Revenue has contracted from $102.8M in 2023Q4 to $85.1M in 2026Q1, while NOI margins have exhibited significant volatility, dropping to a low of 37.2% in the most recent quarter.
| Revenue | 334.06M | 331.6M | 347.22M | 392.11M | 358.54M | 323.09M | 424.35M | 549.33M | 473.36M | 163.96M | 141.67M |
| Revenue Growth % | -0.33% | -4.5% | -11.45% | 9.36% | 10.97% | -23.86% | -22.75% | 16.05% | 188.7% | 15.74% | - |
| Property Operating Expenses | 194.56M | 167M | 187.8M | 199.95M | 165.46M | 131.23M | 211.98M | 310.5M | 253.1M | 29M | 26.94M |
| Net Operating Income (NOI) | 139.5M | 164.6M | 159.42M | 192.16M | 193.07M | 191.86M | 212.37M | 238.83M | 220.26M | 134.97M | 114.73M |
| NOI Margin % | 41.76% | 49.64% | 45.91% | 49.01% | 53.85% | 59.38% | 50.05% | 43.48% | 46.53% | 82.31% | 80.99% |
| Operating Expenses | 95.9M | 33.72M | 211.23M | 180.38M | 146.35M | 92.24M | 192.78M | 395.79M | 271.07M | 3.08M | -5.83M |
| G&A Expenses | -659K | 0 | 34.64M | 39.5M | 33.03M | 41.74M | 56.29M | 74.33M | 69.82M | 12.67M | 15.44M |
| EBITDA | 78.02M | 168.22M | -11.3M | 45.38M | 80.82M | 136.12M | 79.44M | -53.63M | 40.18M | 141.02M | 120.71M |
| EBITDA Margin % | 23.35% | 50.73% | -3.25% | 11.57% | 22.54% | 42.13% | 18.72% | -9.76% | 8.49% | 86.01% | 85.21% |
| Depreciation & Amortization | 34.41M | 37.34M | 40.51M | 33.61M | 34.1M | 36.5M | 59.85M | 103.32M | 90.99M | 9.14M | 146K |
| D&A / Revenue % | 10.3% | 11.26% | 11.67% | 8.57% | 9.51% | 11.3% | 14.1% | 18.81% | 19.22% | 5.57% | 0.1% |
| Operating Income | 43.6M | 130.88M | -51.81M | 11.77M | 46.73M | 99.62M | 19.59M | -156.95M | -50.81M | 131.88M | 120.56M |
| Operating Margin % | 13.05% | 39.47% | -14.92% | 3% | 13.03% | 30.83% | 4.62% | -28.57% | -10.73% | 80.43% | 85.1% |
| Interest Expense | 4M | 127.28M | 27.03M | 25.91M | 28.72M | 32.28M | 48.86M | 55.41M | 43.44M | 5.09M | 0 |
| Interest Coverage | - | 0.59x | -3.98x | 0.09x | 2.71x | 2.02x | -4.14x | -7.96x | -2.78x | 21.68x | - |
| Non-Operating Income | 59.3M | 56.25M | 55.62M | 9.48M | -31.2M | 34.53M | 222.03M | 284.05M | 69.82M | 21.41M | 26.09M |
| Pretax Income | -59.4M | -52.65M | -134.46M | -14.56M | 49.23M | -98.31M | -386.48M | -496.42M | -140.29M | 130.09M | 110.54M |
| Pretax Margin % | -17.78% | -15.88% | -38.72% | -3.71% | 13.73% | -30.43% | -91.08% | -90.37% | -29.64% | 79.34% | 78.03% |
| Income Tax | -21.69M | -21.5M | 1.06M | 1.06M | 2.44M | 6.28M | -10.9M | 3.17M | 37.06M | 2.21M | 1.52M |
| Effective Tax Rate % | 36.52% | 40.84% | -0.79% | -7.3% | 4.96% | -6.38% | 2.82% | -0.64% | -26.42% | 1.7% | 1.38% |
| Net Income | -31.64M | -31.15M | -131.98M | -15.55M | 45.79M | -101.05M | -353.3M | -414.51M | -168.5M | 88.5M | 76.05M |
| Net Margin % | -9.47% | -9.39% | -38.01% | -3.97% | 12.77% | -31.28% | -83.26% | -75.46% | -35.6% | 53.98% | 53.68% |
| Net Income Growth % | 54.49% | 76.4% | -748.79% | -133.96% | 145.31% | 71.4% | 14.77% | -146% | -290.38% | 16.37% | - |
| Funds From Operations (FFO) | 2.77M | 6.19M | -91.47M | 18.06M | 79.89M | -64.54M | -293.45M | -311.19M | -77.51M | 97.64M | 76.2M |
| FFO Margin % | 0.83% | 1.87% | -26.34% | 4.61% | 22.28% | -19.98% | -69.15% | -56.65% | -16.37% | 59.55% | 53.79% |
| FFO Growth % | 32.22% | 106.77% | -606.44% | -77.39% | 223.77% | 78.01% | 5.7% | -301.47% | -179.38% | 28.14% | - |
| FFO per Share | 0.02 | 0.05 | -0.72 | 0.14 | 0.62 | -0.50 | -2.28 | -2.42 | -0.64 | 0.86 | 0.60 |
| FFO Payout Ratio % | 2247.36% | 1340.44% | -108.29% | 575.52% | 124.41% | -80.44% | -17.62% | -69.96% | -239.05% | 306.55% | 160.29% |
| EPS (Diluted) | -0.25 | -0.26 | -1.05 | -0.12 | 0.34 | -0.79 | -2.75 | -3.25 | -1.41 | 0.78 | 0.59 |
| EPS Growth % | 51.19% | 75.24% | -775% | -135.29% | 143.04% | 71.27% | 15.38% | -130.5% | -280.77% | 32.2% | - |
