Filing Flows › Franklin BSP Realty Trust (FBRT) › Q3 2025
Franklin BSP Realty Trust (FBRT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Franklin BSP Realty Trust (FBRT) reported revenue of $89.5M for the third quarter 2025 (Q3 2025), +66% from a year earlier and +81% from the quarter before. Operating margin was 16.4%, net earnings $17.3M (19.3% of revenue).
Franklin BSP Realty Trust, Q3 2025: revenue $89.5M (+66% year over year), operating margin 16.4%, net earnings $17.3M, operating cash flow −$148M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $89.5M | +81% | +66% |
| Operating profit | $14.7M | -39% | -52% |
| Net earnings | $17.3M | -25% | -45% |
| Operating cash flow | −$148M | -1353% | — |
What changed
Revenue was $89.5M in Q3 2025, up 66% year over year and up 81% from the previous quarter.
Operating profit was $14.7M, a 16.4% margin (down 39.8 points year over year). Operating profit fell $15.7M even though revenue rose $35.5M versus a year earlier, so costs grew faster than sales. Total costs grew 216% against revenue growth of 66%. The fastest-growing cost line was Other operating costs (+260%). Net earnings were $17.3M, down 45% year over year. The effective tax rate was -19.7%.
Operating cash flow was −$148.1M. Non-cash charges added back $3.4M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $171.4M. Capital expenditures of $127K exceeded it, leaving free cash flow of −$148.3M.
Questions
What was Franklin BSP Realty Trust's revenue in the third quarter 2025?
Franklin BSP Realty Trust (FBRT) reported revenue of $89.5M for the third quarter 2025 (Q3 2025), +66% from a year earlier and +81% from the quarter before.
Was Franklin BSP Realty Trust profitable in the third quarter 2025?
Operating profit was $14.7M (16.4% of revenue) and net earnings $17.3M.