Brightspire Capital

Name

Brightspire Capital

Legal name

BrightSpire Capital, Inc.

Website

https://www.brightspire.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Commercial Real Estate Lending

NAICS

Real Estate Credit (522292), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Real Estate Private Credit (CRE Debt) (FSANADAG)

akta.pro secondary industries

Private Credit / Direct Lending (FSAAAHAG), Senior Secured Direct Lending (FSANADAA)

Keywords

• Commercial real estate lending
• Mezzanine debt financing
• Mortgage REIT
• CRE CLO securitization
• Real estate credit

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Others

Revenue model

1. Net Interest Income: As a mortgage REIT, BrightSpire Capital generates revenue primarily through net interest income from its $3.8 billion loan portfolio. The company originates floating-rate loans (generally over SOFR floor), with all-in coupons starting in the low 10% range for mezzanine debt, generating interest income spread between loan yields and cost of funds.
2. Loan Origination Fees: The company earns origination fees from providing acquisition and refinancing loans to commercial real estate property owners, operators, and developers. Loans range from $10 million to $150 million with closing timeframes of typically 30 days.
3. Dividend Distributions: As a publicly traded REIT, BrightSpire Capital distributes dividends to shareholders from taxable income. The company declared quarterly dividends of $0.16 per share, representing approximately 11% annualized yield. Dividends are funded through distributable earnings from the loan portfolio.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

BrightSpire Capital is an internally managed commercial real estate credit REIT that originates, acquires, finances, and manages a diversified portfolio of commercial real estate debt investments in the United States. Its offerings include senior mortgage loans, mezzanine loans, preferred equity, net leased real estate, and CRE debt securities (CMBS and CRE CLO tranches), with loan sizes typically ranging from $10 million to $150 million.

Product overview

BrightSpire Capital is a commercial real estate credit REIT offering a diversified suite of financing solutions across the capital structure. The company operates as a single integrated platform with five core investment products: Senior Mortgage Loans, Mezzanine Loans, Preferred Equity, Net Leased Real Estate, and CRE Debt Securities. The company also structures and issues commercial real estate collateralized loan obligations (CLOs), such as the BRSP 2026-FL3, to fund its lending operations. The portfolio totaled $3.8 billion as of March 31, 2026, across 100 loans and 115 total investments.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Mortgage Loans Origination and selective acquisition of senior mortgages backed by commercial real estate assets, providing acquisition and refinancing loans to property owners, operators, and developers. Loan sizes range from $10-$150 million with 3-5 year terms and floating-rate pricing generally over SOFR floor.
• Mezzanine Loans Origination and acquisition of mezzanine loans structurally subordinate to senior loans but senior to equity in the borrower. Loan sizes range from $10-$150 million with terms up to 10 years and floating-rate coupons starting in the low 10.00% range.
• Preferred Equity Investments subordinate to senior and mezzanine loans but senior to common equity in the mortgage borrower, providing flexible structured capital solutions for commercial real estate sponsors.
• Net Leased Real Estate Direct investments in well-located commercial real estate with long-term leases to tenants on a net lease basis, where tenants are generally responsible for property operating expenses.
• CRE Debt Securities Investments in bonds comprising certain tranches of commercial real estate securitization pools, such as CMBS or commercial real estate collateralized loan obligations (CRE CLOs).
• BRSP 2026-FL3 CLO A $955 million commercial real estate collateralized loan obligation (CRE CLO) backed by 29 first-lien floating-rate mortgages secured by 30 properties across 11 U.S. states, primarily multifamily assets. Approximately $833.2 million of investment-grade securities were placed with institutional investors with top-tier ratings from Moody's (Aaa) and Kroll (AAA).

Quantifiable outcome

• Trading at approximately 30% discount to GAAP book value of $7.30 per share
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor.

• Institutional Property AdvisorsminorChannel Partner/ Reseller/ Distributor · 1 May 2026Arranged $45.5 million debt financing for Bascom Arizona Ventures' acquisition of Domain 3201 in Tucson, Arizona. Sourced the transaction off-market and connected borrower with BrightSpire Capital for financing.
• Bryten Real Estate PartnersminorStrategic or Co-development Partner · 1 May 2026Property manager for Domain 3201 following Bascom Arizona Ventures acquisition, with debt financing provided by BrightSpire Capital Acquisitions, LLC.

Scale indicators16 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Ladder Capital Corp: Internally managed CRE credit REIT (NYSE: LADR) originating senior loans, mezzanine debt, and preferred equity — directly comparable by product mix, target borrower, and balance-sheet model (BRSP CEO Mazzei is Ladder's former President).
• Apollo Commercial Real Estate Finance: CRE mortgage REIT (NYSE: ARI) investing in senior mortgages, mezzanine, and other CRE debt — same underwriting approach, target borrowers, and balance-sheet structure as BrightSpire.
• KKR Real Estate Finance Trust: Externally managed CRE mortgage REIT (NYSE: KREF) originating senior loans backed by CRE; directly comparable in asset focus, floating-rate exposure, and CLO issuance strategy.
• Blackstone Mortgage Trust: CRE mortgage REIT (NYSE: BXMT) originating senior loans secured by commercial properties; largest direct competitor and benchmark for institutional CRE debt REIT economics.
• Granite Point Mortgage Trust: CRE-focused mortgage REIT (NYSE: GPMT) originating senior floating-rate loans and CRE CLOs — closely matched to BRSP on portfolio strategy and capital-stack positioning.

Broad incumbents

• Starwood Property Trust: Largest publicly traded CRE-focused mortgage REIT (NYSE: STWD) — a broader-incumbent with overlapping senior lending, CRE CLO, and net-lease activities but materially larger scale.
• iStar (now part of Starwood Property Trust): Former CRE finance and net-lease platform historically comparable to BrightSpire (BRSP Chairperson Catherine Rice was iStar's CFO); Starwood acquired iStar in 2024 making it a relevant precedent.
• AGNC Investment Corp. Agency mREIT (Nasdaq: AGNC) operating a similar interest-rate-sensitive spread model with monthly dividends; comparable business model archetype for BRSP's NII-driven REIT economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Brightspire Capital