BrightSpire Capital, Inc. (BRSP) Q2 2025 Earnings Call Transcript
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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BrightSpire Capital Declares $0.16 Dividend per Share for Q4 2025
- Quarterly Dividend Announcement: BrightSpire Capital has declared a dividend of $0.16 per share, payable on January 15, 2026, to shareholders of record as of December 31, 2025, demonstrating the company's ongoing commitment to shareholder returns.
- Shareholder Return Strategy: This dividend payment reflects BrightSpire Capital's stable performance in the commercial real estate credit sector, aimed at boosting investor confidence and attracting more long-term investors.
- Financial Health Indicator: By maintaining consistent dividend distributions, BrightSpire Capital signals its strong financial position, capable of supporting shareholder interests in the face of market volatility and uncertainties.
- Market Positioning Strengthened: As one of the largest publicly traded commercial real estate credit REITs in the U.S., BrightSpire Capital's dividend policy helps solidify its leadership in the industry and attract investors seeking stable income.

Shopoff Secures $17.815 Million Financing to Enhance Cierra Apartments Operations
- Successful Financing: Shopoff Realty Investments secured $17.815 million in senior mortgage financing for its Cierra Apartments in Whittier, California, which will enhance operational flexibility and improve cash flow management capabilities.
- Project Stabilization: Completed in 2023, Cierra Apartments achieved full lease-up within its first year, addressing the increasing residential demand in Southeast Los Angeles and solidifying the company's market position in the area.
- Community Impact: By transforming a former industrial site into a 60-unit apartment complex, Shopoff not only improved living conditions in the area but also positively impacted the surrounding community by boosting local employment and transportation access.
- Strategic Development: The financing, provided by JLL Capital Markets, underscores Shopoff's ongoing efforts in diversifying its investment portfolio and enhancing asset value, positioning the firm for future project sales.






