BrightSpire Capital (BRSP)
Market Price (8/24/2026): $4.905 | Market Cap: $621.5 MilSector: Financials | Industry: Mortgage REITs
BrightSpire Capital (BRSP)
Market Price (8/24/2026): $4.905Market Cap: $621.5 MilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 14% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. | Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -67% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 400% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.4%, Rev Chg QQuarterly Revenue Change % is -2.2% Key risksBRSP key risks include [1] elevated credit risk from its substantial office sector exposure, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 14% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -67% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 400% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.4%, Rev Chg QQuarterly Revenue Change % is -2.2% |
| Key risksBRSP key risks include [1] elevated credit risk from its substantial office sector exposure, Show more. |
Qualitative Assessment
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BrightSpire Capital (BRSP) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Fiscal Q2 2026 Financial Underperformance and Book Value Erosion. BrightSpire Capital (BRSP) reported a GAAP net loss of $18.3 million, or $0.15 per share, for fiscal Q2 2026, which ended June 30, 2026, missing analysts' EPS forecast of $0.15. Additionally, revenue came in at $55.4 million, below the expected $63.88 million. This underperformance was significantly impacted by $9 million in real estate impairment charges on legacy retail triple-net assets and an REO multifamily property. Concurrently, the company's net book value declined to $6.81 per share from $7.05 in fiscal Q1 2026, and undepreciated book value fell to $8.10 from $8.24. This decrease was primarily attributed to higher Current Expected Credit Loss (CECL) reserves, which rose to $100 million (327 basis points of total loan commitments) from $87 million (306 basis points) in the prior quarter.
2. Delayed Dividend Coverage Outlook. Management announced that the expected full dividend coverage would be delayed by approximately two quarters, now anticipated in fiscal Q2 or Q3 2027, instead of the previously projected year-end 2026. This delay is attributed to the planned sale of Albertsons properties, an action intended to improve capital efficiency by rotating capital out of owned real estate equity investments and into first mortgage loans. The shift in the timeline for dividend coverage can negatively impact investor confidence, particularly for REITs valued for consistent distributions.
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BrightSpire Capital (BRSP) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Fiscal Q2 2026 Financial Underperformance and Book Value Erosion. BrightSpire Capital (BRSP) reported a GAAP net loss of $18.3 million, or $0.15 per share, for fiscal Q2 2026, which ended June 30, 2026, missing analysts' EPS forecast of $0.15. Additionally, revenue came in at $55.4 million, below the expected $63.88 million. This underperformance was significantly impacted by $9 million in real estate impairment charges on legacy retail triple-net assets and an REO multifamily property. Concurrently, the company's net book value declined to $6.81 per share from $7.05 in fiscal Q1 2026, and undepreciated book value fell to $8.10 from $8.24. This decrease was primarily attributed to higher Current Expected Credit Loss (CECL) reserves, which rose to $100 million (327 basis points of total loan commitments) from $87 million (306 basis points) in the prior quarter.
2. Delayed Dividend Coverage Outlook. Management announced that the expected full dividend coverage would be delayed by approximately two quarters, now anticipated in fiscal Q2 or Q3 2027, instead of the previously projected year-end 2026. This delay is attributed to the planned sale of Albertsons properties, an action intended to improve capital efficiency by rotating capital out of owned real estate equity investments and into first mortgage loans. The shift in the timeline for dividend coverage can negatively impact investor confidence, particularly for REITs valued for consistent distributions.
3. Broader Commercial Real Estate (CRE) Market Challenges. The general commercial real estate market experienced mixed conditions during fiscal Q2 2026, with particular headwinds in certain sectors. The office sector continued its "flight-to-quality" trend, where Class A spaces saw positive absorption while older, less competitive Class B properties faced persistent obsolescence pressure and declining occupancy across major metros. The multifamily sector was bifurcated, with some Sun Belt markets like Austin and San Antonio still absorbing substantial supply from 2023–2025. Despite BrightSpire Capital's strategic shift toward first mortgage loans and active loan originations of $319 million in fiscal Q2 2026, the overall uncertainty and pressure in segments of the CRE market likely contributed to investor caution.
