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BrightSpire Capital (BRSP) Financials

BrightSpire Capital logo
$5.80 +0.10 (+1.66%)
Closing price 03:59 PM Eastern
Extended Trading
$5.80 -0.01 (-0.17%)
As of 04:20 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for BrightSpire Capital

Annual Income Statements for BrightSpire Capital

This table shows BrightSpire Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 46 -16 -132
Consolidated Net Income / (Loss)		 47 -16 -136
Net Income / (Loss) Continuing Operations		 47 -16 -136
Total Pre-Tax Income 		49 -24 -134
Total Revenue		 132 140 102
Net Interest Income / (Expense)		 127 125 91
Total Interest Income		 268 299 245
Investment Securities Interest Income		 268 299 245
Total Interest Expense		 141 173 154
Long-Term Debt Interest Expense		 141 173 154
Total Non-Interest Income		 5.20 15 12
Other Service Charges		 6.06 14 12
Net Realized & Unrealized Capital Gains on Investments		 -0.85 0.61 0.00
Total Non-Interest Expense		 83 164 237
Salaries and Employee Benefits		 33 40 35
Net Occupancy & Equipment Expense		 -66 -67 -69
Other Operating Expenses		 89 124 149
Depreciation Expense		 34 34 41
Impairment Charge		 0.00 7.59 54
Other Special Charges		 -6.77 26 27
Income Tax Expense		 2.44 1.06 1.06
Other Gains / (Losses), net		 0.03 9.06 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.01 - 0.00
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 0.00 - -3.54
Basic Earnings per Share		 $0.35 ($0.12) ($1.05)
Weighted Average Basic Shares Outstanding		 127.30M 127.06M 127.44M
Diluted Earnings per Share		 $0.34 ($0.12) ($1.05)
Weighted Average Diluted Shares Outstanding		 129.30M 127.06M 127.44M
Weighted Average Basic & Diluted Shares Outstanding		 128.87M 129.99M 129.69M

Quarterly Income Statements for BrightSpire Capital

This table shows BrightSpire Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -20 4.24 -4.13 -7.49 12 -16 -57 -68 13 -20
Consolidated Net Income / (Loss)		 -20 4.23 -4.20 -7.50 12 -16 -57 -69 11 -21
Net Income / (Loss) Continuing Operations		 -20 4.19 -4.20 -7.50 12 -16 -57 -69 11 -21
Total Pre-Tax Income 		-20 5.53 -13 -7.19 13 -16 -57 -68 12 -21
Total Revenue		 33 36 37 34 35 35 31 28 23 20
Net Interest Income / (Expense)		 31 34 33 30 32 30 27 25 21 17
Total Interest Income		 73 78 76 74 76 73 68 63 60 54
Investment Securities Interest Income		 73 78 76 74 76 73 68 63 60 54
Total Interest Expense		 42 45 43 44 44 43 40 38 39 37
Long-Term Debt Interest Expense		 42 45 43 44 44 43 40 38 39 37
Total Non-Interest Income		 1.59 2.56 3.71 3.43 2.64 4.76 3.43 2.78 2.55 2.83
Other Service Charges		 1.62 3.38 3.06 3.25 2.86 4.76 3.10 2.92 2.51 3.06
Net Realized & Unrealized Capital Gains on Investments		 -0.03 - 0.66 0.18 -0.22 0.00 0.33 -0.14 0.04 -0.23
Total Non-Interest Expense		 53 31 50 41 22 51 88 97 12 41
Salaries and Employee Benefits		 8.37 8.16 8.81 9.37 12 9.36 8.77 9.58 8.19 8.10
Net Occupancy & Equipment Expense		 -16 -16 -17 -16 -17 -17 -16 -17 -18 -17
Other Operating Expenses		 45 24 44 33 11 36 78 43 4.21 24
Depreciation Expense		 8.57 8.21 8.00 7.94 8.85 8.72 10 8.95 10 11
Other Special Charges		 7.05 6.13 5.51 6.77 6.83 6.79 6.78 6.75 6.75 6.52
Income Tax Expense		 0.63 1.34 0.39 0.31 0.16 0.20 0.25 0.19 0.24 0.37
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 - - -0.08 0.00 0.00 - 0.00 -0.82 -1.31 -1.41
Basic Earnings per Share		 ($0.16) $0.04 ($0.03) ($0.06) $0.10 ($0.13) ($0.45) ($0.53) $0.10 ($0.17)
Weighted Average Basic Shares Outstanding		 126.56M 127.30M 126.67M 127.17M 127.20M 127.06M 127.33M 127.99M 127.52M 127.44M
Diluted Earnings per Share		 ($0.16) $0.03 ($0.03) ($0.06) $0.09 ($0.12) ($0.45) ($0.53) $0.09 ($0.16)
Weighted Average Diluted Shares Outstanding		 126.56M 129.30M 126.67M 127.17M 129.99M 127.06M 127.33M 127.99M 130.14M 127.44M
Weighted Average Basic & Diluted Shares Outstanding		 128.96M 128.87M 129.95M 129.99M 129.99M 129.99M 130.64M 130.63M 129.69M 129.69M

