Operating cash flow of $16.6M to $29.9M remained positive in every quarter and exceeded dividends of about $20.3M in the latest period, though FCF margin of 16.9% and sparse AFFO disclosure leave coverage only partly verifiable.
BrightSpire Capital, Inc. (BRSP) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | 72.21M | 73.03M | 103.41M | 137.62M | 125.28M | -21.27M | 96.36M | 137.18M | 100.72M | 106.98M | 88.51M |
| Operating CF Growth % | -9.79% | -29.38% | -24.86% | 9.86% | 688.98% | -122.07% | -29.76% | 36.19% | -5.85% | 20.87% | - |
| Operating CF / Revenue % | 21.48% | 22.02% | 29.78% | 35.1% | 34.94% | -6.58% | 22.71% | 24.97% | 21.28% | 65.25% | 62.48% |
| Net Income | 19.09M | -38.77M | -135.52M | -15.62M | 46.79M | -104.58M | -375.58M | -462.65M | -177.35M | 127.88M | 109.02M |
| Depreciation & Amortization | 28.88M | 36.34M | 40.51M | 33.61M | 34.1M | 36.5M | 59.85M | 103.32M | 90.99M | 9.14M | 146K |
| Stock-Based Compensation | 12.86M | 12.84M | 11.65M | 14.06M | 7.89M | 14.02M | 4.37M | 10.81M | 7.11M | 0 | 0 |
| Other Non-Cash Items | 21.76M | 95.03M | 187.2M | 108.06M | 41.28M | 52.77M | 404.76M | 513.76M | 147.9M | -23.34M | -21.64M |
| Working Capital Changes | -5.03M | -10.11M | 701K | -1.45M | -2.73M | -19.89M | 3.13M | -23.42M | 3.72M | -8.44M | 985K |
| Cash from Investing | -643.36M | -419.93M | 313.08M | 384.16M | 89.34M | -555.79M | 1B | -416.02M | -467.7M | 439.27M | 199.37M |
| Acquisitions (Net) | -715K | 0 | 0 | 0 | 38.1M | 0 | 0 | 67.36M | 0 | 6.2M | -21.43M |
| Purchase of Investments | -275.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -114.2M | 0 | 0 |
| Sale of Investments | 79.08M | 0 | 0 | 2.16M | 36.15M | 227.01M | 108.37M | 68.74M | 0 | 0 | 0 |
| Other Investing | -444.25M | -419.93M | 313.08M | 382M | 15.08M | -782.8M | 894.38M | -552.12M | -353.5M | 433.38M | 220.87M |
| Cash from Financing | 525.88M | 68.93M | -327.95M | -558.6M | -161.45M | 384.36M | -754.06M | 286.78M | 487.52M | -551.66M | -319.72M |
| Dividends Paid | -83.61M | -83M | -99.06M | -103.95M | -99.39M | -51.92M | -51.71M | -217.72M | -185.29M | -299.32M | -122.13M |
| Common Dividends | -83.61M | -83M | -99.06M | -103.95M | -99.39M | -51.92M | -51.71M | -217.72M | -185.29M | -299.32M | -122.13M |
| Debt Issuance (Net) | 4M | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K |
| Share Repurchases | -40.18M | -14.81M | -11.19M | -2.88M | -44.96M | -2.61M | -1.74M | -1.6M | -659K | 0 | 0 |
| Other Financing | -11.26M | -8.56M | -13.01M | -6.09M | -1.34M | -262.75M | 161.58M | -23.96M | -39.88M | 19.09M | 130.86M |
| Net Change in Cash | -43.97M | -276.86M | 88.61M | -36.74M | 52.27M | -193.47M | 344.35M | 8.22M | 120.36M | -5.41M | -31.84M |
| Exchange Rate Effect | 1.3M | 1.12M | 69K | 77K | -898K | -764K | -690K | 287K | -176K | 0 | 0 |
| Cash at Beginning | 169.72M | 450.7M | 362.09M | 398.83M | 346.56M | 540.03M | 195.68M | 187.46M | 67.11M | 72.51M | 104.35M |
| Cash at End | 177.6M | 173.84M | 450.7M | 362.09M | 398.83M | 346.56M | 540.03M | 195.68M | 187.46M | 67.11M | 72.51M |
| Free Cash Flow | 70.3M | 73.03M | 103.41M | 137.62M | 125.28M | -21.27M | 96.36M | 137.18M | 100.72M | 106.98M | 88.51M |
| FCF Growth % | -14.79% | -29.38% | -24.86% | 9.86% | 688.98% | -122.07% | -29.76% | 36.19% | -5.85% | 20.87% | - |
| FCF / Revenue % | 20.91% | 22.02% | 29.78% | 35.1% | 34.94% | -6.58% | 22.71% | 24.97% | 21.28% | 65.25% | 62.48% |
Quick answers to the most common questions about buying BRSP stock.
