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BrightSpire Capital

BRSP Small Cap

Real Estate · REIT - Mortgage

Updated: May 22, 2026, 22:06 UTC

$5.67
-0.61% today
52W: $4.84 – $6.17
52W Low: $4.84 Position: 62.3% 52W High: $6.17

Key Metrics

P/E Ratio
—
Price-to-Earnings
Forward P/E
7.92x
Forward Price/Earnings
P/S Ratio
2.18x
Price-to-Sales
EV/EBITDA
17.45x
Enterprise Value/EBITDA
Div. Yield
11.3%
Annual dividend yield
Market Cap
$738M
Market Capitalization
Revenue Growth
9.8%
YoY Revenue Growth
Profit Margin
-9.36%
Net profit margin
ROE
-4.06%
Return on Equity
Beta
1.37
Market sensitivity
Short Interest
4.07%
% of float sold short
Avg. Volume
931,333
Average daily volume

Valuation Analysis

Signal
N/A
vs. S&P 500 avg P/E (24.7x)
Analyst Consensus
Buy
8 analysts
Avg. Price Target
$6.50
+14.74% upside
Target Range
$5.50 – $7.00

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

Sector: Real Estate Industry: REIT - Mortgage Country: United States Employees: 46 Exchange: NYQ

BrightSpire Capital Stock at a Glance

BrightSpire Capital (BRSP) is currently trading at $5.67 with a market capitalization of $738M. The 52-week range spans from $4.84 to $6.17; the current price is 8.1% below the yearly high. Year-over-year revenue growth stands at +9.8%.

💰 Dividend

BrightSpire Capital pays an annual dividend of $0.64 per share, representing a yield of 11.3%. 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: Buy. The average price target is $6.50, implying +14.74% from the current price. Analyst price targets range from $5.50 to $7.00.

Investment Thesis: Strengths & Weaknesses

Strengths
  • High gross margin of 69.84% — indicates pricing power
  • Analyst consensus: Buy
  • Solid dividend yield of 11.3%
Weaknesses
  • –Currently unprofitable
  • –High leverage (D/E 288.23)
  • –Negative free cash flow

Technical Snapshot

50-Day MA
$5.77
-1.73% vs. price
200-Day MA
$5.68
-0.18% vs. price
Below 52W High
−8.1%
$6.17
Above 52W Low
+17.1%
$4.84

The price is in a transition zone relative to the moving averages — no clear signal.

Risk Profile

Market Risk (Beta)
1.37 · Elevated
Moves more than the overall market
Short Interest
4.07% · Low
% of float sold short
Debt-to-Equity
288.23 · High
Total debt / equity

The data points to market-like volatility, higher leverage relative to equity.

Trading Data

50-Day MA: $5.77
200-Day MA: $5.68
Volume: 527,604
Avg. Volume: 931,333
Short Ratio: 6.69
P/B Ratio: 0.8x
Debt/Equity: 288.23x
Free Cash Flow: $-276,787,872

💵 Dividend Info

Dividend Yield
11.3%
Annual Rate
$0.64
Payout Ratio
2000%

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

#1 11,23 percent dividend yield supported by senior-secured CRE-loan-portfolio cash-flow base

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.

#2 0,81x P/B deep-value reflects office-cycle-overhang — re-rating to 1,0x P/B supports 25 percent upside

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.

#3 Portfolio-runoff plus reduced office-exposure positions BrightSpire for cycle-recovery

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

#1 CRE-credit-cycle-trough may extend through 2026-2027 — loan-loss provisioning could compress book-value

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.

#2 Office-exposure concentration creates structural-overhang versus pure-industrial CRE-credit peers

BrightSpire's residual office-loan-exposure (approximately 15-20 percent of portfolio) compresses valuation versus pure-industrial-and-multifamily CRE-credit-REITs.

#3 Dividend cut history creates investor-trust overhang — further cut risk if cycle deteriorates

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

  1. 2026 Q3:

    Q2 2026 earnings (early August 2026). Watch-items: loan-loss provisioning, office-loan exposure-update, dividend-coverage.

  2. 2026 Q4:

    Q3 2026 earnings (early November 2026) plus 2027 preliminary guidance.

  3. 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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