Annual Cash Flow Statements for BrightSpire Capital

This table details how cash moves in and out of BrightSpire Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 52 -37 89
Net Cash From Operating Activities		 125 138 103
Net Cash From Continuing Operating Activities		 125 138 103
Net Income / (Loss) Continuing Operations		 47 -16 -136
Consolidated Net Income / (Loss)		 47 -16 -136
Depreciation Expense		 34 34 41
Amortization Expense		 -2.87 -1.85 1.53
Non-Cash Adjustments to Reconcile Net Income		 -21 123 196
Changes in Operating Assets and Liabilities, net		 68 -1.45 0.70
Net Cash From Investing Activities		 89 384 313
Net Cash From Continuing Investing Activities		 89 384 313
Purchase of Property, Leasehold Improvements and Equipment		 -3.97 -7.06 -6.09
Purchase of Investment Securities		 -972 -77 -114
Divestitures		 38 0.00 0.00
Sale and/or Maturity of Investments		 1,022 459 442
Other Investing Activities, net		 5.71 9.55 -8.47
Net Cash From Financing Activities		 -161 -559 -328
Net Cash From Continuing Financing Activities		 -161 -559 -328
Issuance of Debt		 771 168 880
Issuance of Common Equity		 0.00 0.00 0.02
Repayment of Debt		 -778 -613 -1,085
Repurchase of Common Equity		 -18 0.00 -6.59
Payment of Dividends		 -101 -104 -99
Other Financing Activities, Net		 -36 -8.98 -18
Effect of Exchange Rate Changes		 -0.90 0.08 0.07
Cash Interest Paid		 126 190 174
Cash Income Taxes Paid		 0.60 0.27 2.04

Quarterly Cash Flow Statements for BrightSpire Capital

This table details how cash moves in and out of BrightSpire Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -18 7.50 -5.29 -91 31 28 -56 -18 150 12
Net Cash From Operating Activities		 34 36 40 23 38 36 25 23 31 25
Net Cash From Continuing Operating Activities		 34 36 40 23 38 36 25 23 31 25
Net Income / (Loss) Continuing Operations		 -20 4.23 -4.20 -7.50 12 -16 -57 -69 11 -21
Consolidated Net Income / (Loss)		 -20 4.23 -4.20 -7.50 12 -16 -57 -69 11 -21
Depreciation Expense		 8.57 8.21 8.00 7.94 8.85 8.72 10 8.95 10 11
Amortization Expense		 -0.19 -0.94 -1.49 0.06 -0.34 -0.08 0.66 0.39 0.01 0.48
Non-Cash Adjustments to Reconcile Net Income		 50 -44 -0.41 0.91 5.21 117 0.84 46 117 32
Changes in Operating Assets and Liabilities, net		 -3.05 69 38 22 12 -73 70 36 -107 2.48
Net Cash From Investing Activities		 -43 367 70 128 31 155 79 67 89 77
Net Cash From Continuing Investing Activities		 -43 367 70 128 31 155 79 67 89 77
Purchase of Property, Leasehold Improvements and Equipment		 -0.64 -1.75 -1.87 -3.62 -0.26 -1.31 -2.37 0.13 -3.01 -0.84
Purchase of Investment Securities		 -114 -43 -16 -20 -22 -20 -15 -18 -14 -67
Sale and/or Maturity of Investments		 59 420 102 149 40 168 117 84 102 139
Other Investing Activities, net		 12 -8.39 -14 2.00 13 8.35 -20 0.76 4.73 5.86
Net Cash From Financing Activities		 -8.88 -396 -114 -242 -39 -163 -159 -108 30 -90
Net Cash From Continuing Financing Activities		 -8.88 -396 -114 -242 -39 -163 -159 -108 30 -90
Issuance of Debt		 72 0.29 110 34 0.47 22 12 - 868 0.15
Repayment of Debt		 -55 -370 -196 -246 -12 -159 -141 -78 -798 -68
Payment of Dividends		 -26 -26 -26 -26 -26 -26 -26 -26 -26 -21
Other Financing Activities, Net		 -0.50 -0.59 -3.04 -4.63 -0.94 -0.37 -4.05 -3.90 -7.72 -1.94
Effect of Exchange Rate Changes		 -0.44 0.27 -0.17 -0.13 0.18 0.21 -0.44 0.59 0.09 -0.17

