BrightSpire Capital (BRSP)
NYSE:BRSP
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BrightSpire Capital
(NYSE:BRSP)
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Rating:53Neutral
Price Target:
$5.50
â–¼(-5.01% Downside)
Action:ReiteratedDate:03/19/26
The score is held back primarily by weak and inconsistent profitability signals in the financial statements and soft technical momentum. These are partly offset by generally positive cash generation, constructive execution/guidance around loan growth and dividend coverage, and supportive financing actions, with the high dividend yield providing additional valuation support despite loss-driven negative P/E.
Positive Factors
Deleveraging
A materially lower debt-to-equity ratio represents durable de-risking of the balance sheet. Sustained deleveraging reduces interest and refinancing sensitivity, expands capacity to absorb credit losses, and improves flexibility to originate loans and execute capital markets transactions over months.
Negative Factors
Significant REO exposure
Large REO holdings tie up capital and produce little recurring income while carrying maintenance and disposition costs. Monetizing these assets is uncertain and can force fire sales or impairments, pressuring liquidity and returns until assets are resolved.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging
A materially lower debt-to-equity ratio represents durable de-risking of the balance sheet. Sustained deleveraging reduces interest and refinancing sensitivity, expands capacity to absorb credit losses, and improves flexibility to originate loans and execute capital markets transactions over months.
Read all positive factors
BrightSpire Capital (BRSP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$746.04M
Dividend Yield10.83%
Average Volume (3M)1.03M
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue Growth-12.57%
EPS Growth70.50%
CountryUS
Employees48
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.15
Shares Outstanding128,627,240
10 Day Avg. Volume752,713
30 Day Avg. Volume1,028,370
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)0.76
Price to Sales (P/S)2.14
P/FCF Ratio9.73
Enterprise Value/Market Cap4.26
Enterprise Value/Revenue9.74
Enterprise Value/Gross Profit20.76
Enterprise Value/Ebitda135.86
Forecast
1Y Price Target
$6.40Price Target Upside10.54% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)0.68
Revenue Forecast (FY)$254.49M
BrightSpire Capital Business Overview & Revenue Model
Company Description
BrightSpire Capital, Inc. operates as a commercial real estate (CRE) credit real estate investment trust in the United States. It focuses on originating, acquiring, financing, and managing a portfolio of CRE senior mortgage loans, mezzanine loans,...
How the Company Makes Money
BrightSpire Capital primarily makes money by earning income from its commercial real estate debt investments. The core revenue driver is net interest income: the company collects interest (and related fees such as origination, extension, or exit f...
BrightSpire Capital Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call presents a cautiously optimistic outlook: significant positive momentum in originations, a successful CLO that expands lending capacity, improved reserve ratios, and full-year dividend coverage are balanced against meaningful near-term challenges — notably sizeable REO exposure (~$315–$360M), Q4 GAAP/DE losses, specific CECL charges, and modest declines in book value. Management has a clear plan to monetize REO/watch-list assets, redeploy proceeds into new loans, execute an additional CLO, and target loan book growth to ~$3.5 billion in 2026, which supports a constructive view of future performance if execution continues as planned.Positive Updates
Strong Origination Momentum
Closed 32 new loans for $941 million of total commitments since restarting originations (end of 2024); Q4 2025 closed 13 loans totaling $416 million (largest funding quarter since restart). Loan portfolio grew $315 million to $2.7 billion as of 12/31/2025, a 13% increase from Q3.
Negative Updates
Q4 GAAP and DE Losses
Reported Q4 GAAP net loss attributable to common stockholders of $14.4 million ($0.12/share) and a distributable earnings (DE) loss of $35.5 million ($0.28/share), reflecting quarter-level volatility despite positive adjusted DE.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Origination Momentum
Closed 32 new loans for $941 million of total commitments since restarting originations (end of 2024); Q4 2025 closed 13 loans totaling $416 million (largest funding quarter since restart). Loan portfolio grew $315 million to $2.7 billion as of 12/31/2025, a 13% increase from Q3.
Read all positive updates
Company Guidance
Management guided to grow the loan book from $2.7 billion at 12/31/25 (a $315 million, 13% q/q increase) to approximately $3.5 billion by year‑end 2026 (nearly $3.0 billion by midyear), driven by a modeled origination cadence of roughly $300–$400 million per quarter (Q4’25 saw 13 loans totaling $416 million and since originations restarted 32 loans/$941 million total commitments), plus 3 post‑quarter closes of $118 million; they plan a fifth CLO in H2’26 to match‑fund loans after closing their fourth managed CLO ($955 million with a $98 million ramp and a 2.5‑year reinvestment period), expect to reduce watch‑list exposure to two loans totaling about $66 million (watch list was $220 million or 8% of the portfolio), monetize most REO so pro forma remaining REO would be 4 assets totaling ~$266 million (San Jose Hotel ~50% of the remainder), and redeploy proceeds to re‑establish positive dividend coverage (adjusted DE was $0.15 in Q4, $0.01 shy of breakeven; plan to cover the dividend by midyear and be positive by year‑end after FY’25 adjusted DE of $0.64 which fully covered the $0.64 annual dividend); liquidity is ~$168 million (including $98 million cash—$64 million of which was expected imminently—and $70 million available on the credit facility), GAAP net book value $7.30/share and undepreciated book value $8.44/share, debt‑to‑assets 66% and debt‑to‑equity 2.3x, with Q4 specific CECL reserves of ~$54.9 million and general CECL down to $88 million (315 bps on commitments vs 517 bps/$127 million prior), and share repurchases of ~1.1 million shares at $5.39 average (≈$0.03 book value accretion).BrightSpire Capital Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
57
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 331.60M | 347.22M | 392.11M | 358.54M | 323.09M |
| Gross Profit | 164.60M | 159.42M | 192.16M | 193.07M | 191.86M |
| EBITDA | 111.97M | -66.81M | 35.91M | 112.52M | 101.59M |
| Net Income | -31.15M | -131.98M | -15.55M | 45.79M | -101.05M |
Balance Sheet | |||||
| Total Assets | 3.56B | 3.72B | 4.20B | 4.75B | 5.64B |
| Cash, Cash Equivalents and Short-Term Investments | 66.79M | 302.17M | 257.51M | 306.32M | 259.72M |
| Total Debt | 2.49B | 2.52B | 3.66B | 3.19B | 4.87B |
| Total Liabilities | 2.64B | 2.68B | 2.92B | 3.36B | 4.15B |
| Stockholders Equity | 938.43M | 1.05B | 1.28B | 1.39B | 1.46B |
Cash Flow | |||||
| Free Cash Flow | 73.03M | 103.41M | 137.62M | 125.28M | -21.27M |
| Operating Cash Flow | 73.03M | 103.41M | 137.62M | 125.28M | -21.27M |
| Investing Cash Flow | -419.93M | 313.08M | 384.16M | 89.34M | -555.79M |
| Financing Cash Flow | 68.93M | -327.95M | -558.60M | -161.45M | 384.36M |
BrightSpire Capital Technical Analysis
Positive
5.79
Price Trends
5.60
Positive
5.55
Positive
5.26
Positive
Market Momentum
0.02
Negative
62.53
Neutral
71.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRSP, the sentiment is Positive. The current price of 5.79 is above the 20-day moving average (MA) of 5.49, above the 50-day MA of 5.60, and above the 200-day MA of 5.26, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 62.53 is Neutral, neither overbought nor oversold. The STOCH value of 71.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BRSP.
BrightSpire Capital Risk Analysis
BrightSpire Capital disclosed 65 risk factors in its most recent earnings report. BrightSpire Capital reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Federal government decisions, actions and inactions regarding, among other things, Federal Reserve independence, immigration and tariffs, may adversely affect our business. Q4, 2025
BrightSpire Capital Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $624.82M | 58.86 | 1.78% | 8.56% | 23.84% | -312.04% | |
66 Neutral | $494.50M | 16.62 | 8.41% | 9.03% | 7.71% | -5.37% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $777.44M | -1.84 | -37.92% | 5.44% | -16.50% | -640.43% | |
54 Neutral | $591.68M | 26.11 | 8.70% | 11.56% | 4.95% | -6.49% | |
53 Neutral | $746.04M | -22.81 | -3.16% | 10.83% | -12.57% | 70.50% |
* Real Estate Sector Average
BRSP
BrightSpire Capital
5.80
1.85
46.91%
CTO
CTO Realty Growth
19.43
3.66
23.18%
GOOD
Gladstone Commercial
12.13
0.06
0.47%
OLP
One Liberty Properties
22.67
1.02
4.70%
PKST
Peakstone Realty Trust
20.91
9.79
88.04%
BrightSpire Capital Corporate Events
Business Operations and StrategyPrivate Placements and Financing
BrightSpire Capital Expands Flexible Commercial Real Estate Financing
Positive
Mar 18, 2026
On March 12, 2026, BrightSpire Credit 9, LLC, an indirect subsidiary of BrightSpire Capital, entered into a $250 million master repurchase agreement with JPMorgan Chase Bank to finance first mortgage loans, senior loan participations and related m...
Business Operations and StrategyPrivate Placements and Financing
BrightSpire Capital Launches New 2026 Real Estate CLO
Positive
Feb 23, 2026
On February 17, 2026, BrightSpire Capital, Inc. closed a new real estate CLO, BRSP 2026-FL3, through its Sub-REIT and affiliated issuers in the Cayman Islands and Delaware, issuing multiple classes of rated and unrated notes plus 71,625 preferred ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.