BrightSpire Capital reports news as an internally managed commercial real estate credit REIT focused on originating, acquiring, financing and managing a portfolio of CRE debt investments and net leased properties, primarily in the United States. Its recurring updates center on quarterly earnings, distributable earnings, book value, loan originations, portfolio deployment, watch list and REO resolutions, and financing activity tied to first mortgage loans.
Company announcements also cover Class A common stock dividends and tax treatment, annual meeting and proxy-related matters, and commercial real estate CLO transactions used to finance mortgage-loan collateral. The company is organized as a Maryland corporation and is taxed as a REIT for U.S. federal income tax purposes.
DigitalBridge Group reported $256 million in total revenues for Q4 2021 while facing a GAAP net loss of $(21) million, or $(0.04) per share. The company highlighted a successful year, rotating $78 billion in assets under management within three years and doubling revenue in its digital businesses. DigitalBridge aims to leverage its investor-operator model for future growth. Dividends for preferred stock have been declared and will be paid in 2022. A conference call on financial results is scheduled for February 24, 2022.
BrightSpire Capital (NYSE: BRSP) announced its Q4 and full-year 2021 financial results, reporting a GAAP net income of $81.0 million ($0.63/share) and distributable earnings of $22.9 million ($0.17/share). Adjusted distributable earnings were $36.1 million ($0.27/share). The company experienced significant growth in its loan portfolio, increasing from $2.4 billion to $3.5 billion year-over-year. Andrew E. Witt has been appointed as President, focusing on business operations while continuing as COO. A quarterly cash dividend of $0.18 was declared for Q4 2021.
BrightSpire Capital (NYSE: BRSP) will release its fourth quarter and full year 2021 financial results on February 22, 2022, before the market opens. A conference call to discuss these results is scheduled for the same day at 10:00 a.m. ET. Investors can join the call by dialing (877) 407-0784 or via the company’s website. A replay will be available from 1:00 p.m. ET on February 22 until March 1, 2022. BrightSpire is a significant player in the commercial real estate credit sector, focusing on originating and managing a diversified portfolio of CRE debt investments.
BrightSpire Capital (NYSE: BRSP) announced on December 22, 2021, the payoff of its "5-Investment Preferred Financing" following a co-invest portfolio sale. This transaction is projected to increase the Company's GAAP book value by approximately $0.20 and undepreciated book value by about $0.35. Notably, these figures are around $0.33 lower than previously communicated. The detailed fourth quarter results will be available in the upcoming annual report on Form 10-K for the fiscal year ending December 31, 2021.
BrightSpire Capital (NYSE: BRSP) announced on December 22, 2021 the successful payoff of its "5-Investment Preferred Financing," enhancing its ownership of a triple-net warehouse distribution portfolio. This action, combined with a recent co-invest portfolio sale, is projected to increase the company's GAAP book value by $0.53 and undepreciated book value by $0.69. CEO Andy Witt emphasized the simplification of the portfolio as a key milestone as the company progresses into 2022.
Fortress Investment Group has completed transactions with DigitalBridge Group (NYSE: DBRG) and BrightSpire Capital (NYSE: BRSP) totaling approximately $730 million. These transactions include Fortress becoming the General Partner to DigitalBridge's DCVR series of funds, managing about $2.7 billion in assets. Additionally, Fortress acquired five development assets from BrightSpire for $223 million. The deals aim to streamline DigitalBridge's remaining assets and support BrightSpire’s portfolio rotation.
BrightSpire Capital (NYSE: BRSP) announced the completion of a sale involving 5 historical development and/or non-accrual assets to Fortress Investment Group for $223 million. The net proceeds received by the company were approximately $198 million. This transaction simplifies BrightSpire’s portfolio and resolves several legacy assets, enhancing its focus on senior mortgages. The sale aligns with the company’s goal to preserve book value, achieving proceeds in line with the assets' GAAP book value as of March 31, 2021.
BrightSpire Capital (NYSE: BRSP) appointed Catherine Long as an independent director to its Board, effective December 1, 2021. Long brings over 30 years of experience in the real estate investment trust (REIT) sector, previously serving as CFO at STORE Capital (NYSE: STOR). Her expertise in accounting and finance aims to enhance the board's strategic direction. Following this addition, the Board now consists of 7 members, 6 of whom are independent, highlighting a commitment to diversified governance.
DigitalBridge Group reported strong third-quarter results for 2021, with total revenues reaching $252 million and a net income of $41 million or $0.08 per share. Core FFO was $2.0 million and AFFO amounted to $0.7 million. The company highlighted significant progress, having rotated $70 billion AUM in under three years, and achieved $8.1 billion in commitments for its second flagship fund, surpassing its target by 35%. DigitalBridge has nearly 100% of its AUM in digital assets, with revenue growth driven by an expanding digital portfolio and reduced corporate debt.
BrightSpire Capital (NYSE: BRSP) announced its Q3 2021 financial results, reporting a GAAP net loss of $(70.1) million, or $(0.54) per share. The Adjusted Distributable Earnings were $35.0 million, translating to $0.26 per share. The company declared a fourth-quarter dividend of $0.18 per share, up from $0.16, marking three consecutive quarterly increases. During this quarter, BrightSpire deployed $519 million into new loans, bringing its total loans since Q4 2020 to $2.1 billion. Additionally, a significant write-down of $98 million was recorded for a mezzanine loan linked to the L.A. Mixed-Use Project.