Annual Balance Sheets for BrightSpire Capital

This table presents BrightSpire Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 4,750 4,198 3,723
Cash and Due from Banks		 306 258 302
Restricted Cash		 93 105 149
Loans and Leases, Net of Allowance		 3,469 2,860 2,353
Loans and Leases		 3,575 2,937 2,519
Allowance for Loan and Lease Losses		 106 76 166
Premises and Equipment, Net		 732 808 777
Deferred Acquisition Cost		 54 59 47
Other Assets		 96 109 95
Total Liabilities & Shareholders' Equity		 4,750 4,198 3,723
Total Liabilities		 3,361 2,920 2,678
Interest Bearing Deposits		 79 89 80
Short-Term Debt		 1,340 1,153 785
Other Short-Term Payables		 26 26 21
Long-Term Debt		 1,824 1,563 1,706
Other Long-Term Liabilities		 92 90 85
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,389 1,278 1,046
Total Preferred & Common Equity		 1,388 1,277 1,048
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 1,388 1,277 1,048
Common Stock		 2,855 2,866 2,867
Retained Earnings		 -1,467 -1,586 -1,812
Accumulated Other Comprehensive Income / (Loss)		 -0.68 -2.56 -6.34
Noncontrolling Interest		 1.26 1.13 -2.41

Quarterly Balance Sheets for BrightSpire Capital

This table presents BrightSpire Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 5,781 4,604 4,355 4,353 3,947 3,778 3,838
Cash and Due from Banks		 286 314 218 236 222 203 264
Restricted Cash		 105 80 85 97 85 85 175
Loans and Leases, Net of Allowance		 3,826 3,349 3,113 3,056 2,687 2,583 2,431
Loans and Leases		 3,911 3,495 3,220 3,145 2,838 2,754 2,586
Allowance for Loan and Lease Losses		 86 146 107 89 150 171 155
Premises and Equipment, Net		 716 715 771 775 789 737 775
Deferred Acquisition Cost		 55 51 58 60 55 50 50
Other Assets		 107 96 110 128 109 119 144
Total Liabilities & Shareholders' Equity		 5,781 4,604 4,355 4,353 3,947 3,778 3,838
Total Liabilities		 4,377 3,249 3,032 3,037 2,757 2,679 2,752
Interest Bearing Deposits		 87 65 67 80 69 70 74
Short-Term Debt		 1,534 1,292 1,217 1,207 1,032 999 848
Other Short-Term Payables		 26 26 26 26 26 26 21
Long-Term Debt		 1,985 1,777 1,637 1,637 1,546 1,504 1,722
Other Long-Term Liabilities		 745 89 84 87 85 81 86
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,403 1,355 1,323 1,315 1,190 1,099 1,087
Total Preferred & Common Equity		 1,402 1,353 1,321 1,314 1,189 1,099 1,088
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,402 1,353 1,321 1,314 1,189 1,099 1,088
Common Stock		 2,854 2,854 2,858 2,863 2,864 2,867 2,864
Retained Earnings		 -1,445 -1,497 -1,530 -1,544 -1,669 -1,764 -1,772
Accumulated Other Comprehensive Income / (Loss)		 -6.58 -4.14 -5.75 -5.24 -6.15 -5.05 -4.65
Noncontrolling Interest		 1.31 1.15 1.11 1.12 1.13 0.30 -1.00

