BrightSpire Capital, Inc.BRSP
BrightSpire Capital, Inc. Segments Disclosure
Segment Reporting
The Company presents its business through three operating and reportable segments described below and is how management views the business activities of the Company.
•Senior and Mezzanine Loans and Preferred Equity—CRE debt investments including senior and mezzanine loans, and preferred equity interests as well as participations in such loans.
•Net Leased and Other Real Estate—direct investments in CRE with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. It also includes other real estate, currently consisting of one investment with direct ownership in commercial real estate and four additional properties that the Company acquired through foreclosure or deed-in-lieu of foreclosure and two properties that the Company consolidates as the primary beneficiary.
•Corporate and Other—includes corporate-level asset management and other fees including expenses related to the Company’s secured revolving credit facility (the “Bank Credit Facility”) and compensation and benefits. It also includes money market income on its cash balances and a sub-portfolio of private equity funds.
U.S. GAAP defines the Chief Operating Decision Maker (“CODM”) as the person or persons who perform the function of allocating resources to and assessing the performance of segments of a public entity. The Company has identified the CODM as its Chief Executive Officer, who is responsible for making key operating decisions of the Company. The CODM reviews net income (loss) for each of the three operating segments on the Company’s consolidated statements of operations to make decisions, allocate resources, and assess segment performance.
The Company primarily generates revenue from net interest income on the loan portfolio and rental and other income from its net leased and multi-tenant office assets. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage.
The following tables present the relevant financial information for the reportable segments for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
| Senior and Mezzanine Loans and Preferred Equity | Net Leased and Other Real Estate | Corporate and Other | Total | |||||||||||||||||||||||
| Year Ended December 31,2025 | ||||||||||||||||||||||||||
| Interest income | $ | 194,710 | $ | 43 | $ | 135 | $ | 194,888 | ||||||||||||||||||
| Interest expense | (125,701) | (158) | (1,416) | (127,275) | ||||||||||||||||||||||
| Property and other income | — | 128,587 | 7,112 | 135,699 | ||||||||||||||||||||||
| Property operating expense | — | (65,915) | — | (65,915) | ||||||||||||||||||||||
| Transaction, investment and servicing expense | (2,025) | (70) | (602) | (2,697) | ||||||||||||||||||||||
| Interest expense on real estate | — | (23,707) | — | (23,707) | ||||||||||||||||||||||
| Depreciation and amortization | — | (36,206) | (130) | (36,336) | ||||||||||||||||||||||
| Increase of current expected credit loss reserve | (24,001) | — | — | (24,001) | ||||||||||||||||||||||
| Impairment of operating real estate | — | (61,620) | — | (61,620) | ||||||||||||||||||||||
| Compensation and benefits | — | — | (34,986) | (34,986) | ||||||||||||||||||||||
| Operating expense | 26 | (12) | (12,081) | (12,067) | ||||||||||||||||||||||
| Other gain (loss), net | 56 | (2,320) | 12 | (2,252) | ||||||||||||||||||||||
| Income (loss) before income taxes | 43,065 | (61,379) | (41,955) | (60,269) | ||||||||||||||||||||||
| Income tax benefit (expense) | (229) | 21,759 | (29) | 21,501 | ||||||||||||||||||||||
| Net income (loss) | $ | 42,836 | $ | (39,620) | $ | (41,983) | $ | (38,768) | ||||||||||||||||||
| Senior and Mezzanine Loans and Preferred Equity | Net Leased and Other Real Estate | Corporate and Other | Total | |||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||
| Interest income | $ | 244,159 | $ | 342 | $ | 272 | $ | 244,773 | ||||||||||||||||||
| Interest expense | (152,417) | (272) | (1,221) | (153,910) | ||||||||||||||||||||||
| Property and other income | 157 | 102,587 | 11,288 | 114,032 | ||||||||||||||||||||||
| Property operating expense | — | (33,887) | — | (33,887) | ||||||||||||||||||||||
| Transaction, investment and servicing expense | (1,497) | (32) | (112) | (1,641) | ||||||||||||||||||||||
| Interest expense on real estate | — | (27,026) | — | (27,026) | ||||||||||||||||||||||
| Depreciation and amortization | — | (40,382) | (124) | (40,506) | ||||||||||||||||||||||
| Increase of current expected credit loss reserve | (135,798) | — | — | (135,798) | ||||||||||||||||||||||
| Impairment of operating real estate | — | (54,211) | — | (54,211) | ||||||||||||||||||||||
| Compensation and benefits | — | — | (34,644) | (34,644) | ||||||||||||||||||||||
| Operating expense | (4) | (63) | (11,800) | (11,867) | ||||||||||||||||||||||
| Other gain, net | — | 228 | — | 228 | ||||||||||||||||||||||
| Loss before equity in earnings of unconsolidated ventures and income taxes | (45,400) | (52,716) | (36,341) | (134,457) | ||||||||||||||||||||||
| Income tax expense | (97) | (963) | — | (1,060) | ||||||||||||||||||||||
| Net loss | $ | (45,497) | $ | (53,679) | $ | (36,341) | $ | (135,517) | ||||||||||||||||||
| Senior and Mezzanine Loans and Preferred Equity | Net Leased and Other Real Estate | Corporate and Other | Total | |||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||
| Interest income | $ | 298,512 | $ | 71 | $ | 119 | $ | 298,702 | ||||||||||||||||||
| Interest expense | (171,984) | (116) | (1,209) | (173,309) | ||||||||||||||||||||||
| Property and other income | (19) | 94,738 | 12,605 | 107,324 | ||||||||||||||||||||||
| Property operating expense | — | (26,640) | — | (26,640) | ||||||||||||||||||||||
| Transaction, investment and servicing expense | (1,696) | (244) | (559) | (2,499) | ||||||||||||||||||||||
| Interest expense on real estate | — | (25,909) | — | (25,909) | ||||||||||||||||||||||
| Depreciation and amortization | — | (33,321) | (183) | (33,504) | ||||||||||||||||||||||
| Increase of current expected credit loss reserve | (108,149) | — | — | (108,149) | ||||||||||||||||||||||
| Impairment of operating real estate | — | (7,590) | — | (7,590) | ||||||||||||||||||||||
| Compensation and benefits | — | — | (39,501) | (39,501) | ||||||||||||||||||||||
| Operating expense | (15) | (19) | (13,116) | (13,150) | ||||||||||||||||||||||
| Other gain, net | — | 613 | — | 613 | ||||||||||||||||||||||
| Income (loss) before equity in earnings of unconsolidated ventures and income taxes | $ | 16,649 | $ | 1,583 | $ | (41,844) | $ | (23,612) | ||||||||||||||||||
| Equity in earnings of unconsolidated ventures | 9,055 | — | — | 9,055 | ||||||||||||||||||||||
| Income tax expense | (290) | (555) | (217) | (1,062) | ||||||||||||||||||||||
| Net income (loss) | $ | 25,414 | $ | 1,028 | $ | (42,061) | $ | (15,619) | ||||||||||||||||||
The following table presents total assets by segment as of December 31, 2025 and December 31, 2024 (dollars in thousands):
| Total Assets | Senior and Mezzanine Loans and Preferred Equity | Net Leased and Other Real Estate | Corporate and Other(1) | Total | ||||||||||||||||||||||
| December 31, 2025 | $ | 2,689,862 | $ | 800,394 | $ | 74,574 | $ | 3,564,830 | ||||||||||||||||||
| December 31, 2024 | 2,533,770 | 888,029 | 301,679 | 3,723,478 | ||||||||||||||||||||||
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(1)Includes PE Investments totaling $2.1 million and $2.2 million as of December 31, 2025 and December 31, 2024, respectively, and cash, unallocated receivables and deferred costs and other assets, net.
Geography
Geography is generally defined as the location in which the income producing assets reside or the location in which income generating services are performed. Geography information on total income includes equity in earnings of unconsolidated ventures. Geography information on total income and long-lived assets are presented as follows (dollars in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Total income by geography: | ||||||||||||||||||||
| United States | $ | 321,090 | $ | 340,314 | $ | 396,365 | ||||||||||||||
| Norway | 9,497 | 18,491 | 18,716 | |||||||||||||||||
Total(1) | $ | 330,587 | $ | 358,805 | $ | 415,081 | ||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Long-lived assets by geography: | ||||||||||||||
| United States | $ | 707,425 | $ | 649,728 | ||||||||||
| Norway | — | 174,865 | ||||||||||||
Total(2) | $ | 707,425 | $ | 824,593 | ||||||||||
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(1)Includes interest income and property and other income.
(2)Long-lived assets are comprised of real estate and real estate-related intangible assets, and exclude financial instruments and assets held for sale.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.