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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 | -3.4% | -7.1% | - |
| 2024 | $347M | $-67M | $-132M | $103M | -12.6% | -11.4% | - |
| 2023 | $392M | $36M | $-16M | $138M | -1.2% | 9.4% | -134.0% |
| 2022 | $359M | $113M | $46M | $125M | 3.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 358.54 | 392.11 | 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 |
| Operating Income | 46.73 | 11.77 | -51.81 | 30.01 |
| EBITDA | 112.52 | 35.91 | -66.81 | -0.23 |
| EBIT | 77.92 | 2.30 | -107.43 | -36.56 |
| Pretax Income | 49.20 | -23.61 | -134.46 | -60.27 |
| Tax Provision | 2.44 | 1.06 | 1.06 | -21.50 |
| Net Income | 45.79 | -15.55 | -131.98 | -31.15 |
| Net Income Common Stockholders | 45.79 | -15.55 | -131.98 | -31.15 |
| Total Expenses | 311.81 | 380.33 | 399.02 | 292.53 |
| Interest Expense | 28.72 | 25.91 | 27.03 | 23.71 |
| Selling General And Administration | 33.03 | 39.50 | 34.64 | 34.99 |
| Normalized EBITDA | 115.95 | 46 | -10.95 | 64.09 |
| Normalized Income | 49.05 | -7.58 | -87.86 | 10.22 |
| Basic EPS | 0.35 | -0.12 | -1.05 | 0 |
| Diluted EPS | 0.34 | -0.12 | -1.05 | 0 |
| Tax Effect Of Unusual Items | -0.17 | -2.12 | -11.73 | -22.95 |
| Tax Rate For Calcs | 0.05 | 0.21 | 0.21 | 0.36 |
| Total Unusual Items | -3.43 | -10.09 | -55.85 | -64.32 |
| Total Unusual Items Excluding Goodwill | -3.43 | -10.09 | -55.85 | -64.32 |
| Net Income From Continuing Operation Net Minority Interest | 45.79 | -15.55 | -131.98 | -31.15 |
| Reconciled Depreciation | 34.60 | 33.61 | 40.63 | 36.33 |
| Reconciled Cost Of Revenue | 164.96 | 199.84 | 187.68 | 193.20 |
| Net Interest Income | -28.72 | -25.91 | -27.03 | -23.71 |
| Net Income From Continuing And Discontinued Operation | 45.79 | -15.55 | -131.98 | -31.15 |
| Diluted Average Shares | 129.30 | 127.06 | 127.44 | 0 |
| Basic Average Shares | 127.30 | 127.06 | 127.44 | 0 |
| Diluted NI Availto Com Stockholders | 45.79 | -15.55 | -131.98 | -31.15 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Minority Interests | -1 | 0.07 | 3.54 | 7.62 |
| Net Income Including Noncontrolling Interests | 46.79 | -15.62 | -135.52 | -38.77 |
| Net Income Continuous Operations | 46.79 | -15.62 | -135.52 | -38.77 |
| Earnings From Equity Interest Net Of Tax | 0.03 | 9.05 | 0 | 0 |
| Other Income Expense | 31.20 | -9.48 | -55.62 | -66.57 |
| Other Non Operating Income Expenses | 34.63 | 0.61 | 0.23 | -2.25 |
| 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 | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | -3.43 | -2.50 | -1.64 | -2.70 |
| Net Non Operating Interest Income Expense | -28.72 | -25.91 | -27.03 | -23.71 |
| Interest Expense Non Operating | 28.72 | 25.91 | 27.03 | 23.71 |
| Other Operating Expenses | 8.58 | -0.77 | 0.28 | 4.02 |
| Provision For Doubtful Accounts | 70.64 | 108.15 | 135.80 | 24 |
| 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 | 3.43 | 0 | 0 | 0 |
| Salaries And Wages | 33.03 | 39.50 | 34.64 | 34.99 |
| Operating Revenue | 358.54 | 392.11 | 347.22 | 322.54 |
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 | $756M | - | 0.79 | -3.4% | 16.79 |
| Sky Harbour Group Corporation | SKYH | $791M | 115.44 | 2.76 | 10.9% | -34.72 |
| Peakstone Realty Trust | PKST | $780M | - | 1.05 | -39.5% | 24.63 |
| Postal Realty Trust, Inc. | PSTL | $733M | 45.11 | 2.00 | 3.9% | 18.86 |
| Invesco Mortgage Capital Inc. | IVR | $720M |
| 6.13 |
| 0.92 |
| 12.7% |
| - |
| CTO Realty Growth, Inc. | CTO | $690M | 102.15 | 1.17 | 1.8% | 13.61 |
| Strawberry Fields REIT, Inc. | STRW | $690M | 20.62 | 13.55 | 15.0% | 7.38 |
| TPG RE Finance Trust, Inc. | TRTX | $642M | 12.98 | 0.61 | 5.6% | - |
| AH REALTY TRUST INC | AHRT | $624M | - | 1.06 | 0.7% | 14.90 |
| Peer Median | - | 32.86 | 1.11 | 4.8% | 14.25 | |