BrightSpire Capital (BRSP)
NYSE:BRSP
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BrightSpire Capital
(NYSE:BRSP)
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Rating:55Neutral
Price Target:
$6.00
▲(0.33% Upside)
Action:ReiteratedDate:04/30/26
The score is driven primarily by weak profitability despite improving balance-sheet positioning and solid cash generation. The earnings call and recent financing/CLO activity support a moderately positive outlook, while technicals are neutral and valuation hinges on sustaining a high dividend despite negative earnings.
Positive Factors
Strong cash generation
BrightSpire’s positive operating and free cash flow and strong TTM FCF growth provide durable internal liquidity to fund originations, cover working capital and support capital recycling. Reliable cash generation reduces dependence on short-term market funding and helps sustain operations through cycles.
Negative Factors
Negative net profitability
Persistent negative net income and uneven margins indicate the business has not converted core revenues into sustainable profits. Over time this limits retained earnings growth, compresses ROE and forces reliance on financing or asset sales to fund dividends and growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
BrightSpire’s positive operating and free cash flow and strong TTM FCF growth provide durable internal liquidity to fund originations, cover working capital and support capital recycling. Reliable cash generation reduces dependence on short-term market funding and helps sustain operations through cycles.
Read all positive factors
BrightSpire Capital (BRSP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$764.73M
Dividend Yield10.83%
Average Volume (3M)983.53K
Price to Earnings (P/E)36.4
Beta (1Y)0.78
Revenue Growth-1.01%
EPS Growth52.33%
CountryUS
Employees48
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.14
Shares Outstanding130,278,060
10 Day Avg. Volume719,748
30 Day Avg. Volume983,533
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 Cap4.29
Enterprise Value/Revenue9.91
Enterprise Value/Gross Profit24.04
Enterprise Value/Ebitda137.84
Forecast
1Y Price Target
$6.42Price Target Upside7.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.66
Revenue Forecast (FY)$251.76M
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 from the spread between (1) the interest and other income it earns on its commercial real estate debt investments and (2) the interest expense and other costs associated with the funding it uses to finance...
BrightSpire Capital Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presented notable positive momentum: strong origination activity, a growing pipeline (top-of-funnel +50% YoY), clear targets to grow the loan book to $3.5B and execute a CLO, improving watchlist metrics, and adequate liquidity. Offsetting these positives are persistent legacy credit and REO items, a modest QoQ decline in book value driven by equity compensation, a $2.6M specific reserve/charge-off, regional headwinds in parts of the Sunbelt (notably Arizona), and a shortfall in dividend coverage this quarter (management expects to cover by year-end). On balance, the operational momentum and pipeline progress outweigh the remaining credit and timing risks, but execution on asset dispositions and CLO issuance will be key to realizing the positive outlook.Positive Updates
Loan Origination Momentum and Pipeline
Since reinitiating production closed 37 loans totaling $1.1B plus 9 loans in execution for $283M (combined > $1.4B). Loan book stands at $2.7B across 100 loans with an average loan size of ~$27M. Year-to-date closed or in execution: 17 loans for $594M (14 multifamily). Management expects to cross $3.0B midyear and target $3.5B by year-end.
Negative Updates
Book Value Decline
GAAP net book value decreased QoQ from $7.30 to $7.05 per share (a decline of ~3.4%). Undepreciated book value decreased from $8.44 to $8.24 per share (a decline of ~2.4%), primarily due to equity grants and first-quarter PSU vesting.
Read all updates
Q1-2026 Updates
Positive
Negative
Loan Origination Momentum and Pipeline
Since reinitiating production closed 37 loans totaling $1.1B plus 9 loans in execution for $283M (combined > $1.4B). Loan book stands at $2.7B across 100 loans with an average loan size of ~$27M. Year-to-date closed or in execution: 17 loans for $594M (14 multifamily). Management expects to cross $3.0B midyear and target $3.5B by year-end.