4. Persistent Concerns Over Future Interest Rate Hikes. Although the Federal Reserve held interest rates steady at 3.50%-3.75% during its July 2026 meeting, there was a growing sentiment for potential future rate hikes. Three Federal Open Market Committee (FOMC) members dissented, advocating for a 25 basis point increase, and rising oil prices fueled concerns about resurgent inflation. This anticipation of potential further rate increases creates an unfavorable environment for interest-rate-sensitive sectors like commercial real estate and REITs, as higher borrowing costs can negatively affect property valuations and financing activities.
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Stock Movement Drivers
Fundamental Drivers
The -12.8% change in BRSP stock from 4/30/2026 to 8/23/2026 was primarily driven by a -11.8% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.63 | 4.91 | -12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 330 | 328 | -0.6% |
| P/S Multiple | 2.2 | 1.9 | -11.8% |
| Shares Outstanding (Mil) | 126 | 127 | -0.6% |
| Cumulative Contribution | -12.8% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| BRSP | -12.8% | |
| Market (SPY) | 6.5% | 24.2% |
| Sector (XLF) | 10.3% | 26.5% |
Fundamental Drivers
The -12.9% change in BRSP stock from 1/31/2026 to 8/23/2026 was primarily driven by a -14.9% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.64 | 4.91 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 321 | 328 | 2.1% |
| P/S Multiple | 2.2 | 1.9 | -14.9% |
| Shares Outstanding (Mil) | 127 | 127 | 0.2% |
| Cumulative Contribution | -12.9% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| BRSP | -12.9% | |
| Market (SPY) | 11.0% | 43.3% |
| Sector (XLF) | 8.1% | 43.3% |
Fundamental Drivers
The 6.4% change in BRSP stock from 7/31/2025 to 8/23/2026 was primarily driven by a 5.1% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.61 | 4.91 | 6.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 325 | 328 | 0.8% |
| P/S Multiple | 1.8 | 1.9 | 5.1% |
| Shares Outstanding (Mil) | 127 | 127 | 0.4% |
| Cumulative Contribution | 6.4% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| BRSP | 6.4% | |
| Market (SPY) | 22.2% | 37.6% |
| Sector (XLF) | 11.1% | 42.9% |
Fundamental Drivers
The -4.9% change in BRSP stock from 7/31/2023 to 8/23/2026 was primarily driven by a -13.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.16 | 4.91 | -4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 379 | 328 | -13.4% |
| P/S Multiple | 1.7 | 1.9 | 9.8% |
| Shares Outstanding (Mil) | 127 | 127 | 0.0% |
| Cumulative Contribution | -4.9% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| BRSP | -4.9% | |
| Market (SPY) | 73.2% | 44.8% |
| Sector (XLF) | 70.0% | 51.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRSP Return | 46% | -32% | 35% | -14% | 12% | -8% | 17% |
| Peers Return | 10% | -19% | 2% | 6% | 4% | -1% | -1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| BRSP Win Rate | 83% | 33% | 50% | 42% | 58% | 25% | |
| Peers Win Rate | 57% | 50% | 45% | 55% | 57% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BRSP Max Drawdown | -12% | -34% | -31% | -29% | -29% | -18% | |
| Peers Max Drawdown | -22% | -39% | -33% | -14% | -31% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DX, IVR, RC, LOAN, NLY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | BRSP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.5% | -18.8% |
| % Gain to Breakeven | 37.9% | 23.1% |
| Time to Breakeven | 133 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.4% | -7.8% |
| % Gain to Breakeven | 18.2% | 8.5% |
| Time to Breakeven | 43 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.2% | -9.5% |
| % Gain to Breakeven | 33.6% | 10.5% |
| Time to Breakeven | 43 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.7% | -6.7% |
| % Gain to Breakeven | 38.4% | 7.1% |
| Time to Breakeven | 68 days | 31 days |
In The Past
BrightSpire Capital's stock fell -27.5% during the 2025 US Tariff Shock. Such a loss loss requires a 37.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | BRSP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.5% | -18.8% |
| % Gain to Breakeven | 37.9% | 23.1% |
| Time to Breakeven | 133 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.2% | -9.5% |
| % Gain to Breakeven | 33.6% | 10.5% |
| Time to Breakeven | 43 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.7% | -6.7% |
| % Gain to Breakeven | 38.4% | 7.1% |
| Time to Breakeven | 68 days | 31 days |
In The Past
BrightSpire Capital's stock fell -27.5% during the 2025 US Tariff Shock. Such a loss loss requires a 37.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BrightSpire Capital (BRSP)
BrightSpire Capital, Inc. (BRSP) operates as a commercial real estate (CRE) credit real estate investment trust (REIT) in the United States. Essentially, the company functions as a specialized lender and investor within the commercial property sector. As a REIT, it is structured to provide investors with exposure to real estate-related debt and equity investments while distributing most of its taxable income to shareholders.
The company's core business involves originating, acquiring, financing, and actively managing a diverse portfolio of CRE-related assets. Its main products and services center around providing capital through various instruments, including senior mortgage loans, which are typically lower-risk loans secured by property; mezzanine loans, which are higher-yielding, subordinate debt; and preferred equity investments, which combine characteristics of both debt and equity. BrightSpire Capital also invests in debt securities and net leased properties, where the tenant is responsible for most property operating expenses.
BrightSpire Capital primarily serves the vast U.S. commercial real estate market. Its customers are typically developers, property owners, and other participants in the commercial real estate ecosystem who require financing for their projects or operations. By investing across different layers of the capital structure, the company aims to generate attractive returns for its investors from its portfolio of commercial real estate credit and equity positions.
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1. It's like Rocket Mortgage, but exclusively for commercial properties (offices, hotels, shopping centers), providing loans and financing for large-scale business real estate.
2. Imagine the commercial real estate lending division of a major bank like JPMorgan Chase or Wells Fargo, but operating as a standalone, publicly traded investment company.
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- CRE Senior Mortgage Loans: Providing primary loans secured by commercial real estate properties.
- Mezzanine Loans: Offering subordinated debt, ranking below senior mortgages, for commercial real estate projects.
- Preferred Equity Investments: Investing in equity with preferential claims over common equity in commercial real estate ventures.
- Debt Securities: Acquiring or originating various debt instruments related to commercial real estate.
- Net Leased Properties: Investing in and managing commercial properties under lease agreements where tenants bear most operating expenses.
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BrightSpire Capital (BRSP) primarily serves other companies.
As a commercial real estate (CRE) credit real estate investment trust (REIT), BrightSpire Capital's "customers" are the commercial real estate owners, developers, and investors who borrow money from the company or are counterparties in its investment transactions (e.g., in senior mortgage loans, mezzanine loans, preferred equity, or debt securities). These transactions are typically with a diverse group of private commercial real estate entities rather than a concentrated set of large, publicly traded corporations.
Due to the nature of its diversified lending and investment portfolio, BrightSpire Capital does not typically disclose specific "major customer" companies by name and symbol in its public filings. Its revenue is derived from interest income and returns generated across a broad range of individual loans and investments rather than from a concentrated set of specific major borrowers or counterparties.
However, the categories of companies that BrightSpire Capital serves include:
- Commercial Real Estate Owners and Operators: Companies that own and manage various types of commercial properties (e.g., office buildings, multifamily complexes, retail centers, industrial facilities) seeking financing for acquisitions, development, or refinancing.
- Real Estate Developers: Entities focused on developing new commercial properties or redeveloping existing ones, requiring construction or bridge financing.
- Real Estate Investment Firms and Sponsors: Companies or funds that invest in commercial real estate assets and require capital solutions for their projects or portfolios.
