--- title: "BrightSpire Capital | 8-K: FY2026 Q1 EPS: USD 0.03" type: "News" locale: "en" url: "https://longbridge.com/en/news/284442730.md" datetime: "2026-04-28T20:18:31.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284442730.md) - [en](https://longbridge.com/en/news/284442730.md) - [zh-HK](https://longbridge.com/zh-HK/news/284442730.md) --- # BrightSpire Capital | 8-K: FY2026 Q1 EPS: USD 0.03 EPS: As of FY2026 Q1, the actual value is USD 0.03. #### First Quarter 2026 Financial Results BrightSpire Capital, Inc. reported GAAP net income attributable to common stockholders of $4.8 million, or $0.03 per share, for the first quarter of 2026. Distributable Earnings for the quarter were $15.6 million, or $0.12 per share. Adjusted Distributable Earnings reached $18.2 million, or $0.14 per share. #### Segment Revenue - **Total Net Interest Income**: $16,121 thousand for Q1 2026, compared to $15,875 thousand for Q1 2025. - **Loan Portfolio**: $16,941 thousand for Q1 2026. - **Net Leased and Other Real Estate**: - $12 thousand for Q1 2026. - **Corporate and Other**: - $808 thousand for Q1 2026. - **Total Property Operating Income**: $32,654 thousand for Q1 2026, compared to $26,858 thousand for Q1 2025. - **Net Leased and Other Real Estate**: $32,654 thousand for Q1 2026. - **Total Other Income**: $2,971 thousand for Q1 2026, compared to $2,618 thousand for Q1 2025. - **Corporate and Other**: $2,873 thousand for Q1 2026. #### Operational Metrics - **Net Income Attributable to BrightSpire Capital, Inc. Common Stockholders**: $4,845 thousand for Q1 2026, compared to $5,342 thousand for Q1 2025. - **Per Common Share (Basic & Diluted)**: $0.03 for Q1 2026, compared to $0.04 for Q1 2025. - **Net Income (Loss) by Segment (Q1 2026)**: - **Loan Portfolio**: $14,608 thousand. - **Net Leased and Other Real Estate**: $604 thousand. - **Corporate and Other**: - $10,367 thousand. - **Distributable Earnings Attributable to BrightSpire Capital, Inc. Common Stockholders**: $15,568 thousand for Q1 2026, or $0.12 per share. - **Adjusted Distributable Earnings Attributable to BrightSpire Capital, Inc. Common Stockholders**: $18,202 thousand for Q1 2026, or $0.14 per share. - **Total Expenses**: $48,525 thousand for Q1 2026, compared to $41,120 thousand for Q1 2025. - **Property Operating Expense**: $20,078 thousand for Q1 2026, compared to $9,966 thousand for Q1 2025. - **Transaction, Investment and Servicing Expense**: $832 thousand for Q1 2026, compared to $629 thousand for Q1 2025. - **Interest Expense on Real Estate**: $5,091 thousand for Q1 2026, compared to $6,565 thousand for Q1 2025. - **Depreciation and Amortization**: $8,627 thousand for Q1 2026, compared to $10,552 thousand for Q1 2025. - **Increase of Current Expected Credit Loss Reserve**: $1,746 thousand for Q1 2026, compared to a decrease of - $235 thousand for Q1 2025. - **Compensation and Benefits**: $9,056 thousand for Q1 2026, compared to $10,429 thousand for Q1 2025. - **Operating Expense**: $3,095 thousand for Q1 2026, compared to $3,214 thousand for Q1 2025. - **Book Value**: As of March 31, 2026, GAAP net book value was $7.05 per share, and undepreciated book value was $8.24 per share. - **Total At-Share Assets (Undepreciated)**: $3.8 billion as of March 31, 2026. - **Total Loan Portfolio**: $2.7 billion (100 Total Loans) with an average loan size of $27 million and 97% floating-rate. - **Total Liquidity**: $206 million, comprising $58 million of unrestricted cash (or $0.45 per share) and a $120 million fully undrawn corporate revolver. - **Debt-to-Equity Ratio**: 2.4x. - **W.A. All-in Cost of Financing**: 5.55%. - **Total CECL Reserve (General)**: $87.2 million, or $0.67 per share / 306 bps. - **Net Deployment Activity**: $110 million positive net deployment during Q1 2026 and $394 million year-to-date. BrightSpire Capital, Inc. achieved positive net deployment year-to-date, with $311 million of committed capital closed during the first quarter and subsequent periods, and an additional $283 million in-execution. - **Q1 2026 Capital Commitment**: $279 million across 7 new senior loans. - **Subsequent Capital Commitment (post Q1 2026)**: $316 million across 10 new senior loans. - **Q1 2026 Repayment Proceeds**: $169 million across 6 loans. - **Subsequent Repayment Proceeds (post Q1 2026)**: $32 million across 1 loan. - **Loan Portfolio W.A. Risk Ranking**: 3.1 (unchanged from Q4 2025). - **Watch List Loans**: Reduced by approximately 39% year to date, totaling $166 million or 6% of the loan portfolio as of Q1 2026 (compared to $220 million or 8% as of Q4 2025). - **REO Assets**: 6 REO assets totaling $336 million, with one hotel REO asset totaling $143 million (43% of REO). BrightSpire Capital, Inc. sold one REO office property for approximately $26 million of net proceeds and acquired one multifamily property through foreclosure totaling $45 million in Q1 2026. #### Cash Flow The provided reference does not contain specific financial data regarding cash flow, including operating cash flow or free cash flow. #### Dividend and Share Repurchase Program BrightSpire Capital, Inc.’s Board of Directors declared a quarterly cash dividend of $0.16 per share for Q1 2026, paid on April 15, 2026. A new stock repurchase program was authorized on April 22, 2026, allowing the company to repurchase up to $50 million of its outstanding Class A common stock until April 30, 2027, replacing the prior program. #### Outlook / Guidance BrightSpire Capital, Inc. anticipates a decline in watchlist loans by approximately 59%, from $166 million to $67 million, due to expected repayments and sales in Q2 2026. The company also expects REO assets to decline by approximately 20%, from $336 million to $267 million, with sales processes underway for two REO multifamily properties expected to close in Q3 2026. 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