BRSP on NYSE
BrightSpire Capital, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 97% of the revenue BrightSpire Capital, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $396.4M | $340.3M | $321.1M |
| NO | $18.7M | $18.5M | $9.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs93¢$309.1M
- Income tax7¢$21.5M
Out of $330.6M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Dividends paid88¢$83.0M
- Share buybacks12¢$10.9M
Out of $73.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $194.9M | $244.8M | $298.7M |
| Interest expense | -$127.3M | -$153.9M | -$173.3M |
| Net interest income | $67.6M | $90.9M | $125.4M |
| Property operating income | $127.6M | $102.4M | $93.4M |
| Other income | $8.1M | $11.6M | $13.9M |
| Total property and other income | $135.7M | $114.0M | $107.3M |
| Property operating expense | $65.9M | $33.9M | $26.6M |
| Transaction, investment and servicing expense | $2.7M | $1.6M | $2.5M |
| Interest expense on real estate | $23.7M | $27.0M | $25.9M |
| Depreciation and amortization | $36.3M | $40.5M | $33.5M |
| Increase of current expected credit loss reserve | $24.0M | $135.8M | $108.1M |
| Impairment of operating real estate | $61.6M | $54.2M | $7.6M |
| Compensation and benefits (including $12,836, $11,649 and $14,056 of equity-based compensation expense, respectively) | $35.0M | $34.6M | $39.5M |
| Operating expense | $12.1M | $11.9M | $13.2M |
| Total expenses | $261.3M | $339.6M | $256.9M |
| Other gain (loss), net | -$2.3M | $228.0K | $613.0K |
| Loss before equity in earnings of unconsolidated ventures and income taxes | -$60.3M | -$134.5M | -$23.6M |
| Equity in earnings of unconsolidated ventures | $0 | $0 | $9.1M |
| Income tax benefit (expense) | $21.5M | -$1.1M | -$1.1M |
| Net income (loss) | -$38.8M | -$135.5M | -$15.6M |
| Net loss attributable to noncontrolling interests in investment entities | $7.6M | $3.5M | $70.0K |
| Net loss attributable to BrightSpire Capital, Inc. common stockholders | -$31.1M | -$132.0M | -$15.5M |
| Net loss per common share - basic (in dollars per share) | -$0.26 | -$1.05 | -$0.12 |
| Net loss per common share - diluted (in dollars per share) | -$0.26 | -$1.05 | -$0.12 |
| Weighted average shares of common stock outstanding - basic (in shares) | 126.9M shares | 127.4M shares | 127.1M shares |
| Weighted average shares of common stock outstanding - diluted (in shares) | 126.9M shares | 127.4M shares | 127.1M shares |
| Equity-based compensation expense | $12.8M | $11.6M | $14.1M |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $66.8M | $302.2M | $257.5M |
| Restricted cash | $107.0M | $148.5M | $104.6M |
| Loans and preferred equity held for investment | $2.7B | $2.5B | |
| Current expected credit loss reserve | -$87.4M | -$165.9M | -$76.0M |
| Loans and preferred equity held for investment, net | $2.6B | $2.4B | $2.9B |
| Real estate, net | $679.8M | $777.4M | |
| Receivables, net | $45.6M | $38.7M | |
| Deferred leasing costs and intangible assets, net | $27.6M | $47.2M | |
| Assets held for sale | $0 | $5.2M | |
| Other assets | $47.1M | $51.3M | |
| Total assets | $3.6B | $3.7B | |
| Securitization bonds payable, net | $977.1M | $1.1B | |
| Mortgage and other notes payable, net | $414.1M | $619.1M | |
| Credit facilities | $1.1B | $785.2M | |
| Accrued and other liabilities | $63.7M | $82.6M | |
| Intangible liabilities, net | $389.0K | $2.8M | |
| Escrow deposits payable | $82.5M | $80.1M | |
| Dividends payable | $20.6M | $20.8M | |
| Total liabilities | $2.6B | $2.7B | |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $0 | $0 | |
| Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 128,627,246 and 129,685,185 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $1.3M | $1.3M | |
| Additional paid-in capital | $2.9B | $2.9B | |
| Accumulated deficit | -$1.9B | -$1.8B | |
| Accumulated other comprehensive loss | $0 | -$6.3M | |
| Total stockholders equity | $938.4M | $1.0B | |
| Noncontrolling interests in investment entities | -$10.0M | -$2.4M | |
| Total equity | $928.4M | $1.0B | $1.3B |
| Total liabilities and equity | $3.6B | $3.7B | |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 50.0M shares | 50.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$38.8M | -$135.5M | -$15.6M |
| Depreciation and amortization | $36.3M | $40.5M | $33.5M |
| Straight-line rental income | -$1.6M | -$2.1M | -$2.1M |
| Amortization of above (below) market lease values, net | $324.0K | $286.0K | -$127.0K |
