Filing Flows › BrightSpire Capital (BRSP) › Q1 2025
BrightSpire Capital (BRSP) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
BrightSpire Capital (BRSP) reported revenue of $77.6M for the first quarter 2025 (Q1 2025), -19% from a year earlier and -7% from the quarter before. Operating margin was 47.0%, net earnings $5.3M (6.9% of revenue).
BrightSpire Capital, Q1 2025: revenue $77.6M (-19% year over year), operating margin 47.0%, net earnings $5.3M, operating cash flow $10.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $77.6M | -7% | -19% |
| Operating profit | $36.4M | +127% | — |
| Net earnings | $5.3M | — | — |
| Operating cash flow | $10.5M | -57% | -57% |
| Free cash flow | $8.0M | -67% | -64% |
What changed
Revenue was $77.6M in Q1 2025, down 19% year over year and down 7% from the previous quarter.
Operating profit was $36.4M, a 47.0% margin (up 64.8 points year over year). Total costs fell 64% while revenue fell 19%. Net earnings were $5.3M ($3.7M including minority interests, which bore $1.6M of losses). The effective tax rate was 7.1%.
Operating cash flow was $10.5M (down 57% year over year), 283% of net income including minority interests. Non-cash charges added back $10.6M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items used $8.0M. Capital expenditures of $2.5M left free cash flow of $8.0M.
Questions
What was BrightSpire Capital's revenue in the first quarter 2025?
BrightSpire Capital (BRSP) reported revenue of $77.6M for the first quarter 2025 (Q1 2025), -19% from a year earlier and -7% from the quarter before.
Was BrightSpire Capital profitable in the first quarter 2025?
Operating profit was $36.4M (47.0% of revenue) and net earnings $5.3M.