Every 8-K that BrightSpire Capital, Inc. (BRSP) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow BRSP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BRSP filings page.
BrightSpire Capital, Inc. (BRSP) completed the sale of its Net Lease 1 Investment, two industrial properties in Arizona and California, on September 14, 2026 for total consideration of $300.0 million. The price was satisfied through assumption of a $94.0 million mortgage loan, assumption of a $106.0 million mezzanine loan, and $97.9 million of cash net of closing costs.
Pro forma as of June 30, 2026, cash and cash equivalents increase to $166.0 million and total liabilities decline to $2.70 billion, while total equity rises by $60.4 million to about $909.8 million, reflecting a pro forma gain on sale of $60.4 million. For 2025, pro forma net income attributable to common stockholders improves from a loss of $31.1 million to income of $27.7 million.
BrightSpire Capital, Inc. reported second quarter 2026 results with a GAAP net loss attributable to common stockholders of ($18.3 million), or ($0.15) per share. Non-GAAP metrics were stronger, with Distributable Earnings of $15.8 million ($0.12 per share) and Adjusted Distributable Earnings of $16.8 million ($0.13 per share). GAAP net book value was $6.81 per share, and undepreciated book value was $8.10 per share as of June 30, 2026.
The commercial real estate loan portfolio totaled $2.9 billion across 106 loans with a weighted average unlevered all-in yield of 7.2% and a predominantly floating-rate profile. BrightSpire achieved $196 million of positive net deployment in the quarter, committing $319 million across 10 new senior loans and receiving $123 million of repayments. Total liquidity was $131 million, debt-to-equity was 2.7x, and the blended all-in cost of financing was 5.50%.
Credit quality indicators included a general CECL reserve of $99.7 million, or $0.79 per share (327 bps), and watch list loans of $136 million, or 5% of the loan portfolio. The company owned six REO assets totaling $330 million and executed contracts to sell two multifamily REO properties and an industrial net lease asset for a $300 million gross sales price, with the buyer assuming a $200 million mortgage. BrightSpire repurchased 3.8 million shares for $21.0 million at an average price of $5.46 and paid a second-quarter dividend of $0.16 per share.
BrightSpire Capital, Inc. has agreed to sell its “Net Lease 1 Investment,” two industrial properties in Tolleson, Arizona and Tracy, California, for a total purchase price of $300,000,000. The buyers, ALTOAZ001 LLC and ALTRCA001 LLC, will pay the price at closing and must post a $6,000,000 earnest money deposit within three business days of the effective date.
The transaction is expected to close by September 14, 2026, subject to several conditions, including the buyers’ assumption of existing mortgage and mezzanine loans with lender approval, so completion is not assured. As of March 31, 2026, the investment had a GAAP carrying value of about $239 million and an undepreciated carrying value of about $306 million, both including roughly $14 million of straight-line rent receivable. This prospective sale continues BrightSpire’s plan to rotate out of owned real estate and focus on first mortgage loans.
BrightSpire Capital, Inc. extended Chief Executive Officer Michael Mazzei’s employment term to March 31, 2030 through a First Amendment to his existing agreement. His current package includes an annual base salary of $800,000, an Annual Cash Bonus opportunity of no less than $1,750,000, and an Annual LTIP Award of no less than $3,000,000.
For calendar years 2027 to 2029, Mr. Mazzei agreed to lower his bonus and equity targets. The Annual Cash Bonus opportunity will be no less than $1,575,000 for 2027, $1,450,000 for 2028, and $1,375,000 for 2029. The Annual LTIP Award target will be no less than $2,700,000 for 2027, $2,475,000 for 2028, and $2,375,000 for 2029.
BrightSpire Capital, Inc. reported the results of its 2026 annual meeting of stockholders. Stockholders approved a second amendment to the 2022 Equity Incentive Plan to add 10,000,000 shares of Class A common stock for awards and to set a cash-denominated limit on non-employee director awards.
Five directors were re-elected to serve until the 2027 annual meeting. Stockholders approved, on an advisory basis, executive compensation as of December 31, 2025 and ratified Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending December 31, 2026.
BrightSpire Capital, Inc. reported first quarter 2026 GAAP net income attributable to common stockholders of $4.8 million, or $0.03 per share. Distributable Earnings were $15.6 million, or $0.12 per share, and Adjusted Distributable Earnings were $18.2 million, or $0.14 per share, highlighting higher cash-flow-based profitability than GAAP.
The company declared and paid a $0.16 per share cash dividend for the quarter and reported GAAP net book value of $7.05 per share and undepreciated book value of $8.24 per share as of March 31, 2026. Management emphasized $311 million of committed capital closed year-to-date, positive net deployment, stable CECL reserves, and a roughly 39% year-to-date reduction in watch list loans, meaningfully de‑risking the portfolio.
BrightSpire’s board also authorized a new stock repurchase program allowing repurchases of up to $50 million of Class A common stock through April 30, 2027, replacing the prior program. The company ended the quarter with a $2.7 billion loan portfolio, 97% floating rate, and total liquidity of $206 million, including $58 million of unrestricted cash and $120 million of undrawn revolver capacity.
BrightSpire Capital, Inc. reported that director John Westerfield has informed the Board he will retire and not stand for re-election at the Company’s 2026 Annual Meeting on May 13, 2026. He is stepping down to focus on other professional endeavors, and his retirement is stated as not being due to any disagreement regarding the Company’s operations, policies or practices.
BrightSpire Capital, Inc., through its indirect subsidiary BrightSpire Credit 9, LLC, entered into a new Master Repurchase Agreement with JPMorgan Chase Bank providing up to $250.0 million of financing for commercial real estate loans and related assets.
