Filing Flows › BrightSpire Capital (BRSP) › Q1 2026
BrightSpire Capital (BRSP) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
BrightSpire Capital (BRSP) reported revenue of $85.1M for the first quarter 2026 (Q1 2026), +10% from a year earlier and +2% from the quarter before. Operating margin was 43.0%, net earnings $4.8M (5.7% of revenue).
BrightSpire Capital, Q1 2026: revenue $85.1M (+10% year over year), operating margin 43.0%, net earnings $4.8M, operating cash flow $10.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $85.1M | +2% | +10% |
| Operating profit | $36.6M | +145% | +0.5% |
| Net earnings | $4.8M | — | -9% |
| Operating cash flow | $10.9M | -28% | +4% |
| Free cash flow | $9.3M | +15% | +16% |
What changed
Revenue was $85.1M in Q1 2026, up 10% year over year and up 2% from the previous quarter.
Operating profit was $36.6M, a 43.0% margin (down 4.0 points year over year). Of the extra revenue versus Q1 2025, 2% reached operating profit, below the 47% margin then. Total costs grew 18% against revenue growth of 10%. Net earnings were $4.8M, down 9% year over year ($3.1M including minority interests, which bore $1.7M of losses). The effective tax rate was 2.9%.
Operating cash flow was $10.9M (up 4% year over year), 350% of net income including minority interests. Non-cash charges added back $8.6M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $3.7M. Capital expenditures of $1.6M left free cash flow of $9.3M.
Questions
What was BrightSpire Capital's revenue in the first quarter 2026?
BrightSpire Capital (BRSP) reported revenue of $85.1M for the first quarter 2026 (Q1 2026), +10% from a year earlier and +2% from the quarter before.
Was BrightSpire Capital profitable in the first quarter 2026?
Operating profit was $36.6M (43.0% of revenue) and net earnings $4.8M.