BrightSpire Capital, Inc.
brightspire.comWhat Do They Do?
Primarily lends to commercial property developers and owners through first-mortgage loans; it also invests in other property loans and equity and owns commercial properties leased to tenants.
10-K for FY2025, filed Feb 18, 2026We are an internally-managed commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring…View ↗
These loans are secured by a first mortgage lien on a commercial property and provide mortgage financing to a commercial property developer…View ↗
Mezzanine Loans. We may originate or acquire mezzanine loans, which are structurally subordinate to senior loans, but senior to the…View ↗
How Do They Make Money?
Commercial tenants generate rental income under long-term leases and reimburse property costs when those costs arise; hotel income comes from room stays, food and other services when provided. Rent is earned across lease terms.
10-K for FY2025, filed Feb 18, 2026We are an internally-managed commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring…View ↗
Mezzanine Loans. We may originate or acquire mezzanine loans, which are structurally subordinate to senior loans, but senior to the…View ↗
Rental Income—Rental income is recognized on a straight-line basis over the non-cancellable term of the related lease, together with…View ↗
Tenant Reimbursements—In net lease arrangements, the tenant is generally responsible for operating expenses related to the property…View ↗
Hotel Operating Income—Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is…View ↗
$330.6M
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10-K for FY2025, filed Feb 18, 2026
$330.6M ↗
Who Are Their Customers?
Commercial property developers and owners borrow against commercial properties, while tenants rent the company’s net-leased properties.
10-K for FY2025, filed Feb 18, 2026
Do Revenues Turn Into Profits?
No. It lost $31.1M in FY2025.
10-K for FY2025, filed Feb 18, 2026
−$31.1MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
−$18.3MView ↗
- ▼ −21% (Loss)
- vs −$23.1M in Q2 FY2025
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Sep 14, 2026
Completed sale of two net-leased industrial properties
The sale consideration totaled $300.0 million, including assumed loans and $97.9 million in cash net of expenses.
Sources
8-K, filed Sep 16, 2026
On September 14, 2026, the Sellers completed the sale of the Net Lease 1 Investment. The consideration for the sale of the Net Lease 1…View ↗
Growing. Revenue grew 70% in 4 years, from $194.3M in FY2021 to $330.6M in FY2025, about 14% a year.
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