Revenue has hovered between $77.6M and $87.4M over the past ten quarters while NOI margin swung from 34.9% to 64.8%, with the latest 60.8% margin suggesting credit drag remains highly sensitive to reserve timing.
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 | 336.24M | 331.6M | 347.22M | 392.11M | 358.54M | 323.09M | 424.35M | 549.33M | 473.36M | 163.96M | 141.67M |
| Revenue Growth % | 2.89% | -4.5% | -11.45% | 9.36% | 10.97% | -23.86% | -22.75% | 16.05% | 188.7% | 15.74% | - |
| Property Operating Expenses | 170.64M | 167M | 187.8M | 199.95M | 165.46M | 131.23M | 211.98M | 310.5M | 253.1M | 29M | 26.94M |
| Net Operating Income (NOI) | 165.59M | 164.6M | 159.42M | 192.16M | 193.07M | 191.86M | 212.37M | 238.83M | 220.26M | 134.97M | 114.73M |
| NOI Margin % | 49.25% | 49.64% | 45.91% | 49.01% | 53.85% | 59.38% | 50.05% | 43.48% | 46.53% | 82.31% | 80.99% |
| Operating Expenses | 82.44M | 33.72M | 211.23M | 180.38M | 146.35M | 92.24M | 192.78M | 395.79M | 271.07M | 3.08M | -5.83M |
| G&A Expenses | -8.61M | 0 | 34.64M | 39.5M | 33.03M | 41.74M | 56.29M | 74.33M | 69.82M | 12.67M | 15.44M |
| EBITDA | 112.03M | 167.21M | -11.3M | 45.38M | 80.82M | 136.12M | 79.44M | -53.63M | 40.18M | 141.02M | 120.71M |
| EBITDA Margin % | 33.32% | 50.43% | -3.25% | 11.57% | 22.54% | 42.13% | 18.72% | -9.76% | 8.49% | 86.01% | 85.21% |
| Depreciation & Amortization | 28.88M | 36.34M | 40.51M | 33.61M | 34.1M | 36.5M | 59.85M | 103.32M | 90.99M | 9.14M | 146K |
| D&A / Revenue % | 8.59% | 10.96% | 11.67% | 8.57% | 9.51% | 11.3% | 14.1% | 18.81% | 19.22% | 5.57% | 0.1% |
| Operating Income | 83.15M | 130.88M | -51.81M | 11.77M | 46.73M | 99.62M | 19.59M | -156.95M | -50.81M | 131.88M | 120.56M |
| Operating Margin % | 24.73% | 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 | -47.03M | 56.25M | 55.62M | 9.48M | -31.2M | 34.53M | 222.03M | 284.05M | 69.82M | 21.41M | 26.09M |
| Pretax Income | 11.28M | -52.65M | -134.46M | -14.56M | 49.23M | -98.31M | -386.48M | -496.42M | -140.29M | 130.09M | 110.54M |
| Pretax Margin % | 3.35% | -15.88% | -38.72% | -3.71% | 13.73% | -30.43% | -91.08% | -90.37% | -29.64% | 79.34% | 78.03% |
| Income Tax | -4.54M | -21.5M | 1.06M | 1.06M | 2.44M | 6.28M | -10.9M | 3.17M | 37.06M | 2.21M | 1.52M |
| Effective Tax Rate % | -40.25% | 40.84% | -0.79% | -7.3% | 4.96% | -6.38% | 2.82% | -0.64% | -26.42% | 1.7% | 1.38% |
| Net Income | 19.09M | -31.15M | -131.98M | -15.55M | 45.79M | -101.05M | -353.3M | -414.51M | -168.5M | 88.5M | 76.05M |
| Net Margin % | 5.68% | -9.39% | -38.01% | -3.97% | 12.77% | -31.28% | -83.26% | -75.46% | -35.6% | 53.98% | 53.68% |
| Net Income Growth % | 152.26% | 76.4% | -748.79% | -133.96% | 145.31% | 71.4% | 14.77% | -146% | -290.38% | 16.37% | - |
| Funds From Operations (FFO) | 47.98M | 5.19M | -91.47M | 18.06M | 79.89M | -64.54M | -293.45M | -311.19M | -77.51M | 97.64M | 76.2M |
| FFO Margin % | 14.27% | 1.56% | -26.34% | 4.61% | 22.28% | -19.98% | -69.15% | -56.65% | -16.37% | 59.55% | 53.79% |
| FFO Growth % | 554.97% | 105.67% | -606.44% | -77.39% | 223.77% | 78.01% | 5.7% | -301.47% | -179.38% | 28.14% | - |
| FFO per Share | 0.39 | 0.04 | -0.72 | 0.14 | 0.62 | -0.50 | -2.28 | -2.42 | -0.64 | 0.86 | 0.60 |
| FFO Payout Ratio % | 174.27% | 1599.85% | -108.29% | 575.52% | 124.41% | -80.44% | -17.62% | -69.96% | -239.05% | 306.55% | 160.29% |
| EPS (Diluted) | 0.16 | -0.26 | -1.05 | -0.12 | 0.34 | -0.79 | -2.75 | -3.25 | -1.41 | 0.78 | 0.59 |
| EPS Growth % | 142.64% | 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 | 122.9M | 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 losses persisting
Metrics are mathematically derived from official filings.
Revenue Contraction Amid Credit Cycle
Based on reported figures, BRSP's quarterly revenue has hovered between $77.6M and $87.4M over the past ten quarters, with the latest period showing a 7.3% sequential rise that does not yet reverse the broader downward pattern seen through 2024 and 2025.
The revenue series suggests a portfolio that has been shrinking or repositioning rather than expanding, with the steepest declines occurring during periods of heavy office-loan resolution. The recent uptick may reflect redeployment into multifamily and industrial lending, but a single quarter is insufficient to confirm a durable turn. Investors should monitor whether origination volume can offset repayments and non-accruals.
NOI Margin Volatility Signals Credit Drag
As reported in the income statement, BRSP's NOI margin ranged from 34.9% to 64.8% across the period, with the latest quarter reaching 60.8%, indicating that property-level and spread economics remain highly sensitive to reserve and impairment timing.
The wide margin band appears to reflect lumpy credit provisions and valuation marks rather than steady operating efficiency. A recovery to the mid-60s in the latest quarter is encouraging, yet the 2026Q1 trough near 35% suggests the spread can compress sharply when credit costs spike. This pattern warrants further investigation into whether the recent margin strength is sustainable.
FFO Swings Undermine Dividend Coverage
According to recent SEC filings, BRSP's FFO per share has alternated between negative and positive territory, moving from -$0.46 in 2024Q2 to $0.42 in 2026Q3, leaving coverage of the roughly 4.3% dividend yield highly dependent on the timing of the last two quarters.
Four of the last ten quarters show negative FFO, which implies distributions have at times been funded beyond recurring earnings power. The latest $0.42 per share is a strong reading, but without a sustained run of positive quarters it is difficult to judge dividend safety. Investors should monitor AFFO disclosure, which is absent for most periods, as a further check on payout sustainability.
Latest Recovery May Prove Transitory
Based on BRSP's reported figures, the latest quarter's $51.0M FFO and $46.9M net income stand against a run of losses in 2024Q2, 2024Q4, 2025Q2, and 2025Q4, suggesting the recovery could reflect favorable timing of marks rather than structural improvement.
The most recent EPS of $0.37 is well above the surrounding quarters, and the latest period reversed a sequence of negative results. Without visibility into whether reserve releases or one-time gains contributed, the reading may overstate run-rate earnings power. The FFO Growth figure of 5.2% is also distorted by the very low prior-period base, which limits its informational value.