Franklin BSP Realty Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Franklin BSP Realty Trust, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	56.2	57.2	82.3	108	118	165	207	269	223	270
General and administrative		6.77	13.4	16.4	13.1	7.66	12.9	14.4	9.71	13.3
Operating expenses	22.5	29.5	37.4	52.2	49.2	143	77.5	87.8	86.4	186
Interest expense	23.2	32.4	70	90.4	66.6	56.2	161	306
Interest income	79.4	89.6	152	195	180	217	358	553
Other non-operating income					-15.8	6.8	-116	-39.2	-43.4	4.27
Pre-tax income	-3.76	6.32	8.02	32.6	-15.8	11.4
Income tax	0	0.23	0.08	4.48	-2.06	3.6	-0.4	-2.76	1.12	3.88
Net income to minority interests					0	0	-0.22	-0.71	-3.48	1.81
Net income	30	33.8	52.8	83.9	54.7	25.7	14.4	145	95.9	82.3
EPS, basic	0.95	1.06	1.44	1.60	0.90	-0.18	-0.38	1.42	0.82	0.65
EPS, diluted	0.95	1.06	1.44	1.60	0.90	-0.18	-0.38	1.42	0.82	0.64
Shares, basic (weighted)	31.7	31.8	34.3	41.9	44.4	43.4	71.6	82.3	81.8	82
Shares, diluted (weighted)	31.7	31.8	36.8	41.9	44.4	43.4	71.6	82.3	81.8	86.2
Dividend per share	2.06	1.80	1.44	1.44	1.30	1.26	1.42	1.42	1.42	1.42

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	118	83.7	191	87.2	82.1	155	179	338	184	167
Lease right-of-use assets			0	5.98	0					8.4
Goodwill									0	92
Intangible assets									39.8	116
Total assets	1,248	1,584	2,606	3,541	3,190	9,475	6,204	5,955	6,002	6,057
Other non-current liabilities									11.7	29.7
Total liabilities	614	973	1,727	2,515	2,182	7,667	4,530	4,279	4,393	4,436
Paid-in capital	705	704	828	903	913	903	1,602	1,599	1,601	1,593
Retained earnings	-70.7	-94.1	-94.3	-86	-106	-167	-299	-299	-348	-411
Other comprehensive income	-0.5	0	-0.46	-0.98	-8.26	-0.06	0.39	-0.7	0.08	-0.28
Shareholders' equity	634	610	733	817	798	1,706	1,563	1,559	1,513	1,442
Minority interests					0	5.76	15.4	27.1	7.5	89.9
Total equity	634	610	733	817	798	1,711	1,578	1,586	1,520	1,531
Total liabilities and equity	1,248	1,584	2,606	3,541	3,190	9,475	6,204	5,955	6,002	6,057
Shares outstanding	31.9	31.8	39.3	43.9	44.5	44	83	82.8	83.1	81.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	30	33.8	52.8	83.9	54.7	25.7	14.2	145	92.4	84.1
Depreciation and amortization		0	0	0	2.23	2.11	5.33	8.41	5.63	9.59
Stock-based compensation	0.04	0.1	0.16	0.16	0.19	0.21	2.52	4.76	8.17	9.12
Deferred income tax	0	0.02	-0	0.01	-0.35	0.16	-0.17	-2.77	-0.33	3.18
Change in payables	0.11	0.65	1.48	1.93	-5.84	3.64	5.03	-5.08	6.49	2.85
Cash from operations	35	8.35	7.1	45.4	115	146	153	197	57.2	292
Acquisitions								0	0	-297
Purchases of investments		0	-39.5	-370	-149	0	-221	-224	-79.5	-132
Sales and maturities of investments	79.1	34.9	12.5	9.37	346	2,059	3,732	419	120	184
Cash from investing	139	-333	-856	-969	241	1,069	3,097	381	-155	381
Stock issued	0	0	124	75.5	10.7	0	0
Share buybacks	-19	-20.5	-15.1	-13.8	-10.3	-11.4	-16.6	-12.5	-4.87	-14.4
Dividends paid	-40.3	-38.8	-37	-60.6	-49.8	-68	-139	-144	-145	-146
Cash from financing	-71.5	293	961	829	-373	-1,139	-3,227	-425	-48.6	-684
Net change in cash	103	-31.4	113	-95.3	-17	76.1	22.3	153	-147	-11.7
Interest paid	19	27.1	53	78.9	59.8	51.1	144	295	325	276
Income taxes paid	0	0	0.36	0	4.4	0.14	1.2	0.33	1.04	1.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	20.5%	Net income / revenue.
Operating cash flow margin	51.8%	Cash from operations / revenue.
Return on equity (ROE)	4.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-14.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	78.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-22.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-6.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	410.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	75.7%	Total liabilities / total assets.
Goodwill and intangibles / assets	3.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.17B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.05x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.60	Revenue / diluted weighted shares.
Operating cash flow per share	$1.87	Cash from operations / diluted weighted shares.
Book value per share	$18.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.49	Tangible book value / shares outstanding.
Cash per share	$1.81	(Cash + short-term investments) / shares outstanding.
Payout ratio	208.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$578.8M	Share price x shares outstanding.
Enterprise value	$442.5M	Market cap + total debt - cash - short-term investments.
P/E	9.25x	Market cap / net income. Only when net income is positive.
P/S	1.90x	Market cap / revenue.
P/B	0.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.50x	Market cap / tangible book value, when positive.
P/OCF	3.66x	Market cap / cash from operations, when positive.
EV/Sales	1.45x	Enterprise value / revenue.
Earnings yield	10.8%	Net income / market cap (the inverse of P/E).
Dividend yield	22.5%	Dividends paid over the period / market cap.
Shareholder yield	34.7%	(Dividends paid + share buybacks) / market cap.

What was Franklin BSP Realty Trust, Inc.'s revenue in fiscal 2025?

Franklin BSP Realty Trust, Inc. reported revenue of $270.1M for fiscal 2025, 20.9% higher than the year before.

Was Franklin BSP Realty Trust, Inc. profitable in fiscal 2025?

Yes. Net income was $82.3M, a net margin of 30.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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