BrightSpire Capital, Inc.

Worth knowing

• Stock pay outran buybacks. Stock-based pay expense $39M vs $18M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years BrightSpire Capital recorded $39M of stock-based pay expense and spent $18M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years BrightSpire Capital recorded $39M of stock-based pay expense and spent $18M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Much more borrowing than peers. Debt is 3.2× equity vs a peer median of 0.8×.Debt is 3.2× equity vs peers 0.8×.

  Debt is 3.2× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 3.2× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

• Investment surge. Capital spending 5.4% of revenue, up from 1.1% in 2022.

  BrightSpire Capital is spending 5.4% of revenue on facilities and equipment, up from 1.1% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

• Valuation signals disagree. Cheaper than 55% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 55% of peers on operating cash profit, but only 0% on earnings.

  Relative to its operating cash profit (EBITDA), BrightSpire Capital looks cheaper than 55% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, BrightSpire Capital looks cheaper than 55% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.