Filing Flows › BrightSpire Capital (BRSP) › Q4 2025
BrightSpire Capital (BRSP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
BrightSpire Capital (BRSP) reported revenue of $83.2M for the fourth quarter 2025 (Q4 2025), -0.4% from a year earlier and -0.9% from the quarter before. Operating margin was 18.0%, net loss $16.0M (19.2% of revenue).
BrightSpire Capital, Q4 2025: revenue $83.2M (-0.4% year over year), operating margin 18.0%, net loss $16.0M, operating cash flow $15.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $83.2M | -0.9% | -0.4% |
| Operating profit | $15.0M | -49% | — |
| Net earnings | −$16.0M | — | — |
| Operating cash flow | $15.2M | -49% | -38% |
| Free cash flow | $8.1M | -70% | -66% |
What changed
Revenue was $83.2M in Q4 2025, roughly flat year over year and down 1% from the previous quarter.
Operating profit was $15.0M, a 18.0% margin (down 1.3 points year over year). Total costs grew 1% against flat revenue. The quarter ended with a net loss of $16.0M, wider than the previous quarter's $1.3M loss. Minority interests bore $1.6M of it: to shareholders the quarter was a loss of $14.4M. Net interest and other expense of $31.0M was the main reason.
Operating cash flow was $15.2M (down 38% year over year). Non-cash charges added back $8.0M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $20.3M. Capital expenditures of $7.1M left free cash flow of $8.1M.
Questions
What was BrightSpire Capital's revenue in the fourth quarter 2025?
BrightSpire Capital (BRSP) reported revenue of $83.2M for the fourth quarter 2025 (Q4 2025), -0.4% from a year earlier and -0.9% from the quarter before.
Was BrightSpire Capital profitable in the fourth quarter 2025?
Operating profit was $15.0M (18.0% of revenue) and net loss $16.0M.