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BRSP

BrightSpire Capital, Inc.

BRSP

BrightSpire Capital, Inc. • NYSE
$5.60 ▼ -0.71% (-0.04)
Market Cap $726.50 M
52w High $6.45
52w Low $4.16
Dividend Yield 0.64%
P/E -18.67
Volume 224.10K
Outstanding Shares 129.73M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $81.425M ▼ $26.337M ▲ $984K ▲ 1.208% ▲ $0.008 ▲ $10.925M ▲
Q2-2025 $84.331M ▲ $22.359M ▼ $-23.118M ▼ -27.413% ▼ $-0.19 ▼ $-29.464M ▼
Q1-2025 $77.562M ▼ $41.12M ▲ $5.342M ▲ 6.887% ▲ $0.038 ▲ $16.529M ▼
Q4-2024 $83.469M ▼ $10.786M ▼ $-19.742M ▼ -23.652% ▼ $-0.16 ▼ $42.075M ▲
Q3-2024 $85.638M $22.258M $12.729M 14.864% $0.096 $28.505M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $113.378M ▼ $3.304B ▼ $2.336B ▼ $976.413M ▼
Q2-2025 $154.283M ▼ $3.409B ▼ $2.421B ▼ $994.355M ▼
Q1-2025 $200.911M ▼ $3.551B ▼ $2.52B ▼ $1.035B ▼
Q4-2024 $302.173M ▲ $3.723B ▼ $2.678B ▼ $1.048B ▼
Q3-2024 $265.998M $3.838B $2.752B $1.088B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.304M ▲ $29.873M ▲ $-19.897M ▲ $-40.091M ▼ $-30.115M ▲ $29.873M ▲
Q2-2025 $-1.745M ▼ $17.426M ▲ $-81.776M ▼ $24.814M ▲ $-40.125M ▲ $17.426M ▲
Q1-2025 $5.342M ▲ $10.501M ▼ $13.607M ▼ $-183.406M ▼ $-158.889M ▼ $10.501M ▼
Q4-2024 $-21.146M ▼ $24.704M ▼ $77.418M ▼ $-90.407M ▼ $11.55M ▼ $24.704M ▼
Q3-2024 $11.421M $31.274M $89.399M $29.656M $150.416M $31.274M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲
Net Leased Real Estate Segment
Net Leased Real Estate Segment
 $30.00M ▲$30.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement BrightSpire’s revenue has been fairly steady over the last few years, but profitability has been uneven. After a healthier year not long ago, operating results slipped back into a loss in the most recent year, with weaker margins and negative earnings per share. This pattern suggests that while the company can generate recurring income from its loan and real estate portfolio, credit costs, legacy assets, or funding costs are pressuring overall profitability. The business looks sensitive to real estate cycles and capital markets conditions, and it has not yet shown a long stretch of consistent, durable earnings.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been shrinking and de‑risking. Total assets have steadily come down as BrightSpire has sold or run off parts of its portfolio, while debt has also been reduced meaningfully. Equity has declined more modestly, which points to a less leveraged profile than a few years ago. Cash on hand has stayed fairly stable, giving some liquidity cushion, but the smaller asset base limits potential scale. Overall, the company appears to be trading some growth potential for a cleaner, simpler, and less risky balance sheet.

Cash Flow

Cash Flow Despite accounting losses in several years, BrightSpire has generally produced positive cash flow from its operations, with only a brief dip earlier in the period. Because it has minimal capital spending needs, almost all operating cash flow has effectively been free cash flow. This is typical for a financial REIT: cash generation depends more on loan performance and funding costs than on physical investments. The pattern here suggests the core cash engine is functioning reasonably well, even if headline profits look weak, but it also underscores how important credit quality and funding conditions are to sustaining that cash flow.

Competitive Edge

Competitive Edge BrightSpire operates in a crowded commercial real estate lending market, but it has a few distinguishing features. It is internally managed, which can better align management with shareholders compared with externally managed REITs. Its leadership team has deep experience in real estate credit, and the portfolio is diversified across property types and capital stack positions. The strategic pivot toward middle‑market borrowers and multifamily properties aims to lean into areas with more structural demand and somewhat less competition from very large lenders. At the same time, competition for quality loans is intense, and the firm’s smaller size and recent earnings volatility may limit its bargaining power versus larger peers.

Innovation and R&D

Innovation and R&D While BrightSpire is not a technology company, it is using targeted tools to improve efficiency and decision‑making. The adoption of AI‑based invoice processing and the RealINSIGHT platform for asset management show a willingness to modernize back‑office and portfolio oversight functions. Strategically, the company is “innovating” more through portfolio repositioning than through classic R&D: reducing office exposure, emphasizing multifamily, focusing on middle‑market deals, and cleaning up legacy or troubled assets. Future progress will hinge on how well it executes this pivot, including resolving remaining legacy positions and turning its more focused strategy into steadier earnings and dividends.

Summary

BrightSpire today looks like a commercial real estate credit REIT in transition. The business has moved from a larger, more leveraged balance sheet with mixed results toward a smaller, cleaner, and less levered platform that is more focused on middle‑market and multifamily lending. Profitability has been choppy, but cash generation has generally held up, helped by the low capital‑intensity nature of the business. The main opportunities lie in executing the strategic pivot, growing a higher‑quality loan book, and benefiting from any normalization in real estate and funding markets. The main risks center on credit quality in a still‑uncertain CRE environment, the impact of interest rates on funding costs and asset values, and the company’s ability to convert its strategic changes and modest technology adoption into consistent, long‑term earnings stability.

NEWS

October 28, 2025 · 4:05 PM UTC

BrightSpire Capital, Inc. Announces Third Quarter 2025 Financial Results

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October 1, 2025 · 8:30 AM UTC

BrightSpire Capital, Inc. Announces Third Quarter 2025 Earnings Release and Conference Call Dates

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September 15, 2025 · 4:05 PM UTC

BrightSpire Capital Announces $0.16 Per Share Dividend for Third Quarter 2025

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