BRSP · BrightSpire Capital, Inc.

BrightSpire Capital reported a productive start to 2026, with GAAP net income of $4.8 million, or $0.03 per share, for the first quarter ended March 31, 2026. The company highlighted non-GAAP performance metrics, reporting Distributable Earnings of $15.6 million, or $0.12 per share, and Adjusted Distributable Earnings of $18.2 million, or $0.14 per share. The GAAP net book value stood at $7.05 per share, while the undepreciated book value was $8.24 per share. CEO Michael J. Mazzei noted that the slight decrease in book value was largely attributable to equity grants related to the annual compensation program.

Operationally, the company focused on portfolio growth and risk reduction. Management reported $311 million of committed capital closed during the first quarter and subsequent period, with an additional $283 million in-execution. A significant achievement highlighted was the reduction of the watch list by approximately 39% year-to-date, which management stated meaningfully de-risked the portfolio. The company remains actively engaged in resolving remaining watch list loans and REO properties. The portfolio consists of 100 total loans with a total value of $2.7 billion, predominantly floating-rate (97%) and senior mortgage loans (98%).

Regarding capital allocation, the Board of Directors declared a quarterly cash dividend of $0.16 per share, paid on April 15, 2026. Additionally, on April 22, 2026, the Board authorized a new stock repurchase program allowing the company to repurchase up to $50 million of its outstanding Class A common stock until April 30, 2027. This new program replaces the prior repurchase program set to expire on April 30, 2026. Management's forward focus remains on growing the portfolio and earnings through new loan originations while continuing to resolve legacy REO and watch list loans.