Annual Metrics And Ratios for BrightSpire Capital

This table displays calculated financial ratios and metrics derived from BrightSpire Capital's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 55.25% 5.76% -26.78%
EBITDA Growth		 7.33% -90.00% -1,249.04%
EBIT Growth		 49.97% -147.99% -469.44%
NOPAT Growth		 76.24% -135.34% -469.44%
Net Income Growth		 144.74% -133.38% -767.64%
EPS Growth		 143.04% -135.29% -775.00%
Operating Cash Flow Growth		 688.98% 9.86% -24.86%
Free Cash Flow Firm Growth		 154.22% 257.87% -33.13%
Invested Capital Growth		 -2.25% -12.28% -11.44%
Revenue Q/Q Growth		 18.54% -0.84% -12.54%
EBITDA Q/Q Growth		 -50.55% -71.60% -1.94%
EBIT Q/Q Growth		 -62.02% -1,096.76% -3.60%
NOPAT Q/Q Growth		 -63.10% -1,096.76% -3.60%
Net Income Q/Q Growth		 -63.40% -417.59% -3.70%
EPS Q/Q Growth		 -63.04% -500.00% -3.96%
Operating Cash Flow Q/Q Growth		 -9.67% 0.08% -10.17%
Free Cash Flow Firm Q/Q Growth		 -70.19% -28.70% -11.87%
Invested Capital Q/Q Growth		 -7.49% -3.98% -3.28%
Profitability Metrics		 - - -
EBITDA Margin		 60.79% 5.75% -90.21%
EBIT Margin		 37.19% -16.87% -131.24%
Profit (Net Income) Margin		 35.36% -11.16% -132.27%
Tax Burden Percent		 95.09% 66.15% 100.79%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 4.96% 0.00% 0.00%
Return on Invested Capital (ROIC)		 1.02% -0.39% -2.50%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.02% -0.36% -4.09%
Return on Net Nonoperating Assets (RNNOA)		 2.23% -0.78% -9.16%
Return on Equity (ROE)		 3.25% -1.17% -11.66%
Cash Return on Invested Capital (CROIC)		 3.29% 12.70% 9.63%
Operating Return on Assets (OROA)		 0.95% -0.53% -3.39%
Return on Assets (ROA)		 0.90% -0.35% -3.42%
Return on Common Equity (ROCE)		 3.21% -1.17% -11.67%
Return on Equity Simple (ROE_SIMPLE)		 3.37% -1.22% -12.93%
Net Operating Profit after Tax (NOPAT)		 47 -17 -94
NOPAT Margin		 35.34% -11.81% -91.87%
Net Nonoperating Expense Percent (NNEP)		 0.00% -0.03% 1.59%
SG&A Expenses to Revenue		 -24.89% -19.48% -33.10%
Operating Expenses to Revenue		 62.81% 116.87% 231.24%
Earnings before Interest and Taxes (EBIT)		 49 -24 -134
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 80 8.04 -92
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.45 0.67 0.70
Price to Tangible Book Value (P/TBV)		 0.45 0.67 0.70
Price to Revenue (P/Rev)		 4.76 6.12 7.14
Price to Earnings (P/E)		 13.76 0.00 0.00
Dividend Yield		 16.17% 12.14% 12.77%
Earnings Yield		 7.27% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.75 0.80 0.78
Enterprise Value to Revenue (EV/Rev)		 25.67 22.95 27.03
Enterprise Value to EBITDA (EV/EBITDA)		 42.23 399.29 0.00
Enterprise Value to EBIT (EV/EBIT)		 69.03 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 72.63 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 27.11 23.34 26.78
Enterprise Value to Free Cash Flow (EV/FCFF)		 22.41 5.92 7.63
Leverage & Solvency		 - - -
Debt to Equity		 2.28 2.12 2.38
Long-Term Debt to Equity		 1.31 1.22 1.63
Financial Leverage		 2.20 2.20 2.24
Leverage Ratio		 3.61 3.35 3.41
Compound Leverage Factor		 3.61 3.35 3.41
Debt to Total Capital		 69.49% 67.99% 70.43%
Short-Term Debt to Total Capital		 29.43% 28.86% 22.20%
Long-Term Debt to Total Capital		 40.06% 39.13% 48.23%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.03% 0.03% -0.07%
Common Equity to Total Capital		 30.48% 31.98% 29.63%
Debt to EBITDA		 39.34 337.63 -26.96
Net Debt to EBITDA		 34.38 292.61 -22.08
Long-Term Debt to EBITDA		 22.68 194.31 -18.46
Debt to NOPAT		 67.66 -164.30 -26.47
Net Debt to NOPAT		 59.13 -142.39 -21.68
Long-Term Debt to NOPAT		 39.01 -94.55 -18.13
Noncontrolling Interest Sharing Ratio		 1.29% 0.09% -0.05%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 152 543 363
Operating Cash Flow to CapEx		 3,159.57% 1,950.45% 1,697.11%
Free Cash Flow to Firm to Interest Expense		 1.07 3.13 2.36
Operating Cash Flow to Interest Expense		 0.89 0.79 0.67
Operating Cash Flow Less CapEx to Interest Expense		 0.86 0.75 0.63
Efficiency Ratios		 - - -
Asset Turnover		 0.03 0.03 0.03
Fixed Asset Turnover		 0.17 0.18 0.13
Capital & Investment Metrics		 - - -
Invested Capital		 4,553 3,994 3,537
Invested Capital Turnover		 0.03 0.03 0.03
Increase / (Decrease) in Invested Capital		 -105 -559 -457
Enterprise Value (EV)		 3,397 3,212 2,770
Market Capitalization		 630 857 731
Book Value per Share		 $10.76 $9.83 $8.08
Tangible Book Value per Share		 $10.76 $9.83 $8.08
Total Capital		 4,553 3,994 3,537
Total Debt		 3,164 2,716 2,491
Total Long-Term Debt		 1,824 1,563 1,706
Net Debt		 2,765 2,353 2,041
Capital Expenditures (CapEx)		 3.97 7.06 6.09
Net Nonoperating Expense (NNE)		 -0.03 -0.91 41
Net Nonoperating Obligations (NNO)		 3,164 2,716 2,491
Total Depreciation and Amortization (D&A)		 31 32 42
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.35 ($0.12) ($1.05)
Adjusted Weighted Average Basic Shares Outstanding		 127.30M 127.06M 127.44M
Adjusted Diluted Earnings per Share		 $0.34 ($0.12) ($1.05)
Adjusted Weighted Average Diluted Shares Outstanding		 129.30M 127.06M 127.44M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 128.87M 129.99M 129.69M
Normalized Net Operating Profit after Tax (NOPAT)		 40 6.92 -37
Normalized NOPAT Margin		 30.48% 4.95% -36.52%
Pre Tax Income Margin		 37.19% -16.87% -131.24%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.35 -0.14 -0.87
NOPAT to Interest Expense		 0.33 -0.10 -0.61
EBIT Less CapEx to Interest Expense		 0.32 -0.18 -0.91
NOPAT Less CapEx to Interest Expense		 0.30 -0.14 -0.65
Payout Ratios		 - - -
Dividend Payout Ratio		 214.86% -665.54% -73.10%
Augmented Payout Ratio		 254.01% -665.54% -77.96%

