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BrightSpire Capital, Inc. operates as a commercial real estate (CRE) credit real estate investment trust in the United States and Norway. It operates through Senior and Mezzanine Loans and Preferred Equity; Net Leased and Other Real Estate; and Corporate and Other segments. The company focuses on originating, acquiring, financing, and managing a diversified portfolio of CRE debt investments consisting of senior mortgage loans, mezzanine loans, preferred equity investments, net leased real estate and other real estate properties, and CRE debt securities. It also engages in money market activities; and invests in private equity funds. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Colony Credit Real Estate, Inc. and changed its name to BrightSpire Capital, Inc. in June 2021. BrightSpire Capital, Inc. was incorporated in 2017 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $323M | $-0M | $-31M | $73M | -3.3% | -7.1% | -76.4% |
| 2024 | $347M | $-67M | $-132M | $103M | -12.6% | -11.4% | 748.8% |
| 2023 | $392M | $36M | $-16M | $138M | -1.2% | 9.4% | -134.0% |
| 2022 | $359M | $113M | $46M | $125M | 3.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 358.54 | 392.10 | 347.22 | 322.54 |
| Operating Revenue | - | 358.54 | 392.10 | 347.22 | 322.54 |
| Cost Of Revenue | - | 165.46 | 199.95 | 187.80 | 193.19 |
| Gross Profit | - | 193.07 | 192.16 | 159.42 | 129.35 |
| Operating Expense | - | 146.35 | 180.38 | 211.23 | 99.34 |
| Selling General And Administration | - | 33.03 | 39.50 | 34.64 | 34.99 |
| Total Expenses | - | 311.81 | 380.33 | 399.02 | 292.53 |
| Operating Income | - | 46.72 | 11.77 | -51.81 | 30.01 |
| EBITDA | - | 112.52 | 35.91 | -66.81 | -0.23 |
| Normalized EBITDA | - | 115.95 | 46 | -10.95 | 64.09 |
| EBIT | - | 77.92 | 2.30 | -107.43 | -36.56 |
| Interest Expense | - | 28.72 | 25.91 | 27.03 | 23.71 |
| Net Interest Income | - | -28.72 | -25.91 | -27.03 | -23.71 |
| Other Non Operating Income Expenses | - | 34.63 | 0.61 | 0.23 | -2.25 |
| Other Income Expense | - | 31.20 | -9.48 | -55.62 | -66.57 |
| Interest Expense Non Operating | - | 28.72 | 25.91 | 27.03 | 23.71 |
| Net Non Operating Interest Income Expense | - | -28.72 | -25.91 | -27.03 | -23.71 |
| Pretax Income | - | 49.20 | -23.61 | -134.46 | -60.27 |
| Tax Provision | - | 2.44 | 1.06 | 1.06 | -21.50 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.17 | -2.12 | -11.73 | -22.95 |
| Net Income Continuous Operations | - | 46.79 | -15.62 | -135.52 | -38.77 |
| Net Income From Continuing And Discontinued Operation | - | 45.79 | -15.55 | -131.98 | -31.15 |
| Net Income From Continuing Operation Net Minority Interest | - | 45.79 | -15.55 | -131.98 | -31.15 |
| Net Income | - | 45.79 | -15.55 | -131.98 | -31.15 |
| Net Income Common Stockholders | - | 45.79 | -15.55 | -131.98 | -31.15 |
| Net Income Including Noncontrolling Interests | - | 46.79 | -15.62 | -135.52 | -38.77 |
| Normalized Income | - | 49.05 | -7.58 | -87.86 | 10.22 |
| Diluted NI Availto Com Stockholders | - | 45.79 | -15.55 | -131.98 | -31.15 |
| Basic Average Shares | - | 127.30 | 127.06 | 127.44 | 126.88 |
| Diluted Average Shares | - | 129.30 | 127.06 | 127.44 | 126.88 |
| Reconciled Depreciation | - | 34.60 | 33.61 | 40.63 | 36.33 |
| Reconciled Cost Of Revenue | - | 164.96 | 199.84 | 187.68 | 193.20 |
| Total Unusual Items | - | -3.43 | -10.09 | -55.85 | -64.32 |
| Total Unusual Items Excluding Goodwill | - | -3.43 | -10.09 | -55.85 | -64.32 |
| Minority Interests | - | -1 | 0.07 | 3.54 | 7.62 |
| Earnings From Equity Interest Net Of Tax | - | 0.02 | 9.06 | 0 | 0 |
| Special Income Charges | - | 0 | -7.59 | -54.21 | -61.62 |
| Impairment Of Capital Assets | - | 0 | 7.59 | 54.21 | 61.62 |
| Restructuring And Mergern Acquisition | 109.32 | 0 | 0 | - | - |
| Gain On Sale Of Security | - | -3.43 | -2.50 | -1.64 | -2.70 |
| Depreciation Amortization Depletion Income Statement | - | 34.10 | 33.50 | 40.51 | 36.34 |
| Depreciation And Amortization In Income Statement | - | 34.10 | 33.50 | 40.51 | 36.34 |
| General And Administrative Expense | - | 33.03 | 39.50 | 34.64 | 34.99 |
| Other Gand A | 9.60 | 3.43 | - | - | - |
| Salaries And Wages | - | 33.03 | 39.50 | 34.64 | 34.99 |
| Other Operating Expenses | - | 8.58 | -0.77 | 0.28 | 4.02 |
| Provision For Doubtful Accounts | - | 70.64 | 108.15 | 135.80 | 24 |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| BrightSpire Capital, Inc.this co. | BRSP | $726M | -23.30 | 0.77 | -3.3% | -13935.72 |
| Postal Realty Trust, Inc. | PSTL | $795M | 56.15 | 2.79 | 5.0% | 20.12 |
| Peakstone Realty Trust | PKST | $781M | -2.54 | 1.05 | -41.3% | 22.93 |
| Sky Harbour Group Corporation | SKYH | $733M | 38.96 | 5.74 | 14.7% | 73.86 |
| Invesco Mortgage Capital Inc. | IVR | $731M |
| - |
| - |
| - |
| - |
| - |
| - |
| 7.21 |
| 1.16 |
| 16.0% |
| - |
| CTO Realty Growth, Inc. | CTO | $678M | 67.19 | 1.20 | 1.8% | 13.39 |
| Redwood Trust, Inc. | RWT | $667M | -9.53 | 0.73 | -7.6% | - |
| AH REALTY TRUST INC | AHRT | $660M | 117.68 | 1.44 | 1.2% | 12.87 |
| Franklin BSP Realty Trust, Inc. | FBRT | $658M | 8.00 | 0.56 | 7.0% | 50.11 |
| Peer Median | - | 23.48 | 1.18 | 3.4% | 21.53 | |