BrightSpire Capital
BRSP on NYSE. BrightSpire Capital provides loans to commercial property owners and leases space to tenants. Market value $477m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $15.38 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 2 cents a year. Above 10 is good.
Quality score: 49 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$3.79 a share, at its 1-year low
Over the past year the price has ranged from $3.72 to $6.16.
Dividend: 17.3% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $194m | $365m | $415m | $359m | $331m |
| Operating margin | |||||
| Operating margin | 45.4% | 44.2% | 36.1% | -29.9% | -11.1% |
| Debt to equity | |||||
| Debt to equity | 2.18 | 2.28 | 2.13 | 2.38 | 2.63 |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.13bn | 0.13bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positive2 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt2.63× equity
- Revenue growth, five yearsSlow, 2.6% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $84 million last quarter, down 3% on a year ago.
- A loss of $18 million, compared with a loss of $23 million a year ago.
- Spare cash over the past 12 months: $74 million, up from $72 million.
- About the same number of shares as a year ago.
- Debt is $2.7 billion more than cash, up from $2.1 billion a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $88m |
| December 2024 | $83m |
| March 2025 | $78m |
| June 2025 | $86m |
| September 2025 | $84m |
| December 2025 | $83m |
| March 2026 | $85m |
| June 2026 | $84m |
| Quarter to | Amount |
|---|---|
| September 2024 | $13m |
| December 2024 | -$20m |
| March 2025 | $5m |
| June 2025 | -$23m |
| September 2025 | $984,000 |
| December 2025 | -$14m |
| March 2026 | $5m |
| June 2026 | -$18m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 230 funds in all.
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $7m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $7m | <0.1% |
Largest holders overall
- BlackRock$58mCut
- Vanguard Capital Management$30m
- Private Management Group$27m
- Nomura Holdings$21mCut
- Mirae Asset Global Etfs Holdings$20mAdded
- State Street$18m
- Geode Capital Management$18mAdded
- Punch & Associates Investment Management$13mAdded
- Millennium Management$11mAdded
- Waterfall Asset Management$11mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%; 1 of them is pushing for change.
- CWRE SSF Securities Holding, LPActivistat least 8.7%+0.1 pts(filed with 3 related holders)Since 23 September 2026
What they said
The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the…
Read the filing - SW Investment Advisors, LLCPassive investor8.6%Since 11 May 2026
- Vanguard Capital ManagementPassive investorSold down below 5%Since 30 June 2026
- Nut Tree Capital Management, LPPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
CWRE SSF Securities Holding, LP Activist | at least 8.7%+0.1 pts (filed with 3 related holders) | 23 September 2026 | What they saidThe Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the… Read the filing |
SW Investment Advisors, LLC Passive investor | 8.6% | 11 May 2026 | |
Vanguard Capital Management Passive investor | Sold down below 5% | 30 June 2026 | |
Nut Tree Capital Management, LP Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 9 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“As a result of this competitive selection process, on February 24, 2025, the Audit Committee approved (i) the appointment of Deloitte & Touche LLP (“Deloitte”) to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, and (ii) the dismissal of E&Y as the Company’s independent registered public accounting firm, effective February 24, 2025.”
From an 8-K filed 27 February 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.6× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.