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Our Company References to we, us, our, or the Company refer to BrightSpire Capital, Inc., a Maryland corporation, together with its consolidated subsidiaries, unless the context specifically requires otherwise. References to the OP refer to BrightSpire Capital Operating Company, LLC a Delaware limited liability company, the operating company of the Company.
20.95% operating margin is above average. ROIC at 1.57%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 7.9% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 43% versus the prior year, cash generation momentum has weakened. Net debt of $2.42B represents 44.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$338M
▼ -7.9% YoY
Net Income (TTM)
-$30M
▲ +76.4% YoY
Op. Margin
20.53%
▲ +15.6pp YoY
ROIC
1.64%
▲ +1.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$56M
▼ -43.4% YoY
Op. Cash Flow (TTM)
$73M
▼ -29.4% YoY
Net Debt
$2.52B
Cash & Equiv.
$97M
5Y CAGR: +9.2%
5Y CAGR: -5.5%
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