BrightSpire Capital Inc. reported a GAAP net loss attributable to common stockholders of USD 14.4 million, or USD 0.12 per share, for the fourth quarter (Q4) 2025, and a GAAP net loss of USD 31.1 million, or USD 0.26 per share, for the full year (FY) 2025. Distributable Loss for Q4 2025 was USD 35.5 million, or USD 0.28 per share, while Adjusted Distributable Earnings were USD 19.3 million, or USD 0.15 per share. For FY 2025, Distributable Loss was USD 17.5 million, or USD 0.13 per share, with Adjusted Distributable Earnings at USD 83.6 million, or USD 0.64 per share. As of December 31, 2025, net book value was reported at USD 7.30 per share and undepreciated book value at USD 8.44 per share. The company highlighted its strongest quarter of originations since late 2024, the successful execution of a new CRE CLO, and significant progress in resolving REO and watchlist loans, which contributed to a reduction in book value for the quarter. CEO Michael J. Mazzei stated that BrightSpire Capital will focus on growing its portfolio and earnings through new loan originations and continued resolution of REO and watchlist loans in 2026.

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