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Side-by-side financial comparison of Franklin BSP Realty Trust, Inc. (FBRT) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $81.1M, roughly 1.2× Franklin BSP Realty Trust, Inc.). Franklin BSP Realty Trust, Inc. runs the higher net margin — 22.7% vs -7.0%, a 29.7% gap on every dollar of revenue. On growth, Franklin BSP Realty Trust, Inc. posted the faster year-over-year revenue change (25.8% vs 14.5%). Over the past eight quarters, Franklin BSP Realty Trust, Inc.'s revenue compounded faster (22.6% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
FBRT vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.1M | $100.0M |
| Net Profit | $18.4M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | — | -10.7% |
| Net Margin | 22.7% | -7.0% |
| Revenue YoY | 25.8% | 14.5% |
| Net Profit YoY | -39.1% | 76.0% |
| EPS (diluted) | $0.13 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $89.5M | $161.9M | ||
| Q2 25 | $49.3M | $172.6M | ||
| Q1 25 | $50.1M | $111.4M | ||
| Q4 24 | $64.5M | $87.3M | ||
| Q3 24 | $54.0M | $150.5M | ||
| Q2 24 | $50.9M | $160.1M | ||
| Q1 24 | $54.0M | $110.6M |
| Q4 25 | $18.4M | $-7.0M | ||
| Q3 25 | $17.3M | $8.1M | ||
| Q2 25 | $23.2M | $16.0M | ||
| Q1 25 | $24.1M | $-6.0M | ||
| Q4 24 | $30.2M | $-29.2M | ||
| Q3 24 | $31.6M | $5.9M | ||
| Q2 24 | $-2.2M | $13.3M | ||
| Q1 24 | $35.9M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | — | -10.7% | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | -1.9% |
| Q4 25 | 22.7% | -7.0% | ||
| Q3 25 | 19.3% | 5.0% | ||
| Q2 25 | 47.1% | 9.3% | ||
| Q1 25 | 48.0% | -5.4% | ||
| Q4 24 | 46.8% | -33.4% | ||
| Q3 24 | 58.5% | 3.9% | ||
| Q2 24 | -4.3% | 8.3% | ||
| Q1 24 | 66.6% | -7.1% |
| Q4 25 | $0.13 | $-0.06 | ||
| Q3 25 | $0.12 | $0.07 | ||
| Q2 25 | $0.19 | $0.13 | ||
| Q1 25 | $0.20 | $-0.05 | ||
| Q4 24 | $0.28 | $-0.24 | ||
| Q3 24 | $0.30 | $0.05 | ||
| Q2 24 | $-0.11 | $0.11 | ||
| Q1 24 | $0.35 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $1.4B | $405.9M |
| Total Assets | $6.1B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | — | ||
| Q3 25 | $116.7M | — | ||
| Q2 25 | $414.1M | — | ||
| Q1 25 | $215.4M | — | ||
| Q4 24 | $184.4M | — | ||
| Q3 24 | $346.2M | — | ||
| Q2 24 | $94.8M | — | ||
| Q1 24 | $240.0M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $1.4B | $405.9M | ||
| Q3 25 | $1.5B | $408.4M | ||
| Q2 25 | $1.5B | $398.4M | ||
| Q1 25 | $1.5B | $381.1M | ||
| Q4 24 | $1.5B | $387.2M | ||
| Q3 24 | $1.5B | $416.6M | ||
| Q2 24 | $1.5B | $408.1M | ||
| Q1 24 | $1.6B | $391.8M |
| Q4 25 | $6.1B | $823.2M | ||
| Q3 25 | $6.2B | $844.4M | ||
| Q2 25 | $5.6B | $822.1M | ||
| Q1 25 | $5.7B | $824.6M | ||
| Q4 24 | $6.0B | $794.2M | ||
| Q3 24 | $6.3B | $853.4M | ||
| Q2 24 | $6.3B | $830.0M | ||
| Q1 24 | $6.0B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | 15.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $291.9M | $23.3M | ||
| Q3 25 | $-148.1M | $51.0M | ||
| Q2 25 | $11.8M | $36.0M | ||
| Q1 25 | $116.2M | $-46.9M | ||
| Q4 24 | $57.2M | $6.2M | ||
| Q3 24 | $97.4M | $37.2M | ||
| Q2 24 | $1.9M | $52.4M | ||
| Q1 24 | $13.0M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | 15.88× | — | ||
| Q3 25 | -8.56× | 6.29× | ||
| Q2 25 | 0.51× | 2.25× | ||
| Q1 25 | 4.83× | — | ||
| Q4 24 | 1.90× | — | ||
| Q3 24 | 3.08× | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
