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Side-by-side financial comparison of Franklin BSP Realty Trust, Inc. (FBRT) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $81.1M, roughly 1.8× Franklin BSP Realty Trust, Inc.). Franklin BSP Realty Trust, Inc. runs the higher net margin — 22.7% vs -31.4%, a 54.1% gap on every dollar of revenue. On growth, Franklin BSP Realty Trust, Inc. posted the faster year-over-year revenue change (25.8% vs 0.4%). Over the past eight quarters, Franklin BSP Realty Trust, Inc.'s revenue compounded faster (22.6% CAGR vs 0.0%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
FBRT vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $81.1M | $143.3M |
| Net Profit | $18.4M | $-45.0M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 22.7% | -31.4% |
| Revenue YoY | 25.8% | 0.4% |
| Net Profit YoY | -39.1% | -27.9% |
| EPS (diluted) | $0.13 | $-0.10 |
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.
| Q1 26 | — | $143.3M | ||
| Q4 25 | $81.1M | $142.9M | ||
| Q3 25 | $89.5M | $139.2M | ||
| Q2 25 | $49.3M | $140.3M | ||
| Q1 25 | $50.1M | $142.7M | ||
| Q4 24 | $64.5M | $143.2M | ||
| Q3 24 | $54.0M | $139.3M | ||
| Q2 24 | $50.9M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $18.4M | $-43.2M | ||
| Q3 25 | $17.3M | $-13.5M | ||
| Q2 25 | $23.2M | $-16.8M | ||
| Q1 25 | $24.1M | $-10.1M | ||
| Q4 24 | $30.2M | $-30.0M | ||
| Q3 24 | $31.6M | $-11.5M | ||
| Q2 24 | $-2.2M | $-9.8M |
| Q1 26 | — | -31.4% | ||
| Q4 25 | 22.7% | -30.3% | ||
| Q3 25 | 19.3% | -9.7% | ||
| Q2 25 | 47.1% | -12.0% | ||
| Q1 25 | 48.0% | -7.1% | ||
| Q4 24 | 46.8% | -20.9% | ||
| Q3 24 | 58.5% | -8.3% | ||
| Q2 24 | -4.3% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $0.13 | $-0.34 | ||
| Q3 25 | $0.12 | $-0.11 | ||
| Q2 25 | $0.19 | $-0.14 | ||
| Q1 25 | $0.20 | $-0.08 | ||
| Q4 24 | $0.28 | $-0.25 | ||
| Q3 24 | $0.30 | $-0.09 | ||
| Q2 24 | $-0.11 | $-0.08 |
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 | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $1.5B |
| Total Assets | $6.1B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $167.3M | $731.0K | ||
| Q3 25 | $116.7M | $3.0M | ||
| Q2 25 | $414.1M | $3.3M | ||
| Q1 25 | $215.4M | $2.9M | ||
| Q4 24 | $184.4M | $109.6M | ||
| Q3 24 | $346.2M | $133.6M | ||
| Q2 24 | $94.8M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.5B | $1.6B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.5B | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $6.1B | $4.0B | ||
| Q3 25 | $6.2B | $4.0B | ||
| Q2 25 | $5.6B | $4.0B | ||
| Q1 25 | $5.7B | $4.0B | ||
| Q4 24 | $6.0B | $4.1B | ||
| Q3 24 | $6.3B | $4.1B | ||
| Q2 24 | $6.3B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 110.3% |
| Cash ConversionOCF / Net Profit | 15.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $291.9M | $140.6M | ||
| Q3 25 | $-148.1M | $35.8M | ||
| Q2 25 | $11.8M | $50.1M | ||
| Q1 25 | $116.2M | $3.7M | ||
| Q4 24 | $57.2M | $198.1M | ||
| Q3 24 | $97.4M | $42.9M | ||
| Q2 24 | $1.9M | $66.8M |
| Q1 26 | — | 110.3% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 15.88× | — | ||
| Q3 25 | -8.56× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 4.83× | — | ||
| Q4 24 | 1.90× | — | ||
| Q3 24 | 3.08× | — | ||
| Q2 24 | — | — |
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% |
PDM
Segment breakdown not available.