Quarterly Metrics And Ratios for BrightSpire Capital

This table displays calculated financial ratios and metrics derived from BrightSpire Capital's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -12.58% 133.78% 23.61% 0.35% 5.12% -3.29% -15.83% -16.75% -32.77% -42.00%
EBITDA Growth		 -131.53% -86.52% -117.46% -98.09% 283.89% -158.31% -619.93% -7,365.72% 3.31% -23.50%
EBIT Growth		 -175.42% -93.56% -145.29% -120.48% 163.27% -391.16% -341.87% -852.82% -7.05% -29.00%
NOPAT Growth		 -157.30% -95.02% -131.70% -114.53% 189.25% -369.09% -341.87% -852.82% -7.84% -29.00%
Net Income Growth		 71.47% -95.04% -114.80% -121.65% 160.54% -485.97% -1,259.04% -816.02% -7.84% -29.65%
EPS Growth		 70.37% -95.08% -114.29% -123.08% 156.25% -500.00% -1,400.00% -783.33% 0.00% -33.33%
Operating Cash Flow Growth		 -40.36% -26.99% 22.61% 3.70% 11.92% 0.30% -38.05% -1.00% -18.69% -32.14%
Free Cash Flow Firm Growth		 -65.12% 149.12% -62.08% 134.39% 110.58% 402.44% 39.00% -32.55% -33.66% -19.25%
Invested Capital Growth		 -7.20% -2.25% -9.29% -15.86% -15.49% -12.28% -14.85% -13.78% -12.08% -11.44%
Revenue Q/Q Growth		 -1.84% 9.81% 1.39% -8.17% 2.82% 1.03% -11.77% -9.17% -16.97% -12.84%
EBITDA Q/Q Growth		 -126.86% 211.85% -149.67% 112.79% 2,487.35% -135.46% -513.32% -29.11% 136.79% -142.39%
EBIT Q/Q Growth		 -156.52% 127.89% -332.59% 44.14% 274.60% -228.34% -252.98% -20.46% 117.03% -278.12%
NOPAT Q/Q Growth		 -140.09% 130.18% -314.96% 44.14% 346.28% -190.99% -252.98% -20.46% 123.82% -227.35%
Net Income Q/Q Growth		 -159.10% 120.65% -199.43% -78.44% 265.27% -231.63% -250.11% -20.27% 116.63% -285.17%
EPS Q/Q Growth		 -161.54% 118.75% -200.00% -100.00% 250.00% -233.33% -275.00% -17.78% 116.98% -277.78%
Operating Cash Flow Q/Q Growth		 54.41% 5.62% 9.30% -41.82% 66.66% -5.35% -32.49% -7.03% 36.87% -21.01%
Free Cash Flow Firm Q/Q Growth		 10.21% -70.36% 307.15% 76.25% -0.98% -29.29% 12.64% -14.47% -2.62% -13.92%
Invested Capital Q/Q Growth		 -0.86% -7.49% -2.84% -5.58% -0.43% -3.98% -5.68% -4.39% 1.54% -3.28%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 -34.78% 35.42% -17.35% 2.42% 60.84% -21.36% -148.44% -210.99% 93.49% -45.47%
EBIT Margin		 -60.23% 15.30% -35.09% -21.35% 36.25% -46.05% -184.24% -244.33% 50.12% -102.43%
Profit (Net Income) Margin		 -62.15% 11.69% -11.46% -22.27% 35.80% -46.64% -185.05% -245.03% 49.07% -104.25%
Tax Burden Percent		 103.19% 76.39% 32.66% 104.31% 98.74% 101.27% 100.44% 100.28% 97.91% 101.78%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 24.26% 0.00% 0.00% 1.26% 0.00% 0.00% 0.00% 2.09% 0.00%
Return on Invested Capital (ROIC)		 -0.92% 0.33% -0.74% -0.46% 1.11% -1.06% -4.22% -5.65% 1.47% -1.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.10% 0.33% -0.59% -0.53% 1.11% -1.23% -4.84% -6.42% 1.47% -2.20%
Return on Net Nonoperating Assets (RNNOA)		 -2.56% 0.73% -1.33% -1.22% 2.60% -2.70% -10.73% -14.21% 3.32% -4.94%
Return on Equity (ROE)		 -3.48% 1.07% -2.06% -1.68% 3.72% -3.76% -14.96% -19.86% 4.79% -6.89%
Cash Return on Invested Capital (CROIC)		 9.95% 3.29% 9.85% 16.70% 16.76% 12.70% 14.88% 12.48% 10.53% 9.63%
Operating Return on Assets (OROA)		 -1.19% 0.39% -0.94% -0.58% 1.01% -1.44% -5.78% -7.72% 1.43% -2.65%
Return on Assets (ROA)		 -1.23% 0.30% -0.31% -0.61% 1.00% -1.46% -5.81% -7.74% 1.40% -2.70%
Return on Common Equity (ROCE)		 -3.20% 1.05% -2.04% -1.68% 3.71% -3.76% -14.94% -19.85% 4.79% -6.89%
Return on Equity Simple (ROE_SIMPLE)		 9.12% 0.00% 1.05% -2.11% 0.37% 0.00% -5.76% -11.81% -12.02% 0.00%
