NYSE : BRSP

BrightSpire Capital, Inc. — Financial statements

Real Estate · REIT - Mortgage · United States

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Financial statements

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Rental Revenue126.51M127.65M102.44M93.40M90.19M102.63M
Other Revenue2.68M8.05M11.59M22.98M6.08M-131.12M
Total Revenue336.20M330.59M358.81M415.08M364.62M191.97M
Property Expenses77.37M65.92M33.89M26.64M24.22M39.88M
Selling, General & Administrative23.98M23.70M23.52M27.21M22.53M31.90M
Depreciation & Amortization28.89M36.34M40.51M33.50M34.10M36.40M
Provision for Loan Losses-45.73M-24.00M-135.80M-108.15M-70.64M1.43M
Other Operating Expenses27.04M24.85M24.64M27.94M28.58M17.39M
Total Operating Expenses203.01M174.80M258.34M223.44M180.06M124.14M
Operating Income133.19M155.78M100.46M191.64M184.56M67.84M
Interest Expense-157.99M-150.98M-180.94M-199.22M-169.94M-133.19M
Currency Exchange Gain (Loss)-22.00M1.83M37.67M
Other Non-Operating Income-308.00K18.64M84.00K613.00K891.00K-28.68M
EBT Excluding Unusual Items-22.70M1.44M-80.39M-6.97M17.33M-56.36M
Gain (Loss) on Sale of Investments21.90M341.00K
Gain (Loss) on Sale of Assets61.41M1.11M144.00K10.00M64.70M
Asset Writedown-23.24M-61.62M-54.21M-7.59M
Other Unusual Items-1.20M-1.20M2.33M
Pretax Income14.27M-60.27M-134.46M-14.56M49.23M-98.31M
Income Tax Expense95.00K-21.50M1.06M1.06M2.44M6.28M
Earnings From Continuing Operations14.18M-38.77M-135.52M-15.62M46.79M-104.58M
Minority Interest in Earnings4.92M7.62M3.54M70.00K-1.00M3.54M
Net Income19.09M-31.15M-131.98M-15.55M45.79M-101.05M
Preferred Dividends & Other Adjustments2.14M1.86M1.93M1.60M
Net Income to Common16.95M-33.01M-133.91M-15.55M44.18M-101.05M
Basic Shares Outstanding125.30M126.88M127.44M127.06M127.30M128.50M
Diluted Shares Outstanding126.03M126.88M127.44M127.06M129.30M128.50M
EPS (Basic)0.14-0.26-1.05-0.120.35-0.79
EPS (Diluted)0.13-0.26-1.05-0.120.34-0.79
Dividend Per Share0.640.640.720.800.790.58
Operating Margin39.62%47.12%28.00%46.17%50.62%35.34%
Profit Margin5.04%-9.98%-37.32%-3.75%12.12%-52.64%
EBITDA161.01M190.26M138.39M222.27M215.28M101.03M
EBITDA Margin47.89%57.55%38.57%53.55%59.04%52.63%
D&A For Ebitda27.82M34.48M37.93M30.63M30.73M33.20M
EBIT133.19M155.78M100.46M191.64M184.56M67.84M
EBIT Margin39.62%47.12%28.00%46.17%50.62%35.34%
Effective Tax Rate0.67%4.96%

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Property, Plant & Equipment424.74M699.61M800.66M830.08M757.71M808.18M
Cash & Equivalents63.60M66.79M302.17M257.51M306.32M259.72M
Accounts Receivable39.49M45.59M38.73M41.45M40.70M54.50M
Other Receivables1.89M12.25M16.30M16.63M19.12M26.19M
Investment In Debt and Equity Securities22.50M
Other Intangible Assets250.00K19.98M35.33M46.54M41.18M49.82M
Loans Receivable Current2.98B2.59B2.35B2.86B3.45B3.45B
Restricted Cash114.00M107.05M148.52M104.58M92.51M86.84M
Other Current Assets37.16M7.15M11.55M22.49M3.65M50.79M
Deferred Long-Term Charges9.01M13.38M14.99M16.24M17.43M17.27M
Other Long-Term Assets1.42M2.12M2.23M2.25M3.04M22.73M
Total Assets3.67B3.56B3.72B4.20B4.75B5.64B
Current Portion of Long-Term Debt52.54M53.47M424.00K11.81M
Current Portion of Leases4.51M
Long-Term Debt2.58B2.42B2.49B2.72B3.16B3.93B
Long-Term Leases12.12M16.19M24.12M22.93M25.96M25.20M
Accounts Payable29.24M25.57M17.83M17.57M15.09M20.17M
Accrued Expenses5.46M6.24M10.05M11.32M11.68M11.08M
Current Income Taxes Payable21.15M24.20M26.20M34.61M
Other Current Liabilities21.81M20.63M20.79M25.98M25.78M23.91M
Long-Term Unearned Revenue5.95M9.66M7.85M7.22M7.69M7.67M
Other Long-Term Liabilities89.63M84.38M84.57M95.00M84.91M80.64M
Total Liabilities2.80B2.64B2.68B2.92B3.36B4.15B
Common Stock1.25M1.29M1.30M1.30M1.29M1.30M
Additional Paid-In Capital2.84B2.86B2.87B2.86B2.85B2.86B
Retained Earnings-1.96B-1.93B-1.81B-1.59B-1.47B-1.41B
Comprehensive Income & Other-6.34M-2.56M-676.00K8.79M
Total Common Equity883.09M938.43M1.05B1.28B1.39B1.46B
Minority Interest-13.30M-10.03M-2.41M1.13M1.26M36.03M
Shareholders' Equity869.79M928.40M1.05B1.28B1.39B1.49B
Total Liabilities & Equity3.67B3.56B3.72B4.20B4.75B5.64B
Total Debt2.65B2.49B2.52B2.74B3.19B3.97B
Net Cash (Debt)-2.58B-2.42B-2.21B-2.48B-2.88B-3.71B
Net Cash Per Share-20.49-19.10-17.37-19.53-22.30-28.87
Filing Date Shares Outstanding124.68M128.63M129.69M129.99M128.87M129.77M
Total Common Shares Outstanding124.68M128.63M129.69M129.99M128.87M129.77M
Book Value Per Share7.087.308.089.8310.7711.21
Tangible Book Value882.84M918.45M1.01B1.23B1.35B1.41B
Tangible Book Value Per Share7.087.147.819.4710.4510.83
Land128.97M206.42M199.10M195.44M158.19M164.03M
Buildings319.61M550.22M745.77M715.85M657.48M683.00M
Construction In Progress5.28M7.97M2.39M3.14M3.01M1.12M

