Arbor Realty Trust (ABR) vs BrightSpire Capital, Inc. (BRSP)

Arbor Realty Trust and BrightSpire Capital, Inc. are both Reit Mortgage companies. Arbor Realty Trust is the larger, with a market value of $766.6M against $517.5M — 1.5× the size. BrightSpire Capital, Inc. has negative trailing earnings, so its P/E is not meaningful; Arbor Realty Trust trades at 57.6×. BrightSpire Capital, Inc. grew revenue faster over the last twelve months: 4.70% against −7.02%. Arbor Realty Trust has the higher net margin (1.36% vs −13.1%) and the higher return on invested capital (1.08% vs −0.73%). Both pay a dividend; Arbor Realty Trust yields more (14.0% vs 12.0%). Across the 22 metrics below, Arbor Realty Trust leads on 14 and BrightSpire Capital, Inc. on 8.

Valuation

Metric ABR BRSP Reit Mortgage median
P/E 57.57 n/m 7.80
P/S 0.64 2.54 1.90
P/B 0.34 0.61 0.61
Price to free cash flow 2.99 2.96 5.90
EV/EBITDA 25.86 199.78 28.40
EV/Sales 5.26 13.12 16.02
Earnings yield 1.74% (5.62%) 7.68%
Free cash flow yield 33.44% 33.81% 11.60%

Profitability

Metric ABR BRSP Reit Mortgage median
Gross margin 21.47% 61.90% 100.00%
Operating margin 10.88% (17.17%) 35.40%
Net margin 1.36% (13.14%) 11.85%
Free cash flow margin 21.48% 85.71% 26.68%
Return on equity 0.69% (2.92%) 4.81%
Return on assets 0.12% (0.75%) 0.62%
Return on invested capital 1.08% (0.73%) 1.22%

Growth

Metric ABR BRSP Reit Mortgage median
Revenue growth (TTM) (7.02%) 4.70% 4.70%
EPS growth (last fiscal year) (52.54%) 75.24% —
Revenue growth, 5-year CAGR 14.96% (6.15%) 14.60%
Net income growth, 5-year CAGR (8.05%) 0.00% 0.00%

Health

Metric ABR BRSP Reit Mortgage median
Debt to equity 1.82 2.75 3.30
Current ratio 478.85 0.83 1.00
Net debt to EBITDA 16.23 (182.35) 18.31

Dividend

Metric ABR BRSP Reit Mortgage median
Dividend yield 13.99% 12.03% 13.05%
Payout ratio 0.94 8.00 1.24

Size

Metric ABR BRSP Reit Mortgage median
Market cap 766.57m 517.48m 517.48m

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