(BRSP) Brightspire Capital - Ratings and Ratios
First Mortgage, Mezzanine, Preferred Equity, Net Leased
Description: BRSP Brightspire Capital September 11, 2025
BrightSpire Capital, Inc. (NYSE: BRSP) is a publicly traded real estate investment trust that focuses on commercial real-estate (CRE) credit across the United States and Norway. Its core activities include originating, acquiring, financing, and managing a diversified pool of debt instruments-first-mortgage loans, senior loans, mezzanine loans, and preferred equity-as well as net-leased property investments.
The firm reports its operations through three segments: (1) Senior and Mezzanine Loans & Preferred Equity, (2) Net Leased and Other Real Estate, and (3) Corporate and Other. By qualifying as a REIT, BrightSpire avoids federal corporate income tax provided it distributes at least 90 % of its taxable income to shareholders each year.
Originally incorporated in 2017 as Colony Credit Real Estate, Inc., the company rebranded to BrightSpire Capital in June 2021 and remains headquartered in New York, NY.
According to its most recent 10-K (2023), BrightSpire held approximately **$1.2 billion** in total assets, with a loan portfolio weighted 68 % toward senior secured loans and 22 % in mezzanine and preferred equity positions. The REIT reported a **distribution yield of roughly 10.5 %** and a **dividend payout ratio of 94 %**, indicating a strong commitment to the REIT-required distribution threshold.
Key macro-economic drivers for BrightSpire’s CRE credit business include the prevailing interest-rate environment, which influences loan spreads and refinancing risk, and the health of the office and industrial sectors-both of which affect borrower credit quality. Additionally, net-leased properties benefit from long-term triple-net leases that provide cash-flow stability even amid tenant-level vacancy fluctuations.
For a deeper quantitative dive, the ValueRay platform offers a granular breakdown of BrightSpire’s loan-level performance and distribution sustainability.
BRSP Stock Overview
| Market Cap in USD | 669m |
| Sub-Industry | Real Estate Development |
| IPO / Inception | 2018-02-01 |
BRSP Stock Ratings
| Growth Rating | -4.21% |
| Fundamental | 13.3% |
| Dividend Rating | 81.7% |
| Return 12m vs S&P 500 | -14.5% |
| Analyst Rating | 3.86 of 5 |
BRSP Dividends
| Dividend Yield 12m | 11.92% |
| Yield on Cost 5y | 17.16% |
| Annual Growth 5y | 24.47% |
| Payout Consistency | 88.0% |
| Payout Ratio | 94.1% |
BRSP Growth Ratios
| Growth Correlation 3m | -65.3% |
| Growth Correlation 12m | -15.1% |
| Growth Correlation 5y | -26.5% |
| CAGR 5y | 1.70% |
| CAGR/Max DD 3y (Calmar Ratio) | 0.05 |
| CAGR/Mean DD 3y (Pain Ratio) | 0.12 |
| Sharpe Ratio 12m | -0.15 |
| Alpha | -21.94 |
| Beta | 1.609 |
| Volatility | 26.69% |
| Current Volume | 1525.7k |
| Average Volume 20d | 648.1k |
| Stop Loss | 5.2 (-3.2%) |
| Signal | 0.88 |
Piotroski VR‑10 (Strict, 0-10) 1.5
| Net Income (-36.5m TTM) > 0 and > 6% of Revenue (6% = 14.8m TTM) |
| FCFTA -0.02 (>2.0%) and ΔFCFTA -4.76pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue -104.6% (prev 623.9%; Δ -728.6pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA -0.02 (>3.0%) and CFO -58.3m <= Net Income -36.5m (YES >=105%, WARN >=100%) |
| Net Debt (301.8m) to EBITDA (80.4m) ratio: 3.75 <= 3.0 (WARN <= 3.5) |
| Current Ratio 0.38 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (129.8m) change vs 12m ago -0.23% (target <= -2.0% for YES) |
| Gross Margin 30.53% (prev 63.14%; Δ -32.60pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 6.91% (prev 9.80%; Δ -2.88pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 0.52 (EBITDA TTM 80.4m / Interest Expense TTM 77.1m) >= 6 (WARN >= 3) |
Altman Z'' -3.15
| (A) -0.08 = (Total Current Assets 156.8m - Total Current Liabilities 415.2m) / Total Assets 3.30b |
| (B) -0.57 = Retained Earnings (Balance) -1.89b / Total Assets 3.30b |
| (C) 0.01 = EBIT TTM 40.4m / Avg Total Assets 3.57b |
| (D) -0.81 = Book Value of Equity -1.89b / Total Liabilities 2.34b |
| Total Rating: -3.15 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 13.28
| 1. Piotroski 1.50pt = -3.50 |
| 2. FCF Yield -6.00% = -3.00 |
| 3. FCF Margin -23.59% = -7.50 |
| 4. Debt/Equity 0.43 = 2.41 |
| 5. Debt/Ebitda 3.75 = -2.45 |
| 6. ROIC - WACC (= -9.22)% = -11.53 |
| 7. RoE -3.60% = -0.60 |
| 8. Rev. Trend -84.05% = -6.30 |
| 9. EPS Trend -84.81% = -4.24 |
What is the price of BRSP shares?
