MeritValue

BrightSpire Capital, Inc.

BRSPdata completeness 100%10 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$194.3M1$364.6M2$415.1M3$358.8M3$330.6M3
Net income−$101M4$45.8M5−$15.5M6−$132M6−$31.1M6
Operating cash flow−$21.3M7$125.3M8$137.6M9$103.4M9$73M9
Capital expenditure$9.92M10$3.97M11$7.06M12$6.09M12$17.9M12
Free cash flow (derived)−$31.2M7$121.3M8$130.6M9$97.3M9$55.1M9
Total debt$3.17B13$3.16B14$2.72B15$2.49B16$2.47B16
Cash & equivalents$259.7M17$306.3M18$257.5M18$302.2M18$66.8M18
Diluted shares128.5M129.3M127.1M127.4M126.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000079%
of the whole company
Your share of last year’s profit
−$2.45
Your share of its debt
$194.61
Your share of free cash flow
$4.34
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$3.2
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth10.0%
  • fcfBase$97.3M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth10.0%
  • fcfBase$97.3M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001717547-24-000008 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001717547-25-000008 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001717547-26-000008 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001717547-24-000008 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001717547-25-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001717547-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001717547-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001717547-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001717547-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001717547-24-000008 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0001717547-25-000008 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001717547-26-000008 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0001717547-23-000009 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001717547-24-000008 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001717547-25-000008 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001717547-26-000008 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001717547-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001717547-26-000008 (CashAndCashEquivalentsAtCarryingValue)