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Michael J. Mazzei – Chief Executive Officer & President
Mr. Mazzei leads BrightSpire Capital's operations, including investment and credit risk, capital raising, and relationship management. He previously served as President of Ladder Capital Corp from June 2012 through June 2017 and was a member of its board of directors. Prior to that, Mr. Mazzei held leadership roles as Global Head of the CMBS and Bank Loan Syndication Group at Bank of America Merrill Lynch, Co-Head of CMBS and Commercial Real Estate Debt Markets at Barclays Capital, and spent 20 years at Lehman Brothers, including Co-Head of Global Real Estate Investment Banking.
Frank V. Saracino – Chief Financial Officer, Treasurer & Executive Vice President
Mr. Saracino previously served as Chief Accounting Officer for BrightSpire Capital between November 2018 and December 2020. Before that, he was a Managing Director at Colony Capital, Inc. until April 2021, where he was responsible for the financial accounting and reporting for certain Colony Capital managed real estate investment trusts and vehicles as Chief Financial Officer.
Andrew E. Witt – President & Chief Operating Officer
Mr. Witt has led BrightSpire Capital's business, investment management, and operations capacities since 2019. He served as Interim President and Chief Executive Officer from February 2020 until his appointment as Chief Operating Officer in April 2020. Previously, Mr. Witt was a Managing Director and Chief Operating Officer of Global Credit at Colony Capital, Inc. until April 2021, focusing on credit-related operations and initiatives.
Daniel E. Katz – Managing Director – Head of Originations
Mr. Katz is responsible for the identification and evaluation of new real estate investments in the United States and oversees the investment management team. He previously served as Managing Director, Investment Management at Colony Capital, Inc. until April 2021. Prior to joining a predecessor of Colony Capital in 2014, Mr. Katz was a First Vice President at OneWest Bank, responsible for loan originations. He also held investment positions at Barclays Capital, Och-Ziff, and Blackstone.
Matthew Heslin – Managing Director, Chief Credit Officer & Head of Debt Capital Markets
Mr. Heslin oversees the credit and due diligence of loan originations and leads the debt capital markets team. He previously served as Senior Vice President, Debt Capital Markets at Colony Capital, Inc. until April 2021. Before joining a predecessor of the Colony business in 2014, Mr. Heslin worked at Moody's Investors Service in the CRE CLO and CMBS new issuance groups.
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- Elevated Interest Rates and High Financing Costs: Persistent high interest rates significantly impact BrightSpire Capital by increasing its own borrowing costs and, more critically, by putting pressure on its borrowers. Higher debt service requirements for commercial real estate loans can lead to increased non-accruals or defaults within BRSP's loan portfolio. This environment also challenges the company's ability to deploy capital into new investments and has contributed to a decline in interest income.
- Credit Risk and Performance of the Loan Portfolio: As a CRE credit REIT, BrightSpire Capital's financial health is directly tied to the performance of its loan and investment portfolio. There is a risk of borrowers failing to meet their debt obligations, leading to loans being placed on non-accrual status or watchlist. The need to sell Real Estate Owned (REO) assets to reallocate capital also signals stress within the portfolio, directly impacting earnings and overall asset quality.
- Dividend Sustainability and Earnings Volatility: BrightSpire Capital has experienced declining earnings, attributed to lower interest income and rising operating expenses. This has resulted in thin dividend coverage, raising concerns about the sustainability of its dividend payments. Continued pressure from high interest rates and potential deterioration in the quality of its loan portfolio could lead to further earnings volatility and a risk of dividend cuts, which can negatively impact investor confidence and stock price.
