Revenue contracted 4.5% year-over-year to $83.5M in 2026Q2, while NOI margin swung from 58.5% in 2025Q1 to 34.9% in 2026Q1, reflecting earnings instability and credit costs that drove a net loss of $18.3M.
BrightSpire Capital, Inc. (BRSP) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Revenue | 330.31M | 331.6M | 347.22M | 392.11M | 358.54M | 323.09M | 424.35M | 549.33M | 473.36M | 163.96M | 141.67M |
| Revenue Growth % | -0.21% | -4.5% | -11.45% | 9.36% | 10.97% | -23.86% | -22.75% | 16.05% | 188.7% | 15.74% | - |
| Property Operating Expenses | 187.48M | 167M | 187.8M | 199.95M | 165.46M | 131.23M | 211.98M | 310.5M | 253.1M | 29M | 26.94M |
| Net Operating Income (NOI) | 142.82M | 164.6M | 159.42M | 192.16M | 193.07M | 191.86M | 212.37M | 238.83M | 220.26M | 134.97M | 114.73M |
| NOI Margin % | 43.24% | 49.64% | 45.91% | 49.01% | 53.85% | 59.38% | 50.05% | 43.48% | 46.53% | 82.31% | 80.99% |
| Operating Expenses | 85.08M | 33.72M | 211.23M | 180.38M | 146.35M | 92.24M | 192.78M | 395.79M | 271.07M | 3.08M | -5.83M |
| G&A Expenses | -12.78M | 0 | 34.64M | 39.5M | 33.03M | 41.74M | 56.29M | 74.33M | 69.82M | 12.67M | 15.44M |
| EBITDA | 89.73M | 168.22M | -11.3M | 45.38M | 80.82M | 136.12M | 79.44M | -53.63M | 40.18M | 141.02M | 120.71M |
| EBITDA Margin % | 27.17% | 50.73% | -3.25% | 11.57% | 22.54% | 42.13% | 18.72% | -9.76% | 8.49% | 86.01% | 85.21% |
| Depreciation & Amortization | 31.99M | 37.34M | 40.51M | 33.61M | 34.1M | 36.5M | 59.85M | 103.32M | 90.99M | 9.14M | 146K |
| D&A / Revenue % | 9.69% | 11.26% | 11.67% | 8.57% | 9.51% | 11.3% | 14.1% | 18.81% | 19.22% | 5.57% | 0.1% |
| Operating Income | 57.74M | 130.88M | -51.81M | 11.77M | 46.73M | 99.62M | 19.59M | -156.95M | -50.81M | 131.88M | 120.56M |
| Operating Margin % | 17.48% | 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 | 13.6M | 56.25M | 55.62M | 9.48M | -31.2M | 34.53M | 222.03M | 284.05M | 69.82M | 21.41M | 26.09M |
| Pretax Income | -37.37M | -52.65M | -134.46M | -14.56M | 49.23M | -98.31M | -386.48M | -496.42M | -140.29M | 130.09M | 110.54M |
| Pretax Margin % | -11.31% | -15.88% | -38.72% | -3.71% | 13.73% | -30.43% | -91.08% | -90.37% | -29.64% | 79.34% | 78.03% |
| Income Tax | -4.65M | -21.5M | 1.06M | 1.06M | 2.44M | 6.28M | -10.9M | 3.17M | 37.06M | 2.21M | 1.52M |
| Effective Tax Rate % | 12.44% | 40.84% | -0.79% | -7.3% | 4.96% | -6.38% | 2.82% | -0.64% | -26.42% | 1.7% | 1.38% |
| Net Income | -26.86M | -31.15M | -131.98M | -15.55M | 45.79M | -101.05M | -353.3M | -414.51M | -168.5M | 88.5M | 76.05M |
| Net Margin % | -8.13% | -9.39% | -38.01% | -3.97% | 12.77% | -31.28% | -83.26% | -75.46% | -35.6% | 53.98% | 53.68% |
| Net Income Growth % | -8.35% | 76.4% | -748.79% | -133.96% | 145.31% | 71.4% | 14.77% | -146% | -290.38% | 16.37% | - |
| Funds From Operations (FFO) | 5.13M | 6.19M | -91.47M | 18.06M | 79.89M | -64.54M | -293.45M | -311.19M | -77.51M | 97.64M | 76.2M |
| FFO Margin % | 1.55% | 1.87% | -26.34% | 4.61% | 22.28% | -19.98% | -69.15% | -56.65% | -16.37% | 59.55% | 53.79% |
| FFO Growth % | -27.64% | 106.77% | -606.44% | -77.39% | 223.77% | 78.01% | 5.7% | -301.47% | -179.38% | 28.14% | - |
| FFO per Share | 0.04 | 0.05 | -0.72 | 0.14 | 0.62 | -0.50 | -2.28 | -2.42 | -0.64 | 0.86 | 0.60 |
| FFO Payout Ratio % | 1639.72% | 1340.44% | -108.29% | 575.52% | 124.41% | -80.44% | -17.62% | -69.96% | -239.05% | 306.55% | 160.29% |
| EPS (Diluted) | -0.21 | -0.26 | -1.05 | -0.12 | 0.34 | -0.79 | -2.75 | -3.25 | -1.41 | 0.78 | 0.59 |
| EPS Growth % | -6.56% | 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 | 126.71M | 126.88M | 127.44M | 127.06M | 129.3M | 128.5M | 128.55M | 128.39M | 120.68M | 113.27M | 127.89M |
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.