Net Operating Profit after Tax (NOPAT)		 -14 4.19 -9.01 -5.03 12 -11 -40 -48 11 -15
NOPAT Margin		 -42.16% 11.59% -24.57% -14.94% 35.80% -32.24% -128.96% -171.03% 49.07% -71.70%
Net Nonoperating Expense Percent (NNEP)		 0.18% 0.00% -0.15% 0.08% 0.00% 0.17% 0.61% 0.77% 0.00% 0.25%
SG&A Expenses to Revenue		 -24.53% -20.45% -21.53% -20.54% -14.11% -21.64% -24.92% -27.46% -40.51% -44.84%
Operating Expenses to Revenue		 160.23% 84.70% 135.09% 121.35% 63.75% 146.05% 284.24% 344.33% 49.88% 202.43%
Earnings before Interest and Taxes (EBIT)		 -20 5.53 -13 -7.19 13 -16 -57 -68 12 -21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -11 13 -6.36 0.81 21 -7.47 -46 -59 22 -9.22
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.47 0.45 0.48 0.59 0.55 0.67 0.73 0.68 0.67 0.70
Price to Tangible Book Value (P/TBV)		 0.47 0.45 0.48 0.59 0.55 0.67 0.73 0.68 0.67 0.70
Price to Revenue (P/Rev)		 5.86 4.76 4.69 5.55 5.12 6.12 6.45 5.80 6.24 7.14
Price to Earnings (P/E)		 5.33 13.76 46.85 0.00 144.11 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 15.19% 16.17% 15.79% 13.44% 14.39% 12.14% 12.03% 14.04% 13.57% 12.77%
Earnings Yield		 18.75% 7.27% 2.13% 0.00% 0.69% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.77 0.75 0.75 0.80 0.78 0.80 0.83 0.82 0.78 0.78
Enterprise Value to Revenue (EV/Rev)		 33.89 25.67 23.90 23.86 22.92 22.95 23.39 23.03 24.43 27.03
Enterprise Value to EBITDA (EV/EBITDA)		 23.25 42.23 88.50 0.00 114.21 399.29 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 29.20 69.03 420.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 29.85 72.63 653.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 27.27 27.11 25.11 24.94 23.52 23.34 25.60 24.19 24.86 26.78
Enterprise Value to Free Cash Flow (EV/FCFF)		 7.44 22.41 7.27 4.36 4.25 5.92 5.15 6.09 6.95 7.63
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 2.51 2.28 2.27 2.16 2.16 2.12 2.17 2.28 2.37 2.38
Long-Term Debt to Equity		 1.41 1.31 1.31 1.24 1.24 1.22 1.30 1.37 1.59 1.63
Financial Leverage		 2.32 2.20 2.26 2.29 2.34 2.20 2.22 2.21 2.25 2.24
Leverage Ratio		 3.65 3.61 3.65 3.67 3.73 3.35 3.36 3.36 3.41 3.41
Compound Leverage Factor		 3.65 3.61 3.65 3.67 3.73 3.35 3.36 3.36 3.41 3.41
Debt to Total Capital		 71.49% 69.49% 69.38% 68.34% 68.38% 67.99% 68.41% 69.48% 70.29% 70.43%
Short-Term Debt to Total Capital		 31.16% 29.43% 29.21% 29.14% 29.02% 28.86% 27.38% 27.73% 23.20% 22.20%
Long-Term Debt to Total Capital		 40.33% 40.06% 40.17% 39.20% 39.36% 39.13% 41.03% 41.75% 47.09% 48.23%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.01% -0.03% -0.07%
Common Equity to Total Capital		 28.48% 30.48% 30.59% 31.63% 31.59% 31.98% 31.56% 30.51% 29.74% 29.63%
Debt to EBITDA		 21.63 39.34 81.57 -680.99 100.42 337.63 -82.07 -27.39 -28.35 -26.96
Net Debt to EBITDA		 19.23 34.38 71.11 -608.77 88.64 292.61 -72.32 -24.23 -23.51 -22.08
Long-Term Debt to EBITDA		 12.20 22.68 47.23 -390.62 57.80 194.31 -49.22 -16.46 -18.99 -18.46
Debt to NOPAT		 27.77 67.66 602.31 -118.70 -2,059.36 -164.30 -54.46 -27.73 -28.29 -26.47
Net Debt to NOPAT		 24.68 59.13 525.09 -106.11 -1,817.79 -142.39 -47.99 -24.53 -23.46 -21.68
Long-Term Debt to NOPAT		 15.66 39.01 348.74 -68.08 -1,185.28 -94.55 -32.66 -16.67 -18.96 -18.13
Noncontrolling Interest Sharing Ratio		 8.05% 1.29% 1.30% 0.09% 0.09% 0.09% 0.09% 0.06% 0.00% -0.05%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 368 109 444 782 775 548 617 528 514 442
