BrightSpire Capital (NYSE: BRSP) posted Q4 2025 adjusted distributable earnings (ADE) of $0.15 per share, matching consensus estimates, though GAAP EPS came in at -$0.12 per share on a reported net loss of $14.4 million. Revenue of $17.48 million beat the Zacks consensus by 3.76%, yet Q4 ADE fell from $0.18 a year ago. Shares gained +0.52% on the February 17, 2026, earnings day and +4.9% over the following week.
About BrightSpire Capital
BrightSpire Capital, Inc. (NYSE: BRSP) is an internally managed, New York City-based commercial real estate (CRE) credit Real Estate Investment Trust (REIT), organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. The company focuses on originating, acquiring, financing, and managing a diversified portfolio primarily consisting of CRE debt investments, including first mortgage loans, mezzanine loans, preferred equity, and net leased properties predominantly in the United States. BrightSpire is one of the largest publicly traded CRE credit REITs, led by CEO Michael J. Mazzei and CFO Frank V. Saracino.
Originally incorporated as Colony Credit Real Estate, Inc., the company was renamed BrightSpire Capital in June 2021, and was founded in 2017. As of April 2026, BRSP trades near $5.60 with a market capitalization of approximately $720.3 million and 128.6 million shares outstanding. The Q4 2025 dividend of $0.16 per share translates to an annualized yield of roughly 11.4% at the current price, and the Board of Directors has maintained this dividend level into Q1 2026. The company does not disclose a conventional P/E ratio given its GAAP net loss position, but trades at a Price-to-Sales ratio of 2.2x, below the CRE peer average of 4.1x.
Top Financial Highlights
- Q4 2025 GAAP net loss attributable to common stockholders was ($14.4) million, or ($0.12) per share, an improvement from the Q4 2024 net loss of ($19.7) million, or ($0.16) per share.
- Q4 2025 Distributable Loss was ($35.5) million, or ($0.28) per share, reflecting REO and watchlist loan resolution charges taken during the quarter.
- Q4 2025 Adjusted Distributable Earnings (ADE) were $19.3 million, or $0.15 per share, in line with consensus and supporting the $0.16 quarterly dividend.
- Full year 2025 GAAP net loss was ($31.1) million, or ($0.26) per share, compared to a full-year 2024 GAAP net loss.
- Full year 2025 Adjusted Distributable Earnings totaled $83.6 million, or $0.64 per share, fully covering the annual dividend of $0.64 per share and delivering a 7.4% return on undepreciated average equity.
- Q4 2025 revenue of $17.48 million beat the Zacks consensus by 3.76%, though it was roughly flat year over year at $17.46 million in Q4 2024.
- Q4 2025 liquidity stood at $168 million, including $98 million in unrestricted cash, down from $418 million (including $253 million in unrestricted cash) at the end of Q4 2024, reflecting capital deployment into new loan originations.
- GAAP net book value per share was $7.30 and undepreciated book value was $8.44 at December 31, 2025.
- The loan portfolio grew 13% sequentially to $2.7 billion in Q4 2025, driven by $416 million in Q4 loan closings.
- Over full year 2025, Brightspire closed 32 new loans totaling $941 million in total commitments, its strongest origination year since restarting operations in late 2024.
- Q4 2025 watchlist loans stood at $220 million, or 8% of the loan portfolio, down significantly from $411 million or 16% at the end of Q4 2024, reflecting successful resolution of legacy problem loans.
- REO exposure was $315 million across six properties at quarter-end; management has been accelerating resolution of these assets and redeploying the capital.
- The company completed its fourth managed CLO transaction (BRSP 2026-FL3) valued at $955 million, with 19 investors participating, a 2.5-year reinvestment period, and senior ratings of Aaa/AAA.
- 1.1 million shares were repurchased at an average price of $5.39, adding $0.03 of book value accretion per share via the buyback program.
- Management guided that the loan portfolio should grow from $2.7 billion to approximately $3.5 billion by year-end 2026, with nearly $3.0 billion expected by mid-2026; Q1 2026 earnings are scheduled for April 28, 2026.
Beat or Miss?
| Metric | Reported | Difference/Analysis |
| Q4 2025 ADE per Share | $0.15 | Met/slightly missed: Zacks Consensus was $0.16, representing a -4.28% surprise; other platforms show consensus at $0.15, recorded as a “Meet” |
| Q4 2025 Revenue | $17.48 million | Beat Zacks Consensus Estimate by +3.76%, with prior-year revenue at $17.46 million — essentially flat YoY |
| Q4 2025 GAAP EPS | ($0.12) | N/A — GAAP EPS not typically the primary metric for CRE credit REITs; consensus focuses on ADE |
| Full Year 2025 ADE | $0.64 per share | Covered the full-year dividend of $0.64 exactly, delivering a 7.4% return on undepreciated equity |
| Q4 2025 Dividend Coverage | $0.15 ADE vs. $0.16 declared dividend | Q4 ADE marginally below the dividend, but full-year ADE fully covered the full-year dividend of $0.64 per share |
What Leadership Is Saying?
