BrightSpire Capital, Inc. Announces Second Quarter 2022 Financial Results
NEW YORK–(BUSINESS WIRE)–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 shareholders of $34.3 million, or $0.26 per share, and distributable income and adjusted distributable income of $31.4 million, or $0.24 per share. The company reported a GAAP net book value of $11.26 per share and an unamortized book value of $12.42 per share as of June 30, 2022.
Michael J. Mazzei, Chairman and Chief Executive Officer, said, “BrightSpire Capital had another successful quarter, announcing quarterly adjusted distributable earnings of $0.24 per share and an increase in the quarterly dividend to $0.20 per share. This earnings and dividend growth is the direct result of strong loan originations over the past 18 months and a conservative balance sheet, which is well positioned for the long term.
Mr. Mazzei continued, “With the current ‘risk-free’ market conditions, BrightSpire will maintain higher levels of liquidity until the market is stable and, like many lenders, is only selectively offering new loans. We will be ready to resume more active lending once macroeconomic conditions improve.
Additional financial report
A supplemental second quarter 2022 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.
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 common shareholders of BrightSpire Capital, the most directly comparable GAAP measure, is included in our Second Quarter 2022 Detailed Supplementary Financial Report and is available on our website at www.brightspire.com.
Second Quarter 2022 Conference Call
The Company will host a conference call to discuss the financial results on August 3, 2022 at 10:00 a.m. ET / 7:00 a.m. PT. To participate in the event by phone, please dial (877) 407-0784 ten minutes before the start time (to allow time for registration). International callers should dial (201) 689-8560. The call will also be webcast live and accessible 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 in the live call, a replay will be available from August 3, 2022 at 1:00 p.m. ET / 10:00 a.m. PT, through August 10, 2022 at 11:59 p.m. ET / 8:59 p.m. PT. To access the replay, dial (844) 512-2921 and use the conference ID 13731122. International callers should dial (412) 317-6671 and enter the same conference ID.
On June 15, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share to holders of Class A common stock for the second quarter of 2022, which was paid on July 15 2022 to common shareholders of record as of 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 paid on April 15, 2022 to common shareholders 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 (CRE) REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties primarily in the United States. CRE debt investments consist primarily of first mortgages, which we believe will be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for US federal income tax purposes. For more information about the Company, its management and its activities, please visit www.brightspire.com.
Caution 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 regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by using forward-looking words such as “may”, “will”, “should”, “expect”, “intend”, “anticipate”, “anticipate “, “believes”, “estimates”, “predicts” or “potential” or the negative of these words and expressions or similar words or expressions which are predictions 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 materially from those expressed in any forward-looking statement. 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 disruptions such as rcials may be larger than expected; uncertainties regarding the continued impact of the novel coronavirus (COVID-19) and its negative impact on the real estate market, the economy and the Company’s investments, financial condition and business activities; the Company’s results of operations 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 the Company’s other filings with the Securities and Exchange Commission; the fair value of the Company’s investments may be subject to uncertainties (including the impacts of rising interest rates); the use of leverage by the Company could impede its ability to make distributions and could have a material impact on its liquidity position; the ability to simplify the portfolio, realize substantial efficiencies as well as anticipated strategic and financial benefits, including but not limited to expected cost savings through insourcing or expected returns on capital equity and/or investment returns; the timing and ability to generate additional cash and deploy available cash, including in first mortgages; 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 short term or at all; the Company’s ability to maintain or increase the dividend in the future; failures of borrowers to pay debt service on outstanding debt; ability of borrowers to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including the impact of higher interest charges, depletion of interest and other reserves or in-kind payment concessions in lieu of current interest payment obligations) which may lead to deterioration in the performance of our investments and, potentially, major losses for us; adverse impacts on the Company’s business revolver, including compliance with debt covenants and borrowing base capacity; adverse impacts on the Company’s liquidity, including margin calls on the main redemption facilities; defaults or deferrals of rent payments, requests for protection advances and capital expenditures; the Company’s ability to refinance certain mortgage debt on terms similar to those that currently exist or not at all; the ability to execute CRE CLOs on a prospective basis, including at a reduced cost of capital; and the impact of legislative, regulatory, tax and competitive changes, and the actions of governmental authorities and in particular those affecting the commercial real estate and mortgage financing industry or our business. 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, 2021, as well as in other BrightSpire filings. Capital with the Securities and Exchange Commission. . In addition, each of the factors mentioned above is likely to be equally affected directly or indirectly by the continued impact of COVID-19 and investors are cautioned to interpret substantially all such statements and risks as being heightened in due to the continued impact of COVID-19. COVID-19[FEMININE.
We caution investors not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of this press release. BrightSpire Capital is under no obligation to update any such forward-looking statements after the date of this press release, or to conform any prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so. .