Operating Cash Flow to CapEx		 5,411.97% 2,070.56% 2,121.55% 638.27% 14,569.70% 2,787.67% 1,037.88% 0.00% 1,037.62% 2,933.97%
Free Cash Flow to Firm to Interest Expense		 8.78 2.44 10.40 17.74 17.75 12.77 15.37 13.86 13.22 12.00
Operating Cash Flow to Interest Expense		 0.82 0.81 0.93 0.52 0.88 0.85 0.61 0.60 0.80 0.67
Operating Cash Flow Less CapEx to Interest Expense		 0.80 0.77 0.89 0.44 0.88 0.82 0.55 0.60 0.73 0.65
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Fixed Asset Turnover		 0.15 0.17 0.19 0.18 0.19 0.18 0.18 0.17 0.15 0.13
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 4,922 4,553 4,424 4,177 4,159 3,994 3,767 3,602 3,657 3,537
Invested Capital Turnover		 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Increase / (Decrease) in Invested Capital		 -382 -105 -453 -787 -762 -559 -657 -576 -502 -457
Enterprise Value (EV)		 3,782 3,397 3,330 3,327 3,235 3,212 3,137 2,959 2,862 2,770
Market Capitalization		 654 630 653 774 723 857 865 745 732 731
Book Value per Share		 $10.87 $10.76 $10.50 $10.17 $10.11 $9.83 $9.34 $8.41 $8.33 $8.08
Tangible Book Value per Share		 $10.87 $10.76 $10.50 $10.17 $10.11 $9.83 $9.34 $8.41 $8.33 $8.08
Total Capital		 4,922 4,553 4,424 4,177 4,159 3,994 3,767 3,602 3,657 3,537
Total Debt		 3,519 3,164 3,069 2,855 2,844 2,716 2,577 2,503 2,570 2,491
Total Long-Term Debt		 1,985 1,824 1,777 1,637 1,637 1,563 1,546 1,504 1,722 1,706
Net Debt		 3,127 2,765 2,676 2,552 2,511 2,353 2,271 2,214 2,131 2,041
Capital Expenditures (CapEx)		 0.64 1.75 1.87 3.62 0.26 1.31 2.37 -0.13 3.01 0.84
Net Nonoperating Expense (NNE)		 6.58 -0.04 -4.80 2.47 0.00 5.04 17 21 0.00 6.60
Net Nonoperating Obligations (NNO)		 3,519 3,164 3,069 2,855 2,844 2,716 2,577 2,503 2,570 2,491
Total Depreciation and Amortization (D&A)		 8.38 7.28 6.50 8.00 8.51 8.64 11 9.35 10 12
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.16) $0.04 ($0.03) ($0.06) $0.10 ($0.13) ($0.45) ($0.53) $0.10 ($0.17)
Adjusted Weighted Average Basic Shares Outstanding		 126.56M 127.30M 126.67M 127.17M 127.20M 127.06M 127.33M 127.99M 127.52M 127.44M
Adjusted Diluted Earnings per Share		 ($0.16) $0.03 ($0.03) ($0.06) $0.09 ($0.12) ($0.45) ($0.53) $0.09 ($0.16)
Adjusted Weighted Average Diluted Shares Outstanding		 126.56M 129.30M 126.67M 127.17M 129.99M 127.06M 127.33M 127.99M 130.14M 127.44M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 128.96M 128.87M 129.95M 129.99M 129.99M 129.99M 130.64M 130.63M 129.69M 129.69M
Normalized Net Operating Profit after Tax (NOPAT)		 -8.95 8.84 -5.15 -0.29 19 -6.52 -35 -12 18 -9.98
Normalized NOPAT Margin		 -27.18% 24.43% -14.05% -0.86% 55.29% -18.64% -113.58% -41.27% 77.45% -49.20%
Pre Tax Income Margin		 -60.23% 15.30% -35.09% -21.35% 36.25% -46.05% -184.24% -244.33% 50.12% -102.43%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 -0.47 0.12 -0.30 -0.16 0.29 -0.38 -1.42 -1.80 0.30 -0.56
NOPAT to Interest Expense		 -0.33 0.09 -0.21 -0.11 0.28 -0.26 -0.99 -1.26 0.29 -0.39
EBIT Less CapEx to Interest Expense		 -0.49 0.08 -0.35 -0.25 0.28 -0.41 -1.48 -1.80 0.22 -0.59
NOPAT Less CapEx to Interest Expense		 -0.35 0.05 -0.26 -0.20 0.28 -0.29 -1.05 -1.26 0.22 -0.42
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 75.08% 214.86% 722.90% -369.73% 2,109.50% -665.54% -151.75% -80.20% -79.79% -73.10%
Augmented Payout Ratio		 89.41% 254.01% 722.90% -369.73% 2,109.50% -665.54% -151.75% -80.20% -84.83% -77.96%

