Franklin BSP Realty Trust, Inc. (NYSE: FBRT) reported its financial results for the second quarter of 2025, highlighting a GAAP net income of $24.4 million for the quarter ended June 30, 2025, compared to $23.7 million in the previous quarter. The company announced diluted earnings per share $(EPS)$ for common stockholders of $0.19 for the second quarter, a slight decrease from $0.20 reported in the first quarter of 2025. Distributable Earnings, a non-GAAP financial measure, were reported at $29.0 million, or $0.27 per diluted common share on a fully converted basis, a notable improvement from a negative $(6.2) million, or $(0.12) per diluted common share on a fully converted basis, in the first quarter of 2025. The company defines Distributable Earnings as GAAP net income adjusted for specific non-cash items and realized gains and losses, among other factors. The company emphasized that Distributable Earnings and Distributable Earnings to Common are useful metrics for investors, as they reflect performance excluding certain transactions and adjustments not indicative of current operations. Franklin BSP Realty Trust did not provide specific outlook or guidance figures in this report.