BRSP earnings analysis
What we found in BRSP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
BrightSpire’s Q2 revenue increased to $48.7 million, up 47.6% sequentially and 35.3% year over year, but fell 16.2% short of consensus. GAAP results remained weak, with an $18.3 million net loss, or $0.15 per share, versus $0.03 diluted EPS in Q1. The filing does not provide segment revenue, cash-flow metrics, margin data, or numerical earnings guidance; it highlights capital-return capacity of $30.453 million under the repurchase authorization and no margin calls through July 28, 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue accelerated sequentially and year over year
- Revenue was $48.7 million, up $15.7 million, or 47.6%, from $33.0 million in Q1 2026 and up $12.7 million, or 35.3%, from $36.0 million in Q2 2025.
- Share repurchase capacity supports capital return
- The company repurchased 3.576 million shares during June at an average $5.47 per share. Its new authorization totals $50.0 million through April 30, 2027, with $30.453 million remaining at June 30, 2026.
- Disclosed rate sensitivity was limited
- A hypothetical 100-basis-point move in benchmark rates would change annual net interest income by only $0.2 million, net of interest expense, at June 30, 2026.
- No recent repurchase-facility margin calls
- The company reported no margin calls under its Master Repurchase Facilities for the six months ended June 30, 2026 or through July 28, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- GAAP loss reversed prior-quarter profitability
- The company recorded a GAAP net loss of $18.3 million, or $0.15 per share, despite $48.7 million of revenue; this compares with diluted EPS of $0.03 in Q1 2026.
- Revenue missed market expectations
- Reported revenue of $48.7 million was $9.4 million below the $58.1 million consensus estimate, a 16.2% shortfall.
- Rate and financing exposure remains unhedged
- No new or revised Item 1A risk factors were identified; the filing refers investors to the 2025 Form 10-K. Nonetheless, a 100-basis-point benchmark-rate change would alter annual net interest income by $0.2 million, and the company held 0 derivative instruments at June 30, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.15
What they said about what is next.
The 10-Q provides no quantitative revenue or EPS outlook. Management’s disclosed forward actions are to use the $50.0 million repurchase authorization, effective through April 30, 2027; $30.453 million remained available at June 30, 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 29, 2026
- BrightSpire Capital reported mixed results in its Q1 2026 10-Q filing, with revenue of $51.7 million falling short of estimates while EPS exceeded expectations at $0.14. The company highlighted challenges with revenue…
- 10-K · February 18, 2026
- BrightSpire positions itself as an internally-managed CRE credit REIT focused on originating and acquiring senior mortgage loans while selectively investing in mezzanine loans, preferred equity and net-leased…
- 10-Q · July 30, 2025
- BrightSpire Capital, Inc. reported significant growth in revenue for Q2 2025, reaching $36 million, a notable increase of 33% from the prior quarter of $27 million and an improvement from $26 million in Q2 2024.…
- 10-Q · April 30, 2025
- BrightSpire Capital, Inc. reported a slight increase in total revenue for Q1 2025, reaching $27 million, which reflects a 4% increase from Q4 2024's revenue of $26 million. The company reported EPS of $0.04, an…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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