BrightSpire Capital(BRSP) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 GAAP net loss was ($0.16) per share, while full year 2024 GAAP net loss was ($1.05) per share[5]. - Q4 2024 distributable earnings were $0.11 per share, and full year 2024 distributable earnings were $0.55 per share[5]. - Net interest income for Q4 2024 was $17,457, a decrease of 42.3% from $30,213 in Q4 2023[72]. - Net interest income for the year ended December 31, 2024, was $91,742,000, a significant increase compared to the previous year[74]. - The net loss attributable to BrightSpire Capital, Inc. common stockholders for Q4 2024 was $19,744, compared to a net loss of $16,331 in Q4 2023[72]. - The company reported a net loss attributable to common stockholders of $45,497,000 for the year ended December 31, 2024[74]. - Distributable Earnings attributable to common stockholders for the fourth quarter of 2024 were reported at $13,000,000[80]. Asset and Portfolio Overview - Total at-share assets as of December 31, 2024, were $3.8 billion, with a total loan portfolio of $2.5 billion[6]. - The loan portfolio consisted of 76 loans, with an average loan size of $33 million[6]. - The total carrying value of the multifamily loan portfolio is $1,292 million, with an all-in yield of 8.1%[42]. - The total carrying value of net lease real estate and other real estate is $893 million, with a net operating income (NOI) of $16.9 million[45]. - The company holds a total of $2,510,000 in loans held for investment as of December 31, 2024[71]. - The company’s total assets as of December 31, 2024, were $3,720,000, while total liabilities were $2,670,000[71]. - Total assets as of December 31, 2024, amounted to $3,723,478,000, with total liabilities of $2,677,667,000 and total equity of $1,045,811,000[75]. Debt and Liquidity - The company had $418 million of available liquidity, including $253 million of unrestricted cash[5]. - Total outstanding debt amounts to $2.5 billion, with a debt-to-equity ratio of 2.2x[48]. - The company has a total capitalization of $3.6 billion, excluding cash, with a debt-to-asset ratio of 65%[48]. - The company has $1.2 billion available under master repurchase facilities as of February 14, 2025[48]. - The weighted average interest rate on corporate revolving credit facility is S + 2.25%[49]. Investment Strategy and Portfolio Composition - The company expects to continue focusing on originating and acquiring commercial real estate debt investments as its primary investment strategy[84]. - The company has identified 9 loans on the watch list, with risk rankings ranging from 4 to 5, highlighting potential concerns in the portfolio[39]. - The company continues to focus on floating rate loans, which comprise the majority of the portfolio[41][42]. - The company has a diversified loan portfolio across multiple states, including California, Texas, and Arizona[41][42]. - The company has 16 investments in net lease real estate, with 8 classified as net lease real estate (NNN) and 8 as other real estate, showing a diversified investment strategy[32]. Credit Loss and Reserves - The total CECL reserve was $166 million, equating to $1.28 per share[6]. - The company reported a current expected credit loss reserve increase of $20,486 in Q4 2024, down from $31,899 in Q4 2023[72]. - The company reported an increase in the current expected credit loss reserve of $135,798,000 for the year ended December 31, 2024[74]. - The weighted average risk ranking for Q4'24 is 3.2, with total reserves amounting to $156 million, equating to $1.20 per share[30]. Real Estate and Loan Details - The weighted average fully extended remaining term of the loan portfolio is approximately 1.6 years, indicating a relatively short-term investment horizon[26]. - The weighted average lease term for office properties in the real estate owned segment is 4.1 years, while multifamily properties have a higher occupancy rate of 84%[40]. - The loan portfolio includes 32 loans related to construction/development projects, with a total value of $804 million[41]. - The office loan portfolio has a weighted average yield of 7.9%[42]. - The highest yielding loan in the multifamily portfolio has an unlevered yield of 12.3%[41]. - The company acquired a multifamily property in Fort Worth, Texas, through foreclosure during the fourth quarter of 2024[83]. Shareholder Information - GAAP net book value per share was $8.06, while the undepreciated book value per share was $8.77 as of December 31, 2024[75]. - The weighted average shares of common stock outstanding were 126,942 for basic and diluted calculations[72]. - The total common shares outstanding as of December 31, 2024, were 129,685,000[75]. - The weighted average number of common shares outstanding was 129,685,000 as of December 31, 2024[75].