BrightSpire Capital Q2 GAAP net loss $23.1M, ADE $22.9M covers dividend

BrightSpire Capital, Inc.

2025-Q2 EPS reported -$0.15 vs consensus $0.16 ▼ miss (-194.5%)

GAAP net loss $23.1M ($0.19/share); Adjusted Distributable Earnings $22.9M ($0.18/share).
GAAP net book value $7.65, undepreciated book value $8.75; dividend covered by ADE.
Watch list reduced ~50% in Q2; legacy office equity impairments recognized, no impact on undepreciated book.
Positive net loan originations during Q2.
CEO cites meaningful portfolio de-risking and active REO resolution.

item 2.02item 9.01

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