Want to see BRSP full AI Analyst Report?
Top Page
BrightSpire Capital
(NYSE:BRSP)
Select Model
Select Model
Rating:52Neutral
Price Target:
$5.00
▼(-4.40% Downside)
Action:Reiterated
Date:08/18/26
Overall score reflects pressured financial performance (revenue decline, continued losses, and high leverage) and weak technical trend as the key drags. These are partially offset by a constructive earnings-call outlook driven by portfolio growth initiatives, capital recycling, and buybacks, plus a high dividend yield that supports valuation despite profitability risk.
Positive Factors
Loan Portfolio Growth
A growing first-mortgage loan book can expand recurring interest income and improve operating scale. The sizeable origination pipeline and $892M of year-to-date commitments support continued portfolio expansion over the next several quarters.
Negative Factors
Shrinking Revenue and Persistent Losses
Declining revenue and recurring net losses show that BrightSpire has not yet restored consistent profitability. Continued earnings weakness can constrain retained capital, complicate dividend coverage, and reduce resilience if lending or property conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Loan Portfolio Growth
A growing first-mortgage loan book can expand recurring interest income and improve operating scale. The sizeable origination pipeline and $892M of year-to-date commitments support continued portfolio expansion over the next several quarters.
Read all positive factors
BrightSpire Capital Key Performance Indicators (KPIs)
Any
Net Income by Segment
Shows after‑tax profit (including non‑operating gains, losses, and impairments) by segment, revealing the true bottom‑line contribution of each business line. Comparing net income to EBIT uncovers one‑time items, tax effects, and credit losses that can mask or amplify recurring performance and help gauge dividend safety and downside risk in credit cycles.
Shows after‑tax profit (including non‑operating gains, losses, and impairments) by segment, revealing the true bottom‑line contribution of each business line. Comparing net income to EBIT uncovers one‑time items, tax effects, and credit losses that can mask or amplify recurring performance and help gauge dividend safety and downside risk in credit cycles.
Data provided by:
The Fly
The FlyBrightSpire Capital (BRSP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$621.23M
Dividend Yield13.03%
Average Volume (3M)1.86M
Price to Earnings (P/E)―
Beta (1Y)0.65
Revenue Growth-0.14%
EPS Growth-10.71%
CountryUS
Employees47
SectorReal Estate
Sector Strength53
IndustryREIT - Mortgage
Share Statistics
EPS (TTM)-0.23
Shares Outstanding126,524,180
10 Day Avg. Volume1,223,504
30 Day Avg. Volume1,855,310
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)0.76
Price to Sales (P/S)2.14
P/FCF Ratio9.73
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$6.40Price Target Upside22.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.58
Revenue Forecast (FY)$255.20M
BrightSpire Capital Business Overview & Revenue Model
Company Description
BrightSpire Capital, Inc. (NYSE: BRSP) is a commercial real estate finance company that originates, acquires, finances, and manages a portfolio of commercial real estate (CRE) debt investments. The company’s core focus is on first-mortgage loans, ...
How the Company Makes Money
BrightSpire Capital primarily makes money by earning net interest income on its commercial real estate debt investments. The company originates or acquires loans (typically first-mortgage loans) and collects contractual interest payments from borr...
BrightSpire Capital Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational momentum: robust originations, a healthy pipeline, progress resolving watch-list loans and REO dispositions, strategic capital recycling (including a significant Albertsons sale) and active share repurchases. These positives help position the company to redeploy capital into higher‑ROE mortgage loans and pursue additional CLO issuance. Offsetting items include a Q2 GAAP net loss driven by impairments and seasonality at certain REO assets, an increase in CECL reserves, modest declines in book value, and temporary dividend coverage timing impacts. On balance, the operational growth and capital actions outweigh the near-term accounting and asset-specific challenges, producing an overall constructive outlook.Positive Updates
Strong Loan Originations and Pipeline
Closed 10 loans in Q2 for $319 million, plus 3 subsequent loans for $117 million and 4 loans in execution for $178 million; loan portfolio at approximately $2.9B at quarter end and expected to be just over $3.0B after pending closings, with a target of ~$3.5B by year-end and a goal of approaching $4.0B by mid-2027.
