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…
Earnings analysis · 10-Q
BRSP earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.15
What stood out
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.