BrightSpire Capital, Inc. BRSP
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.12 | 0.35 | -0.79 | -2.75 | -3.25 | — | — | — |
| EPS, diluted | -0.26 | -1.05 | -0.12 | 0.34 | -0.79 | -2.75 | -3.25 | -1.41 | 1.86 | 1.60 |
| Shares, diluted (wtd. avg.) | $126.9M | $127.4M | $127.1M | $129.3M | $128.5M | $128.5M | $128.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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