Fortress Credit Realty Income Trust earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026
Q2 2026 Revenue up 115% year over year to $65.8M · 37¢ of every $1 of revenue kept as net profit · operating margin 38.3%
Fortress Credit Realty Income Trust made $65.8M in Q2 2026 (+115% Y/Y). Operating margin 38.3%, net earnings $24.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Revenue$65.8M
Year over year+115%
Operating margin38.3%
Net earnings$24.3M
Operating cash flow$33.5M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $65.8M in Q2 2026, up 115% year over year and up 19% from the previous quarter.
Operating profit was $25.2M, a 38.3% margin (down 23.5 points year over year). Of the extra revenue versus Q2 2025, 18% reached operating profit, below the 62% margin then. Total costs grew 247% against revenue growth of 115%. The fastest-growing cost line was Other operating costs (+317%). Net earnings were $24.3M, up 32% year over year. The effective tax rate was 0.0%.
Operating cash flow was $33.5M (up 84% year over year), 133% of net income including minority interests. Non-cash charges added back $100K of share-based compensation. Working capital and other items added $8.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 12, 2026
$65.8M
+115%
38.3%
$24.3M
$33.5M
Q1 2026
10-Q
May 12, 2026
$55.2M
+183%
43.3%
$23.5M
$20.0M
Q4 2025
10-K
Mar 24, 2026
$51.9M
+515%
44.0%
$22.3M
$25.5M
Q3 2025
10-Q
Nov 12, 2025
$43.5M
30×
42.4%
$17.8M
$19.7M
Q2 2025
10-Q
Aug 13, 2025
$30.6M
—
61.9%
$18.4M
$18.2M
Q1 2025
10-Q
May 13, 2025
$19.5M
—
57.3%
$10.4M
$10.4M
Q4 2024
10-K
Mar 28, 2025
$8.4M
—
40.9%
$3.2M
$4.6M
Charts
Latest (Q2 2026): Y/Y +115%, Q/Q +19%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $25.2M, Operating cash flow $33.5M.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Fortress Credit Realty Income Trust (“FCR” or the “Company”) was formed on June 4, 2024 (“Date of Formation”) as a Maryland statutory trust and qualifies to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2024. The Company is managed by FCR Advisors, LLC, a Delaware limited liability company (the “Adviser”), an affiliate of the Company’s sponsor, Fortress Investment Group LLC, a Delaware limited liability company (“Fortress”). The Company is a credit-focused diversified mortgage REIT that invests in the senior parts of the capital structure, with a focus on (i) floating rate loans across commercial real estate (“CRE”) debt (“CRE Debt”) and (ii) investments in real estate-related assets.
In its own words, from its 10-Q, filed Aug 12, 2026.
Fortress Credit Realty Income Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +115% against the peers' median +14%. Operating margin: 38.3% against the peers' median 20.6%.