Franklin BSP Realty Trust (FBRT) Q3 FY2025 earnings: revenue $90 million, up 65.7% on the year
Franklin BSP Realty Trust, Inc. (FBRT) reported revenue of $90 million for Q3 FY2025, the quarter ended 30 September 2025, up 65.7% on the same quarter a year earlier. Net income was $17 million, down 45.2% on the year, and diluted earnings per share $0.12. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2025.
The quarter, against the one before and a year earlier
| Line | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | Change on the year |
|---|---|---|---|---|
| Revenue | 89.5 | 49.3 | 54.0 | +65.7% |
| Income tax | -2.9 | -0.1 | 0.2 | n/a |
| Net income | 17.3 | 23.2 | 31.6 | -45.2% |
| Net margin | 19.3% | 47.1% | 58.5% | |
| Diluted EPS | $0.12 | $0.19 | $0.30 | -60.0% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.Cash flow and capital returned
| Line | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | -148 | 11.8 | 97.4 | n/a |
| Cash from investing | -52.1 | 239 | 109 | n/a |
| Cash from financing | -78.7 | -52.0 | 41.9 | n/a |
| Depreciation and amortisation | 3.4 | 1.4 | 1.4 | +147.4% |
| Share-based compensation | 2.2 | 2.3 | 2.1 | +4.8% |
| Buybacks | 0.0 | 0.0 | 0.0 | n/a |
| Dividends paid | 36.5 | 36.4 | 36.2 | +0.6% |
| Dividend per share | $0.35 | $0.35 | $0.35 | +0.0% |
| Diluted shares, weighted | 91m | 82m | 82m | +10.8% |
| Shares outstanding at period end | 83m | 83m | 83m | -0.2% |
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet at quarter end
| Line | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 1,472 | 1,489 | 1,516 | -2.9% |
| Non-controlling interest | 93.8 | 6.9 | 7.8 | +1105.4% |
| Debt | 24.0 | 24.0 | 24.0 | +0.0% |
| Other liabilities | 4,628 | 4,111 | 4,787 | -3.3% |
| Total liabilities and equity | 6,218 | 5,630 | 6,335 | -1.8% |
| Goodwill | 90.8 | n/a | n/a | n/a |
| Intangible assets | 118 | n/a | n/a | n/a |
| Securities held for sale or to maturity | 102 | 83.4 | 211 | -51.8% |
| Loans | 4,369 | 4,482 | 5,077 | -14.0% |
| Cash and equivalents | 117 | 414 | 346 | -66.3% |
| Other assets | 1,423 | 651 | 701 | +103.0% |
| Total assets | 6,218 | 5,630 | 6,335 | -1.8% |
Questions
What was Franklin BSP Realty Trust's revenue in Q3 FY2025?
Franklin BSP Realty Trust (FBRT) reported revenue of $90 million for Q3 FY2025, the quarter ended 30 September 2025, up 65.7% on the same quarter a year earlier.
How much did Franklin BSP Realty Trust earn in Q3 FY2025?
Net income for Q3 FY2025 was $17 million, down 45.2% on the year, and diluted earnings per share $0.12.
When did Franklin BSP Realty Trust report Q3 FY2025 results?
Franklin BSP Realty Trust filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 5 November 2025.
Quarterly results, the last 12 quarters
| Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 † | Q4 FY2024 * | Q1 FY2025 † | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 62.4 | 54.8 | 54.0 | 50.9 | 54.0 | 55.9 | 55.0 | 49.3 | 89.5 | n/a | 74.4 | 65.3 |
| Interest expense | 78.0 | n/a | 81.3 | 86.7 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Net income | 31.8 | 30.0 | 35.9 | -2.2 | 31.6 | 30.5 | 24.1 | 23.2 | 17.3 | n/a | 12.0 | 15.6 |
| Net margin | 51% | 55% | 67% | -4% | 59% | 55% | 44% | 47% | 19% | n/a | 16% | 24% |
| Diluted EPS | $0.30 | $0.29 | $0.35 | -$0.11 | $0.30 | $0.28 | $0.20 | $0.19 | $0.12 | n/a | $0.07 | $0.12 |
| Operating cash flow | 63.1 | 55.9 | 13.0 | 1.9 | 97.4 | -55.1 | 116 | 11.8 | -148 | n/a | -54.0 | 48.3 |
| Buybacks | 0.0 | 3.3 | 1.9 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | n/a | 39.8 | 16.0 |
| Dividends paid | 36.2 | 36.2 | 36.1 | 36.3 | 36.2 | 36.2 | 36.2 | 36.4 | 36.5 | n/a | 36.0 | 21.6 |
| Shares outstanding | 82m | 83m | 83m | 83m | 83m | 83m | 83m | 83m | 83m | 82m | 77m | 75m |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Source
10-Q for the period ended 30 September 2025, filed 5 November 2025, accession 0001562528-25-000041: the filing on EDGAR. All of Franklin BSP Realty Trust, Inc.'s filings: EDGAR company page.
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