Filing Flows › BrightSpire Capital (BRSP) › Q3 2025
BrightSpire Capital (BRSP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
BrightSpire Capital (BRSP) reported revenue of $83.9M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -2% from the quarter before. Operating margin was 35.0%, net loss $1.3M (1.6% of revenue).
BrightSpire Capital, Q3 2025: revenue $83.9M (-5% year over year), operating margin 35.0%, net loss $1.3M, operating cash flow $29.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $83.9M | -2% | -5% |
| Operating profit | $29.4M | — | — |
| Net earnings | −$1.3M | — | — |
| Operating cash flow | $29.9M | +71% | -4% |
| Free cash flow | $27.4M | +137% | -3% |
What changed
Revenue was $83.9M in Q3 2025, down 5% year over year and down 2% from the previous quarter.
Operating profit was $29.4M, a 35.0% margin (down 22.3 points year over year). Total costs grew 45% against a revenue fall of 5%. The quarter ended with a net loss of $1.3M, narrower than the previous quarter's $25.2M loss. Minority interests bore $2.3M of it: to shareholders the quarter was a profit of $1.0M. Net interest and other expense of $30.8M was the main reason.
Operating cash flow was $29.9M (down 4% year over year). Non-cash charges added back $7.2M of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items added $21.2M. Capital expenditures of $2.4M left free cash flow of $27.4M.
Questions
What was BrightSpire Capital's revenue in the third quarter 2025?
BrightSpire Capital (BRSP) reported revenue of $83.9M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -2% from the quarter before.
Was BrightSpire Capital profitable in the third quarter 2025?
Operating profit was $29.4M (35.0% of revenue) and net loss $1.3M.