NEW YORK–(BUSINESS THREAD)–BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced its financial results for the second quarter ended June 30, 2022 and certain updates. The company reported second quarter 2022 GAAP net income attributable to common stockholders of $34.3 million, or $0.26 per share, and distributable earnings and adjusted distributable earnings of $31.4 million, or $0.24 per share. The company reported GAAP net book value of $11.26 per share and unappreciated book value of $12.42 per share as of June 30, 2022.
Michael J. Mazzei, CEO, commented, “BrightSpire Capital had another successful quarter, reporting quarterly adjusted distributable earnings of $0.24 per share and an increase in the quarterly dividend to $0.20 per share . This growth in profits and dividends is a direct result of strong loan generation over the past 18 months and a prudent balance sheet, which is well positioned for the long term.”
Mr. Mazzei continued: “With the current ‘risk-off’ market conditions, BrightSpire will maintain higher levels of cash liquidity until there is market stability and, like many lenders, only market new loans selectively. We will be ready to resume a more active lending once macroeconomic conditions improve.”
Supplementary financial report
A 2022 Second Quarter Supplemental Financial Report is available in the Shareholders – Events and Presentations section of the Company’s website at www.brightspire.com. This information will be provided to the SEC in a current report on Form 8-K.
In this release, we refer to “Distributable Earnings” and “Adjusted Distributable Earnings,” which are non-GAAP financial measures. A reconciliation to net income/(loss) attributable to common stockholders of BrightSpire Capital, the most directly comparable GAAP measure, is included in our second quarter 2022 detailed supplemental financial report and is available on our website at www.brightspire.com.
Telematic conference of the second quarter of 2022
The company will hold a conference call to discuss financial results on August 3, 2022 at 10:00 am ET / 7:00 am PT. To participate in the event by phone, please dial (877) 407-0784 ten minutes prior to the start time (to allow time for registration). International callers should dial (201) 689-8560. The call will also be broadcast live over the Internet and it will be possible to access the Shareholders’ section of the Company’s website at the address 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 beginning August 3, 2022 at 1:00 PM ET / 10:00 AM PT through August 10, 2022 at 11:59 PM ET / 8:59 PM PT. To access the replay, dial (844) 512-2921 and use the conference ID code 13731122. International callers should dial (412) 317-6671 and enter the same conference ID.
Announcement of dividends
On June 15, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share to the holders of Class A common stock for the second quarter of 2022, which was paid on July 15, 2022 to ordinary shareholders registered in June. 30, 2022.
Previously, on March 15, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.19 per share to holders of Class A common stock for the first quarter of 2022, which was payable on April 15, 2022 to common stockholders of record. on March 31, 2022.
About BrightSpire Capital, Inc.
BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNC), is internally managed and one of the largest publicly traded commercial real estate credit REITs (CREs), focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of debt investments of CRE and net leased properties predominantly in the United States. CRE’s debt investments consist primarily of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxes as a REIT for US federal income tax purposes. For additional information about the company and its management and business, please consult www.brightspire.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions about matters that are not historical facts. In some cases, you can identify forward-looking statements by using forward-looking terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate”, “predict” or “potential” or the negative of such words and phrases or similar words or phrases that are predictions or indicate future events or trends and 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 could cause actual results to differ materially 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 interruption may be greater than expected; uncertainties regarding the current impact of the novel coronavirus (COVID-19) and its adverse impact on the real estate market, the economy and investments, the company’s financial condition and operations; 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, 2021, as well as in other company documents in the Stock Exchange and Securities Commission; the fair value of the Company’s investments may be subject to uncertainties (including the impacts of rising interest rates); the Company’s use of leverage could hinder its ability to make distributions and may significantly affect its liquidity position; the ability to simplify the portfolio, achieve substantial efficiencies, as well as the expected strategic and financial benefits, including, but not limited to, expected cost savings through internalization or expected returns on capital and/or returns on investments; the timing and ability to generate additional liquidity and deploy available liquidity, including under senior mortgage loans; whether the company will achieve its projected 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 increase the dividend in the future; borrowers’ defaults in paying debt service on outstanding indebtedness, borrowers’ ability to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including the impact of higher interest expense, interest depletion and other reserves or concessions to pay in kind in lieu of payment obligations of current interest) that may result in a deterioration in the performance of our investments and potentially principal losses to us; adverse impacts on the Company’s corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company’s liquidity, including margin calls on master repurchase lines; defaults or deferrals of lease payments, demands for protective advances and capital expenditures; the Company’s ability to refinance certain mortgage debts on terms similar to those currently existing or at all; the ability to execute CRE CLOs on an advanced basis, including at a reduced cost of capital; and the impact of legislative, regulatory, tax and competitive changes, and the actions of government authorities and, in particular, those affecting the commercial real estate finance and mortgage industry or our business. The above list of factors is not exhaustive. Additional information regarding 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, 2021, as well as in the other filings from BrightSpire Capital to the Securities and Exchange Commission. . In addition, each of the above-mentioned factors is also likely to be directly or indirectly affected by the continued impact of COVID-19 and investors are cautioned to interpret substantially all such statements and risks as a result of the continued impact of the COVID-19[FEMININE.
Investors are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of this press release. BrightSpire Capital undertakes no obligation to update any of these forward-looking statements after the date of this press release, or to adjust any forward-looking statements to actual results or revised expectations, and BrightSpire Capital does not intend to do it