Franklin BSP Realty Trust, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
FBRT$6.40+3.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(In thousands, except share and per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Income | |||
| Interest income | $430,280 | $526,076 | $552,506 |
| Less: Interest expense | 288,327 | 338,471 | 305,577 |
| Net interest income | 141,953 | 187,605 | 246,929 |
| Gain/(loss) on sales, including fee-based services, net | 57,599 | 13,125 | 3,917 |
| Mortgage servicing rights | 28,570 | — | — |
| Servicing revenue, net | 12,516 | — | — |
| Gain/(loss) on derivatives | (200) | (211) | 858 |
| Revenue from real estate owned | 29,633 | 22,849 | 17,021 |
| Total income | $270,071 | $223,368 | $268,725 |
| Expenses | |||
| Compensation and benefits | $53,739 | $— | $— |
| Asset management and subordinated performance fee | 24,497 | 25,958 | 33,847 |
| Acquisition expenses | 951 | 996 | 1,241 |
| Administrative services expenses | 13,346 | 9,707 | 14,440 |
| Professional fees | 29,207 | 14,508 | 15,270 |
| Other expenses | 45,919 | 21,472 | 11,135 |
| Depreciation and amortization | 9,593 | 5,630 | 7,128 |
| Share-based compensation | 9,118 | 8,173 | 4,761 |
| Total expenses | $186,370 | $86,444 | $87,822 |
| Other income/(loss) | |||
| (Provision)/benefit for credit losses | $11,850 | $(35,699) | $(33,738) |
| Realized gain/(loss) on sale of commercial mortgage loans, held for investment | — | 138 | — |
| Realized gain/(loss) on sale of commercial mortgage loans, held for sale | (246) | — | — |
| Realized gain/(loss) on real estate securities, available for sale | 112 | 143 | 80 |
| Realized gain/(loss) on extinguishment of debt | (7,660) | — | 2,201 |
| Gain/(loss) on other real estate investments | (3,371) | (7,983) | (7,089) |
| Income/(loss) from equity method investments | 3,583 | — | — |
| Trading gain/(loss) | — | — | (605) |
| Total other income/(loss) | $4,268 | $(43,401) | $(39,151) |
| Income/(loss) before taxes | 87,969 | 93,523 | 141,752 |
| (Provision)/benefit for income tax | (3,884) | (1,120) | 2,757 |
| Net income/(loss) | $84,085 | $92,403 | $144,509 |
| Net (income)/loss attributable to non-controlling interest | (1,814) | 3,475 | 706 |
| Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. | $82,271 | $95,878 | $145,215 |
| Less: Preferred stock dividends | 26,993 | 26,993 | 26,993 |
| Net income/(loss) attributable to common stock | $55,278 | $68,885 | $118,222 |
| Basic earnings per share | $0.65 | $0.82 | $1.42 |
| Diluted earnings per share | $0.64 | $0.82 | $1.42 |
| Basic weighted average shares outstanding | 81,965,156 | 81,846,170 | 82,307,970 |
| Diluted weighted average shares outstanding | 86,192,595 | 81,846,170 | 82,307,970 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.