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 ...
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Est. EPS $0.14 · Revenue $83.56M · 5 analysts
Est. EPS $0.15 · Revenue $83.56M · 4 analysts
Est. EPS $0.57 · Revenue $335.80M · 5 analysts
Est. EPS $0.16 · Revenue $83.56M · 1 analysts
$0.64 per share
$0.64 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $331.6M | -4.5% | +1.7% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-31.1M | +76.4% | -478.4% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +49.6% | +8.1% | +44.1% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +39.5% | +364.5% | +291.5% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | -9.4% | +75.3% | -472.2% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $73.0M | -29.4% | +169.2% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +22.0% | -26.1% | +164.7% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 265.4% | +10.6% | +12.2% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 19.52x | +7.6% | -95.4% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $3.6B | -4.3% | +2.7% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -0.26 vs 0.61 | -142.8% | -0.15 vs 0.15 | -200.8% |
| Revenue Surprise | $331.6M vs $243.3M | +36.3% | $83.5M vs $64.3M | +29.9% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| May 20, 2026 | SCHWARTZ VERNON B | director | Class A Common Stock | A | 22,085 | — |
| May 20, 2026 | Long Catherine F. | director | Class A Common Stock | A | 22,085 | — |
| May 20, 2026 | Diamond Kim S | director | Class A Common Stock | A | 22,085 | — |
| May 20, 2026 | RICE CATHERINE | director | Class A Common Stock | A | 22,085 | — |
| Apr 9, 2026 | Mazzei Michael | director, officer: CEO | Class A Common Stock | D | 10,143 | — |
Operator: Good day and welcome to the BrightSpire Capital Second Quarter 2026 Earnings Conference Call. Please note, this event is being recorded. I would now like to turn the conference over to David Palame, General Counsel. Please go ahead. David Palamé: Good morning and welcome to BrightSpire Capital's Second Quarter 2026 Earnings Conference call. We will refer to BrightSpire Capital as BrightSpire, BRSP or the company throughout this call. Speaking on the call today are the company's Chief Executive Officer Mike Mazzei, President and Chief Operating Officer Andy Witt, and Chief Financial Officer Frank Saracino. Before I hand the call over, please note that on this call, certain information presented contains forward-looking statements. These statements, which are based on management's current expectations, are subject to risks, uncertainties, and assumptions. Potential risks and uncertainties could cause the company's business and financial results to differ materially. For a discussion of risks that could affect results, please see the risk factors section of our most recent 10-K and other risk factors and forward-looking statements in the company's current and periodic reports filed with the SEC from time to time. All information discussed on this call is as of today, July 29, 2026, and the company does not intend and undertakes no duty to update for future events or circumstances. In addition, certain financial information presented on this call represents non-GAAP financial measures. The company's earnings release and supplemental presentation, which was released yesterday afternoon and is available on the company's website, presents reconciliations to the appropriate GAAP measures and an explanation of why the company believes such non-GAAP financial measures are useful to investors. Before I turn the call over to Mike, I will provide a brief recap on our results. The company reported second quarter GAAP net loss attributable to common stockholders of $18.3 million or $0.15 per share, distributable earnings of $15.8 million or $0.12 per share, and adjusted distributable earnings of $16.8 million or $0.13 per share. The company also reported GAAP net book value of $6.81 per share and undepreciated book value of $8.10 per share as of June 30, 2026. Finally, during this call, management may refer to distributable earnings as DE. With that, I would now like to turn the call over to Mike. Michael Mazzei: Thanks, David, and welcome to our second quarter 2026 earnings call. We had a very active second quarter. Along with solid loan originations, we completed our largest quarterly share buyback, while our asset management team continued to advance REO and watch list resolutions. Further, we took another meaningful step in rotating out of real estate equity investments and into our core strategy of first mortgage loans. But first, starting with loan originations, we closed 10 loans in the second quarter for $319 million and subsequent to …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Michael Joseph Mazzei | Chief Executive Officer & Director | USD 2,517,174 | Male | 1961 | Active |
Andrew Elmore Witt | President & Chief Operating Officer | USD 1,293,420 | Male | 1978 | Active |
Frank Vito Saracino | Executive Vice President, Chief Financial Officer & Treasurer | USD 1,048,674 | Male | 1967 | Active |
David A. Palame | Executive Vice President, General Counsel & Secretary | USD 951,874 | Male | 1977 | Active |
Matthew Heslin | MD, Chief Credit Officer & Head of Debt Capital Markets | — | Male | — | Active |
Daniel E. Katz | MD & Head of Originations for Investment Management | — | Male | — | Active |
Tyler H. Ferrer | MD and Head of Asset Management & Loan Operations | — | Male | — | Active |
Sonia Kim | Vice President | — | Female | 1974 | Active |
Gary S. Newman | Managing Director of Investment Management | — | Male | — | Active |
BrightSpire (BRSP) continues to deliver negative total returns since 2018, underperforming even Treasury bills despite recent marginal gains. BRSP's adjusted distributable earnings remain insufficient to fully cover its dividend, with GAAP net losses and persistent book value erosion. We review the recent results and management plans to cover the distribution.
BrightSpire Capital, Inc. (BRSP) Q2 2026 Earnings Call Transcript
BrightSpire Capital NYSE: BRSP reported a second-quarter GAAP net loss attributable to common stockholders of $18.3 million, or $0.15 per share, while adjusted distributable earnings totaled $16.8 million, or $0.13 per share. Distributable earnings were $15.8 million, or $0.12 per share.
BrightSpire (BRSP) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.18 per share a year ago.
NEW YORK--(BUSINESS WIRE)--BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced its financial results for the second quarter 2026 and certain updates. The Company reported second quarter 2026 GAAP net loss attributable to common stockholders of ($18.3) million, or ($0.15) per share, Distributable Earnings of $15.8 million, or $0.12 per share, and Adjusted Distributable Earnings of $16.8 million, or $0.13 per share. The Company reported GAAP net book va.
