Starlight US Residential Fund (Multi-Family) Investment LP (TSXV:SURF.UN) EBIT: C$-13.15 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is Starlight US Residential Fund (Multi-Family) Investment LP EBIT?

Starlight US Residential Fund (Multi-Family) Investment LP TSXV:SURF.UN -12.50% EBIT is C$-13.15 Mil as of Mar. 2026. The stock has 5 warning signs investors should review.

Starlight US Residential Fund (Multi-Family) Investment LP's earnings before interest and taxes (EBIT) for the three months ended in Mar. 2026 was C$-17.51 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2026 was C$-13.15 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Starlight US Residential Fund (Multi-Family) Investment LP's annualized ROC % for the quarter that ended in Mar. 2026 was 2.55%. Starlight US Residential Fund (Multi-Family) Investment LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was %.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Starlight US Residential Fund (Multi-Family) Investment LP's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -3.72%.

Starlight US Residential Fund (Multi-Family) Investment LP  (TSXV:SURF.UN) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Starlight US Residential Fund (Multi-Family) Investment LP's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=15.176 * ( 1 - 0% )/( (606.872 + 585.184)/ 2 )
=15.176/596.028
=2.55 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=376.959 - 12.602 - ( 4.231 - max(0, 252.875 - 10.36+4.231))
=606.872

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=353.387 - 12.391 - ( 3.471 - max(0, 253.275 - 9.087+3.471))
=585.184

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Starlight US Residential Fund (Multi-Family) Investment LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-70.02/( ( (0 + max(-7.996, 0)) + (0 + max(-8.365, 0)) )/ 2 )
=-70.02/( ( 0 + 0 )/ 2 )
=-70.02/0
= %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.018 + 0 + 5.267) - (12.602 + 0.073 + 0.60599999999999)
=-7.996

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0.026 + 0 + 4.68) - (12.391 + 0.054 + 0.626)
=-8.365

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Starlight US Residential Fund (Multi-Family) Investment LP's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Mar. 2026 )
=-13.15/353.207
=-3.72 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Starlight US Residential Fund (Multi-Family) Investment LP EBIT Related Terms

Starlight US Residential Fund (Multi-Family) Investment LP EBIT Historical Data

* Premium members only.

The historical data trend for Starlight US Residential Fund (Multi-Family) Investment LP's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Starlight US Residential Fund (Multi-Family) Investment LP EBIT Chart

Starlight US Residential Fund (Multi-Family) Investment LP Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
0.19 -8.01 -111.65 -45.31 -20.15

Starlight US Residential Fund (Multi-Family) Investment LP Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -25.17 -9.04 8.30 5.10 -17.51

TSXV:SURF.UN vs AVB, EQR, ESS: EBIT Comparison

For the REIT - Residential subindustry, Starlight US Residential Fund (Multi-Family) Investment LP's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Starlight US Residential Fund (Multi-Family) Investment LP EV-to-EBIT vs REITs Industry

For the REITs industry and Real Estate sector, Starlight US Residential Fund (Multi-Family) Investment LP's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Starlight US Residential Fund (Multi-Family) Investment LP's EV-to-EBIT falls into.


Starlight US Residential Fund (Multi-Family) Investment LP EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was C$-13.15 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of C$-13.15 Mil mean?
Starlight US Residential Fund (Multi-Family) Investment LP (TSXV:SURF.UN) has a EBIT of C$-13.15 Mil as of Mar. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Starlight US Residential Fund (Multi-Family) Investment LP.
Is Starlight US Residential Fund (Multi-Family) Investment LP's EBIT too high?
Starlight US Residential Fund (Multi-Family) Investment LP's current EBIT is C$-13.15 Mil.
How does Starlight US Residential Fund (Multi-Family) Investment LP's EBIT compare to AVB and EQR?
Starlight US Residential Fund (Multi-Family) Investment LP's EBIT of C$-13.15 Mil can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a REITs company?
A good EBIT depends on the REITs industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Starlight US Residential Fund (Multi-Family) Investment LP. Starlight US Residential Fund (Multi-Family) Investment LP's current EBIT is C$-13.15 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Starlight US Residential Fund (Multi-Family) Investment LP stock overvalued right now?
Starlight US Residential Fund (Multi-Family) Investment LP (TSXV:SURF.UN) has a current EBIT of C$-13.15 Mil. The current EBIT is C$-13.15 Mil. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Starlight US Residential Fund (Multi-Family) Investment LP (TSXV:SURF.UN), the current EBIT is C$-13.15 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Starlight US Residential Fund (Multi-Family) Investment LP Business Description

Industry Real EstateREITs
Address 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON, CAN, M8X 2X3
Starlight US Residential Fund (Multi-Family) Investment LP is a "closed-end" trust. It operates as a real estate investment and asset management company that acquires, owns, and operates a portfolio of multifamily properties and single-family rental homes. The company evaluates properties based on pricing and local supply-and-demand conditions in relation to the fund's stated performance targets. Its portfolio includes properties located in Arizona, Florida, and North Carolina.