vs
Side-by-side financial comparison of Franklin BSP Realty Trust, Inc. (FBRT) and TELOS CORP (TLS). Click either name above to swap in a different company.
Franklin BSP Realty Trust, Inc. is the larger business by last-quarter revenue ($81.1M vs $46.8M, roughly 1.7× TELOS CORP). Franklin BSP Realty Trust, Inc. runs the higher net margin — 22.7% vs -34.9%, a 57.5% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 25.8%). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% 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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
FBRT vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $81.1M | $46.8M |
| Net Profit | $18.4M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | — | -39.6% |
| Net Margin | 22.7% | -34.9% |
| Revenue YoY | 25.8% | 77.4% |
| Net Profit YoY | -39.1% | -74.8% |
| EPS (diluted) | $0.13 | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $89.5M | $51.4M | ||
| Q2 25 | $49.3M | $36.0M | ||
| Q1 25 | $50.1M | $30.6M | ||
| Q4 24 | $64.5M | $26.4M | ||
| Q3 24 | $54.0M | $23.8M | ||
| Q2 24 | $50.9M | $28.5M | ||
| Q1 24 | $54.0M | $29.6M |
| Q4 25 | $18.4M | $-16.3M | ||
| Q3 25 | $17.3M | $-2.1M | ||
| Q2 25 | $23.2M | $-9.5M | ||
| Q1 25 | $24.1M | $-8.6M | ||
| Q4 24 | $30.2M | $-9.3M | ||
| Q3 24 | $31.6M | $-28.1M | ||
| Q2 24 | $-2.2M | $-7.8M | ||
| Q1 24 | $35.9M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | — | -39.6% | ||
| Q3 25 | — | -4.8% | ||
| Q2 25 | — | -27.5% | ||
| Q1 25 | — | -29.5% | ||
| Q4 24 | — | -37.6% | ||
| Q3 24 | — | -121.4% | ||
| Q2 24 | — | -30.3% | ||
| Q1 24 | — | -28.5% |
| Q4 25 | 22.7% | -34.9% | ||
| Q3 25 | 19.3% | -4.1% | ||
| Q2 25 | 47.1% | -26.5% | ||
| Q1 25 | 48.0% | -28.1% | ||
| Q4 24 | 46.8% | -35.4% | ||
| Q3 24 | 58.5% | -118.0% | ||
| Q2 24 | -4.3% | -27.2% | ||
| Q1 24 | 66.6% | -24.9% |
| Q4 25 | $0.13 | $-0.22 | ||
| Q3 25 | $0.12 | $-0.03 | ||
| Q2 25 | $0.19 | $-0.13 | ||
| Q1 25 | $0.20 | $-0.12 | ||
| Q4 24 | $0.28 | $-0.13 | ||
| Q3 24 | $0.30 | $-0.39 | ||
| Q2 24 | $-0.11 | $-0.11 | ||
| Q1 24 | $0.35 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $96.0M |
| Total Assets | $6.1B | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $53.2M | ||
| Q3 25 | $116.7M | $59.0M | ||
| Q2 25 | $414.1M | $57.0M | ||
| Q1 25 | $215.4M | $57.8M | ||
| Q4 24 | $184.4M | $54.6M | ||
| Q3 24 | $346.2M | $69.8M | ||
| Q2 24 | $94.8M | $80.1M | ||
| Q1 24 | $240.0M | $93.9M |
| Q4 25 | $1.4B | $96.0M | ||
| Q3 25 | $1.5B | $119.7M | ||
| Q2 25 | $1.5B | $118.4M | ||
| Q1 25 | $1.5B | $126.1M | ||
| Q4 24 | $1.5B | $127.1M | ||
| Q3 24 | $1.5B | $129.5M | ||
| Q2 24 | $1.5B | $149.1M | ||
| Q1 24 | $1.6B | $154.4M |
| Q4 25 | $6.1B | $139.9M | ||
| Q3 25 | $6.2B | $164.3M | ||
| Q2 25 | $5.6B | $165.0M | ||
| Q1 25 | $5.7B | $158.1M | ||
| Q4 24 | $6.0B | $158.2M | ||
| Q3 24 | $6.3B | $166.3M | ||
| Q2 24 | $6.3B | $182.4M | ||
| Q1 24 | $6.0B | $195.4M |
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 | $8.0M |
| Free Cash FlowOCF − Capex | — | $8.0M |
| FCF MarginFCF / Revenue | — | 17.0% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 15.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $291.9M | $8.0M | ||
| Q3 25 | $-148.1M | $9.1M | ||
| Q2 25 | $11.8M | $7.0M | ||
| Q1 25 | $116.2M | $6.1M | ||
| Q4 24 | $57.2M | $-10.5M | ||
| Q3 24 | $97.4M | $-7.1M | ||
| Q2 24 | $1.9M | $-8.0M | ||
| Q1 24 | $13.0M | $-350.0K |
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | — | $-7.1M | ||
| Q2 24 | — | $-8.2M | ||
| Q1 24 | — | $-447.0K |
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | — | -47.0% | ||
| Q3 24 | — | -30.0% | ||
| Q2 24 | — | -28.9% | ||
| Q1 24 | — | -1.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.3% |
| 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 | — | — | ||
| 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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
