin | 11.0% | 9.0% | 13.3% | 12.7% | 19.4% | 19.3% | 2.9% | 22.7% | −2.0% | 25.4% | 27.2% | 17.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FBRT's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FBRT financial results
In fiscal year 2025 (ended December 31, 2025), Franklin BSP Realty reported revenue of $556.0 million, up 1.3% from the year before. It had net income of $82.3 million (up 19.4%), a net profit margin of 14.8%. Diluted earnings per share came to $0.49. Over five years revenue grew at an average rate of 24.7% a year.
See the FBRT stock overview for the latest quote and news, or the FBRT chart for price history and technical indicators.
FBRT income statement FAQ
What is Franklin BSP Realty's annual revenue?
Franklin BSP Realty reported total revenue of $556.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 1.3% from $548.9 million the previous year.
Is Franklin BSP Realty profitable?
Yes. Franklin BSP Realty reported net income of $82.3 million in fiscal 2025, a net profit margin of 14.8%; its operating margin was 68.4%.
What is Franklin BSP Realty's gross margin?
Franklin BSP Realty's gross margin was 92.1% in fiscal 2025: for every $100 of revenue, Franklin BSP Realty kept $92 after the direct cost of its products and services.
How fast is Franklin BSP Realty growing?
Revenue grew 24.7% a year on average over the last five fiscal years, from $184.2 million to $556.0 million.
What are Franklin BSP Realty's earnings per share?
Franklin BSP Realty earned $0.49 per diluted share in fiscal 2025, compared with $1.05 a year earlier.
When will Franklin BSP Realty report its next earnings?
Franklin BSP Realty is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Franklin BSP Realty's fiscal year end?
Franklin BSP Realty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.