The company has undergone a dramatic shift in capital structure, with the debt-to-equity ratio compressing from 2.86 in 2023Q4 to 0.46 by 2026Q1, potentially signaling a forced deleveraging process.
| Total Assets | 3.65B | 3.56B | 3.72B | 4.2B | 4.75B | 5.64B | 6.21B | 7.41B | 8.66B | 1.84B | 1.8B |
| Asset Growth % | -25.18% | -4.26% | -11.31% | -11.62% | -15.75% | -9.23% | -16.22% | -14.39% | 370.84% | 2.06% | - |
| Real Estate & Other Assets | 0 | 692.65M | 786.94M | 814.69M | 740.75M | 793.91M | 851.81M | 1.5B | 1.99B | 477K | 12.43M |
| PP&E (Net) | 0 | 19.83M | 23.24M | 22.09M | 25.24M | 24.97M | 22.06M | 25.48M | 0 | 219.74M | 8.94M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 147.07M | 2.82B | 2.86B | 3.3B | 3.93B | 4.73B | 4.89B | 5.18B | 2.2B | 1.4B | 1.63B |
| Cash & Equivalents | 96.56M | 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 | 0 | 107.05M | 153.69M | 3B | 3.56B | 939.43M | 2.15B | 2.18B | 2.07B | 1.34B | 87.88M |
| Intangible Assets | 28.14M | 27.65M | 47.17M | 46.54M | 41.18M | 64.98M | 75.7M | 112.76M | 134.07M | 11.01M | 0 |
| Total Liabilities | 2.74B | 2.64B | 2.68B | 2.92B | 3.36B | 4.15B | 4.25B | 5.21B | 5.82B | 431.83M | 566.63M |
| Total Debt | 412.81M | 2.49B | 2.52B | 3.66B | 3.19B | 4.87B | 4.66B | 6.08B | 5.59B | 389.66M | 502.41M |
| Net Debt | 316.25M | 2.42B | 2.21B | 3.4B | 2.88B | 4.61B | 4.19B | 6.01B | 5.52B | 364.46M | 488.43M |
| Long-Term Debt | 0 | 2.47B | 2.49B | 2.72B | 3.16B | 3.94B | 4.1B | 4.95B | 5.59B | 389.66M | 502.41M |
| Short-Term Borrowings | 412.81M | 0 | 0 | 913.54M | 424K | 905.12M | 535.22M | 1.1B | 193.17M | 0 | 0 |
| Capital Lease Obligations | 43.14M | 20.7M | 24.12M | 26.43M | 25.96M | 25.2M | 22.19M | 25.5M | 0 | 0 | 0 |
| Total Current Liabilities | 412.81M | 144.56M | 157.8M | 174.9M | 79.17M | 170.78M | 119.06M | 191.76M | 1.17B | 42.02M | 64.22M |
| Accounts Payable | 0 | 25.57M | 17.83M | 17.57M | 15.09M | 20.17M | 15.08M | 28.28M | 29.15M | 3.53M | 0 |
| Deferred Revenue | 0 | 9.66M | 7.85M | 7.22M | 0 | 7.67M | 9.08M | 16.74M | 0 | 481K | 1.72M |
| Other Liabilities | 2.33B | 1.25M | 4.25M | 6.4M | -20.73M | -27.74M | -32.62M | -3.97M | 38.88M | 37.59M | 0 |
| Total Equity | 906.17M | 928.4M | 1.05B | 1.28B | 1.39B | 1.49B | 1.96B | 2.2B | 2.85B | 1.41B | 1.24B |
| Equity Growth % | -44.31% | -11.23% | -18.2% | -7.96% | -6.86% | -23.86% | -11.02% | -22.63% | 102.14% | 13.92% | - |
| Shareholders Equity | 917.92M | 938.43M | 1.05B | 1.28B | 1.39B | 1.46B | 1.67B | 2.12B | 2.71B | 1.08B | 1.23B |
| Minority Interest | -11.75M | -10.03M | -2.41M | 1.13M | 1.26M | 36.03M | 293M | 82.33M | 138.3M | 327.76M | 9.68M |
| Common Stock | 0 | 1.29M | 1.3M | 1.3M | 1.29M | 1.3M | 1.29M | 1.28M | 1.28M | 0 | 1.23B |
| Additional Paid-in Capital | 0 | 2.86B | 2.87B | 2.86B | 2.85B | 2.86B | 2.84B | 2.91B | 2.9B | 821.03M | 1.23B |
| Retained Earnings | -1.94B | -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) | -0.91% | -0.85% | -3.33% | -0.35% | 0.88% | -1.71% | -5.19% | -5.16% | -3.21% | 4.86% | 4.22% |
| Return on Equity (ROE) | -3.34% | -3.16% | -11.36% | -1.17% | 3.18% | -5.86% | -16.99% | -16.43% | -7.92% | 6.7% | 6.16% |
| Debt / Assets | 11.32% | 69.87% | 67.56% | 87.07% | 67.16% | 86.45% | 75.02% | 81.95% | 64.59% | 21.18% | 27.88% |
| Debt / Equity | 0.46x | 2.68x | 2.41x | 2.86x | 2.30x | 3.27x | 2.38x | 2.76x | 1.97x | 0.28x | 0.41x |
| Net Debt / EBITDA | 4.05x | 14.41x | - | 74.87x | 35.68x | 33.90x | 52.69x | - | 137.31x | 2.58x | 4.05x |
| Book Value per Share | 7.03 | 7.32 | 8.21 | 10.06 | 10.74 | 11.61 | 15.24 | 17.15 | 23.58 | 12.43 | 9.66 |
Legacy office asset impairment
As reported in financial statements, BRSP has aggressively reduced its total debt from $3.7B in 2023Q4 to $412.8M by 2026Q1, signaling a strategic pivot toward a smaller, more defensive balance sheet as the company attempts to navigate ongoing volatility in its commercial real estate lending portfolio.
The dramatic reduction in total debt suggests management is prioritizing liquidity and risk mitigation over asset growth. This contraction appears to be a direct response to the challenges of managing legacy office exposures, though it leaves the company with a significantly smaller footprint to generate future interest income.
Based on BRSP's reported figures, the debt-to-equity ratio plummeted from 2.86 in 2023Q4 to 0.46 in 2026Q1, reflecting a substantial shift in capital structure that may indicate a forced deleveraging process rather than a proactive optimization of the company's long-term financing strategy.
While the lower leverage ratio may appear to improve the balance sheet's risk profile, it also limits the company's ability to generate returns on equity in a competitive lending environment. Investors should monitor whether this deleveraging is sustainable or if it reflects a lack of viable investment opportunities in the current market.
According to recent SEC filings, cash reserves have fluctuated significantly, dropping from $306.2M in 2024Q1 to $96.6M in 2026Q1, which may indicate that the company is utilizing its cash buffer to support operations or manage potential credit losses within its existing loan portfolio.
The decline in cash reserves warrants further investigation into the company's ability to fund future originations or meet potential margin calls on its remaining debt facilities. The current liquidity position appears adequate for immediate needs but may lack the depth required to pursue aggressive growth or navigate prolonged market stress.
As indicated by the company's historical balance sheets, the persistent gap between total assets and the underlying value of the loan portfolio suggests that potential impairments in the office segment may not be fully reflected in the current book value of the company's equity.
The reliance on internal valuations for non-performing or transitional loans may mask the true extent of credit deterioration. If the market continues to discount the portfolio based on office sector distress, the company may face further pressure on its book value, regardless of the reported equity figures.
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.