| Amortization of premium/accretion of discount and fees on investments and borrowings, net | $2.8M | -$6.9M | -$11.0M |
| Amortization of deferred financing costs | $8.2M | $8.0M | $10.7M |
| Amortization of right-of-use lease assets and operating lease liabilities | -$10.0K | $120.0K | $107.0K |
| Paid-in-kind interest added to loan principal, net of interest received | -$2.6M | -$1.7M | -$5.0M |
| Designated hedges and foreign currency translation reclassified to earnings | $3.4M | $0 | $0 |
| Realized gain on sale of real estate, net | -$1.1M | -$144.0K | $0 |
| Increase of current expected credit loss reserve | $24.0M | $135.8M | $108.1M |
| Impairment of operating real estate | $61.6M | $53.8M | $7.6M |
| Amortization of equity-based compensation | $12.8M | $11.6M | $14.1M |
| Mortgage notes (above) below market value amortization | -$30.0K | $14.0K | -$1.5M |
| Deferred income tax benefit | -$22.3M | -$1.1M | -$1.0M |
| Other loss, net | $0 | $0 | $1.4M |
| Receivables, net | -$5.5M | $4.5M | $1.5M |
| Deferred costs and other assets | $2.4M | -$2.9M | $189.0K |
| Other liabilities | -$7.0M | -$898.0K | -$3.1M |
| Net cash provided by operating activities | $73.0M | $103.4M | $137.6M |
| Acquisition, origination and funding of loans and preferred equity held for investment, net | -$769.1M | -$114.3M | -$77.2M |
| Repayment on loans held for investment | $284.1M | $420.9M | $455.9M |
| Proceeds from sale of real estate | $80.8M | $19.6M | $0 |
| Acquisition of and additions to real estate and related intangibles | -$17.9M | -$6.1M | -$7.1M |
| Distributions in excess of cumulative earnings from unconsolidated ventures | $0 | $0 | $784.0K |
| Cash relinquished in deconsolidation of subsidiaries | -$6.4M | $0 | $0 |
| Cash and restricted cash received related to consolidation of loans held for investment and real estate owned | $6.1M | $1.5M | $2.2M |
| Change in escrow deposits payable | $2.4M | -$8.5M | $9.5M |
| Net cash (used in) provided by investing activities | -$419.9M | $313.1M | $384.2M |
| Distributions paid on common stock | -$83.0M | -$99.1M | -$104.0M |
| Shares canceled for tax withholding on vested stock awards | -$3.9M | -$4.6M | -$2.9M |
| Repurchase of common stock | -$10.9M | -$6.6M | $0 |
| Borrowings from mortgage notes | $0 | $0 | $34.5M |
| Repayment of mortgage notes | -$5.3M | -$16.1M | -$33.9M |
| Borrowings from master repurchase and credit facilities | $615.0M | $297.6M | $133.1M |
| Repayment of master repurchase and credit facilities | -$322.1M | -$665.4M | -$320.6M |
| Borrowing from securitization bonds | $0 | $582.6M | $0 |
| Repayment of securitization bonds | -$112.3M | -$403.4M | -$258.8M |
| Payment of deferred financing costs | -$8.6M | -$13.0M | -$6.0M |
| Distributions to noncontrolling interests | $0 | $0 | -$55.0K |
| Issuance of common stock | $0 | $16.0K | $0 |
| Net cash provided by (used in) financing activities | $68.9M | -$327.9M | -$558.6M |
| Effect of exchange rates on cash, cash equivalents and restricted cash | $1.1M | $69.0K | $77.0K |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -$276.9M | $88.6M | -$36.7M |
| Cash paid for interest | $145.9M | $174.0M | $190.1M |
| Cash paid for income taxes, net of refunds | -$1.9M | $2.0M | $268.0K |
| Deconsolidation of assets following foreclosure (refer to Note 4) | -$264.2M | $0 | $0 |
| Deconsolidation of liabilities following foreclosure (refer to Note 4) | $241.3M | $0 | $0 |
| Accrual of distribution payable | $20.6M | -$20.8M | -$26.0M |
| Assets transferred to held for sale | $34.3M | $0 | $0 |
| Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate | -$10.6M | -$3.3M | -$2.8M |
| Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate | $12.6M | $3.1M | $0 |
| Assumption of real estate and consolidation of VIE (refer to Note 4) | $227.0M | $72.3M | $122.5M |
| Settlement of loans held for investment, net by real estate, net and assets held for sale | $0 | $0 | $137.6M |
| Right-of-use lease assets and operating lease liabilities | $0 | $4.5M | $0 |
Former names
Recent filings
- Sep 29, 2026SCHEDULE 13D
- Sep 16, 20268-K
- Aug 17, 2026SCHEDULE 13G/A
- Aug 14, 2026SCHEDULE 13G/A
- Aug 14, 2026SCHEDULE 13G/A
- Jul 31, 2026SCHEDULE 13G/A
- Jul 29, 202610-Q
- Jul 28, 20268-K
- Jun 16, 20268-K
- May 21, 20264
- May 21, 20264
- May 21, 20264
- May 21, 20264
- May 20, 20268-K
- May 18, 2026S-8
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
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