Group 1 - Mortgage REITs, such as BrightSpire Capital (NYSE: BRSP), are influenced by interest rate environments, which can make them challenging investments [1] - BrightSpire Capital aims to deliver attractive total returns through a diversified portfolio of senior loans [1] - The investment strategy includes a mix of classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance income while achieving total returns comparable to traditional index funds like the S&P [1]

Summary of BrightSpire Capital (BRSP) 2025 Conference Call Company Overview - BrightSpire Capital was formed from the merger of Colony Capital and North Star, transitioning from Colony Credit in 2020 during the COVID-19 pandemic [4][5] - The company has internalized its management and is one of the few internally managed commercial mortgage REITs [6] Financial Performance and Strategy - The current portfolio stands at $2.5 billion, with 43% in multifamily, 22% in office, 14% in net lease, 8% in industrial, and 13% in other categories [24] - The company aims to increase its multifamily exposure to over 50% of the loan book and grow the portfolio to approximately $3.5 billion [24][25] - The stock price is currently $5, while the book value is estimated at $8.75, indicating a significant market dislocation [11] - The company plans to cover its dividend of 16 cents per quarter and aims to increase it back to 20 cents as earnings grow [12][55] Origination Activity - The company has originated approximately $300 million in loans since late 2022, with a focus on middle-market lending [10] - The origination market is currently challenging, with a high percentage of refinancing requests and a lack of actionable deals [15][18] - The market is described as "zombie-like," driven by lenders rather than organic borrower activity [18][19] Market Dynamics - Interest rates remain high, with SOFR in the low fours, impacting borrower activity and refinancing options [23] - The company is experiencing a shift in its origination focus, with multifamily remaining a priority, while also exploring industrial and lodging opportunities [25][26] Asset Management and Foreclosures - The company recently foreclosed on a significant asset in San Jose, which is expected to be a source of capital in the future [35][41] - The asset is currently undergoing management improvements to enhance its value before potential sale [42][43] Capital Structure and Future Plans - BrightSpire aims to issue another CLO by the end of the year, contingent on origination volume [47][49] - The company is committed to its dividend policy despite potential negative coverage in the short term, with plans to resolve low-earning assets [55] Conclusion - BrightSpire Capital is navigating a challenging market environment with a focus on stabilizing its portfolio, increasing multifamily exposure, and managing its capital structure effectively [60]

Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38377 BRIGHTSPIRE CAPITAL, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Mary ...

Financial Data and Key Metrics Changes - The company reported GAAP net income attributable to common stockholders of $5.3 million or $0.04 per share for the first quarter [5] - Distributable earnings were $11.4 million or $0.09 per share, while adjusted distributable earnings were $20.1 million or $0.16 per share [5][19] - Current liquidity stands at $310 million, including $145 million in unrestricted cash [5][22] - GAAP net book value decreased to $7.92 per share from $8.08 in the previous quarter [19] - Undepreciated book value decreased to $8.75 per share from $8.89 [19] Business Line Data and Key Metrics Changes - The company received $133 million in repayments across nine loans, including five full payoffs [14] - New loan commitments totaled $182 million across five new loan originations during the quarter [14] - The loan portfolio consists of 74 investments with an average loan balance of $33 million [14] - Watch list loan exposure stands at $396 million, a reduction of $15 million quarter over quarter [18] Market Data and Key Metrics Changes - The commercial real estate (CRE) market is experiencing wider credit spreads, but lenders have not withdrawn from the market [8] - The Manhattan leasing market is recovering, with an uptick in leasing inquiries for Long Island City properties [12] - The mortgage REIT sector has seen a significant decline in valuation, with the company's stock trading at a 45% discount to its undepreciated book value [13] Company Strategy and Development Direction - The company aims to maintain its dividend while regrowing earnings and improving its balance sheet [14] - The focus is on increasing loan inquiries and evaluating new loans daily, despite challenges in refinancing [9][10] - The company is optimistic about the market dynamics and is seeing more lenders encouraging borrowers to refinance [11] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing market volatility due to tariff discussions and credit market conditions [7] - There is a concern about potential recessionary impacts, but lower interest rates could benefit borrowers seeking refinancing [31] - The company expects to maintain its dividend and aims to grow its portfolio to $3.5 billion to support this goal [46] Other Important Information - The company is in the final stages of exiting its Phoenix multifamily property and anticipates selecting a buyer soon [12] - The San Jose hotel loan remains in default, with progress being made toward foreclosure [17] Q&A Session Summary Question: What is the remaining buyback authorization? - The share repurchase program was reapproved at $50 million for the upcoming year [26] Question: What is the impact of lower rates on the portfolio and borrowers? - Lower rates are expected to help borrowers refinance, but spreads may widen, which could affect credit performance [31][32] Question: Is the company still targeting $1 billion in originations this year? - The company needs to increase its portfolio to $3.5 billion to sustain and grow its dividend, with current challenges in actionable deals [42][46] Question: Can you provide an update on the San Jose hotel property? - The asset is unlevered, and the company is awaiting resolution of the foreclosure process [54][56] Question: What is the expectation for CLO issuance? - The company plans to execute a CLO in the fourth quarter of the year, despite recent market widening [60][61]

