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Side-by-side financial comparison of Franklin BSP Realty Trust, Inc. (FBRT) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $81.1M, roughly 1.8× Franklin BSP Realty Trust, Inc.). Franklin BSP Realty Trust, Inc. runs the higher net margin — 22.7% vs -68.1%, a 90.7% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 25.8%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 22.6%).
Franklin BSP Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) focused on originating, investing in, and managing a diversified portfolio of commercial real estate debt assets, including first mortgage loans, mezzanine financing and other credit-related real estate products. It operates primarily in the U.S. market, targeting consistent risk-adjusted returns and stable income distributions for investors.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
FBRT vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.1M | $143.5M |
| Net Profit | $18.4M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | — | -45.7% |
| Net Margin | 22.7% | -68.1% |
| Revenue YoY | 25.8% | 77.7% |
| Net Profit YoY | -39.1% | 21.6% |
| EPS (diluted) | $0.13 | $-1.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $81.1M | $143.5M | ||
| Q3 25 | $89.5M | $140.6M | ||
| Q2 25 | $49.3M | $122.3M | ||
| Q1 25 | $50.1M | $96.2M | ||
| Q4 24 | $64.5M | $80.8M | ||
| Q3 24 | $54.0M | $83.3M | ||
| Q2 24 | $50.9M | $84.9M | ||
| Q1 24 | $54.0M | $82.5M |
| Q4 25 | $18.4M | $-97.7M | ||
| Q3 25 | $17.3M | $-104.5M | ||
| Q2 25 | $23.2M | $-70.0M | ||
| Q1 25 | $24.1M | $120.2M | ||
| Q4 24 | $30.2M | $-124.7M | ||
| Q3 24 | $31.6M | $-43.0M | ||
| Q2 24 | $-2.2M | $-48.1M | ||
| Q1 24 | $35.9M | $-50.3M |
| Q4 25 | — | -45.7% | ||
| Q3 25 | — | -70.8% | ||
| Q2 25 | — | -56.4% | ||
| Q1 25 | — | 81.8% | ||
| Q4 24 | — | -152.7% | ||
| Q3 24 | — | -51.7% | ||
| Q2 24 | — | -56.4% | ||
| Q1 24 | — | -58.8% |
| Q4 25 | 22.7% | -68.1% | ||
| Q3 25 | 19.3% | -74.4% | ||
| Q2 25 | 47.1% | -57.2% | ||
| Q1 25 | 48.0% | 125.0% | ||
| Q4 24 | 46.8% | -154.4% | ||
| Q3 24 | 58.5% | -51.6% | ||
| Q2 24 | -4.3% | -56.7% | ||
| Q1 24 | 66.6% | -60.9% |
| Q4 25 | $0.13 | $-1.04 | ||
| Q3 25 | $0.12 | $-1.38 | ||
| Q2 25 | $0.19 | $-0.73 | ||
| Q1 25 | $0.20 | $0.89 | ||
| Q4 24 | $0.28 | $-1.21 | ||
| Q3 24 | $0.30 | $-0.45 | ||
| Q2 24 | $-0.11 | $-0.52 | ||
| Q1 24 | $0.35 | $-0.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $167.3M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $1.4B | $21.3M |
| Total Assets | $6.1B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $57.4M | ||
| Q3 25 | $116.7M | $34.7M | ||
| Q2 25 | $414.1M | $33.6M | ||
| Q1 25 | $215.4M | $26.3M | ||
| Q4 24 | $184.4M | $27.8M | ||
| Q3 24 | $346.2M | $20.3M | ||
| Q2 24 | $94.8M | $33.1M | ||
| Q1 24 | $240.0M | $23.0M |
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $1.4B | $21.3M | ||
| Q3 25 | $1.5B | $181.1M | ||
| Q2 25 | $1.5B | $375.5M | ||
| Q1 25 | $1.5B | $476.2M | ||
| Q4 24 | $1.5B | $202.7M | ||
| Q3 24 | $1.5B | $370.8M | ||
| Q2 24 | $1.5B | $394.8M | ||
| Q1 24 | $1.6B | $402.5M |
| Q4 25 | $6.1B | $5.7B | ||
| Q3 25 | $6.2B | $5.5B | ||
| Q2 25 | $5.6B | $4.4B | ||
| Q1 25 | $5.7B | $4.1B | ||
| Q4 24 | $6.0B | $2.4B | ||
| Q3 24 | $6.3B | $2.4B | ||
| Q2 24 | $6.3B | $2.5B | ||
| Q1 24 | $6.0B | $2.3B |
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $291.9M | $-2.8M |
| Free Cash FlowOCF − Capex | — | $-68.6M |
| FCF MarginFCF / Revenue | — | -47.8% |
| Capex IntensityCapex / Revenue | — | 45.9% |
| Cash ConversionOCF / Net Profit | 15.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $291.9M | $-2.8M | ||
| Q3 25 | $-148.1M | $-24.4M | ||
| Q2 25 | $11.8M | $-5.2M | ||
| Q1 25 | $116.2M | $-85.7M | ||
| Q4 24 | $57.2M | $-8.1M | ||
| Q3 24 | $97.4M | $14.2M | ||
| Q2 24 | $1.9M | $-17.6M | ||
| Q1 24 | $13.0M | $-3.9M |
| Q4 25 | — | $-68.6M | ||
| Q3 25 | — | $-90.7M | ||
| Q2 25 | — | $-87.5M | ||
| Q1 25 | — | $-151.7M | ||
| Q4 24 | — | $-34.3M | ||
| Q3 24 | — | $-11.7M | ||
| Q2 24 | — | $-32.1M | ||
| Q1 24 | — | $-16.7M |
| Q4 25 | — | -47.8% | ||
| Q3 25 | — | -64.5% | ||
| Q2 25 | — | -71.6% | ||
| Q1 25 | — | -157.7% | ||
| Q4 24 | — | -42.4% | ||
| Q3 24 | — | -14.0% | ||
| Q2 24 | — | -37.9% | ||
| Q1 24 | — | -20.3% |
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 67.3% | ||
| Q1 25 | — | 68.6% | ||
| Q4 24 | — | 32.5% | ||
| Q3 24 | — | 31.1% | ||
| Q2 24 | — | 17.2% | ||
| Q1 24 | — | 15.6% |
| Q4 25 | 15.88× | — | ||
| Q3 25 | -8.56× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 4.83× | -0.71× | ||
| Q4 24 | 1.90× | — | ||
| Q3 24 | 3.08× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.36× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FBRT
| New Point Holdings JVLLC | $77.3M | 95% |
| Other | $2.1M | 3% |
| Office Building | $1.7M | 2% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
