Filing Flows › Franklin BSP Realty Trust (FBRT) › Q2 2025
Franklin BSP Realty Trust (FBRT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Franklin BSP Realty Trust (FBRT) reported revenue of $49.3M for the second quarter 2025 (Q2 2025), -3% from a year earlier and -2% from the quarter before. Operating margin was 49.1%, net earnings $23.2M (47.0% of revenue).
Franklin BSP Realty Trust, Q2 2025: revenue $49.3M (-3% year over year), operating margin 49.1%, net earnings $23.2M, operating cash flow $11.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.3M | -2% | -3% |
| Operating profit | $24.2M | -0.5% | — |
| Net earnings | $23.2M | -4% | — |
| Operating cash flow | $11.8M | -90% | +518% |
| Free cash flow | $11.4M | -90% | +496% |
What changed
Revenue was $49.3M in Q2 2025, down 3% year over year and down 2% from the previous quarter.
Operating profit was $24.2M, a 49.1% margin (up 56.8 points year over year). Total costs fell 54% while revenue fell 3%. The fastest-growing cost line was General & admin (+452%). Net earnings were $23.2M. The effective tax rate was -0.6%.
Operating cash flow was $11.8M (up 518% year over year), 48% of net income including minority interests. Non-cash charges added back $1.4M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $16.3M. Capital expenditures of $417K left free cash flow of $11.4M.
Questions
What was Franklin BSP Realty Trust's revenue in the second quarter 2025?
Franklin BSP Realty Trust (FBRT) reported revenue of $49.3M for the second quarter 2025 (Q2 2025), -3% from a year earlier and -2% from the quarter before.
Was Franklin BSP Realty Trust profitable in the second quarter 2025?
Operating profit was $24.2M (49.1% of revenue) and net earnings $23.2M.