The business behind the dividend
| Measure | BRSP | Median | Formula |
|---|---|---|---|
| Return on equity | -3.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-12.76m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $55.08m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | -9.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 2.63x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -2.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -3.3% | -12.6% | -1.2% | 3.3% | -6.9% | -21.2% | -19.6% | -6.2% | 8.2% | 6.2% | -6.2% |
| Net margin | -9.4% | -36.8% | -3.7% | 12.6% | -52.0% | -121.4% | -70.4% | -33.6% | 46.7% | 48.1% | -33.6% |
| Debt to equity | 2.63x | 2.38x | 2.13x | 2.28x | 2.18x | 1.44x | 1.50x | 0.97x | 0.36x | — | 2.13x |
| Cash conversion | — | — | — | 2.74x | — | — | — | — | 1.21x | 1.16x | 1.21x |
How it compares in real estate
Among the 11 real estate companies here measured on free cash flow, BrightSpire Capital pays out less than 1 of them. The median for that group is 112.8%, against this company’s 150.7%.
Closest on free cash flow
- Procaccianti Hotel Reit (PRXA) 112.8%
- Rayonier (RYN) 124.7%
- Regency Centers (REG) 130.3%
- Ladder Capital (LADR) 149.2%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →