📊 BRSP Key Takeaways
Investment Thesis
BrightSpire Capital exhibits severe profitability deterioration with negative operating margins (-13.4%), net margins (-9.4%), and negative returns on both equity (-3.3%) and assets (-0.9%), indicating fundamental operational challenges in their real estate portfolio. Despite positive free cash flow of $73.0M, the company's negative net income of -$31.1M, combined with high leverage at 2.63x debt-to-equity and deteriorating interest coverage of -1.9x, signals significant financial stress. The declining revenue (-7.9% YoY) alongside persistent losses suggests structural issues in the business model that free cash flow generation alone cannot offset.
BRSP Strengths
- Positive free cash flow of $73.0M despite net losses, indicating ability to service debt in near term
- Substantial asset base of $3.6B provides collateral and operational foundation for REIT operations
- Improved net loss trajectory with net income improving 5.6% YoY, showing some stabilization efforts
BRSP Risks
- Persistent unprofitability with negative operating income of -$44.3M and net losses of -$31.1M indicating core business dysfunction
- Unsustainable leverage at 2.63x debt-to-equity with $2.5B long-term debt and negative interest coverage (-1.9x), creating debt service risk
- Revenue decline of 7.9% YoY combined with deteriorating margins suggests continued portfolio stress and reduced asset yields
Key Metrics to Watch
- Operating margin trend - critical inflection point needed to move from -13.4% toward positive territory
- Interest coverage ratio improvement - currently at -1.9x, must turn positive to reduce default risk
- Revenue stabilization - address the YoY decline of -7.9% through portfolio optimization or tenant retention
BRSP Financial Metrics
💡 AI Analyst Insight
The 22.1% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments. The current ratio below 1.0x warrants monitoring of short-term liquidity.
BRSP Profitability Ratios
BRSP vs Default Sector
How BrightSpire Capital, Inc. compares to Default sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
BRSP Balance Sheet & Liquidity
BRSP 5-Year Financial Trend
5-Year Trend Summary: BrightSpire Capital, Inc.'s revenue has declined by 29% over the 5-year period, indicating business contraction. The most recent EPS of $-0.12 indicates the company is currently unprofitable.
BRSP Growth Metrics (YoY)
BRSP Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $83.9M | $984.0K | $0.00 |
| Q2 2025 | $85.9M | -$17.8M | $-0.15 |
| Q1 2025 | $77.6M | $5.3M | $0.04 |
| Q3 2024 | $88.2M | $775.0K | $0.01 |
| Q2 2024 | $91.4M | -$7.5M | $-0.06 |
| Q1 2024 | $95.8M | -$4.1M | $-0.03 |
| Q3 2023 | $97.1M | $775.0K | $0.01 |
| Q2 2023 | $85.4M | -$7.5M | $-0.06 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
BRSP Capital Allocation
BRSP SEC Filings
Access official SEC EDGAR filings for BrightSpire Capital, Inc. (CIK: 0001717547)
📋 Recent SEC Filings
❓ Frequently Asked Questions about BRSP
What is the AI rating for BRSP?
BrightSpire Capital, Inc. (BRSP) has an AI rating of STRONG SELL with 92% confidence, based on fundamental analysis of SEC EDGAR filings.
What are BRSP's key strengths?
Positive free cash flow of $73.0M despite net losses, indicating ability to service debt in near term. Substantial asset base of $3.6B provides collateral and operational foundation for REIT operations.
What are the risks of investing in BRSP?
Persistent unprofitability with negative operating income of -$44.3M and net losses of -$31.1M indicating core business dysfunction. Unsustainable leverage at 2.63x debt-to-equity with $2.5B long-term debt and negative interest coverage (-1.9x), creating debt service risk.
What is BRSP's revenue and growth?
BrightSpire Capital, Inc. reported revenue of $330.6M.
Does BRSP pay dividends?
BrightSpire Capital, Inc. pays dividends, with $83.0M distributed to shareholders in the trailing twelve months.
Where can I find BRSP SEC filings?
Official SEC filings for BrightSpire Capital, Inc. (CIK: 0001717547) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is BRSP's EPS?
BrightSpire Capital, Inc. has a diluted EPS of $-0.26.
How is the AI analysis conducted?
Our AI (Claude) analyzes publicly available SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports to evaluate financial health, profitability ratios, balance sheet strength, and growth metrics.