Filing Flows › Franklin BSP Realty Trust (FBRT) › Q1 2026
Franklin BSP Realty Trust (FBRT) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Franklin BSP Realty Trust (FBRT) reported revenue of $74.4M for the first quarter 2026 (Q1 2026), +35% from a year earlier and -2% from the quarter before. Operating margin was 17.8%, net earnings $12.0M (16.1% of revenue).
Franklin BSP Realty Trust, Q1 2026: revenue $74.4M (+35% year over year), operating margin 17.8%, net earnings $12.0M, operating cash flow −$54.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $74.4M | -2% | +35% |
| Operating profit | $13.2M | -46% | -46% |
| Net earnings | $12.0M | -32% | -50% |
| Operating cash flow | −$54.0M | -117% | -146% |
What changed
Revenue was $74.4M in Q1 2026, up 35% year over year and down 2% from the previous quarter.
Operating profit was $13.2M, a 17.8% margin (down 26.5 points year over year). Operating profit fell $11.1M even though revenue rose $19.3M versus Q1 2025, so costs grew faster than sales. Total costs grew 99% against revenue growth of 35%. The fastest-growing cost line was Other operating costs (+115%). Net earnings were $12.0M, down 50% year over year. The effective tax rate was 7.0%.
Operating cash flow was −$54.0M. Non-cash charges added back $3.4M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $72.1M. Capital expenditures of $240K exceeded it, leaving free cash flow of −$54.3M.
Questions
What was Franklin BSP Realty Trust's revenue in the first quarter 2026?
Franklin BSP Realty Trust (FBRT) reported revenue of $74.4M for the first quarter 2026 (Q1 2026), +35% from a year earlier and -2% from the quarter before.
Was Franklin BSP Realty Trust profitable in the first quarter 2026?
Operating profit was $13.2M (17.8% of revenue) and net earnings $12.0M.