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BrightSpire Capital
(NYSE:BRSP)
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Rating:50Neutral
Price Target:
$3.50
▼(-28.13% Downside)
Action:Reiterated
Date:10/22/26
BRSP scores as below-average primarily due to weak financial performance (continued net losses, sharp TTM revenue decline, and high leverage) and bearish technicals (below all major moving averages with negative MACD). The score is partially supported by strong income appeal (very high dividend yield) and a constructive earnings outlook driven by portfolio growth plans, capital recycling, and improved funding actions, though impairments, higher reserves, and delayed dividend coverage keep risk elevated.
Positive Factors
Loan Portfolio Growth
A growing loan portfolio can expand recurring interest income and improve operating scale over the next several quarters. Strong originations, a sizable execution pipeline, and targeted multifamily lending indicate an active platform capable of redeploying capital into core mortgage assets.
Negative Factors
Shrinking Revenue and Losses
A sharply declining top line and continued net losses weaken earnings quality and reduce the cushion available to absorb credit costs or support shareholder distributions. Until revenue stabilizes and profitability becomes consistently positive, the business remains dependent on portfolio actions and non-GAAP earnings measures.
Read all positive and negative factors
Positive Factors
Negative Factors
Loan Portfolio Growth
A growing loan portfolio can expand recurring interest income and improve operating scale over the next several quarters. Strong originations, a sizable execution pipeline, and targeted multifamily lending indicate an active platform capable of redeploying capital into core mortgage assets.
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
$458.02M
Dividend Yield17.68%
Average Volume (3M)1.94M
Price to Earnings (P/E)―
Beta (1Y)0.64
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. Volume1,809,931
30 Day Avg. Volume1,941,997
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 Cap6.69
Enterprise Value/Revenue9.28
Enterprise Value/Gross Profit21.47
Enterprise Value/Ebitda40.27
Forecast
1Y Price Target
$5.89Price Target Upside21.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.56
Revenue Forecast (FY)$273.50M
BrightSpire Capital Business Overview & Revenue Model
Company Description
BrightSpire Capital, Inc. (BRSP) operates as a U.S.-based real estate investment trust (REIT) specializing in commercial real estate (CRE) credit. The company's core activities involve creating, purchasing, financing, and managing a diverse portfo...
BrightSpire Capital Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 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 | 76.12M | 110.96M | -66.92M | 35.91M | 112.02M | 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 Technical Analysis
Negative
4.87
Price Trends
4.18
Negative
4.64
Negative
4.98
Negative
Market Momentum
-0.15
Negative
30.53
Neutral
11.32
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRSP, the sentiment is Negative. The current price of 4.87 is above the 20-day moving average (MA) of 3.79, above the 50-day MA of 4.18, and below the 200-day MA of 4.98, indicating a bearish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 30.53 is Neutral, neither overbought nor oversold. The STOCH value of 11.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
55 Neutral | $449.10M | 10.59 | 5.45% | 16.41% | 3.78% | -15.19% | |
55 Neutral | $499.93M | 13.32 | 4.45% | 15.86% | 11.14% | -54.56% | |
51 Neutral | $332.82M | -1.67 | -16.70% | 12.77% | -19.57% | -397.76% | |
50 Neutral | $458.02M | -15.59 | -2.91% | 17.68% | -0.14% | -10.71% | |
48 Neutral | $182.53M | -41.97 | -0.88% | 18.99% | 28.95% | 76.08% | |
48 Neutral | $1.72B | 127.50 | 0.45% | 18.43% | -3.93% | ― |
* Real Estate Sector Average
BRSP
BrightSpire Capital
3.65
-1.03
-21.93%
ACRE
Ares Commercial
3.26
-0.85
-20.58%
BXMT
Blackstone Mortgage
10.58
-5.81
-35.45%
KREF
Kkr Real Estate Finance
5.72
-2.11
-26.95%
TRTX
Tpg Re Finance
6.22
-1.63
-20.71%
FBRT
Franklin BSP Realty Trust
6.25
-3.37
-35.06%
BrightSpire Capital Corporate Events
Business Operations and StrategyPrivate Placements and Financing
BrightSpire Capital Launches New 2026-FL4 CLO Structure
Positive
Oct 21, 2026
On October 16, 2026, BrightSpire Capital closed its BRSP 2026-FL4 commercial real estate CLO, issuing multiple rated note classes and $61.2 million of preferred shares through Cayman and Delaware issuers, with most senior tranches rated AAA and fi...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
BrightSpire Capital Completes Major Industrial Asset Sale
Positive
Sep 16, 2026
On June 12, 2026, subsidiaries of BrightSpire Capital entered into an agreement to sell two industrial properties in Tolleson, Arizona, and Tracy, California, known as the Net Lease 1 Investment, to ALTOAZ001 LLC and ALTRCA001 LLC. The transaction...
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.