(BRSP) Brightspire Capital - NYSE
Sector: Real Estate | Industry: REIT - Mortgage | Exchange: NYSE (USA) | Market Cap: 730m USD | Total Return: 17.9% in 12m
Avg Turnover: 4.94M
EPS Trend: -95.3%
Qual. Beats: -1
Rev. Trend: -94.2%
Qual. Beats: 0
Warnings
High Debt/EBITDA (106.6) with thin interest coverage (-0.1)
Interest Coverage Ratio -0.1 is critical
Below Avwap Earnings
Tailwinds
No distinct edge detected
BrightSpire Capital, Inc. (BRSP) is a commercial real estate (CRE) credit REIT focused on the origination and management of a diversified portfolio of debt investments. Its primary operations include senior mortgage loans, mezzanine loans, and preferred equity, alongside a portfolio of net-leased real estate assets. Based in New York, the company transitioned from its former identity, Colony Credit Real Estate, in 2021.
The company operates under a REIT structure, which requires the distribution of at least 90% of taxable income to shareholders to maintain tax-exempt status at the corporate level. Commercial mortgage REITs like BrightSpire typically generate revenue through the net interest margin, which is the spread between the interest income earned on their loan assets and the cost of funding those positions. This business model often utilizes warehouse facilities or securitizations to leverage the underlying property collateral.
Reviewing the companys historical dividend sustainability and asset quality on ValueRay can provide deeper insight into its long-term performance.
- Federal Reserve interest rate cuts impact net interest margin on floating rate loans
- Commercial real estate office sector distress increases non-accrual loan and loss provisions
- Dividend payout sustainability depends on maintaining REIT status through taxable income distribution
- Portfolio liquidity and asset sales determine capital allocation for new loan originations
- Multifamily and hospitality sector performance drives collateral valuation and credit risk profile
| Net Income: -31.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.50 > 1.0 |
| NWC/Revenue: 836.4% < 20% (prev 756.2%; Δ 80.26% < -1%) |
| CFO/TA 0.02 > 3% & CFO 73.5m > Net Income -31.6m |
| Current Ratio: 22.74 > 1.5 & < 3 |
| Outstanding Shares: last quarter (128.9m) vs 12m ago -0.72% < -2% |
| Gross Margin: 41.24% > 18% (prev 53.79%; Δ -12.56% > 0.5%) |
| Asset Turnover: 9.20% > 50% (prev 9.44%; Δ -0.24% > 0%) |
| Interest Coverage Ratio: -0.11 > 6 (EBIT TTM -10.6m / Interest Expense TTM 100.2m) |
| A: 0.76 (Total Current Assets 2.90b - Total Current Liabilities 127.4m) / Total Assets 3.65b |
| B: -0.53 (Retained Earnings -1.94b / Total Assets 3.65b) |
| C: -0.00 (EBIT TTM -10.6m / Avg Total Assets 3.60b) |
| D: 0.33 (Book Value of Equity 917.9m / Total Liabilities 2.74b) |
| Altman-Z'' = 3.57 = A |
| DSRI: 1.16 (Receivables 2.71b/2.36b, Revenue 331.1m/335.2m) |
| GMI: 1.30 (GM 53.79% / 41.24%) |
| AQI: 0.84 (AQ_t 0.20 / AQ_t-1 0.24) |
| SGI: 0.99 (Revenue 331.1m / 335.2m) |
| TATA: -0.03 (NI -31.6m - CFO 73.5m) / TA 3.65b) |
| Beneish M = -2.72 (Cap -4..+1) = A |
As of June 12, 2026, the stock is trading at USD 5.60 with a total of 1,180,824 shares traded.
Over the past week, the price has changed by +0.54%,
over one month by -3.78%,
over three months by +1.31% and
over the past year by +17.92%.
Brightspire Capital has received a consensus analysts rating of 3.86. Therefore, it is recommended to buy BRSP.
