Q3 2026 Revenue down 16% year over year to $74.9M · 36¢ of every $1 of revenue lost · operating margin -46.8%
Franklin BSP Realty Trust made $74.9M in Q3 2026 (-16% Y/Y). Operating margin -46.8%, net loss $27.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Revenue$74.9M
Year over year-16%
Operating margin-46.8%
Net earnings−$27.0M
Operating cash flow−$89.7M
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 $74.9M in Q3 2026, down 16% year over year and up 15% from the previous quarter.
Operating costs exceeded revenue by $35.1M, an operating margin of -46.8%. Total costs grew 47% against a revenue fall of 16%. The fastest-growing cost line was Other operating costs (+50%). The quarter ended with a net loss of $27.0M, after a profit of $16.3M the previous quarter. Minority interests bore $358K of it: to shareholders the quarter was a loss of $26.7M.
Operating cash flow was −$89.7M. Non-cash charges added back $2.2M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items used $66.1M. Capital expenditures of $3.8M exceeded it, leaving free cash flow of −$93.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 28, 2026
$74.9M
-16%
-46.8%
−$27.0M
−$89.7M
Q2 2026
10-Q
Jul 29, 2026
$65.3M
+32%
20.5%
$15.6M
$48.3M
Q1 2026
10-Q
Apr 29, 2026
$74.4M
+35%
17.8%
$12.0M
−$54.0M
Q4 2025
10-K
Feb 25, 2026
$76.1M
+34%
32.4%
$17.7M
$312M
Q3 2025
10-Q
Nov 5, 2025
$89.5M
+66%
16.4%
$17.3M
−$148M
Q2 2025
10-Q
Jul 30, 2025
$49.3M
-3%
49.1%
$23.2M
$11.8M
Q1 2025
10-Q
Apr 28, 2025
$50.1M
-7%
48.6%
$24.1M
$116M
Charts
Latest (Q3 2026): Y/Y -16%, Q/Q +15%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$27.0M, Operating cash flow −$89.7M.+94.1% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
BEN · Stated in 10-K (named, share not stated) · source
About Franklin BSP Realty Trust
Franklin BSP Realty Trust, Inc. (the “Company”), is a real estate finance company, formed as a Maryland corporation, that has elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes since 2013. Substantially all of the Company’s business is conducted through FBRT OP LLC, a Delaware limited liability company (the “OP”) and to its subsidiaries. The Company is the managing member of the OP and directly or indirectly held 91% of the common units of membership interests in the OP as of December 31, 2025.
In its own words, from its 10-K, filed Feb 25, 2026.
Franklin BSP Realty Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -16% against the peers' median +11%. Operating margin: -46.8% against the peers' median 15.9%.