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income19.09M-31.15M-131.98M-15.55M45.79M-101.05M
Depreciation & Amortization27.82M34.48M38.05M30.74M31.23M33.30M
Other Amortization11.17M10.39M10.91M13.44M13.75M15.42M
Gain (Loss) on Sale of Assets-62.17M-1.11M-144.00K1.44M-6.19M23.07M
Gain (Loss) on Sale of Investments7.60M2.84M-6.93M-10.98M-35.79M-32.50M
Asset Writedown23.24M61.62M53.80M7.59M
Stock-Based Compensation12.86M12.84M11.65M14.06M7.89M14.02M
Income (Loss) on Equity Investments602.00K-25.00K131.12M
Change in Accounts Receivable-13.68M-5.52M4.53M1.51M-3.07M-1.20M
Change in Other Net Operating Assets8.64M-4.59M-3.83M-2.96M341.00K-18.69M
Other Operating Activities-8.69M-30.77M-8.44M-9.80M1.35M-41.42M
Operating Cash Flow72.21M73.03M103.41M137.62M125.28M-21.27M
Acquisition of Real Estate Assets-11.15M-17.94M-6.09M-7.06M-3.96M-9.92M
Sale of Real Estate Assets189.90M80.81M19.61M55.60M332.00M
Net Sale / Acq. of Real Estate Assets178.75M62.87M13.51M-7.06M51.63M322.08M
Investment in Marketable & Equity Securities784.00K39.47M244.52M
Other Investing Activities12.34M2.38M-8.47M9.55M5.71M42.72M
Investing Cash Flow-643.36M-419.93M313.08M384.16M89.34M-555.79M
Long-Term Debt Issued614.97M880.21M167.61M771.48M2.00B
Long-Term Debt Repaid-439.67M-1.08B-613.28M-778.35M-1.30B
Net Debt Issued (Repaid)664.32M175.30M-204.70M-445.67M-6.87M701.64M
Issuance of Common Stock16.00K
Repurchase of Common Stock-40.44M-14.81M-11.19M-2.88M-44.96M-2.61M
Common Dividends Paid-83.61M-83.00M-99.06M-103.95M-99.39M-51.92M
Other Financing Activities-14.39M-8.56M-13.01M-6.09M-10.23M-262.75M
Foreign Exchange Rate Adjustments1.30M1.12M69.00K77.00K-898.00K-764.00K
Net Cash Flow-43.97M-276.86M88.61M-36.74M52.27M-193.47M
Levered Free Cash Flow-720.86M-151.53M478.59M610.41M116.08M-1.01B
Unlevered Free Cash Flow-631.89M-65.37M583.63M724.23M211.55M-939.14M
Cash Interest Paid147.89M145.92M173.96M190.05M126.15M76.26M
Cash Income Tax Paid-1.87M2.04M268.00K595.00K4.83M
Change in Working Capital-5.03M-10.11M701.00K-1.45M-2.73M-19.89M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization445.10M726.50M731.42M967.09M803.45M1.33B
Enterprise Value3.03B2.80B3.06B3.60B4.71B5.02B
Last Close Price3.425.074.545.313.945.83
PE Ratio27.6218.18
PS Ratio1.322.202.042.332.206.93
PB Ratio0.480.780.700.760.580.89
P/OCF Ratio6.169.957.077.036.41
EV/Sales Ratio9.008.468.538.6712.9326.15
EV/EBITDA Ratio18.8014.7022.1316.2021.8949.68
EV/EBIT Ratio22.7317.9530.4818.7925.5474.00
Debt / Equity Ratio3.042.682.402.142.302.66
Debt / EBITDA Ratio16.0112.7817.6112.0814.5338.13
Net Debt / Equity Ratio2.972.612.121.942.082.49
Net Debt / EBITDA Ratio16.0412.7415.9911.1613.3936.71
Asset Turnover0.100.090.090.090.070.03
Quick Ratio0.961.135.123.994.623.35
Current Ratio29.6425.6341.1141.7749.3738.66
Return on Equity (ROE)1.54%-3.93%-11.66%-1.17%3.25%-6.06%
Return on Assets (ROA)2.39%2.67%1.58%2.68%2.22%0.72%
Return on Invested Capital (ROIC)3.82%4.46%2.65%4.46%3.49%1.18%
Earnings Yield3.62%-4.29%-18.04%-1.61%5.70%-7.59%
Dividend Yield17.93%11.33%12.77%10.75%12.67%5.65%
Payout Ratio495.13%217.07%
Buyback Yield / Dilution0.80%0.44%-0.30%1.73%-0.63%0.04%
Total Shareholder Return18.68%11.77%12.47%12.48%12.04%5.69%