Q3 2026 Revenue up 4% year over year to $87.4M · 54¢ of every $1 of revenue kept as net profit · operating margin 28.4%
BrightSpire Capital made $87.4M in Q3 2026 (+4% Y/Y). Operating margin 28.4%, net earnings $46.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Revenue$87.4M
Year over year+4%
Operating margin28.4%
Net earnings$46.9M
Operating cash flow$16.6M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $87.4M in Q3 2026, up 4% year over year and up 5% from the previous quarter.
Operating profit was $24.8M, a 28.4% margin (down 6.6 points year over year). Operating profit fell $4.6M even though revenue rose $3.4M versus Q3 2025, so costs grew faster than sales. Total costs grew 15% against revenue growth of 4%. Net earnings were $46.9M, up 4670% year over year. The effective tax rate was 0.0%. Non-operating items added $22.4M, 47% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $16.6M (down 44% year over year), 35% of net earnings. Non-cash charges added back $4.1M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items used $38.3M. Capital expenditures of $1.9M left free cash flow of $14.7M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 28, 2026
$87.4M
+4%
28.4%
$46.9M
$16.6M
Q2 2026
10-Q
Jul 29, 2026
$83.5M
-3%
18.3%
−$20.2M
$29.4M
Q1 2026
10-Q
Apr 29, 2026
$85.1M
+10%
43.0%
$4.8M
$10.9M
Q4 2025
10-K
Feb 18, 2026
$83.2M
-0.4%
18.0%
−$16.0M
$15.2M
Q3 2025
10-Q
Oct 29, 2025
$83.9M
-5%
35.0%
−$1.3M
$29.9M
Q2 2025
10-Q
Jul 30, 2025
$85.9M
-6%
-13.4%
−$25.2M
$17.4M
Q1 2025
10-Q
Apr 30, 2025
$77.6M
-19%
47.0%
$5.3M
$10.5M
Charts
Latest (Q3 2026): Y/Y +4%, Q/Q +5%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $47.2M, Operating cash flow $16.6M.-1.3% since FY2020: buybacks shrank the count.Cash $66.8M, short-term investments —, long-term debt $2.5B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
References to “we,” “us,” “our,” or the “Company” refer to BrightSpire Capital, Inc., a Maryland corporation, together with its consolidated subsidiaries, unless the context specifically requires otherwise. References to the “OP” refer to BrightSpire Capital Operating Company, LLC a Delaware limited liability company, the operating company of the Company. We are an internally-managed commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties. CRE debt investments primarily consist of senior mortgage loans, which is our primary investment strategy. Additionally, we may also selectively originate mezzanine loans and preferred equity investments, which may include profit participations.
In its own words, from its 10-K, filed Feb 18, 2026.
BrightSpire Capital against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +11%. Operating margin: 28.4% against the peers' median 20.6%.