- StrongBuy: 3
- Buy: 1
- Hold: 2
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 6.5 | 16.1% |
P/E Forward = 25.4453
P/S = 2.1715
P/B = 0.7948
Revenue TTM = 331.1m USD
EBIT TTM = -10.6m USD
EBITDA TTM = 23.8m USD
Long Term Debt = 2.59b USD (from longTermDebt, last quarter)
Short Term Debt = 412.8m USD (from shortTermDebt, last quarter)
Debt = 2.63b USD (from shortLongTermDebtTotal, last quarter) + Leases 19.8m
Net Debt = 2.54b USD (calculated: Debt 2.63b - CCE 96.6m)
Enterprise Value = 3.27b USD (729.6m + Debt 2.63b - CCE 96.6m)
Interest Coverage Ratio = -0.11 (Ebit TTM -10.6m / Interest Expense TTM 100.2m)
EV/FCF = 44.47x (Enterprise Value 3.27b / FCF TTM 73.5m)
FCF Yield = 2.25% (FCF TTM 73.5m / Enterprise Value 3.27b)
FCF Margin = 22.19% (FCF TTM 73.5m / Revenue TTM 331.1m)
Net Margin = -9.56% (Net Income TTM -31.6m / Revenue TTM 331.1m)
Gross Margin = 41.24% ((Revenue TTM 331.1m - Cost of Revenue TTM 194.6m) / Revenue TTM)
Gross Margin QoQ = 34.92% (prev 50.15%)
Tobins Q-Ratio = 0.90 (Enterprise Value 3.27b / Total Assets 3.65b)
Interest Expense / Debt = 3.80% (Interest Expense 100.2m / Debt 2.63b)
Taxrate = 2.92% (94.0k / 3.22m)
NOPAT = -10.3m (EBIT -10.6m * (1 - 2.92%)) [loss with tax shield]
Current Ratio = 22.74 (Total Current Assets 2.90b / Total Current Liabilities 127.4m)
Debt / Equity = 2.87 (Debt 2.63b / totalStockholderEquity, last quarter 917.9m)
Debt / EBITDA = 106.6 (Net Debt 2.54b / EBITDA 23.8m)
Debt / FCF = 34.54 (Net Debt 2.54b / FCF TTM 73.5m)
Total Stockholder Equity = 956.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -0.88% (Net Income -31.6m / Total Assets 3.65b)
RoE = -3.31% (Net Income TTM -31.6m / Total Stockholder Equity 956.8m)
RoCE = -0.30% (EBIT -10.6m / Capital Employed (Equity 956.8m + L.T.Debt 2.59b))
RoIC = -0.26% (negative operating profit) (NOPAT -10.3m / Invested Capital 3.92b)
WACC = 4.84% (E(729.6m)/V(3.36b) * Re(8.97%) + D(2.63b)/V(3.36b) * Rd(3.80%) * (1-Tc(0.03)))
Discount Rate = 8.97% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -24.44 | Cagr: -0.36%
[DCF] Terminal Value 73.10% ; FCFF base≈79.8m ; Y1≈70.0m ; Y5≈56.5m
[DCF] Fair Price = N/A (negative equity: EV 907.6m - Net Debt 2.54b = -1.63b; debt exceeds intrinsic value)
EPS Correlation: -95.30 | EPS CAGR: -20.87% | SUE: -0.87 | # QB: -1
Revenue Correlation: -94.18 | Revenue CAGR: -8.26% | SUE: 0.41 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.15 | Chg30d=-7.12% | Revisions=-56% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.15 | Chg30d=-8.72% | Revisions=-60% | Analysts=7
EPS current Year (2026-12-31): EPS=0.61 | Chg30d=-8.32% | Revisions=-60% | GrowthEPS=-4.9% | GrowthRev=+34.4%
EPS next Year (2027-12-31): EPS=0.70 | Chg30d=-6.42% | Revisions=-43% | GrowthEPS=+15.0% | GrowthRev=-2.6%
[Analyst] Revisions Ratio: -60%