BrightSpire Capital (BRSP) Q1 2025 Earnings Call April 30, 2025 10:00 AM ET Speaker0 Good day, and welcome to the BrightSpire Capital Inc. First Quarter twenty twenty five Earnings Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to David Palame, General Counsel. Please go ahead. Speaker1 Good morning, and welcome to BrightSpire Capital's ...

Financial Performance - GAAP net income was $53 million, or $004 per share[8] - Distributable earnings were $114 million, or $009 per share[8] - Adjusted distributable earnings reached $201 million, or $016 per share[8] - A dividend of $016 per share was declared and paid for Q1'25, representing a 134% yield on the current share price[8] Portfolio Overview - Total at-share assets amounted to $37 billion, predominantly in floating-rate senior loans[6,8] - The loan portfolio totaled $25 billion, comprising 74 loans with an average size of $33 million and a weighted average unlevered yield of 74%[6,8] - The company deployed $49 million of net capital year-to-date, committing $112 million across four new loans in Q1'25 and subsequently committing $70 million to one new loan[8] Liquidity and Capitalization - Available liquidity stood at $310 million, including $145 million in unrestricted cash and $165 million in corporate revolver capacity[6,8] - The company has $20 billion in total master repurchase facility capacity, with $12 billion available[8] - The debt-to-equity ratio was 20x, and the weighted average all-in cost of financing was 596%[6]

分组1 - BrightSpire (BRSP) reported quarterly earnings of $0.16 per share, matching the Zacks Consensus Estimate, but down from $0.23 per share a year ago [1] - Colony Credit posted revenues of $15.88 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 10.31%, and down from $27.43 million year-over-year [2] - Colony Credit shares have declined approximately 12.1% since the beginning of the year, compared to a 6% decline in the S&P 500 [3] 分组2 - The earnings outlook for Colony Credit is currently unfavorable, leading to a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] - The current consensus EPS estimate for Colony Credit is $0.16 on $16.4 million in revenues for the upcoming quarter, and $0.65 on $66.5 million in revenues for the current fiscal year [7] - The REIT and Equity Trust industry is ranked in the bottom 42% of Zacks industries, suggesting potential challenges for stocks in this sector [8] 分组3 - MFA Financial, another company in the same industry, is expected to report quarterly earnings of $0.39 per share, reflecting an 11.4% year-over-year increase, with revenues projected at $57.59 million, up 20.5% from the previous year [9][10]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 29, 2025 (Exact name of registrant as specified in its charter) (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) Maryland 001-38377 38-4046290 590 Madison Avenue, 33rd Floor New York, NY 10022 (Address of Principal Executive Offices ...

Wall Street expects a year-over-year decline in earnings on lower revenues when BrightSpire (BRSP) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 29. On th ...

We first wrote about BrightSpire Capital, Inc. (NYSE: BRSP ) about a year back. Our rationale to avoid this REIT was fairly straightforward. The performance has been a bit middle-of-the road since then. Certainly, those that stayed out and bought a money market fund, have outperformed Trapping Value provides Covered Calls, and Preferred Stock Trader covers Fixed Income. The Covered Calls Portfolio is designed to provide lower volatility income investing with a focus on capital preservation. The fixed income ...