Negative Updates
GAAP Net Loss and Impairments
Reported GAAP net loss attributable to common stockholders of $18.3 million, or $0.15 per share, in Q2 2026. Recorded approximately $9.3 million of operating real estate impairments during the quarter (two legacy retail triple-net assets: ~$2.4M and ~$3.1M; REO multifamily property impairment: ~$3.8M).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Loan Originations and Pipeline
Closed 10 loans in Q2 for $319 million, plus 3 subsequent loans for $117 million and 4 loans in execution for $178 million; loan portfolio at approximately $2.9B at quarter end and expected to be just over $3.0B after pending closings, with a target of ~$3.5B by year-end and a goal of approaching $4.0B by mid-2027.
Read all positive updates
Company Guidance
Management guided that it expects the loan book to grow from roughly $2.9 billion (106 loans, weighted avg loan balance $27M) to approximately $3.5 billion by year‑end and to be closer to $4.0 billion by mid‑2027, supported by ongoing originations (YTD committed $892M across 24 loans, avg commitment $37M; Q2 originations 10 loans / $319M, plus $117M closed post‑quarter and $178M in execution) and a planned second CLO this year (targeted in Q4) to add leverage; the company proactively agreed to sell the Albertsons triple‑net for $300M (including assumption of $200M CMBS), freeing ~$100M expected to be redeployed at ~150 bps higher ROE but delaying full dividend coverage by roughly two quarters versus prior expectations. Management reiterated a rotation into first‑mortgage multifamily (writing multifamily around SOFR+250 and targeting ~$30–35M average loan balances), continued reduction of watch‑list exposure (now 4 loans / $136M after 3 repayments totaling $99M) and active REO resolution (6 REO properties, GBV $330M, 2 under contract NAV $62M), while balancing capital return (repurchased 3.8M shares for $21M at a $5.46 avg; ~$29M remaining authorization), maintaining liquidity of about $131M (cash $45M, $30M available on facility, ~$56M approved undrawn warehouse), and operating with debt‑to‑assets ~70% and debt‑to‑equity ~2.7x.BrightSpire Capital Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
42
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 330.31M | 331.60M | 347.22M | 392.11M | 358.54M | 323.09M |
| Gross Profit | 142.82M | 164.60M | 159.42M | 192.16M | 193.07M | 191.86M |
| EBITDA | 76.13M | 111.97M | -66.81M | 35.91M | 112.52M | 101.59M |
| Net Income | -26.86M | -31.15M | -131.98M | -15.55M | 45.79M | -101.05M |
Balance Sheet | ||||||
| Total Assets | 3.75B | 3.56B | 3.72B | 4.20B | 4.75B | 5.64B |
| Cash, Cash Equivalents and Short-Term Investments | 169.72M | 66.79M | 302.17M | 257.51M | 306.32M | 259.72M |
| Total Debt | 2.76B | 2.49B | 2.52B | 3.66B | 3.19B | 4.87B |
| Total Liabilities | 2.90B | 2.64B | 2.68B | 2.92B | 3.36B | 4.15B |
| Stockholders Equity | 862.98M | 938.43M | 1.05B | 1.28B | 1.39B | 1.46B |
Cash Flow | ||||||
| Free Cash Flow | 85.44M | 73.03M | 103.41M | 137.62M | 125.28M | -21.27M |
| Operating Cash Flow | 85.44M | 73.03M | 103.41M | 137.62M | 125.28M | -21.27M |
| Investing Cash Flow | -599.08M | -419.93M | 313.08M | 384.16M | 89.34M | -555.79M |
| Financing Cash Flow | 430.38M | 68.93M | -327.95M | -558.60M | -161.45M | 384.36M |
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 0 New Risks
BrightSpire Capital Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $817.18M | 15.32 | 8.92% | 6.91% | 14.26% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $629.73M | 24.32 | 9.73% | 8.49% | 10.78% | -30.46% | |
58 Neutral | $527.51M | 16.44 | 10.50% | 7.16% | 9.52% | 21.63% | |
52 Neutral | $621.23M | -21.15 | -2.91% | 12.24% | -0.14% | -10.71% |
* Real Estate Sector Average
BRSP
BrightSpire Capital
4.91
-0.16
-3.10%
CTO
CTO Realty Growth
21.80
6.26
40.27%
GOOD
Gladstone Commercial
12.91
0.98
8.26%
OLP
One Liberty Properties
24.17
2.88
13.53%
BrightSpire Capital Corporate Events
Business Operations and StrategyM&A Transactions
BrightSpire Capital Signs Deal to Sell Net-Lease Properties
Positive
Jun 16, 2026
On June 12, 2026, subsidiaries of BrightSpire Capital agreed to sell two net-lease industrial properties in Tolleson, Arizona and Tracy, California, known as the Net Lease 1 Investment, to buyers for $300 million, with a $6 million earnest money d...
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.