Brightspire Capital Inc Stock Price, News & Analysis

BrightSpire Capital (NYSE: BRSP) has announced the pricing of a $675 million Commercial Real Estate Collateralized Loan Obligation (CLO) named BRSP 2024-FL2. The transaction, set to close on August 15, 2024, is backed by 22 first-lien floating-rate mortgages secured by 25 properties across 9 states. The CLO features an 86.50% initial advance rate and a weighted average coupon of Term SOFR+2.47% at issuance.

The asset collateral primarily consists of multifamily properties (74.3%), with mixed-use, hospitality, office, and industrial properties making up the remainder. The structure includes a two-year reinvestment period and $85 million in available proceeds for a six-month ramp-up period. Moody's and Fitch have assigned top ratings to the senior certificates.

Additionally, BrightSpire Capital announced the redemption of its CLNC 2019-FL1 securitization on August 19, 2024.

BrightSpire Capital (NYSE: BRSP) reported its Q2 2024 financial results, revealing a GAAP net loss of ($67.9) million, or ($0.53) per share. The company's Distributable Earnings were $17.0 million ($0.13 per share), while Adjusted Distributable Earnings reached $28.8 million ($0.22 per share). BrightSpire's GAAP net book value stood at $8.41 per share, with an undepreciated book value of $9.08 per share as of June 30, 2024.

The Board declared a dividend of $0.16 per share for Q3 2024, payable on October 15, 2024. CEO Michael J. Mazzei noted that the reduction in book value was primarily due to legacy office equity investments. The company plans to reduce dividends during the reinvestment period as it transitions from legacy equity investments to new loan originations.

BrightSpire Capital (NYSE: BRSP) will release its second quarter 2024 financial results on July 30, 2024, after market close. A conference call to discuss these results will be held on July 31, 2024, at 10:00 a.m. ET. The call will be accessible via telephone and a live webcast on the Company's website. A replay of the call will be available until August 7, 2024. BrightSpire Capital is a leading commercial real estate (CRE) credit REIT focused on CRE debt investments and net leased properties, primarily in the U.S.

BrightSpire Capital (NYSE: BRSP) has announced a $0.20 per share dividend for its Class A common stock for Q2 2024.

The dividend will be paid on July 15, 2024, to shareholders recorded by June 28, 2024. BrightSpire Capital is an internally managed REIT focusing primarily on commercial real estate (CRE) debt investments and net leased properties in the U.S. The company is structured as a Maryland and operates under REIT taxation for federal income tax purposes.

BrightSpire Capital (NYSE: BRSP) will participate in Nareit's REITweek 2024 Investor Conference on June 4, 2024, at 1:30 pm ET. CEO Mike Mazzei and senior management will join a fireside chat moderated by Steve DeLaney from Citizens JMP, accessible via live audio webcast on the company's website. A replay will be available post-event. Additionally, the management team will host investor meetings on June 4-5, 2024, at New York Hilton Midtown. Investors can schedule meetings by contacting Investor Relations. BrightSpire Capital is a major publicly traded CRE credit REIT, primarily investing in first mortgage loans and net leased properties in the U.S.

BrightSpire Capital, Inc. (NYSE: BRSP) reported first quarter 2024 GAAP net loss of ($57.1) million, Distributable Earnings of $22.5 million, and Adjusted Distributable Earnings of $29.7 million. GAAP net book value was $9.10 per share with a dividend of $0.20 per share. The Company also announced a stock repurchase program up to $50 million.