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Commercial Real Estate (CRE) Senior Mortgage Loans and Debt Securities
The total outstanding commercial real estate (CRE) debt in the U.S. was approximately $5.9 trillion as of the fourth quarter of 2023. More recent estimates indicate the U.S. commercial real estate mortgage market stands at around $4.8 trillion, or $4.81 trillion, as of Q2 2025 and Q1 2025 respectively. This market encompasses various forms of CRE debt, including senior mortgage loans, which constitute a significant portion of BrightSpire's portfolio. Additionally, a considerable volume of loans is expected to mature in the near future, with approximately $1.7 trillion (nearly 30% of outstanding debt) projected to mature from 2024 to 2026, creating substantial refinancing opportunities. Another estimate indicates more than $1 trillion of loans maturing in 2025 alone. Within CRE debt, debt securities, such as commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO), and other asset-backed securities (ABS) issues, represent a significant segment. This category accounted for approximately 12% of the total CRE debt outstanding in Q4 2023, equating to about $708 billion. By Q1 2025, CMBS, CDO, and other ABS issues held $642 billion, or 13%, of commercial/multifamily mortgages.Mezzanine Loans
The North American mezzanine finance market, largely driven by the U.S., was valued at approximately $118.5 billion in 2024. This market is projected to expand significantly, with estimates suggesting it could reach around $252 billion by 2034. Mezzanine financing serves to bridge the gap between traditional senior debt and equity contributions in a project's capital structure.Preferred Equity
While a specific market size for preferred equity in commercial real estate is not explicitly available, it is identified as a component within "layered capital stacks" alongside senior mortgages and mezzanine debt. This indicates that preferred equity plays a role within the broader CRE investment and financing landscape addressed by BrightSpire Capital.Net Leased Properties
The U.S. net lease investment market demonstrated significant activity in recent years. Full-year 2024 net-lease investment volume totaled $43.7 billion, and it further surged to $51.4 billion in 2025. The net lease market has experienced considerable growth over the past two decades, now representing approximately 11% of all U.S. commercial real estate transactions, and its annual value is estimated to be well over $100 billion when accounting for unreported activity.AI Analysis | Feedback
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Share Repurchases
- BrightSpire Capital authorized a stock repurchase program of up to $100 million in May 2022, valid until April 30, 2023.
- In May 2024, the company announced a share repurchase program authorizing up to $50 million of its Class A common stock until April 30, 2025.
- During the fourth quarter of 2025, BrightSpire repurchased approximately 1.1 million shares for $6 million, and in Q2 2025, it repurchased 561,000 shares at an average price of $5.19.
Share Issuance
- A secondary offering of 30,358,213 shares of Class A common stock by DigitalBridge Group, Inc. was announced in February 2023.
Outbound Investments
- BrightSpire Capital closed 32 new loans totaling $941 million in commitments since late 2024, with $416 million closed during the fourth quarter of 2025.
- The company aims to grow its loan book from $2.7 billion at the end of 2025 to approximately $3.5 billion by year-end 2026.
- A strategic focus is to increase multifamily property exposure to over 50% and reduce office exposure within its portfolio.
