BrightSpire Capital, Inc. (BRSP) Q2 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 30 2025
0mins
Source: SeekingAlpha
GAAP net loss attributable to common stockholders $23.1 million or $0.19 per share, a decrease year-over-year due to specific reserves and impairments.
Distributable earnings (DE) $3.4 million or $0.03 per share, impacted by specific reserves of approximately $19.5 million.
Adjusted distributable earnings $22.9 million or $0.18 per share, an increase from $0.16 in the first quarter, driven by loan originations and operating income from the San Jose Hotel.
Current liquidity $325 million, including $106 million in unrestricted cash, reflecting a stable liquidity position.
GAAP net book value $7.65 per share, a decrease from $7.92 per share in the first quarter due to impairments and deconsolidation of assets.
Undepreciated book value $8.75 per share, unchanged quarter-over-quarter, as impairments had no impact on this metric.
Loan portfolio $2.4 billion across 81 loans, with a net growth of approximately 3% or $70 million during the quarter.
Watch list loan exposure Reduced by nearly 50% from $396 million to $202 million, driven by foreclosures and upgrades of certain loans.
REO portfolio $379 million in undepreciated gross book value, with a debt-to-assets ratio of approximately 31%.
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Analyst Views on BRSP
Wall Street analysts forecast BRSP stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for BRSP is 5.25 USD with a low forecast of 5.00 USD and a high forecast of 5.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
0 Buy
0 Hold
2 Sell
Moderate Sell
Current: 6.140
Low
5.00
Averages
5.25
High
5.50
Current: 6.140
Low
5.00
Averages
5.25
High
5.50
About BRSP
BrightSpire Capital, Inc. is a commercial real estate (CRE) credit real estate investment trust. The Company is focused on originating, acquiring, financing and managing a diversified portfolio, consisting primarily of CRE debt investments and net leased properties predominantly in the United States. The Company's segments include Senior and Mezzanine Loans and Preferred Equity, Net Leased and Other Real Estate, and Corporate and Other. The Senior and Mezzanine Loans and Preferred Equity segment has CRE debt investments, including senior loans, mezzanine loans, and preferred equity interests, as well as participation in such loans. The Net Leased and Other Real Estate segment includes direct investments in commercial real estate with long-term leases to tenants on a net lease basis. The Corporate and Other includes corporate-level asset management and other fees. The Company has offices in New York and Los Angeles, California.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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