FBRT — what changed in the latest 10-Q
A section-by-section comparison of FBRT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +44 | −39 | ~70 | 87 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 8 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
Equity Method Investment 6August 2026Highland Falls, NYMultifamily Property for Affordable Housing1,820
Gain on sales, including fee-based services, net for the nine months ended September 30, 2026 and 2025 was $57.8 million and $34.7 million, respectively, which was comprised of sales, including fee-based services, from our Agency Business and conduit segments.
Gain on sales, including fee-based services, net from our Agency Business segment for the nine months ended September 30, 2026 and 2025 was $46.0 million and $26.0 million, respectively. The increase reflects a full nine months of Agency Business operations in 2026, compared with three months in 202…
Income from mortgage servicing rights for the nine months ended September 30, 2026 and 2025 was $19.3 million and $19.7 million, respectively, which related to the fair value of originated MSR loans rate locked under programs with Fannie Mae, Freddie Mac and HUD. The change reflects a full nine mont…
Servicing revenue for the nine months ended September 30, 2026 and 2025 was $32.5 million and $3.6 million, respectively. The increase reflects a full nine months of Agency Business operations in 2026, compared with three months in 2025 following the Company’s acquisition of NewPoint on July 1, 2025…
Text removed vs the prior filing · source: 10-Q · 2026-07-29
The following table shows selected data from our real estate securities, measured at fair value as of June 30, 2026 (dollars in thousands):
Type Interest RateMaturityPar ValueFair Value Effective Yield
Gain on sales, including fee-based services, net for the six months ended June 30, 2026 and 2025 was $37.1 million and $5.3 million, respectively, which was comprised of sales, including fee-based services, from our Agency Business and conduit segments. As discussed below, the increase was primarily…
Gain on sales, including fee-based services, net from our Agency Business segment for the six months ended June 30, 2026 was $26.2 million. This was due to Agency loans originated of $1.0 billion and sales of $1.1 billion. The Company did not have the Agency Business segment during the six months en…
Income from mortgage servicing rights for the six months ended June 30, 2026 was $10.7 million which related to the fair value of originated MSR loans rate locked under programs with Fannie Mae, Freddie Mac and HUD. The Company did not have income from mortgage servicing rights for the six months en…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice