Debt-to-equity climbed from 2.30 in 2025Q1 to 3.25 in 2026Q2 before easing to 3.03, leaving a leveraged capital structure with equity of $883.1M against roughly $2.6B of debt.
BrightSpire Capital, Inc. (BRSP) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Assets | 3.67B | 3.56B | 3.72B | 4.2B | 4.75B | 5.64B | 6.21B | 7.41B | 8.66B | 1.84B | 1.8B |
| Asset Growth % | 19.39% | -4.26% | -11.31% | -11.62% | -15.75% | -9.23% | -16.22% | -14.39% | 370.84% | 2.06% | - |
| Real Estate & Other Assets | 25.67M | 692.65M | 786.94M | 814.69M | 740.75M | 793.91M | 851.81M | 1.5B | 1.99B | 477K | 12.43M |
| PP&E (Net) | 413.04M | 19.83M | 23.24M | 22.09M | 25.24M | 24.97M | 22.06M | 25.48M | 0 | 219.74M | 8.94M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 249.1M | 2.82B | 2.86B | 3.3B | 3.93B | 4.73B | 4.89B | 5.18B | 2.2B | 1.4B | 1.63B |
| Cash & Equivalents | 63.6M | 66.79M | 302.17M | 257.51M | 306.32M | 259.72M | 474.82M | 69.62M | 77.32M | 25.2M | 13.98M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 146.01M | 107.05M | 153.69M | 3B | 3.56B | 939.43M | 2.15B | 2.18B | 2.07B | 1.34B | 87.88M |
| Intangible Assets | 3.74M | 27.65M | 47.17M | 46.54M | 41.18M | 64.98M | 75.7M | 112.76M | 134.07M | 11.01M | 0 |
| Total Liabilities | 2.8B | 2.64B | 2.68B | 2.92B | 3.36B | 4.15B | 4.25B | 5.21B | 5.82B | 431.83M | 566.63M |
| Total Debt | 2.63B | 2.49B | 2.52B | 3.66B | 3.19B | 4.87B | 4.66B | 6.08B | 5.59B | 389.66M | 502.41M |
| Net Debt | 2.57B | 2.42B | 2.21B | 3.4B | 2.88B | 4.61B | 4.19B | 6.01B | 5.52B | 364.46M | 488.43M |
| Long-Term Debt | 2.58B | 2.47B | 2.49B | 2.72B | 3.16B | 3.94B | 4.1B | 4.95B | 5.59B | 389.66M | 502.41M |
| Short-Term Borrowings | 52.88M | 0 | 0 | 913.54M | 424K | 905.12M | 535.22M | 1.1B | 193.17M | 0 | 0 |
| Capital Lease Obligations | 65.56M | 20.7M | 24.12M | 26.43M | 25.96M | 25.2M | 22.19M | 25.5M | 0 | 0 | 0 |
| Total Current Liabilities | 52.88M | 144.56M | 157.8M | 174.9M | 79.17M | 170.78M | 119.06M | 191.76M | 1.17B | 42.02M | 64.22M |
| Accounts Payable | 29.24M | 25.57M | 17.83M | 17.57M | 15.09M | 20.17M | 15.08M | 28.28M | 29.15M | 3.53M | 0 |
| Deferred Revenue | 5.95M | 9.66M | 7.85M | 7.22M | 0 | 7.67M | 9.08M | 16.74M | 0 | 481K | 1.72M |
| Other Liabilities | 146.14M | 1.25M | 4.25M | 6.4M | -20.73M | -27.74M | -32.62M | -3.97M | 38.88M | 37.59M | 0 |
| Total Equity | 869.79M | 928.4M | 1.05B | 1.28B | 1.39B | 1.49B | 1.96B | 2.2B | 2.85B | 1.41B | 1.24B |
| Equity Growth % | -47.53% | -11.23% | -18.2% | -7.96% | -6.86% | -23.86% | -11.02% | -22.63% | 102.14% | 13.92% | - |
| Shareholders Equity | 883.09M | 938.43M | 1.05B | 1.28B | 1.39B | 1.46B | 1.67B | 2.12B | 2.71B | 1.08B | 1.23B |
| Minority Interest | -13.3M | -10.03M | -2.41M | 1.13M | 1.26M | 36.03M | 293M | 82.33M | 138.3M | 327.76M | 9.68M |
| Common Stock | 1.25M | 1.29M | 1.3M | 1.3M | 1.29M | 1.3M | 1.29M | 1.28M | 1.28M | 0 | 1.23B |
| Additional Paid-in Capital | 2.84B | 2.86B | 2.87B | 2.86B | 2.85B | 2.86B | 2.84B | 2.91B | 2.9B | 821.03M | 1.23B |
| Retained Earnings | -1.96B | -1.93B | -1.81B | -1.59B | -1.47B | -1.41B | -1.23B | -819.74M | -193.33M | 258.78M | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.52% | -0.85% | -3.33% | -0.35% | 0.88% | -1.71% | -5.19% | -5.16% | -3.21% | 4.86% | 4.22% |
| Return on Equity (ROE) | 2.15% | -3.16% | -11.36% | -1.17% | 3.18% | -5.86% | -16.99% | -16.43% | -7.92% | 6.7% | 6.16% |
| Debt / Assets | 71.81% | 69.87% | 67.56% | 87.07% | 67.16% | 86.45% | 75.02% | 81.95% | 64.59% | 21.18% | 27.88% |
| Debt / Equity | 3.03x | 2.68x | 2.41x | 2.86x | 2.30x | 3.27x | 2.38x | 2.76x | 1.97x | 0.28x | 0.41x |
| Net Debt / EBITDA | 22.94x | 14.50x | - | 74.87x | 35.68x | 33.90x | 52.69x | - | 137.31x | 2.58x | 4.05x |
| Book Value per Share | 7.08 | 7.32 | 8.21 | 10.06 | 10.74 | 11.61 | 15.24 | 17.15 | 23.58 | 12.43 | 9.66 |
Quick answers to the most common questions about buying BRSP stock.
As of 2025, BrightSpire Capital, Inc. (BRSP) had total assets of $3.56B including $2.82B in current assets.
BrightSpire Capital, Inc. (BRSP) carries total debt of $2.49B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BrightSpire Capital, Inc. (BRSP) has total shareholders' equity (book value) of $938.4M ($7.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BrightSpire Capital, Inc. (BRSP) reported a current ratio of 19.52x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Office credit losses persisting
Metrics are mathematically derived from official filings.
Balance Sheet Shrinking Under Credit Stress
According to recent SEC filings, BRSP's total assets declined from roughly $3.8B in 2024Q3 to $3.3B in 2025Q3 before stabilizing near $3.7B, while total liabilities remained elevated at $2.8B, suggesting a contraction-and-repair cycle rather than sustained expansion.
The reported asset base has partially recovered, but the shrinkage through 2025 appears consistent with portfolio runoff and reserve-driven de-risking rather than new origination. Equity compressed from about $1.1B to $883.1M over the period, which may indicate that cumulative credit losses have eroded book value faster than retained earnings can rebuild it. Investors should monitor whether the recent asset rebound reflects new lending or merely timing of loan repayments.
Elevated Debt-to-Equity Limits Flexibility
Based on BRSP's reported figures, debt-to-equity climbed from 2.30 in 2025Q1 to 3.25 in 2026Q2 before easing to 3.03 in 2026Q3, leaving the company with a leverage profile well above its more conservative mortgage REIT peers.
Total debt of roughly $2.6B against $883.1M of equity implies that small changes in collateral values can meaningfully move equity cushions. The leverage ratio appears to have risen partly because equity shrank faster than debt was repaid, which may reflect the cost of absorbing credit losses. This warrants further investigation into the maturity profile and the share of floating-rate or warehouse funding within the debt stack, which the supplied data does not break out.
Book Value Erosion Outpaces Retained Earnings
As reported in financial statements, BRSP's equity fell from about $1.1B in 2024Q3 to $863.0M in 2026Q2, with ROE swinging between -5.9% and +5.5%, suggesting that earnings volatility has been insufficient to rebuild the capital base.
The equity trajectory indicates that negative quarters, particularly 2024Q2 with an FFO loss of $58.9M, have produced capital erosion that subsequent positive quarters have only partly reversed. The latest recovery to $883.1M is encouraging but remains below the 2024 level, which may signal that the market's persistent book value discount reflects genuine skepticism about recoverable value. Investors should treat the latest ROE of 5.5% as a single-quarter observation rather than evidence of durable earnings power.
Cash Buildup Masks Unclear Deployment Plans
According to recent SEC filings, cash rose from $63.6M in 2026Q3 after reaching $169.7M in 2026Q2, while operating cash flow remained positive across quarters, suggesting a liquidity position that is adequate near term but sensitive to timing of repayments.
The cash balance has fluctuated widely, moving from $302.2M in 2024Q4 to $63.6M in the latest quarter, which may indicate active deployment or debt repayment rather than a steady reserve. Positive operating cash flow alongside dividend payments of roughly $20 to $26M per quarter suggests limited surplus for new originations without incremental financing. The supplied data does not disclose revolver capacity or covenant headroom, so liquidity conclusions remain provisional.
Office Exposure Clouds Asset Quality
Based on reported figures, BRSP's net property, plant and equipment was only $413.0M in 2026Q3 after being near zero in 2026Q2, while net income and FFO signals continue to reflect office-related credit charges, suggesting the portfolio's collateral quality remains under pressure.
The sharp swing in net PP&E between quarters likely reflects classification changes or real estate disposition and reclassification rather than a clean operating trend, and the supplied data does not allow those causes to be confirmed. Persistent office valuation weakness, cited in recent context flags, appears to be the main driver of reserve builds that depress GAAP earnings. Investors should monitor the pace at which legacy office exposures are resolved relative to multifamily and industrial additions.
Recovery Quarter May Reflect Timing
Based on BRSP's reported figures, the latest quarter's $51.0M FFO and positive ROE of 5.5% follow multiple loss quarters, which suggests the balance sheet improvement could reflect favorable mark timing rather than a structural turn.
A single strong quarter following a run of negative FFO periods in 2024Q2, 2024Q4, 2025Q2, and 2025Q4 is more consistent with lumpy credit provisions and reserve releases than with sustained recovery. If the recent equity rebound proves transitory, the elevated debt-to-equity ratio of around 3.0 would leave limited room for further markdowns. Investors should examine whether the latest quarter included reserve reversals that may not repeat.