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BrightSpire Capital (BRSP) investor relations material
BrightSpire Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Reported GAAP net income of $1.0 million ($0.01 per share) for Q3 2025, with distributable earnings of $3.3 million ($0.03 per share) and adjusted distributable earnings of $21.2 million ($0.16 per share).
Declared and paid a $0.16 per share dividend for Q3 2025, representing a 12.1% annualized yield.
Maintained a diversified loan portfolio of $2.4 billion across 85 investments, with 97% floating-rate exposure and a weighted average unlevered yield of 7.7%.
Achieved positive net loan originations, reduced watchlist loans, and completed an REO sale during the quarter.
Repurchased 0.2 million shares for $1.0 million at a blended price of $5.33 per share.
Financial highlights
GAAP net book value was $7.53 per share and undepreciated book value was $8.68 per share as of September 30, 2025.
Total liquidity was $280 million, including $87 million in unrestricted cash and $165 million in undrawn revolver capacity.
Debt-to-equity ratio was 1.9x, and debt-to-assets ratio was 63%.
Interest income for Q3 2025 was $48.9 million; interest expense was $31.4 million.
Repurchased 0.9 million shares YTD for $5.0 million; $46.1 million remains under the repurchase program.
Outlook and guidance
Targeting a loan book of approximately $3.5 billion by the end of 2026, requiring $1–1.5 billion in gross originations.
Expecting continued net positive loan originations and increased growth rate in the loan book in coming quarters.
Preparing for a new CLO securitization, with timing and size in line with current market trends.
Plans to continue portfolio and earnings growth through new loan originations and de-risking via watchlist and REO asset resolutions into 2026.
Management highlighted ample liquidity for new loan originations and continued focus on portfolio diversification.
Outlook for dividend growth?
Elaborate on REO and watchlist asset resolution
CRE CLO execution and cost of capital impact?
REO sales timetable and liquidity impact?
Achieving $3.5B loan book target by 2026?
San Jose hotel NOI contribution for 2026?
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Next BrightSpire Capital earnings date
Q4 202518 Feb, 2026
Next BrightSpire Capital earnings date
Q4 202518 Feb, 2026
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Frequently asked questions
BrightSpire Capital Inc. is a commercial real estate finance company that focuses on originating, acquiring, and managing a diversified portfolio of real estate-related investments. The company’s portfolio includes senior and mezzanine loans, preferred equity, and commercial mortgage-backed securities (CMBS). BrightSpire serves clients across various property types, including office, industrial, multifamily, and hospitality. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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