Filing Flows › Franklin BSP Realty Trust (FBRT) › Q4 2025
Franklin BSP Realty Trust (FBRT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Franklin BSP Realty Trust (FBRT) reported revenue of $76.1M for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and -15% from the quarter before. Operating margin was 32.4%, net earnings $17.7M (23.2% of revenue).
Franklin BSP Realty Trust, Q4 2025: revenue $76.1M (+34% year over year), operating margin 32.4%, net earnings $17.7M, operating cash flow $312M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $76.1M | -15% | +34% |
| Operating profit | $24.6M | +67% | -19% |
| Net earnings | $17.7M | +2% | -42% |
| Operating cash flow | $312M | — | — |
| Free cash flow | $312M | — | — |
What changed
Revenue was $76.1M in Q4 2025, up 34% year over year and down 15% from the previous quarter.
Operating profit was $24.6M, a 32.4% margin (down 20.9 points year over year). Operating profit fell $5.7M even though revenue rose $19.2M versus a year earlier, so costs grew faster than sales. Total costs grew 93% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+101%). Net earnings were $17.7M, down 42% year over year. The effective tax rate was 25.4%.
Operating cash flow was $312.0M, 1698% of net income including minority interests. Non-cash charges added back $3.4M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $287.9M. Capital expenditures of $337K left free cash flow of $311.7M.
Questions
What was Franklin BSP Realty Trust's revenue in the fourth quarter 2025?
Franklin BSP Realty Trust (FBRT) reported revenue of $76.1M for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and -15% from the quarter before.
Was Franklin BSP Realty Trust profitable in the fourth quarter 2025?
Operating profit was $24.6M (32.4% of revenue) and net earnings $17.7M.