BrightSpire Capital, Inc. (BRSP) generated $73.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BrightSpire Capital, Inc. (BRSP) generated $73.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BrightSpire Capital, Inc. (BRSP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, BrightSpire Capital, Inc. (BRSP) returned $83.0M to shareholders via cash dividends and spent $14.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Dividend coverage under pressure
Metrics are mathematically derived from official filings.
AFFO Coverage Thin and Volatile
Based on BRSP's reported figures, AFFO of $49.1M in 2026Q3 covered dividends of $20.3M at roughly 2.4x, but AFFO was not reported in several prior quarters, so sustained coverage cannot be confirmed from the supplied ten-quarter window.
The latest quarter's AFFO-to-dividend ratio appears comfortable, yet the Div/AFFO column shows 2.55 in 2025Q3 and 1.15 in 2024Q3 with blanks elsewhere, which means the coverage picture rests on only a few observations. Because FFO turned negative in multiple quarters, the single strong print may reflect favorable timing of marks rather than a durable run-rate. Investors should monitor whether AFFO remains positive across consecutive quarters before treating the dividend as well covered.
FFO Conversion Erratic Against Operating Cash
As reported in financial statements, BRSP's FFO has swung from -$58.9M in 2024Q2 to $51.0M in 2026Q3 while operating cash flow stayed positive in every quarter, indicating FFO and OCF have diverged materially.
Operating cash flow ranged between $10.5M and $31.3M, which suggests the core lending spread generates steady cash even when FFO is negative. The divergence likely reflects non-cash credit provisions and mark-to-market effects embedded in FFO rather than a failure of cash collection. Analysts should treat OCF as the more stable cash anchor and FFO as a noisier, timing-sensitive measure.
Dividend Funded Largely From Operating Cash
According to recent SEC filings, dividends paid of roughly $20.3M to $26.2M per quarter consumed a large share of quarterly operating cash flow, leaving limited margin for new originations without incremental financing.
Dividends paid exceeded free cash flow in several quarters, including 2024Q2 and 2025Q2 when FCF was $22.9M and $17.4M against $26.0M and $20.8M of distributions. This pattern suggests reliance on balance sheet liquidity or financing activity to maintain the payout, though the supplied data does not disclose the funding source. Investors should monitor financing inflows relative to distributions.
Operating Cash Rebounds Despite Earnings Losses
Based on BRSP's reported figures, operating cash flow of $29.4M in 2026Q2 exceeded net income of -$18.3M by a wide margin, suggesting non-cash charges such as credit provisions are depressing GAAP earnings more than cash collections.
The gap between negative net income and positive OCF in several quarters is consistent with non-cash reserve builds rather than deteriorating collections. However, the data does not include receivable or non-accrual detail, so collection quality cannot be verified directly. Investors should monitor whether OCF weakens if non-accrual balances rise.
Latest Recovery May Prove Transitory
Based on reported figures, the latest quarter's $51.0M FFO and $46.9M net income follow a run of losses in 2024Q2, 2024Q4, 2025Q2, and 2025Q4, which suggests the recovery could reflect timing of marks rather than structural improvement.
A single strong quarter following repeated negative prints is insufficient to establish a new earnings trajectory. The prior income statement analysis already flagged persistent office credit losses, and the latest rebound may not survive another reserve cycle. Investors should treat the 2026Q3 result as a data point to be confirmed rather than a turning point.