Peer Outperformance in Mortgage REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.7% | 134.1% | 133.9% | IBKR 512% · SNEX 252% · GS 187% |
| Reinsurance | 6 | 19.3% | 80.7% | 117.8% | SPNT 140% · MTG 130% · RGA 128% |
| Diversified Banks | 12 | 37.4% | 131.6% | 101.7% | JPM 153% · CM 148% · RY 135% |
| Life & Health Insurance | 19 | 11.2% | 56.2% | 84.8% | UNM 285% · FG 197% · MFC 172% |
| Regional Banks | 263 | 25.9% | 86.0% | 64.5% | GCBC 395% · ESQ 364% · NBN 297% |
| Property & Casualty Insurance | 42 | 11.1% | 74.2% | 63.8% | ASIC 2583900% · HRTG 433% · UVE 278% |
| Multi-line Insurance | 9 | 13.5% | 78.4% | 57.8% | GNW 176% · L 101% · SLF 86% |
| Consumer Finance | 30 | 10.1% | 87.8% | 34.4% | ENVA 660% · EZPW 391% · FCFS 185% |
| Multi-Sector Holdings | 6 | 1.4% | 16.7% | 33.9% | JEF 78% · BRK-B 73% · VOYA 66% |
| Insurance Brokers | 15 | -9.5% | 11.4% | 33.7% | LIFE 571% · AJG 94% · ARX 87% |
| Asset Management & Custody Banks | 83 | -8.7% | 23.5% | 25.5% | SII 341% · WT 303% · VCTR 289% |
| Financial Exchanges & Data | 15 | -1.6% | 14.2% | 13.9% | VIRT 216% · CBOE 156% · CME 69% |
| Commercial & Residential Mortgage Finance | 12 | -31.1% | 19.6% | 4.5% | FNMA 474% · FMCC 460% · ESNT 60% |
| Specialized Finance | 3 | 18.7% | 53.6% | 3.7% | EFC 36% · CACC 4% · HASI -14% |
| Mortgage REITs ← | 34 | -7.2% | 13.6% | -11.5% | RITM 61% · NREF 53% · DX 41% |
| Transaction & Payment Processing Services | 15 | 1.4% | 8.4% | -41.3% | MA 65% · V 65% · CPAY 58% |
| Diversified Capital Markets | 21 | -29.3% | -4.7% | -45.9% | BTCS 584% · OPY 176% · LPLA 153% |
| Diversified Financial Services | 5 | -6.3% | 63.2% | -58.0% | FRHC 166% · EQH 80% · TMS -58% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.21 |
| Mkt Cap | 0.7 |
| Rev LTM | 234 |
| Op Inc LTM | 9 |
| FCF LTM | 126 |
| FCF 3Y Avg | 135 |
| CFO LTM | 201 |
| CFO 3Y Avg | 135 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 67.2% |
| Rev Chg 3Y Avg | 82.7% |
| Rev Chg Q | 158.5% |
| QoQ Delta Rev Chg LTM | 16.1% |
| Op Inc Chg LTM | -78.0% |
| Op Inc Chg 3Y Avg | -69.3% |
| Op Mgn LTM | 2.8% |
| Op Mgn 3Y Avg | 1.2% |
| QoQ Delta Op Mgn LTM | -5.5% |
| CFO/Rev LTM | 47.1% |
| CFO/Rev 3Y Avg | 50.9% |
| FCF/Rev LTM | 47.1% |
| FCF/Rev 3Y Avg | 50.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Senior and Mezzanine Loans and Preferred Equity | 195 | 244 | 298 | 236 | 170 |
| Net Leased and Other Real Estate | 129 | 103 | 95 | 91 | 103 |
| Corporate and Other | 7 | 12 | 13 | 37 | 53 |
| Other income | -8 | -12 | -14 | -6 | -2 |
| Total | 323 | 347 | 392 | 359 | 323 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Senior and Mezzanine Loans and Preferred Equity | 43 | -45 | 25 | 73 | 36 |
| Net Leased and Other Real Estate | -40 | -54 | 1 | 16 | 15 |
| Corporate and Other | -42 | -36 | -42 | -41 | -155 |
| Total | -39 | -136 | -16 | 47 | -105 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Senior and Mezzanine Loans and Preferred Equity | 2,690 | 2,534 | 3,004 | 3,581 | 3,589 |
| Net Leased and Other Real Estate | 800 | 888 | 934 | 865 | 963 |
| Corporate and Other | 75 | 302 | 261 | 289 | 245 |
| Commercial real estate (CRE) Debt Securities | 15 | 840 | |||
| Total | 3,565 | 3,723 | 4,198 | 4,750 | 5,638 |
Price Behavior
| Market Price | $4.91 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 02/01/2018 | |
| Distance from 52W High | -16.7% | |
| 50 Days | 200 Days | |
| DMA Price | $5.23 | $5.39 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -6.0% | -8.8% |
| 3M | 1YR | |
| Volatility | 25.5% | 22.4% |
| Downside Capture | 99.36 | 81.87 |
| Upside Capture | 34.19 | 59.35 |
| Correlation (SPY) | 18.8% | 37.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.17 | 0.38 | 0.47 | 0.79 | 0.70 | 0.89 |
