BrightSpire Capital, Inc. — Form 8-K
Filed October 27, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 48/100
What the filing says
BrightSpire Capital reported Q3 2026 GAAP net income of $46.9M ($0.37/share) and Adjusted Distributable Earnings of $17.8M ($0.14/share). The loan portfolio grew to $3.1B across 111 loans (up 30% YoY); originated $272M in Q3 and $66M subsequent. Closed fifth CLO (BRSP 2026-FL4) at $960M with 88% advance rate and S+1.54% cost. Sold largest NNN industrial asset for $300M (purchaser assumed $200M debt). Undepreciated book value: $7.87/share. Dividend maintained at $0.16/share.
Why this rating
Solid loan growth and CLO execution support origination capacity; NNN sale reduces legacy exposure. But rising watch list ($187M, +38% QoQ) and $107M CECL reserves signal credit stress. Modest impact relative to $650M market cap.
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