BRSP
BrightSpire Capital, Inc.5.91
-0.04-0.67%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
$200M REO equity unlock detailed
Q&A spotlighted roughly $200 million of equity trapped in REO assets—a portfolio drag—slated for recycling into 12%+ ROE loans by year-end, echoing prepared priorities but quantifying the unlock. San Jose Hotel drew focus: Super Bowl boosted occupancy, upgrades underway, $9 million NOI budgeted amid events like CrossFit, with $80-85 million equity to redeploy post-sale. Originations eyed at $300-400 million quarterly, driven by multifamily maturities and forced sales. Spreads compressed but floored on CLO demand; credit looks cleaner with smaller loans. REO equity weighs heavy. Watch resolutions fuel growth.
Key Stats
Market Cap
768.26MP/E (TTM)
-Basic EPS (TTM)
-0.30Dividend Yield
0.11%Recent Filings
8-K
8-K
BrightSpire secures $250M repo line
BrightSpire Credit 9 subsidiary inked a $250M master repurchase facility with JPMorgan on March 12, 2026, to fund first mortgage loans, senior participations, and mezzanine loans on commercial real estate. The three-year revolving deal—extendable twice by one year—bears SOFR plus case-by-case spreads, backed by a 25% partial recourse guarantee from BrightSpire Capital Operating with strict covenants like $900M minimum tangible net worth and 75% max debt-to-assets. Liquidity secured. Yet covenants bind tight.
8-K
BrightSpire closes $955M CLO
BrightSpire closed its $955M 2026-FL3 CLO on February 17, 2026, issuing $544M Class A notes at Term SOFR+1.45% (57% of total) rated Aaa(sf)/AAA(sf), with subsidiaries retaining $50M Class F/G notes and $72M preferred shares. It also redeemed its prior 2021-FL1 CLO notes using cash on hand. Collateral consists of CRE loans secured by the Trustee; risks include Note Protection Tests triggering mandatory redemptions.
10-K
FY2025 10-K
BrightSpire Capital's 10-K for FY2025 ended December 31, 2025 lacks financial statements or MD&A, offering no revenue, earnings, or quarterly metrics. No topline or profitability figures disclosed. Q4 results absent. Liquidity details missing. No guidance provided. Repurchase facility amended January 9, 2026 to $550M temporarily until February 27, 2026 or asset repurchase. No numbers.
8-K
Q4 loss, but earnings covered dividend
BrightSpire Capital reported Q4 2025 GAAP net loss of $14.4M ($0.12/share) yet Adjusted Distributable Earnings of $19.3M ($0.15/share), covering its $0.16/share dividend. Strongest originations since late 2024 drove $416M in new senior loans, while accelerating REO/watchlist resolutions trimmed book value to $7.30/share. Watchlist shrinks 70%. Portfolio grows in 2026.
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