BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or
the “Company”) today announced its financial results for the third
quarter 2024 and certain updates. The Company reported third
quarter 2024 GAAP net income attributable to common stockholders of
$12.7 million, or $0.10 per share, Distributable Earnings of $17.9
million, or $0.14 per share, and Adjusted Distributable Earnings of
$27.0 million, or $0.21 per share. The Company reported GAAP net
book value of $8.39 per share and undepreciated book value of $9.11
per share as of September 30, 2024.
Michael J. Mazzei, Chief Executive Officer, commented, “The
Company had a productive quarter highlighted by the successful
execution on a new CRE CLO, share repurchases, reinstated loan
originations and watchlist reductions. As we look towards the
remainder of 2024 and into 2025, we expect to continue to resolve
watchlist and REO assets and grow the portfolio and earnings
through new loan originations.”
Supplemental Financial
Report
A Third Quarter 2024 Supplemental Financial Report is available
on the Shareholders – Events and Presentations section of the
Company’s website at www.brightspire.com. This information will be
furnished to the SEC in a Current Report on Form 8-K.
We refer to “Distributable Earnings” and “Adjusted Distributable
Earnings”, which are non-GAAP financial measures, in this release.
A reconciliation to net income/(loss) attributable to BrightSpire
Capital common stockholders, the most directly comparable GAAP
measure, is included in our full detailed Third Quarter 2024
Supplemental Financial Report and is available on our website at
www.brightspire.com.
Third Quarter 2024 Conference
Call
The Company will conduct a conference call to discuss the
results on Wednesday, October 30, 2024, at 10:00 a.m. ET / 7:00
a.m. PT. To participate in the event by telephone, please dial
(877) 300-8521 ten minutes prior to the start time (to allow time
for registration). International callers should dial (412)
317-6026. The call will also be broadcast live over the Internet
and can be accessed on the ‘Shareholders’ section of the Company’s
website at www.brightspire.com. A webcast of the call will be
available for 90 days on the Company’s website.
For those unable to participate during the live call, a replay
will be available starting October 30, 2024, at 12:00 p.m. ET /
9:00 a.m. PT, through November 6, 2024, at 11:59 p.m. ET / 8:59
p.m. PT. To access the replay, dial (844) 512-2921 and use
conference ID code 10193027. International callers should dial
(412) 317-6671 and enter the same conference ID.
Dividend Announcement
On July 30, 2024, the Company’s Board of Directors declared a
quarterly cash dividend of $0.16 per share to holders of Class A
common stock for the third quarter of 2024, which was paid on
October 15, 2024, to common stockholders of record as of September
30, 2024.
About BrightSpire Capital,
Inc.
BrightSpire Capital, Inc. (NYSE: BRSP) is internally managed and
one of the largest publicly traded commercial real estate (CRE)
credit REITs, focused on originating, acquiring, financing and
managing a diversified portfolio consisting primarily of CRE debt
investments and net leased properties predominantly in the United
States. CRE debt investments primarily consist of first mortgage
loans, which we expect to be the primary investment strategy.
BrightSpire Capital is organized as a Maryland corporation and
taxed as a REIT for U.S. federal income tax purposes. For
additional information regarding the Company and its management and
business, please refer to www.brightspire.com.
Cautionary Statement Regarding
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” or “potential” or the negative of these
words and phrases or similar words or phrases which are predictions
of or indicate future events or trends and which do not relate
solely to historical matters. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond our control, and may cause
actual results to differ significantly from those expressed in any
forward-looking statement. Among others, the following
uncertainties and other factors could cause actual results to
differ from those set forth in the forward-looking statements:
operating costs and business disruption may be greater than
expected; the impacts of the COVID-19 pandemic; the Company's
operating results may differ materially from the information
presented in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2023, as well as in the Company’s
other filings with the Securities and Exchange Commission; defaults
by borrowers in paying debt service on outstanding indebtedness;
borrowers’ abilities to manage and stabilize properties;
deterioration in the performance of the properties securing our
investments (including the impact of higher interest expense,
depletion of interest and other reserves or payment-in-kind
concessions in lieu of current interest payment obligations,
population shifts and migration, reduced demand for office,
multifamily, hospitality or retail space) that may cause
deterioration in the performance of our investments and,
potentially, principal losses to us; the fair value of the
Company's investments may be subject to uncertainties (including
impacts associated with inflationary trends, the volatility of
interest rates, credit spreads and the transition from LIBOR to
SOFR, increased market volatility affecting commercial real estate
businesses and public securities); the Company's use of leverage
and interest rate mismatches between the Company’s assets and
borrowings could hinder its ability to make distributions and may
significantly impact its liquidity position; the timing of and
ability to generate additional liquidity and deploy available
liquidity, including in senior mortgage loans; whether the Company
will achieve its anticipated Distributable Earnings per share (as
adjusted), or maintain or produce higher Distributable Earnings per
share (as adjusted) in the near term or ever; the Company’s ability
to maintain or grow the dividend at all in the future; adverse
impacts on the Company's corporate revolver, including covenant
compliance and borrowing base capacity; adverse impacts on the
Company's liquidity, including available capacity under and margin
calls on master repurchase facilities; lease payment defaults or
deferrals, demands for protective advances and capital
expenditures; the ability of the Company to refinance certain
mortgage debt on similar terms to those currently existing or at
all; the ability to execute CRE CLO’s on a go forward basis,
including at a reduced cost of capital; the impact of legislative,
regulatory, tax and competitive changes, regime changes and the
actions of government authorities and in particular those affecting
the commercial real estate finance and mortgage industry or our
business; and the ongoing impacts of global geopolitical
uncertainties and unforeseen public health crises on the real
estate market. The foregoing list of factors is not exhaustive.
Additional information about these and other factors can be found
in Part I, Item 1A of the Company’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2023, as well as in BrightSpire
Capital’s other filings with the Securities and Exchange
Commission. Moreover, each of the factors referenced above are
likely to also be impacted directly or indirectly by the ongoing
impact of COVID-19 and investors are cautioned to interpret
substantially all of such statements and risks as being heightened
as a result of the ongoing impact of the COVID-19.
We caution investors not to unduly rely on any forward-looking
statements. The forward-looking statements speak only as of the
date of this press release. BrightSpire Capital is under no duty to
update any of these forward-looking statements after the date of
this press release, nor to conform prior statements to actual
results or revised expectations, and BrightSpire Capital does not
intend to do so.
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Investor Relations
BrightSpire Capital, Inc. Addo Investor Relations Anne
McGuinness 310-829-5400 brsp@addo.com
BrightSpire Capital (NYSE:BRSP)
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