Filing Flows › BrightSpire Capital (BRSP) › Q3 2026
BrightSpire Capital (BRSP) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 28, 2026
BrightSpire Capital (BRSP) reported revenue of $87.4M for the third quarter 2026 (Q3 2026), +4% from a year earlier and +5% from the quarter before. Operating margin was 28.4%, net earnings $46.9M (53.7% of revenue).
BrightSpire Capital, Q3 2026: revenue $87.4M (+4% year over year), operating margin 28.4%, net earnings $46.9M, operating cash flow $16.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $87.4M | +5% | +4% |
| Operating profit | $24.8M | +62% | -16% |
| Net earnings | $46.9M | — | 48× |
| Operating cash flow | $16.6M | -43% | -44% |
| Free cash flow | $14.7M | -49% | -46% |
What changed
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.
Questions
What was BrightSpire Capital's revenue in the third quarter 2026?
BrightSpire Capital (BRSP) reported revenue of $87.4M for the third quarter 2026 (Q3 2026), +4% from a year earlier and +5% from the quarter before.
Was BrightSpire Capital profitable in the third quarter 2026?
Operating profit was $24.8M (28.4% of revenue) and net earnings $46.9M.