BRSP — what changed in the latest 10-Q
A section-by-section comparison of BRSP's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +81 | −77 | ~94 | 99 |
| Market risk (Item 3) | Text added/removed | +5 | −3 | ~4 | 11 |
| Controls & procedures | Text added/removed | +1 | 0 | ~1 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
•On October 16, 2026, we closed a $960.0 million securitization transaction, BRSP 2026-FL4. We placed $844.8 million of investment grade securities with institutional investors providing term financing on a non-mark-to-market, non-recourse basis. BRSP 2026-FL4 is collateralized by interests in 29 fi…
•On October 19, 2026, we redeemed the outstanding securities under BRSP 2024-FL2, including the investment grade bonds, which totaled $537.8 million. The 26 senior loan investments, with an aggregate unpaid principal balance of $628.9 million, held by BRSP 2024-FL2 were refinanced by the issuance of…
•Declared and paid a third quarter dividend of $0.16 per share on October 14, 2026; and
•Under our Stock Repurchase Program, we have repurchased 2.1 million shares of our Class A common stock at an aggregate cost of $9.9 million.
•We originated eight senior mortgage loans for a total commitment of $315.5 million;
Text removed vs the prior filing · source: 10-Q · 2026-07-29
•Declared and paid a second quarter dividend of $0.16 per share on July 15, 2026;
•Under our Stock Repurchase Program, we have repurchased 3.8 million shares of our Class A common stock at an aggregate cost of $21.0 million; and
•Extended our Bank 1 Master Repurchase Facility to October 2028.
•We originated 13 senior mortgage loans for a total commitment of $435.7 million;
•We received loan repayment proceeds of $150.7 million from eight loans;
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-10-28
borrowings and interest expense we incur on borrowings indexed to SOFR, including under credit facilities and investment-level financing.
We have utilized, and in the future may utilize, a variety of financial instruments on some of our investments, including interest rate swaps, caps, floors and other interest rate exchange contracts, in order to limit the effects of fluctuations in interest rates on our operations. The use of these …
As of September 30, 2026, a hypothetical 100 basis point increase or decrease in the applicable interest rate benchmark on our loan portfolio would increase interest income by $6.7 million or decrease interest income by $4.3 million annually, net of interest expense.
Refer to the “Factors Impacting Our Operating Results” section in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion on interest rates.
we may pursue repositioning strategies through judicious capital investment in order to extract value from the investment or limit losses.
Text removed vs the prior filing · source: 10-Q · 2026-07-29
We have utilized, and in the future may utilize, a variety of financial instruments on some of our investments, including interest rate swaps, caps, floors and other interest rate exchange contracts, in order to limit the effects of fluctuations in interest rates on our operations. The use of these …
As of June 30, 2026, a hypothetical 100 basis point increase or decrease in the applicable interest rate benchmark on our loan portfolio would increase or decrease interest income by $0.2 million annually, net of interest expense.
See the “Factors Impacting Our Operating Results” section in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion on interest rates.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-10-28
reliability of the information required to be disclosed by us in reports that we file under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice