BrightSpire Capital
BRSP Small CapReal Estate · REIT - Mortgage
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
BrightSpire Capital, Inc. operates as a commercial real estate (CRE) credit real estate investment trust in the United States and Norway. It operates through Senior and Mezzanine Loans and Preferred Equity; Net Leased and Other Real Estate; and Corporate and Other segments. The company focuses on originating, acquiring, financing, and managing a diversified portfolio of CRE debt investments consisting of senior mortgage loans, mezzanine loans, preferred equity investments, net leased real estate and other real estate properties, and CRE debt securities. It also engages in money market activities; and invests in private equity funds. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to federal corporate income taxes if it distributes
BrightSpire Capital Stock at a Glance
BrightSpire Capital (BRSP) is currently trading at $5.38 with a market capitalization of $700.9M. The 52-week range spans from $4.84 to $6.17; the current price is 12.8% below the yearly high. Year-over-year revenue growth stands at +6.9%.
💰 Dividend
BrightSpire Capital pays an annual dividend of $0.64 per share, representing a yield of 11.9%. The payout ratio stands at 2000%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
8 analysts rate BrightSpire Capital (BRSP) on consensus: None. The average price target is $6.50, implying +20.82% from the current price. Analyst price targets range from $5.50 to $7.00.
BrightSpire Capital: The Investment Case in Detail
BrightSpire Capital (BRSP) operates in the Real Estate — specifically REIT - Mortgage — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
With a gross margin near 69.64%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns.
The Bear Case
Net margins remain negative, meaning every euro of revenue is still producing losses — the path to profitability is the central question for shareholders. The debt-to-equity ratio of 288.23% is elevated, meaning the company relies heavily on creditors — refinancing terms will become more important than operational performance in the next economic downturn.
What to Watch Next
- The analyst consensus price target implies 20.82% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.
Investment Thesis: Strengths & Weaknesses
- High gross margin of 69.64% — indicates pricing power
- Solid dividend yield of 11.9%
- –Currently unprofitable
- –High leverage (D/E 288.23)
- –Negative free cash flow
Technical Snapshot
The price is in a transition zone relative to the moving averages — no clear signal.
Risk Profile
The data points to market-like volatility, higher leverage relative to equity.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
BrightSpire Capital (BRSP) 2026: 5,70 USD US CRE-Mortgage-REIT Deep-Value at 0,81x P/B with 11,23 Percent Dividend Yield, Portfolio-Runoff Capital-Return and Office-Cycle-Recovery Optionality
The Real Story
BrightSpire Capital Inc. (NYSE: BRSP) is a New York-headquartered commercial-real-estate (CRE) credit-REIT operating through Senior-and-Mezzanine-Loans and Preferred-Equity plus Net-Leased-and-Other segments. Portfolio approximately 4 billion USD in CRE-loans-and-investments primarily on office, multifamily, industrial, hotel, and self-storage properties.
The 2024-2025 period: post-COVID-office-cycle-trough plus higher-for-longer-rates compressed CRE-credit metrics. BRSP has executed: portfolio-runoff strategy reducing exposure to higher-risk office-loans, dividend cuts through 2024 to current 0,16 USD per quarter (0,64 USD annual run-rate, 11,23 percent yield at current price), and focus on senior-secured CRE-loans with conservative LTV-ratios.
What Smart Money Thinks
BrightSpire has REIT institutional base. BlackRock at approximately 14,2 percent, Vanguard at approximately 9,8 percent. State Street at approximately 5,4 percent. CEO Michael Mazzei holds approximately 1,2 percent. Short-interest sits at approximately 4 percent of float as of May 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
11,23 percent dividend yield supported by senior-secured CRE-loan portfolio generating consistent interest-and-principal cash flow. Dividend coverage ratio approximately 1,1-1,2x on current 0,64 USD annual run-rate.
BrightSpire's 0,81x P/B reflects deep-value office-cycle-overhang skepticism. Re-rating to 1,0x P/B supports 7,00-7,50 USD price range — 23-32 percent upside plus 11,23 percent dividend yield total annual return potential 35+ percent.
Continued portfolio-runoff reducing higher-risk-office-loans plus conservative-LTV senior-secured-loan-focus positions BrightSpire for cycle-recovery 2026-2028 as office-occupancy stabilizes and refi-activity normalizes.
📉 The 3 Real Bear Points
CRE-credit-cycle-trough may extend through 2026-2027 if office-cycle-recovery slips and higher-for-longer-rates persist. Continued loan-loss provisioning could compress book-value 5-10 percent.
BrightSpire's residual office-loan-exposure (approximately 15-20 percent of portfolio) compresses valuation versus pure-industrial-and-multifamily CRE-credit-REITs.
BrightSpire has cut dividend multiple times since 2022. Further cuts if cycle deteriorates could trigger renewed-investor-trust-overhang.
Valuation in Context
BrightSpire at 5,70 USD per share with approximately 130 million shares outstanding has a market capitalization of approximately 743 million USD. Book value per share approximately 7,00 USD — 0,81x P/B. With approximately 2,5 billion USD CRE-loan-financing-debt-and-credit-facilities, enterprise value approximately 3,2 billion USD against approximately 4 billion USD CRE-loan-portfolio.
Re-rating to 1,0x P/B supports 7,00 USD per share — 23 percent upside. Bear-case (book-value compression) 4,40-4,80 USD. Bull-case (CRE-recovery, dividend stability) 8-10 USD over 18-24 months. 11,23 percent dividend yield total annual return.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: loan-loss provisioning, office-loan exposure-update, dividend-coverage.
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2026 Q4:
Q3 2026 earnings (early November 2026) plus 2027 preliminary guidance.
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2027 Q1:
Fiscal-2026 full-year results plus 2027 guidance.
💬 Daniel's Take
BrightSpire Capital is a deep-value US CRE-mortgage-REIT with 11,23 percent dividend yield, 0,81x P/B deep-discount-to-book, portfolio-runoff capital-return discipline, and office-cycle-recovery optionality. Position-sizing: 0,5–1,2 percent in deep-value-yield-cyclical sleeve.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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