| EPS (Basic) | - | -0.26 | -1.05 | -0.12 | 0.35 | -0.79 | -2.75 | -3.89 | -1.41 | 0.78 | 0.59 |
| Diluted Shares Outstanding | 128.92M | 126.88M | 127.44M | 127.06M | 129.3M | 128.5M | 128.55M | 128.39M | 120.68M | 113.27M | 127.89M |
Legacy office asset impairment
As reported in financial statements, BrightSpire Capital experienced a revenue decline from $102.8M in 2023Q4 to $85.1M by 2026Q1, reflecting a strategic pivot toward portfolio contraction and the ongoing divestiture of non-core assets to mitigate exposure to distressed commercial real estate sectors.
The downward trajectory in top-line revenue suggests that the company is prioritizing balance sheet preservation over aggressive growth. Investors should monitor whether this contraction is a temporary defensive measure or a structural shift toward a smaller, lower-yielding asset base that may struggle to cover fixed operating costs.
According to recent SEC filings, NOI margins have exhibited significant instability, fluctuating from a high of 64.8% in 2024Q4 to a low of 37.2% in 2026Q1, indicating that property-level operating expenses are becoming increasingly difficult to manage amidst a challenging macroeconomic environment.
The wide variance in NOI margins suggests that the company's cost structure is highly sensitive to occupancy shifts and potential credit-related expenses within its net lease segment. This inconsistency warrants further investigation into whether management can stabilize property-level performance or if rising operating costs will continue to erode the net interest spread.
Based on BRSP's reported figures, FFO per share has remained highly inconsistent, swinging from a negative $0.46 in 2024Q2 to a positive $0.10 in 2026Q1, which highlights the inherent difficulty in maintaining predictable cash flow generation within the current transitional loan portfolio.
The frequent oscillation between positive and negative FFO suggests that non-cash charges and credit loss provisions are heavily impacting the company's ability to generate reliable distributable earnings. Investors should be cautious, as the lack of a consistent FFO trajectory may imply that the current dividend payout is vulnerable to further earnings volatility.
As indicated by the company's historical income statements, the persistent gap between GAAP net income and operational performance suggests that significant CECL reserve builds are masking the underlying cash-generating capacity of the lending platform, complicating the assessment of true economic profitability for shareholders.
The recurring negative net income figures appear to be driven by management's proactive, yet aggressive, approach to reserving for potential loan losses. This strategy may be necessary for long-term solvency, but it makes it difficult to determine if the core lending business is actually profitable on a cash-basis after accounting for credit risk.
Quick answers to the most common questions about buying BRSP stock.
For fiscal year 2025, BrightSpire Capital, Inc. (BRSP) reported total revenue of $331.6M. This represents a 134.1% increase compared to $141.7M in 2016.
BrightSpire Capital, Inc. (BRSP) reported a net loss of $31.1M for the fiscal year ending 2025.
BrightSpire Capital, Inc. (BRSP) reported an operating income of $130.9M, resulting in an operating profit margin of 39.5%. This margin reflects the operational efficiency of the business before interest and taxes.
BrightSpire Capital, Inc. (BRSP) generated $164.6M in gross profit for the year, representing a gross profit margin of 49.6%. This demonstrates the company's core pricing power and production efficiency.