BrightSpire Capital, Inc.

Listed Company

BRSPCIK 0001717547NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-31.15M

Total Assets

$3.56B

Equity

$938.43M

Shares Out

130.28M

Op. Cash Flow

$73.03M

Business

BrightSpire Capital, Inc. is a commercial real estate credit REIT that originates, acquires, finances and manages a diversified portfolio of real estate-related assets. Its primary products and services include CRE debt investments—primarily first mortgage senior loans—as well as selective mezzanine loans, preferred equity investments and ownership of net-leased commercial properties. Key business segments comprise senior and mezzanine loans and preferred equity, net leased and other real estate, and corporate and other functions. The company operates predominantly in the United States through origination, acquisition, financing, securitization and asset-management channels.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	195	245	299	236	169
Interest expense	−127	−154	−173	112	—
Net interest income	68	91	125	127	120
Property operating income	128	102	93	90	103
Other income	8	12	14	6	2
Total property and other income	136	114	107	96	105
Property operating expense	66	34	27	24	30
Transaction, investment and servicing expense	3	2	2	3	5
Interest expense on real estate	24	27	26	29	32
Depreciation and amortization	36	41	34	34	36
Increase of current expected credit loss reserve	24	136	108	71	−1
Impairment of operating real estate	62	54	8	0	0
Compensation and benefits (including $12,836, $11,649 and $14,056 of equity-based compensation expense, respectively)	35	35	40	33	32
Operating expense	12	12	13	15	18
Total expenses	261	340	257	209	271
Other gain (loss), net	−2	228,000	613,000	35	74
Loss before equity in earnings of unconsolidated ventures and income taxes	−60	−134	−24	49	33
Equity in earnings of unconsolidated ventures	0	0	9	25,000	−131
Income tax benefit (expense)	22	−1	−1	−2	−6
Net income (loss)	−39	−136	−16	47	−105
Net loss attributable to noncontrolling interests in investment entities	8	4	100,000	0	2
Net loss attributable to BrightSpire Capital, Inc. common stockholders	−31	−132	−16	46	−101
Net loss per common share - basic (in dollars per share)	−0.26	−1.05	−0.12	0.35	−0.79
Net loss per common share - diluted (in dollars per share)	−0.26	−1.05	−0.12	0.34	−0.79
Weighted average shares of common stock outstanding - basic (in shares)	127	127	127	127	128
Weighted average shares of common stock outstanding - diluted (in shares)	127	127	127	129	128

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	67	302	258	306	260
Restricted cash	107	149	105	93	87
Loans and preferred equity held for investment	2,678	2,519	2,937	3,575	3,486
Current expected credit loss reserve	−87	−166	−76	−106	−37
Loans and preferred equity held for investment, net	2,591	2,353	2,860	3,469	3,449
Real estate, net	680	777	808	732	783
Receivables, net	46	39	41	41	54
Deferred leasing costs and intangible assets, net	28	47	59	54	65
Assets held for sale	0	5	20	0	44
Other assets	47	51	48	56	82
Total assets	3,565	3,723	4,198	4,750	5,638
Securitization bonds payable, net	977	1,087	913	1,168	1,501
Mortgage and other notes payable, net	414	619	650	656	761
Credit facilities	1,078	785	1,153	1,340	905
Accrued and other liabilities	64	83	86	88	100
Intangible liabilities, net	389,000	3	4	5	6
Escrow deposits payable	83	80	89	79	73
Dividends payable	21	21	26	26	24
Total liabilities	2,636	2,678	2,920	3,361	4,147
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 128,627,246 and 129,685,185 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	1	1	1	1	1
Additional paid-in capital	2,863	2,865	2,865	2,854	2,856
Accumulated deficit	−1,926	−1,812	−1,586	−1,467	−1,411
Accumulated other comprehensive loss	0	−6	−3	−676,000	9
Total stockholders equity	938	1,048	1,277	1,388	1,455
Noncontrolling interests in investment entities	−10	−2	1	1	1
Total equity	928	1,046	1,278	1,389	1,491
Total liabilities and equity	3,565	3,723	4,198	4,750	5,638

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Straight-line rental income	−2	−2	−2	−2	−3
Amortization of above (below) market lease values, net	324,000	286,000	−127,000	−364,000	−98,000
Amortization of premium/accretion of discount and fees on investments and borrowings, net	3	−7	−11	−14	−7
Amortization of deferred financing costs	8	8	11	11	12
Amortization of right-of-use lease assets and operating lease liabilities	−10,000	120,000	107,000	499,000	104,000
Paid-in-kind interest added to loan principal, net of interest received	−3	−2	−5	4	−5
Designated hedges and foreign currency translation reclassified to earnings	3	0	0	0	−30
Realized gain on sale of real estate, net	−1	−144,000	0	−11	−12
Increase of current expected credit loss reserve	24	136	108	71	−1
Impairment of operating real estate	62	54	8	0	—
Amortization of equity-based compensation	13	12	14	8	14
Mortgage notes (above) below market value amortization	−30,000	14,000	−2	140,000	117,000
Deferred income tax benefit	−22	−1	−1	−2	−85,000
Other loss, net	0	0	1	4	−2
Receivables, net	−6	5	2	−3	−1
Deferred costs and other assets	2	−3	189,000	5	−4
Other liabilities	−7	−898,000	−3	−5	−5
Net cash provided by operating activities	73	103	138	125	−21
Acquisition, origination and funding of loans and preferred equity held for investment, net	−769	−114	−77	−972	−1,758
Repayment on loans held for investment	284	421	456	910	485
Proceeds from sale of real estate	81	20	0	56	332
Acquisition of and additions to real estate and related intangibles	−18	−6	−7	−4	−10
Distributions in excess of cumulative earnings from unconsolidated ventures	0	0	784,000	1	48
Cash relinquished in deconsolidation of subsidiaries	−6	0	0	—	—
Cash and restricted cash received related to consolidation of loans held for investment and real estate owned	6	1	2	0	—
Change in escrow deposits payable	2	−8	10	6	36
Net cash (used in) provided by investing activities	−420	313	384	89	−556
Distributions paid on common stock	−83	−99	−104	−99	−52
Shares canceled for tax withholding on vested stock awards	−4	−5	−3	−1	−3
Repurchase of common stock	−11	−7	0	−18	0
Borrowings from mortgage notes	0	0	34	0	7
Repayment of mortgage notes	−5	−16	−34	−85	−267
Borrowings from master repurchase and credit facilities	615	298	133	771	1,325
Repayment of master repurchase and credit facilities	−322	−665	−321	−337	−955
Borrowing from securitization bonds	0	583	0	0	670
Repayment of securitization bonds	−112	−403	−259	−338	0
Payment of deferred financing costs	−9	−13	−6	−9	−12
Distributions to noncontrolling interests	0	0	−55,000	−204,000	−256
Issuance of common stock	0	16,000	0	—	—
Net cash provided by (used in) financing activities	69	−328	−559	−161	384
Effect of exchange rates on cash, cash equivalents and restricted cash	1	69,000	77,000	−898,000	−764,000
Net increase (decrease) in cash, cash equivalents and restricted cash	−277	89	−37	52	−193
Cash paid for interest	146	174	190	126	76
Cash paid for income taxes, net of refunds	−2	2	268,000	595,000	5
Deconsolidation of assets following foreclosure (refer to Note 4)	−264	0	0	—	—
Deconsolidation of liabilities following foreclosure (refer to Note 4)	241	0	0	—	—
Accrual of distribution payable	21	−21	−26	−26	24
Assets transferred to held for sale	34	0	0	—	—
Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate	−11	−3	−3	0	—
Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate	13	3	0	—	—
Assumption of real estate and consolidation of VIE (refer to Note 4)	227	72	122	—	—
Settlement of loans held for investment, net by real estate, net and assets held for sale	0	0	138	0	0
Right-of-use lease assets and operating lease liabilities	0	4	0	3	5

Filings

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