Franklin BSP Real Estate Debt earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026
Q2 2026 Revenue up 272% year over year to $7.3M · 52¢ of every $1 of revenue kept as net profit · operating margin 60.1%
Franklin BSP Real Estate Debt made $7.3M in Q2 2026 (+272% Y/Y). Operating margin 60.1%, net earnings $3.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Revenue$7.3M
Year over year+272%
Operating margin60.1%
Net earnings$3.8M
Operating cash flow$7.0M
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 $7.3M in Q2 2026, up 272% year over year and up 28% from the previous quarter.
Operating profit was $4.4M, a 60.1% margin (up 163.8 points year over year). Total costs fell 27% while revenue rose 272%. The fastest-growing cost line was General & admin (+31%). Net earnings were $3.8M. The effective tax rate was 0.0%.
Operating cash flow was $7.0M (up 328% year over year), 154% of net income including minority interests. Working capital and other items added $2.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 11, 2026
$7.3M
+272%
60.1%
$3.8M
$7.0M
Q1 2026
10-Q
May 11, 2026
$5.7M
—
53.8%
$2.3M
$3.2M
Q4 2025
10-K
Mar 12, 2026
$4.5M
—
57.3%
$2.4M
$3.0M
Q3 2025
10-Q
Nov 7, 2025
$3.1M
—
26.8%
$1.1M
$3.1M
Q2 2025
10-Q
Aug 7, 2025
$2.0M
—
-103.7%
−$1.9M
$1.6M
Charts
Latest (Q2 2026): Y/Y +272%, Q/Q +28%.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 $3.8M, Operating cash flow $7.0M.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
BEN · Stated in 10-K (named, share not stated) · source
About Franklin BSP Real Estate Debt
Franklin BSP Real Estate Debt, Inc. (“we,” “us” and the “Company”) is a newly formed, non-listed, perpetual life, commercial real estate investment company that intends to elect to qualify to be taxed for U.S. federal income tax purposes, and to qualify annually thereafter, as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were formed as a Maryland corporation on May 22, 2024. As a REIT, we must comply with certain regulatory requirements. See “—Governmental Regulations” and Item 1A. “ Risk Factors—Risks Related to Taxation. ” We began operations in April 2025, concurrently with the initial closing of our private offering of common stock.
In its own words, from its 10-K, filed Mar 12, 2026.
Franklin BSP Real Estate Debt against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +272% against the peers' median +14%. Operating margin: 60.1% against the peers' median 20.6%.