BrightSpire Capital(BRSP) - 2025 Q4 - Annual Results

Financial Performance - Q4 2025 reported a GAAP net loss of $0.12 per share and a full year loss of $0.26 per share[9]. - Adjusted distributable earnings for Q4 2025 were $0.15 per share, with a full year total of $0.64 per share[10]. - The company declared a dividend of $0.16 per share for Q4 2025 and $0.64 per share for the full year 2025[10]. - FY25 Adjusted Distributable Earnings (Adj. DE) per share was $0.64, fully covering the FY25 dividend of $0.64 per share[24]. - GAAP Net Income (Loss) for Q4'25 was ($0.12) with a quarterly dividend distribution of $0.16[26]. - The company reported a net loss attributable to common stockholders of $14,353 for the three months ended December 31, 2025, compared to a net loss of $19,744 in the same period of 2024, indicating a reduction in losses by 27.06%[134]. - The company’s net loss per common share for the year ended December 31, 2025, was $0.26, an improvement from $1.05 in 2024, reflecting a decrease in loss per share by 75.24%[134]. - The total Distributable Loss attributable to BrightSpire Capital, Inc. common stockholders for the year ended December 31, 2025, is $17,459,000, with a Distributable Loss per share of $0.13[151]. Loan Portfolio - Total at-share assets amounted to $3.7 billion, with a total loan portfolio of $2.7 billion[8]. - The loan portfolio is 97% floating-rate, with an average loan size of $27 million and a weighted average unlevered yield of 7.3%[11]. - The company committed $416 million of capital across 13 new senior loans in Q4 2025, totaling $756 million for the full year[10]. - A total of $376 million in positive net deployment was achieved during Q4 2025, with $481 million for the full year[10]. - The total carrying value of the multifamily loan portfolio is $1,805 million with an all-in yield of 7.1% and a weighted average maturity date of June 2028[122]. - The total carrying value of the office loan portfolio is $634 million with an all-in yield of 3.9% and a weighted average maturity date of October 2026[125]. - The total carrying value of mixed-use and other loans is $218 million with an all-in yield of 5.9% and a weighted average maturity date of May 2027[125]. - The company has a total loan portfolio value of $898 million, with a weighted average coupon of 3.0% and an all-in yield of 7.1%[118]. - The company has a total of 70 loans in the portfolio, with a significant portion being senior loans[122][125]. Risk Management - The company has a debt-to-equity ratio of 2.3x and a weighted average all-in cost of financing of 5.57%[14]. - The CECL reserve stands at $88 million, equating to $0.68 per share[14]. - The total CECL reserve is $156 million, equating to $1.19 per share, with a weighted average risk ranking of 3.1 for Q4'25[62]. - Loan-to-value ratios reflect the initial loan amount divided by the appraised value, providing insight into the risk profile of loans[106]. - Risk rankings for loans held for investment are updated quarterly, ranging from "1" (Very Low Risk) to "5" (Impaired / Loss Likely)[109][111]. - The company is actively managing its risk, with consistent rankings across the loan portfolio[122][125]. Real Estate Investments - The investment portfolio includes 98 loans, with a net carrying value of $2.59 billion after general CECL reserves[49]. - The portfolio is diversified across property types, with 67% in multifamily, 24% in office, and 8% in mixed-use and other[49]. - The net lease real estate portfolio has a carrying value of $428.6 million, with a net carrying value of $142.2 million, representing 46% of the net carrying value[65]. - The company reported a net operating income (NOI) of $12.0 million for Q4'25, with 83% of the properties leased[65]. - The company reported a total real estate owned (REO) carrying value of $360 million, reflecting a 14% increase compared to Q4'25[76]. Liquidity and Capitalization - Total liquidity available is $168 million, including $98 million in unrestricted cash[10]. - As of December 31, 2025, the total capitalization of the company is $3.6 billion, with total outstanding debt of $2.5 billion, resulting in a debt-to-equity ratio of 2.3x[81]. - The total liabilities decreased to $2,636,425,000 from $2,677,667,000 in the previous year[130]. - The company has a corporate revolving credit facility availability of $70 million and master repurchase facilities availability of $1.0 billion as of February 13, 2026[81]. Future Outlook - The company expects to close the sale of a Long Island City office REO asset in Q1'26, following a previous sale in Q4'25[22]. - Future outlook remains positive with expectations of continued growth in the loan portfolio[126]. - The company is exploring new strategies in real estate management following the foreclosure of Loan 6, which may lead to future asset acquisitions[121].