“The Company had its strongest quarter of originations since restarting back in late 2024, successfully executed on a new CRE CLO and made substantial progress, including subsequent to quarter end, on the resolution of REO and watchlist loans. The reduction in our book value this past quarter was largely driven by the decision to accelerate REO and watchlist resolutions and redeploy the capital.”
— Michael J. Mazzei, Chief Executive Officer, BrightSpire Capital (Q4 2025 Earnings Release, February 17, 2026)
“Looking towards 2026, our focus will be on growing the portfolio through new originations while we continue to address the remaining REO and watchlist loans. We believe that by executing these initiatives we will grow earnings and ultimately grow our dividend.”
— Michael J. Mazzei, Chief Executive Officer, BrightSpire Capital (Q4 2025 Earnings Call, February 18, 2026)
Historical Performance: Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $17.48 million | $17.46 million | Approximately +0.1% — essentially flat year over year |
| GAAP Net Loss | ($14.4) million / ($0.12) per share | ($19.7) million / ($0.16) per share | Loss narrowed by approx. -27%, reflecting improved credit performance |
| Adjusted Distributable Earnings | $19.3 million / $0.15 per share | $23.7 million / $0.18 per share | Decreased approx. -19%, reflecting higher reserve charges and REO resolution costs |
| Distributable Earnings (Loss) | ($35.5) million / ($0.28) per share | $13.7 million / $0.11 per share | Swung to loss, primarily due to specific reserves and REO charge-offs in Q4 2025 |
| Liquidity | $168 million ($98M unrestricted cash) | $418 million ($253M unrestricted cash) | Decreased approx. -60%, reflecting capital deployment into $941M in new loans over 2025 |
| Loan Portfolio | $2.7 billion | Approx. $2.4 billion (Q4 2024 base) | Grew approx. +13% QoQ in Q4 and substantially year over year |
| Watchlist Loans | $220M / 8% of portfolio | $411M / 16% of portfolio | Decreased by approx. -46%, a significant improvement in portfolio quality |
Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Adjusted Distributable Earnings | $83.6 million / $0.64 per share | Approx. $80–$85 million range (2024 Q4 ADE was $0.18/share × 4Q ≈ $88–$95M) | Broadly similar — full-year 2025 ADE fully covered the annual dividend |
| GAAP Net Loss | ($31.1) million / ($0.26) per share | N/A specific full-year 2024 figure noted | Represents ongoing GAAP impairment and depreciation typical of CRE REITs in transition |
| New Loan Originations | $941 million (32 loans) | $119 million funded in Q4 2024 alone | Substantial reacceleration of originations following restart of lending operations |
| GAAP Net Book Value per Share | $7.30 | $8.x (undepreciated $8.x) | Book value compressed by accelerated REO and watchlist resolution decisions |
Historical Performance of Peers: Q4 2025 YoY
| Category | BrightSpire Capital (BRSP) Q4 2025 | Ladder Capital (LADR) Q4 2025 | Franklin BSP Realty Trust (FBRT) Q4 2025 |
| Q4 Distributable Earnings | $19.3 million / $0.15 per share (Adjusted) | $21.4 million / $0.17 per share | $17.9 million / $0.12 per diluted share |
| Q4 GAAP Result | Net loss ($14.4) million / ($0.12) per share | GAAP income before taxes $15.5 million / $0.13 per share | GAAP net income $18.4 million / $0.13 per share |
| Full Year Distributable Earnings | $83.6 million / $0.64 per share | $109.9 million / $0.84 per share | $67.3 million / $0.49 per diluted share |
| Full Year GAAP Result | Net loss ($31.1) million / ($0.26) per share | GAAP income before taxes $67.2 million / $0.51 diluted EPS | Net income $84.1 million / $0.64 per share |
| Quarterly Dividend | $0.16 per share (annualized yield ~11.4%) | $0.23 per share (Q4 2025) | $0.355 per common share |
| Market Cap (approx.) | ~$720.3 million | ~$1.2 billion | ~$684.2 million |
| Q4 YoY Change (Distributable EPS) | $0.15 vs. $0.18 in Q4 2024 — declined -16.7% | $0.17 vs. prior-year Q4 (improved) | $0.12 vs. $0.30 in Q4 2024 — declined -60% |
How the Market Reacted?
On the day of the Q4 2025 earnings release — February 17, 2026 — BRSP shares rose +0.52%, closing at approximately $5.82, within a session that saw the stock trade as high as $5.97 before settling. The reaction was measured rather than dramatic, reflecting the mixed nature of the report: ADE of $0.15 per share met or slightly missed the $0.16 consensus depending on the source, while revenue beat expectations and the loan portfolio growth and CLO execution served as positive catalysts. Over the subsequent week, BRSP continued trending upward, reaching $5.93 by March 2, 2026, gaining approximately +1.9%, as investors digested the positive origination story and the maintained $0.16 quarterly dividend for Q1 2026. Broader sentiment on BRSP leans cautiously constructive, with Seeking Alpha and Simply Wall St. flagging the 11% dividend yield, a trading discount of roughly 30% to undepreciated book value of $8.44, and the loan portfolio growth trajectory as bullish factors, while ongoing REO and watchlist exposure, and declining liquidity remain key risks to monitor ahead of Q1 2026 results on April 28, 2026.