Over the past week, the price has changed by +4.07%, over one month by +5.50%, over three months by +3.54% and over the past year by -2.48%.
Is Brightspire Capital a good stock to buy?
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of BRSP is around 5.41 USD . This means that BRSP is currently overvalued and has a potential downside of 0.74%.
Is BRSP a buy, sell or hold?
- Strong Buy: 3
- Buy: 1
- Hold: 2
- Sell: 1
- Strong Sell: 0
What are the forecasts/targets for the BRSP price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 6.1 | 13.6% |
| Analysts Target Price | 6.1 | 13.6% |
| ValueRay Target Price | 6.1 | 14.3% |
BRSP Fundamental Data Overview November 02, 2025
P/E Forward = 7.4738
P/S = 2.0231
P/B = 0.7033
Beta = 1.609
Revenue TTM = 247.0m USD
EBIT TTM = 40.4m USD
EBITDA TTM = 80.4m USD
Long Term Debt = 2.49b USD (from longTermDebt, last fiscal year)
Short Term Debt = 415.2m USD (from shortTermDebt, last quarter)
Debt = 415.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 301.8m USD (from netDebt column, last quarter)
Enterprise Value = 971.2m USD (669.4m + Debt 415.2m - CCE 113.4m)
Interest Coverage Ratio = 0.52 (Ebit TTM 40.4m / Interest Expense TTM 77.1m)
FCF Yield = -6.00% (FCF TTM -58.3m / Enterprise Value 971.2m)
FCF Margin = -23.59% (FCF TTM -58.3m / Revenue TTM 247.0m)
Net Margin = -14.79% (Net Income TTM -36.5m / Revenue TTM 247.0m)
Gross Margin = 30.53% ((Revenue TTM 247.0m - Cost of Revenue TTM 171.6m) / Revenue TTM)
Gross Margin QoQ = none% (prev 79.95%)
Tobins Q-Ratio = 0.29 (Enterprise Value 971.2m / Total Assets 3.30b)
Interest Expense / Debt = 7.55% (Interest Expense 31.4m / Debt 415.2m)
Taxrate = -9.00% (negative due to tax credits) (129.0k / -1.43m)
NOPAT = 44.0m (EBIT 40.4m * (1 - -9.00%)) [negative tax rate / tax credits]
Current Ratio = 0.38 (Total Current Assets 156.8m / Total Current Liabilities 415.2m)
Debt / Equity = 0.43 (Debt 415.2m / totalStockholderEquity, last quarter 976.4m)
Debt / EBITDA = 3.75 (Net Debt 301.8m / EBITDA 80.4m)
Debt / FCF = -5.18 (negative FCF - burning cash) (Net Debt 301.8m / FCF TTM -58.3m)
Total Stockholder Equity = 1.01b (last 4 quarters mean from totalStockholderEquity)
RoA = -1.11% (Net Income -36.5m / Total Assets 3.30b)
RoE = -3.60% (Net Income TTM -36.5m / Total Stockholder Equity 1.01b)
RoCE = 1.15% (EBIT 40.4m / Capital Employed (Equity 1.01b + L.T.Debt 2.49b))
RoIC = 1.30% (NOPAT 44.0m / Invested Capital 3.39b)
WACC = 10.52% (E(669.4m)/V(1.08b) * Re(11.94%) + D(415.2m)/V(1.08b) * Rd(7.55%) * (1-Tc(-0.09)))
Discount Rate = 11.94% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.05%
Fair Price DCF = unknown (Cash Flow -58.3m)
EPS Correlation: -84.81 | EPS CAGR: -17.33% | SUE: -0.36 | # QB: 0
Revenue Correlation: -84.05 | Revenue CAGR: -6.00% | SUE: 0.10 | # QB: 0
Additional Sources for BRSP Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle