third quarter 2026
Filed Oct 27, 2026BrightSpire Capital reported third quarter 2026 GAAP net income attributable to common stockholders of $46.9 million, or $0.37 per share, alongside Adjusted Distributable Earnings of $17.8 million, or $0.14 per share.
The release reported positive GAAP earnings, significant loan-originations activity and a fifth CLO execution, but management cited market volatility and a challenging capital-markets backdrop while remaining focused on reducing watchlist and REO exposure.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| GAAP net income attributable to common stockholdersGAAP | $46.9M | – | – |
| GAAP net income attributable to common stockholders per shareGAAP | $0.37 per share | – | – |
| Distributable Earningsnon-GAAP | $10.3M | – | – |
| Distributable Earnings per sharenon-GAAP | $0.08 per share | – | – |
| Adjusted Distributable Earningsnon-GAAP | $17.8M | – | – |
| Adjusted Distributable Earnings per sharenon-GAAP | $0.14 per share | – | – |
| GAAP net book value per shareGAAP | $7.08 per share | – | – |
| Undepreciated book value per shareother | $7.87 per share | – | – |
| Committed capital closedother | $272M | – | – |
| Committed capital closed or in-execution subsequent to quarter endother | $66M | – | – |
| Loan bookother | approximately $3.1 billion | – | up over 30% year-over-year |
Capital returns
- A quarterly cash dividend of $0.16 per share was declared on September 14, 2026.
- The dividend was paid on October 14, 2026, to common stockholders of record as of September 30, 2026.
What drove it
- The Company executed its fifth CLO and second of 2026.
- The Company closed $272 million of committed capital during the quarter.
- The Company closed the sale of its largest asset, the triple net lease distribution centers.
- Management reported a reduction in REO exposure.
- Management stated that the loan portfolio composition was improving toward a middle market focus.
Concerns
- Management described market volatility and a challenging capital markets backdrop.
- The Company remains focused on further reducing watchlist and REO exposure.
- The forward-looking statement identifies borrower defaults, property-performance deterioration, valuation uncertainty, leverage, liquidity, refinancing and CRE CLO execution as risks.
What to watch
- Further reduction in watchlist and REO exposure.
- Deployment of the $66 million of committed capital reported as closed or in-execution subsequent to quarter end.
- Execution of additional CRE CLO transactions and the resulting share of loan portfolio financing.
- Progress in the middle market-focused loan portfolio composition.
- Whether Adjusted Distributable Earnings supports the quarterly cash dividend of $0.16 per share.
Balance sheet and cash flow
- GAAP net book value was $7.08 per share as of September 30, 2026.
- Undepreciated book value was $7.87 per share as of September 30, 2026.
- CLO liabilities were nearly two thirds of the loan portfolio financing.
- The loan book stood at approximately $3.1 billion as of the date of the release.
Analysis
BrightSpire Capital reported third quarter 2026 GAAP net income attributable to common stockholders of $46.9 million, or $0.37 per share. Its non-GAAP Distributable Earnings were $10.3 million, or $0.08 per share, while Adjusted Distributable Earnings were $17.8 million, or $0.14 per share. The release does not provide prior-year or prior-quarter values for these earnings measures, so the filing does not establish reported earnings momentum.
Origination activity was a central positive in the release. The Company closed $272 million of committed capital in the quarter and reported an additional $66 million closed or in-execution subsequent to quarter end. Management said the loan book stood at approximately $3.1 billion as of the release date, up over 30% year-over-year, and characterized the portfolio mix as increasingly middle market focused.
Financing and asset-management actions shaped the quarter. The Company executed its fifth CLO and second of 2026, with management stating that CLO liabilities were nearly two thirds of loan portfolio financing. It also completed the sale of its largest asset, the triple net lease distribution centers, and reported a reduction in REO exposure. GAAP net book value was $7.08 per share and undepreciated book value was $7.87 per share as of September 30, 2026.
Capital returns consisted of a quarterly cash dividend of $0.16 per share, declared on September 14, 2026 and paid on October 14, 2026 to stockholders of record as of September 30, 2026. Management nevertheless described market volatility and a challenging capital-markets backdrop and remains focused on further reducing watchlist and REO exposure. The release provides no quantitative forward guidance, revenue, expense, cash flow, cash or debt figures, limiting assessment of near-term earnings capacity, liquidity and balance-sheet trends.
Management, verbatim
The Company had a productive third quarter despite market volatility and a challenging capital markets backdrop. Highlights include the execution of our fifth CLO and second of 2026. This puts our CLO liabilities at nearly two thirds of our loan portfolio financing. We also closed on the sale of our largest asset, the triple net lease distribution centers and remain focused on further reducing our watchlist and REO exposure.
Michael J. Mazzei, Chief Executive Officer
We had a strong quarter of loan originations with $272 million of committed capital closed and an additional $66 million closed or in-execution subsequent to quarter end. We also saw a reduction in REO exposure. As of today, our loan book stands at approximately $3.1 billion, up over 30% year-over-year, while also improving the overall composition of our middle market focused loan portfolio.
Andrew E. Witt, President & Chief Operating Officer
Not in the filing
stated, not guessed- Total revenue and prior-period revenue comparisons
- Segment revenue and segment performance
- Gross profit and gross margin
- Operating expenses
- GAAP operating income
- GAAP net income attributable to common stockholders prior-year and prior-quarter comparisons
- GAAP EPS prior-year and prior-quarter comparisons
- Distributable Earnings and Adjusted Distributable Earnings reconciliations
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Detailed CLO liabilities balance
- Share repurchases
- Quantitative forward guidance
- Prior outlook for comparison against reported results
- Tax rate
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.