0000014846-26-000017
SEC filingRevenue grew modestly and operating loss improved, but net loss widened due to non-recurring equity losses — underscoring earnings volatility despite stable core operations and continued capital return through share repurchases.
Revenue for Q1 FY2026 totaled $24.6 million, an increase of 2.1% compared to $24.1 million in Q1 FY2025. This growth reflects continued occupancy and rental rate stability across BRT’s owned multifamily properties. Operating income improved to -$2.4 million, a 12.3% narrowing versus -$2.7 million in the prior-year quarter. While the absolute loss remains, the improvement signals relative stabilization in controllable operating costs — though it does not reflect underlying profitability, as operating margin remained negative at -9.7%.
Net income for the quarter was -$2.7 million, a 14.0% decline from -$2.4 million in Q1 FY2025. Diluted EPS was -$0.14, down 16.7% from -$0.12. This deterioration was primarily attributable to a change in equity losses from unconsolidated joint ventures — a non-operating, non-cash component of net income that fluctuates based on partnership-level performance and accounting recognition timing. Management has not quantified the magnitude of this swing in the authoritative financial packet, so no dollar attribution is included here.
Net cash provided by operating activities increased significantly to $2.1 million, up from $246,000 in Q1 FY2025. This improvement reflects the impact of non-cash adjustments — particularly depreciation — and changes in working capital. It demonstrates the company’s ability to generate operating cash despite GAAP net losses, supporting ongoing obligations and discretionary uses of capital.