BrightSpire Capital, Inc. BRSP

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

We are an internally-managed commercial real estate ("CRE") credit real estate investment trust ("REIT") focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties. CRE debt investments primarily consist of senior mortgage loans, which is our primary investment strategy. Additionally, we may also selectively originate mezzanine loans and preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with our origination of corresponding senior mortgages on the same properties. Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes.

Last close 3.66 2026-10-23
Market cap $463.1M 2026-06-30 share count
52-week range 3.56 - 6.17

Valuation FY2025 figures against the last close

P/S1.4x
P/E—
P/FCF8.4x
EV/EBITDA—
Dividend yield17.9%
Diluted EPS-0.26

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Norway
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 321.1M (97.1%) 97% United States Norway, FY2025: 9.5M (2.9%) FY2024 United States, FY2024: 340.3M (94.8%) 95% Norway, FY2024: 18.5M (5.2%) 5% FY2023 United States, FY2023: 396.4M (95.5%) 95% Norway, FY2023: 18.7M (4.5%) 5%
Region FY2025FY2024FY2023
United States $321.1M $340.3M $396.4M
Norway $9.5M $18.5M $18.7M

As the company reported it, from the “Segment Reporting - Total Income and Long-lived Assets by Geography (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $330.6M$358.8M$415.1M$364.6M$194.3M$291.0M$588.6M$500.8M$189.5M$158.3M
SG&A ————$50.0M$26.6M$31.9M$26.6M$12.7M$15.4M
Total operating expenses $261.3M$339.6M$256.9M$671.0K$271.0M$361.3M$856.3M$460.4M$38.0M$21.6M
Interest expense ——$173.3M$111.8M$55.5M$63.0M$87.7M$47.1M$21.0M$26.0M
Pre-tax income -$60.3M-$134.5M-$23.6M$49.2M$32.8M-$251.3M-$496.4M-$164.1M$105.4M$94.5M
Income tax $21.5M$1.1M$1.1M$2.4M$6.3M$10.9M$3.2M$37.1M$2.2M$1.5M
Net income -$31.1M-$132.0M-$15.5M$45.8M-$101.0M-$353.3M-$414.5M-$168.5M$88.5M$76.1M
EPS, basic -0.26-1.05-0.120.35-0.79-2.75-3.25———
EPS, diluted -0.26-1.05-0.120.34-0.79-2.75-3.25-1.411.861.60
Shares, diluted (wtd. avg.) 126.9M127.4M127.1M129.3M128.5M128.5M128.4M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $66.8M$302.2M$257.5M$306.3M$259.7M$474.8M$69.6M$77.3M$25.2M$14.0M
Total assets $3.56B$3.72B$4.20B$4.75B$5.64B$6.21B$7.41B$8.66B$1.84B—
Long-term debt $2.47B$2.49B$2.72B$3.16B$3.17B$2.39B$3.19B$2.62B$389.7M—
Total liabilities $2.64B$2.68B$2.92B$3.36B$4.15B$4.25B$5.21B$5.82B$431.8M—
Retained earnings -$1.93B-$1.81B-$1.59B-$1.47B-$1.41B-$1.23B-$819.7M-$193.3M$258.8M—
Total equity $938.4M$1.05B$1.28B$1.39B$1.49B$1.96B$2.20B$2.85B$1.41B$1.24B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $73.0M$103.4M$137.6M$125.3M-$21.3M$96.4M$137.2M$100.7M$107.0M$88.5M
Stock-based compensation $12.8M$11.6M$14.1M$7.9M$14.0M$4.4M$10.8M$7.1M$0$0
Capital expenditure $17.9M$6.1M$7.1M$4.0M$9.9M$23.2M$24.2M$415.1M$312.0K$67.0K
Investing cash flow -$419.9M$313.1M$384.2M$89.3M-$555.8M$1.00B-$416.0M-$467.7M$439.3M$199.4M
Financing cash flow $68.9M-$327.9M-$558.6M-$161.5M$384.4M-$754.1M$286.8M$487.5M-$551.7M-$319.7M
Dividends paid $83.0M$99.1M$104.0M$99.4M$51.9M$51.7M$217.7M$185.3M$0$0
Buybacks $10.9M$6.6M$0$18.3M$0$0————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001717547-26-000008.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B Revenue, FY2016: 158.3M Net income, FY2016: 76.1M Revenue, FY2017: 189.5M Net income, FY2017: 88.5M Revenue, FY2018: 500.8M Net income, FY2018: -168.5M Revenue, FY2019: 588.6M Net income, FY2019: -414.5M Revenue, FY2020: 291M Net income, FY2020: -353.3M Revenue, FY2021: 194.3M Net income, FY2021: -101M Revenue, FY2022: 364.6M Net income, FY2022: 45.8M Revenue, FY2023: 415.1M Net income, FY2023: -15.5M Revenue, FY2024: 358.8M Net income, FY2024: -132M Revenue, FY2025: 330.6M Net income, FY2025: -31.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $158.3M $189.5M $500.8M $588.6M $291.0M $194.3M $364.6M $415.1M $358.8M $330.6M
Gross profit — — — — — — — — — —
Net income $76.1M $88.5M -$168.5M -$414.5M -$353.3M -$101.0M $45.8M -$15.5M -$132.0M -$31.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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