Brightspire Capital Inc
NYSE:BRSP
Brightspire Capital Inc
BrightSpire Capital, Inc. operates as a real estate investment trust. The company is headquartered in Los Angeles, California and currently employs 55 full-time employees. The company went IPO on 2018-02-01. The firm is focused on originating, acquiring, financing and managing a diversified portfolio, consisting primarily of CRE debt and net lease real estate investments in the United States. The firm's segments include Senior and Mezzanine Loans and Preferred Equity, Net Leased and Other Real Estate, CRE Debt Securities and Corporate. Senior and Mezzanine Loans and Preferred Equity, Net Leased and Other Real Estate, CRE Debt Securities and Corporate. Senior and Mezzanine Loans and Preferred Equity, CRE debt investment, including senior mortgage loans, mezzanine loans, and preferred equity interests as well as participation in such loans. CRE Debt Securities segment consists of BBB and some BB rated CMBS and sub-portfolios of private equity funds. The Company’s portfolio consists of senior mortgage loans, mezzanine loans, preferred equity, CRE debt securities and net leased properties.
BrightSpire Capital, Inc. operates as a real estate investment trust. The company is headquartered in Los Angeles, California and currently employs 55 full-time employees. The company went IPO on 2018-02-01. The firm is focused on originating, acquiring, financing and managing a diversified portfolio, consisting primarily of CRE debt and net lease real estate investments in the United States. The firm's segments include Senior and Mezzanine Loans and Preferred Equity, Net Leased and Other Real Estate, CRE Debt Securities and Corporate. Senior and Mezzanine Loans and Preferred Equity, Net Leased and Other Real Estate, CRE Debt Securities and Corporate. Senior and Mezzanine Loans and Preferred Equity, CRE debt investment, including senior mortgage loans, mezzanine loans, and preferred equity interests as well as participation in such loans. CRE Debt Securities segment consists of BBB and some BB rated CMBS and sub-portfolios of private equity funds. The Company’s portfolio consists of senior mortgage loans, mezzanine loans, preferred equity, CRE debt securities and net leased properties.
Q4 Losses: BrightSpire reported a fourth quarter net loss of $14.4 million, or $0.12 per share, primarily due to asset resolutions and an $8 million impairment.
Loan Growth: The loan portfolio increased 13% quarter-over-quarter to $2.7 billion, with $416 million in new loan commitments during Q4—the highest funding since restarting originations.
Asset Resolution: Management accelerated the resolution and sale of watch list and REO (real estate owned) assets, freeing up capital for new loans but causing a limited reduction in book value.
Dividend Coverage: Adjusted distributable earnings covered the annual dividend for 2025, but Q4 coverage fell just short; management expects to reestablish full coverage by year-end.
Strong Market Demand: Executives reported robust demand for commercial real estate loans, especially in multifamily, and successful execution of a $955 million managed CLO.
2026 Outlook: Key goals include growing the loan book to $3.5 billion, further resolving watch list and REO assets, launching a fifth CLO, and increasing earnings.
Improved Portfolio Quality: Only two watch list loans remain, and management is optimistic about the portfolio's credit quality going into 2026.
