Filing Flows › BrightSpire Capital (BRSP) › Q2 2025
BrightSpire Capital (BRSP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
BrightSpire Capital (BRSP) reported revenue of $85.9M for the second quarter 2025 (Q2 2025), -6% from a year earlier and +11% from the quarter before. Operating margin was -13.4%, net loss $25.2M (29.3% of revenue).
BrightSpire Capital, Q2 2025: revenue $85.9M (-6% year over year), operating margin -13.4%, net loss $25.2M, operating cash flow $17.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $85.9M | +11% | -6% |
| Operating profit | −$11.5M | -132% | — |
| Net earnings | −$25.2M | -571% | — |
| Operating cash flow | $17.4M | +66% | -24% |
| Free cash flow | $11.6M | +45% | -50% |
What changed
Revenue was $85.9M in Q2 2025, down 6% year over year and up 11% from the previous quarter.
Operating costs exceeded revenue by $11.5M, an operating margin of -13.4%. Total costs fell 20% while revenue fell 6%. The quarter ended with a net loss of $25.2M, after a profit of $3.7M the previous quarter. Minority interests bore $2.1M of it: to shareholders the quarter was a loss of $23.1M. Net interest and other expense of $35.3M was the main reason.
Operating cash flow was $17.4M (down 24% year over year). Non-cash charges added back $10.6M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $29.1M. Capital expenditures of $5.9M left free cash flow of $11.6M.
Questions
What was BrightSpire Capital's revenue in the second quarter 2025?
BrightSpire Capital (BRSP) reported revenue of $85.9M for the second quarter 2025 (Q2 2025), -6% from a year earlier and +11% from the quarter before.
Was BrightSpire Capital profitable in the second quarter 2025?
Operating loss was $11.5M (-13.4% of revenue) and net loss $25.2M.