Key Financial Trends

BrightSpire Capital (NYSE:BRSP) has experienced significant fluctuations in its financial performance and position over the last four years, with particular volatility seen in 2024.

Positive trends:

  • The company generated positive net interest income consistently from Q4 2022 through Q3 2024, peaking around $30M in Q4 2023 and declining to around $17M by Q4 2024.
  • BrightSpire’s total revenue was positive each quarter, showing resilience despite net losses, with revenues near $35M in late 2022 and early 2023, decreasing to approximately $20M by Q4 2024.
  • Operating cash flow remained positive throughout, with $36M in Q4 2023 and $24.7M in Q4 2024, indicating decent cash generation from core operations during periods of net loss.
  • The company significantly increased net cash from investing activities in Q4 2023 ($155M) compared to lower levels in subsequent quarters, suggesting active portfolio management and asset sales.
  • Restricted cash and cash & equivalents balances showed improvement from earlier lows; for example, cash increased from $203M in Q2 2024 to $264M by Q3 2024.

Neutral observations:

  • Weighted average shares outstanding remained stable around 127-130 million shares, indicating no major dilution or buybacks in this period.
  • The company continued paying consistent common dividends of $0.20 per share across quarters except for Q4 2024 when a lower EPS generated a negative net income.
  • Depreciation and amortization expenses remained roughly stable between $7-11M per quarter, reflecting steady asset usage over time.
  • Loan and lease balances declined from $3.9B in Q3 2022 to about $2.5B by Q3 2024, pointing to asset run-off but no major growth or contraction in lending portfolio.

Negative trends and risks:

  • Net income turned increasingly negative starting mid-2023, with a sharp loss of $21.1M in Q4 2024 compared to a $12.4M profit in Q3 2023.
  • Total non-interest expenses surged dramatically, especially in 2024. For example, Q2 2024 recorded nearly $97M in expenses, dominated by sizeable impairment charges (~$45M) and other operating expenses ($43M), versus about $51M total expense in Q4 2023.
  • Long-term debt remained high and relatively stable near $1.7B, while short-term debt was also substantial (~$850M in Q3 2024), indicating a leveraged capital structure requiring careful interest management.
  • The company faced net unrealized capital losses in some quarters (e.g., -$226K in Q4 2024), putting pressure on investment income.
  • Cash flows from financing activities were heavily negative, reaching -$90M in Q4 2024, reflecting debt repayment and dividend payments weighing on liquidity.
  • There was a clear trend of net losses continuing for multiple quarters in 2024, worsening from a $57M loss in Q1 2024 to a $21M loss in Q4, raising concerns on profitability sustainability.

Summary: BrightSpire Capital’s financials from 2022 through 2024 reveal a business struggling to maintain profitability in 2024, pressured by high non-interest expenses and significant impairments. While core interest income remains positive and cash flows from operations are solid, high leverage and sustained net losses are red flags. Investors should closely monitor the company’s efforts to control costs and manage its asset portfolio to return to profitability.

08/29/25 04:31 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About BrightSpire Capital's Financials

When does BrightSpire Capital's fiscal year end?

According to the most recent income statement we have on file, BrightSpire Capital's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has BrightSpire Capital's net income changed over the last 2 years?

BrightSpire Capital's net income appears to be on an upward trend, with a most recent value of -$135.52 million in 2024, falling from $46.79 million in 2022. The previous period was -$15.62 million in 2023. View BrightSpire Capital's forecast to see where analysts expect BrightSpire Capital to go next.

How has BrightSpire Capital's revenue changed over the last 2 years?

Over the last 2 years, BrightSpire Capital's total revenue changed from $132.31 million in 2022 to $102.45 million in 2024, a change of -22.6%.

How much debt does BrightSpire Capital have?

BrightSpire Capital's total liabilities were at $2.68 billion at the end of 2024, a 8.3% decrease from 2023, and a 20.3% decrease since 2022.

How much cash does BrightSpire Capital have?

In the past 2 years, BrightSpire Capital's cash and equivalents has ranged from $257.51 million in 2023 to $306.32 million in 2022, and is currently $302.17 million as of their latest financial filing in 2024.

How has BrightSpire Capital's book value per share changed over the last 2 years?

Over the last 2 years, BrightSpire Capital's book value per share changed from 10.76 in 2022 to 8.08 in 2024, a change of -24.9%.


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This page (NYSE:BRSP) was last updated on 8/29/2025 by MarketBeat.com Staff
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