The facility functions as a revolving credit line indexed to one-month term SOFR, initially maturing on March 12, 2029, with two one-year extension options. A BrightSpire affiliate provided a partial guarantee capped at 25% of amounts due and agreed to financial covenants, including minimum liquidity, tangible net worth of at least $900 million plus a portion of equity proceeds, a maximum debt-to-assets ratio of 75% and a minimum EBITDA-to-interest coverage ratio of 1.40x.
BrightSpire Capital, Inc. entered into a new commercial real estate collateralized loan obligation, 2026-FL3, through its Sub-REIT and Cayman and Delaware issuing vehicles. The CLO issuers sold multiple classes of rated floating-rate notes and issued 71,625 Preferred Shares with an aggregate liquidation preference of $1,000 per share.
The notes bear interest at spreads over a Benchmark initially based on Term SOFR, with senior tranches such as the Class A Notes priced at the Benchmark plus 1.45%, stepping up after the payment date in December 2031. Subordinated Class F and Class G Notes initially pay 0% for the first interest period, then reprice to the Benchmark plus 4.5% and 5.5%, respectively. The notes are scheduled to mature at par on the August 2043 payment date unless redeemed earlier.
The CLO structure includes a 30‑month reinvestment period and a 6‑month ramp‑up acquisition period during which the issuer may acquire up to $98,348,996 of additional mortgage and related loans. BRSP 2026-FL3 DRE, LLC, an indirect subsidiary, acquired 100% of the Class F Notes, Class G Notes and the Preferred Shares. Proceeds were used to buy an initial loan portfolio, fund ramp‑up purchases, repay certain pre‑closing financings and support related activities.
BrightSpire also fully redeemed its prior 2021-FL1 notes and related preferred shares by depositing trust funds equal to the total redemption price using cash on hand. Upon redemption, collateral securing the 2021-FL1 structure was released and sold to the holder of the preferred shares in line with the governing indenture.
BrightSpire Capital, Inc. reported a GAAP net loss attributable to common stockholders of $14.4 million, or ($0.12) per share for Q4 2025, and $31.1 million, or ($0.26) per share for full-year 2025. Despite these losses, Q4 Adjusted Distributable Earnings were $19.3 million, or $0.15 per share, and full-year Adjusted Distributable Earnings reached $83.6 million, or $0.64 per share, fully covering the 2025 dividend of $0.64 per share.
As of December 31, 2025, BrightSpire reported GAAP net book value of $7.30 per share and undepreciated book value of $8.44 per share. The company highlighted its strongest quarter of loan originations since late 2024, a $2.7 billion loan portfolio concentrated 67% in multifamily assets, and total undepreciated at-share assets of $3.7 billion.
Liquidity remained solid with $168 million of available liquidity, including $98 million of unrestricted cash and $70 million of revolver availability, and a 2.3x debt-to-equity ratio. BrightSpire executed a $955 million CRE CLO after quarter-end and made progress reducing problem assets, with watchlist loans of $220 million (8% of the loan portfolio) and six REO assets totaling $315 million, both expected to decline meaningfully through repayments, foreclosures and planned sales in early 2026.
BrightSpire Capital, Inc. entered into multiple amendments to its major credit facilities with Wells Fargo, Barclays, Citibank and Morgan Stanley. Across these arrangements, the required minimum consolidated tangible net worth for BrightSpire Capital Operating Company, LLC as guarantor was reduced from $1.11 billion to $900 million under the Wells, Barclays, Citibank and Morgan Stanley guarantees.
The Wells Fargo repurchase facility for BrightSpire Credit 8, LLC was also increased from $400.0 million to $500.0 million, with potential upsizing to $600.0 million subject to Wells Fargo approval. Other recent amendments with Barclays, Citibank and Morgan Stanley primarily address maturity extensions, benchmark transitions to SOFR and structural updates, while keeping financing in place for commercial real estate loans and related debt instruments.
BrightSpire Capital, Inc. amended its main corporate credit facility through Amendment No. 1 to its Amended and Restated Credit Agreement. The lenders provide a revolving credit facility with an aggregate principal commitment of up to $120.0 million, including up to $25.0 million available as letters of credit, with loans available in U.S. dollars and certain foreign currencies. The agreement also allows the borrowers to increase the maximum principal amount to up to $180.0 million, subject to additional lender commitments and customary conditions.
Borrowings bear interest at either a Term SOFR-based rate plus a 2.25% margin or a base rate plus a 1.25% margin, with an unused commitment fee of 0.25% or 0.35% per year depending on utilization. Availability is limited by a borrowing base tied to the adjusted net book value of certain investment assets, and the facility currently supports borrowings up to the full $120.0 million commitment. The ability to draw new amounts ends and outstanding revolving loans mature on December 8, 2028.
The obligations are guaranteed by substantially all material wholly owned subsidiaries of BrightSpire Capital Operating Company, LLC and secured by equity pledges and certain deposit accounts. The agreement includes covenants requiring minimum consolidated tangible net worth starting at $900,000,000 plus a portion of future equity proceeds, minimum coverage ratios, and a maximum consolidated total debt to consolidated total assets ratio of 0.80 to 1.00, along with customary events of default that could lead to termination of the facility and acceleration of repayment.
BrightSpire Capital, Inc. (BRSP) furnished materials related to its third-quarter update. The company issued a press release announcing its financial position as of and financial results for the quarter ended September 30, 2025, and made a Supplemental Financial Disclosure Presentation available. These are attached as Exhibit 99.1 and Exhibit 99.2, respectively.
The materials were furnished under Item 2.02 and Item 9.01 and are not deemed “filed” for purposes of Section 18 of the Exchange Act. BrightSpire also reiterated that it uses the Shareholders section of its website (brightspire.com) to post important and time‑critical information.