Key Metrics
Top Statement Risk
Office credit deterioration
Metrics are mathematically derived from official filings.
Revenue Contraction Amid Portfolio Reshaping
Revenue declined 4.5% year-over-year to $83.5M in 2026Q2, reflecting portfolio contraction and a strategic shift toward lower-yielding assets, as reported in SEC filings.
The revenue decline appears driven by deliberate de-risking, with the company pivoting from legacy office loans to multifamily and industrial lending. This transition likely reduces overall portfolio yield, as these sectors are highly competitive. Investors should monitor whether the lower revenue base can stabilize as new originations ramp up.
NOI Margin Volatility Signals Stress
NOI margin swung from 58.5% in 2025Q1 to 34.9% in 2026Q1, then recovered to 50.3% in 2026Q2, indicating significant earnings instability, per financial statements.
The wide margin fluctuations suggest that property-level profitability is being impacted by credit loss provisions and valuation marks, which are non-cash but distort NOI. The recovery in 2026Q2 may indicate a temporary stabilization, but the underlying asset quality, particularly in office, remains a concern. The negative net margin of -9.39% in 2026Q2 underscores that credit costs are outweighing operational profitability.
FFO Volatility Masks Core Earnings Power
FFO per share swung from -$0.46 in 2024Q2 to $0.18 in 2024Q3, then to -$0.08 in 2026Q2, reflecting high earnings volatility, as disclosed in quarterly reports.
The erratic FFO pattern suggests that non-cash items, such as CECL provisions and unrealized losses, are dominating distributable earnings. The negative FFO in recent quarters raises questions about dividend sustainability, especially given the 3.0% dividend yield. Investors should focus on adjusted distributable earnings to gauge true cash flow available for dividends.
Depreciation Distortions Obscure True Value
GAAP net income is heavily impacted by depreciation and credit provisions, with net losses of $18.3M in 2026Q2 despite positive NOI, based on reported figures.
The large gap between NOI and net income highlights the significant non-cash charges, including depreciation on real estate and loan loss reserves. For a mortgage REIT, economic depreciation is less relevant than credit losses, but the accounting treatment still distorts earnings. Analysts should adjust for these items to assess the underlying cash-generating ability of the portfolio.
Same-Store Metrics Unavailable, Portfolio Shifts
Same-store NOI data is not disclosed, but revenue trends suggest organic growth is negative, with revenue down 4.5% year-over-year, as per financial filings.
The absence of same-store metrics limits visibility into organic performance, but the overall revenue decline indicates that the portfolio is shrinking or yields are compressing. The strategic pivot toward multifamily and industrial may improve stability but could also lower yields. Investors should monitor occupancy and rental spreads in the net lease segment for signs of organic growth.
Earnings Quality Challenged by Non-Cash Charges
The latest quarter's EPS miss of -$0.15 versus $0.15 estimate suggests credit costs are running ahead of expectations, warranting scrutiny of earnings quality, per analyst reports.
The persistent negative net margin and FFO losses indicate that the company is aggressively reserving for potential losses, particularly in office assets. While this is prudent, it may also signal that the credit cycle has not bottomed. The market's skepticism is reflected in the steep discount to book value, which may be justified if further impairments materialize. Investors should closely monitor the gap between GAAP earnings and distributable cash flow.