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Side-by-side financial comparison of Franklin BSP Realty Trust, Inc. (FBRT) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
Purple Innovation, Inc. is the larger business by last-quarter revenue ($140.7M vs $81.1M, roughly 1.7× Franklin BSP Realty Trust, Inc.). Franklin BSP Realty Trust, Inc. runs the higher net margin — 22.7% vs -2.3%, a 24.9% gap on every dollar of revenue. On growth, Franklin BSP Realty Trust, Inc. posted the faster year-over-year revenue change (25.8% vs 9.1%). Over the past eight quarters, Franklin BSP Realty Trust, Inc.'s revenue compounded faster (22.6% CAGR vs 8.3%).
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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
FBRT vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.1M | $140.7M |
| Net Profit | $18.4M | $-3.2M |
| Gross Margin | — | 41.9% |
| Operating Margin | — | -1.6% |
| Net Margin | 22.7% | -2.3% |
| Revenue YoY | 25.8% | 9.1% |
| Net Profit YoY | -39.1% | 62.1% |
| EPS (diluted) | $0.13 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $89.5M | $118.8M | ||
| Q2 25 | $49.3M | $105.1M | ||
| Q1 25 | $50.1M | $104.2M | ||
| Q4 24 | $64.5M | $129.0M | ||
| Q3 24 | $54.0M | $118.6M | ||
| Q2 24 | $50.9M | $120.3M | ||
| Q1 24 | $54.0M | $120.0M |
| Q4 25 | $18.4M | $-3.2M | ||
| Q3 25 | $17.3M | $-11.7M | ||
| Q2 25 | $23.2M | $-17.3M | ||
| Q1 25 | $24.1M | $-19.1M | ||
| Q4 24 | $30.2M | $-8.5M | ||
| Q3 24 | $31.6M | $-39.2M | ||
| Q2 24 | $-2.2M | $27.0K | ||
| Q1 24 | $35.9M | $-50.2M |
| Q4 25 | — | 41.9% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 35.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 29.7% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | — | -1.6% | ||
| Q3 25 | — | -10.2% | ||
| Q2 25 | — | -13.5% | ||
| Q1 25 | — | -13.9% | ||
| Q4 24 | — | -6.0% | ||
| Q3 24 | — | -39.5% | ||
| Q2 24 | — | -12.1% | ||
| Q1 24 | — | -19.3% |
| Q4 25 | 22.7% | -2.3% | ||
| Q3 25 | 19.3% | -9.9% | ||
| Q2 25 | 47.1% | -16.5% | ||
| Q1 25 | 48.0% | -18.4% | ||
| Q4 24 | 46.8% | -6.6% | ||
| Q3 24 | 58.5% | -33.1% | ||
| Q2 24 | -4.3% | 0.0% | ||
| Q1 24 | 66.6% | -41.8% |
| Q4 25 | $0.13 | $0.03 | ||
| Q3 25 | $0.12 | $0.11 | ||
| Q2 25 | $0.19 | $0.16 | ||
| Q1 25 | $0.20 | $0.18 | ||
| Q4 24 | $0.28 | $0.08 | ||
| Q3 24 | $0.30 | $0.36 | ||
| Q2 24 | $-0.11 | $0.00 | ||
| Q1 24 | $0.35 | $0.47 |
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 | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $1.4B | $-29.7M |
| Total Assets | $6.1B | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $24.3M | ||
| Q3 25 | $116.7M | $32.4M | ||
| Q2 25 | $414.1M | $34.2M | ||
| Q1 25 | $215.4M | $21.6M | ||
| Q4 24 | $184.4M | $29.0M | ||
| Q3 24 | $346.2M | $23.4M | ||
| Q2 24 | $94.8M | $23.4M | ||
| Q1 24 | $240.0M | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $-29.7M | ||
| Q3 25 | $1.5B | $-26.9M | ||
| Q2 25 | $1.5B | $-15.6M | ||
| Q1 25 | $1.5B | $1.3M | ||
| Q4 24 | $1.5B | $20.2M | ||
| Q3 24 | $1.5B | $28.0M | ||
| Q2 24 | $1.5B | $66.4M | ||
| Q1 24 | $1.6B | $65.5M |
| Q4 25 | $6.1B | $296.3M | ||
| Q3 25 | $6.2B | $302.1M | ||
| Q2 25 | $5.6B | $303.8M | ||
| Q1 25 | $5.7B | $293.8M | ||
| Q4 24 | $6.0B | $307.8M | ||
| Q3 24 | $6.3B | $309.3M | ||
| Q2 24 | $6.3B | $362.1M | ||
| Q1 24 | $6.0B | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-5.8M |
| Free Cash FlowOCF − Capex | — | $-7.8M |
| FCF MarginFCF / Revenue | — | -5.5% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 15.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $291.9M | $-5.8M | ||
| Q3 25 | $-148.1M | $-968.0K | ||
| Q2 25 | $11.8M | $-4.0M | ||
| Q1 25 | $116.2M | $-23.1M | ||
| Q4 24 | $57.2M | $6.8M | ||
| Q3 24 | $97.4M | $1.1M | ||
| Q2 24 | $1.9M | $-8.9M | ||
| Q1 24 | $13.0M | $-16.8M |
| Q4 25 | — | $-7.8M | ||
| Q3 25 | — | $-1.8M | ||
| Q2 25 | — | $-7.0M | ||
| Q1 25 | — | $-25.3M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $101.0K | ||
| Q2 24 | — | $-11.0M | ||
| Q1 24 | — | $-19.9M |
| Q4 25 | — | -5.5% | ||
| Q3 25 | — | -1.5% | ||
| Q2 25 | — | -6.6% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | -9.2% | ||
| Q1 24 | — | -16.5% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.5% |
| 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 | — | -330.22× | ||
| 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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
