BrightSpire Capital, Inc. (BRSP) vs Franklin BSP Realty Trust, Inc. (FBRT)

BrightSpire Capital, Inc. and Franklin BSP Realty Trust, Inc. are both Reit Mortgage companies. BrightSpire Capital, Inc. and Franklin BSP Realty Trust, Inc. are of similar size ($520.7M and $479.5M). BrightSpire Capital, Inc. has negative trailing earnings, so its P/E is not meaningful; Franklin BSP Realty Trust, Inc. trades at 14.1×. Franklin BSP Realty Trust, Inc. grew revenue faster over the last twelve months: 37.0% against 4.70%. Franklin BSP Realty Trust, Inc. has the higher net margin (12.2% vs −13.1%) and the higher return on invested capital (0.78% vs −0.73%). Both pay a dividend; BrightSpire Capital, Inc. yields more (17.3% vs 15.4%). Across the 22 metrics below, Franklin BSP Realty Trust, Inc. leads on 16 and BrightSpire Capital, Inc. on 6.

Valuation

Metric BRSP FBRT Reit Mortgage median
P/E n/m 14.14 7.10
P/S 2.29 1.56 1.77
P/B 0.55 0.40 0.55
Price to free cash flow 2.67 2.65 5.36
EV/EBITDA 196.00 52.44 28.29
EV/Sales 12.88 14.69 15.90
Earnings yield (6.23%) 7.07% 8.10%
Free cash flow yield 37.47% 37.68% 13.00%

Profitability

Metric BRSP FBRT Reit Mortgage median
Gross margin 61.90% 92.00% 100.00%
Operating margin (17.17%) 22.30% 35.40%
Net margin (13.14%) 12.19% 11.85%
Free cash flow margin 85.71% 58.62% 26.68%
Return on equity (2.92%) 3.05% 4.81%
Return on assets (0.75%) 0.62% 0.62%
Return on invested capital (0.73%) 0.78% 1.22%

Growth

Metric BRSP FBRT Reit Mortgage median
Revenue growth (TTM) 4.70% 36.99% 4.70%
EPS growth (last fiscal year) 75.24% (21.95%) 45.25%
Revenue growth, 5-year CAGR (6.15%) 18.09% 14.60%
Net income growth, 5-year CAGR 0.00% 6.78% 0.00%

Health

Metric BRSP FBRT Reit Mortgage median
Debt to equity 2.75 2.85 3.30
Current ratio 0.83 96.80 1.00
Net debt to EBITDA (182.35) 43.97 18.31

Dividend

Metric BRSP FBRT Reit Mortgage median
Dividend yield 17.34% 15.35% 17.34%
Payout ratio — 2.17 1.28

Size

Metric BRSP FBRT Reit Mortgage median
Market cap 479.53m 520.69m 479.53m

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