| Up Beta | -0.61 | -0.26 | 0.00 | 0.57 | 0.92 | 0.65 |
| Down Beta | 1.89 | 0.31 | 0.47 | 0.70 | 0.51 | 1.04 |
| Up Capture | 81% | 23% | 25% | 61% | 57% | 67% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 18 | 28 | 60 | 120 | 372 |
| Down Capture | 205% | 93% | 95% | 112% | 79% | 102% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 24 | 33 | 58 | 116 | 347 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRSP | |
|---|---|---|---|---|
| BRSP | -2.3% | 23.0% | -0.17 | - |
| Sector ETF (XLF) | 10.1% | 14.6% | 0.44 | 43.5% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 37.9% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 16.6% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -25.0% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 44.2% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 16.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRSP | |
|---|---|---|---|---|
| BRSP | -1.5% | 32.2% | 0.00 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 55.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 51.9% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 8.4% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 9.1% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 57.4% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 22.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRSP | |
|---|---|---|---|---|
| BRSP | -5.5% | 51.0% | 0.06 | - |
| Sector ETF (XLF) | 13.5% | 22.0% | 0.56 | 54.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.5% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 7.9% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 17.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 56.5% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 15.7% |
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Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -4.6% | -5.0% | |
| 4/28/2026 | -4.4% | -2.8% | -5.3% |
| 2/17/2026 | 0.5% | -2.4% | -3.3% |
| 10/28/2025 | -0.6% | 0.8% | 7.4% |
| 7/29/2025 | 4.6% | 7.8% | 14.7% |
| 4/29/2025 | -0.8% | 0.8% | 1.6% |
| 2/18/2025 | 2.2% | 3.0% | 0.7% |
| 10/29/2024 | 18.3% | 10.5% | 21.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 13 |
| # Negative | 16 | 15 | 11 |
| Median Positive | 3.2% | 2.6% | 7.7% |
| Median Negative | -2.0% | -2.4% | -5.2% |
| Max Positive | 18.3% | 19.9% | 41.1% |
| Max Negative | -7.6% | -13.5% | -17.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -4.6% | -5.0% | |
| 4/28/2026 | -4.4% | -2.8% | -5.3% |
| 2/17/2026 | 0.5% | -2.4% | -3.3% |
| 10/28/2025 | -0.6% | 0.8% | 7.4% |
| 7/29/2025 | 4.6% | 7.8% | 14.7% |
| 4/29/2025 | -0.8% | 0.8% | 1.6% |
| 2/18/2025 | 2.2% | 3.0% | 0.7% |
| 10/29/2024 | 18.3% | 10.5% | 21.1% |
| 7/30/2024 | -7.6% | -13.5% | -5.2% |
| 5/1/2024 | -1.0% | -2.9% | -7.5% |
| 2/21/2024 | 3.2% | 2.3% | 4.5% |
| 10/30/2023 | 2.7% | 12.9% | 21.1% |
| 8/2/2023 | -6.0% | -2.1% | -2.8% |
| 5/3/2023 | -0.4% | -1.7% | 11.9% |
| 2/21/2023 | -3.7% | -0.8% | -17.0% |
| 11/2/2022 | -3.5% | -9.7% | -8.0% |
| 8/3/2022 | -0.2% | 1.7% | -2.8% |
| 5/3/2022 | 1.0% | -4.5% | 7.7% |
| 2/22/2022 | -2.6% | -1.4% | 3.7% |
| 11/3/2021 | -1.1% | -2.0% | -2.1% |
| 8/4/2021 | -1.5% | -0.3% | 7.7% |
| 5/5/2021 | 9.0% | 0.9% | 12.0% |
| 2/24/2021 | -7.2% | -1.1% | -3.2% |
| 11/5/2020 | 3.7% | 19.9% | 41.1% |
| 8/6/2020 | -1.5% | -5.8% | -11.1% |
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 13 |
| # Negative | 16 | 15 | 11 |
| Median Positive | 3.2% | 2.6% | 7.7% |
| Median Negative | -2.0% | -2.4% | -5.2% |
| Max Positive | 18.3% | 19.9% | 41.1% |
| Max Negative | -7.6% | -13.5% | -17.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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