Read all positive updates
Company Guidance
Management guided to grow the loan book to $3.5 billion by year‑end (crossing ~$3.0 billion roughly midyear) and to execute a fifth CLO in H2 to drive dividend coverage by year‑end, with a priority to redeploy capital from the watchlist and REO into new loans. At quarter end the loan book was $2.7 billion across 100 loans (avg. loan ~$27M, risk rank 3.1, office exposure just over 20%); since restarting production the company closed 37 loans totaling $1.1B with 9 more in execution for $283M (combined ≈$1.4B), and this year has 17 loans closed/in execution totaling $594M (14 multifamily) amid a $29B top‑of‑funnel (+50% YoY). Portfolio cleanup targets include reducing watchlist (recently $166M or 6% of portfolio; current 4 loans $134M) to about $67M after two expected Q2 sales, resolving REO of six positions ($336M gross carrying value; San Jose hotel $143M = 43% of REO), and continued office reductions; liquidity is ~$206M (cash $58M, $120M revolver availability, ~$28M undrawn warehouse), CECL general reserve ~$87M (306 bps on commitments) plus a ~$2.6M specific reserve, debt/assets 68%, debt/equity 2.4x, GAAP net income $4.8M ($0.03/sh), DE $15.6M ($0.12/sh), adjusted DE $18.2M ($0.14/sh), GAAP NBV $7.05 and undepreciated BV $8.24; management also noted multifamily pricing around the mid‑200s and CRE CLO AAA talk near 135bps.BrightSpire Capital Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
45
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 331.09M | 331.60M | 347.22M | 392.11M | 358.54M | 323.09M |
| Gross Profit | 136.53M | 164.60M | 159.42M | 192.16M | 193.07M | 191.86M |
| EBITDA | 23.81M | 111.97M | -66.81M | 35.91M | 112.52M | 101.59M |
| Net Income | -31.64M | -31.15M | -131.98M | -15.55M | 45.79M | -101.05M |
Balance Sheet | ||||||
| Total Assets | 3.65B | 3.56B | 3.72B | 4.20B | 4.75B | 5.64B |
| Cash, Cash Equivalents and Short-Term Investments | 96.56M | 66.79M | 302.17M | 257.51M | 306.32M | 259.72M |
| Total Debt | 2.61B | 2.49B | 2.52B | 3.66B | 3.19B | 4.87B |
| Total Liabilities | 2.74B | 2.64B | 2.68B | 2.92B | 3.36B | 4.15B |
| Stockholders Equity | 917.92M | 938.43M | 1.05B | 1.28B | 1.39B | 1.46B |
Cash Flow | ||||||
| Free Cash Flow | 73.45M | 73.03M | 103.41M | 137.62M | 125.28M | -21.27M |
| Operating Cash Flow | 73.45M | 73.03M | 103.41M | 137.62M | 125.28M | -21.27M |
| Investing Cash Flow | -523.04M | -419.93M | 313.08M | 384.16M | 89.34M | -555.79M |
| Financing Cash Flow | 346.35M | 68.93M | -327.95M | -558.60M | -161.45M | 384.36M |
BrightSpire Capital Technical Analysis
Positive
5.98
Price Trends
5.61
Positive
5.60
Positive
5.30
Positive
Market Momentum
0.11
Negative
67.51
Neutral
89.13
Negative
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 5.98 is above the 20-day moving average (MA) of 5.65, above the 50-day MA of 5.61, and above the 200-day MA of 5.30, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 67.51 is Neutral, neither overbought nor oversold. The STOCH value of 89.13 is Negative, 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $690.54M | 24.23 | 2.16% | 8.56% | 17.17% | ― | |
66 Neutral | $499.30M | 16.62 | 8.41% | 9.03% | 7.36% | -18.15% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | $780.19M | 38.05 | -37.92% | 5.44% | -28.63% | -3131.14% | |
55 Neutral | $764.73M | 36.39 | -3.16% | 10.83% | -1.01% | 52.33% | |
54 Neutral | $626.80M | 26.11 | 8.70% | 11.56% | 8.00% | -44.67% |
* Real Estate Sector Average
BRSP
BrightSpire Capital
5.87
1.17
25.03%
CTO
CTO Realty Growth
20.44
3.89
23.53%
GOOD
Gladstone Commercial
12.85
0.07
0.56%
OLP
One Liberty Properties
22.89
0.41
1.81%
PKST
Peakstone Realty Trust
20.98
9.90
89.35%
BrightSpire Capital Corporate Events
Executive/Board Changes
BrightSpire Capital Announces Planned Board Member Retirement
Neutral
Apr 1, 2026
On March 30, 2026, BrightSpire Capital, Inc. announced that board member John Westerfield will retire from the board and not stand for re-election at the company’s 2026 annual meeting scheduled for May 13, 2026. The company stated that Weste...
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.