Brightspire Capital Inc ( (BRSP) ) has realeased its Q3 earnings. Here is a breakdown of the information Brightspire Capital Inc presented to its investors.
BrightSpire Capital, Inc. is a leading commercial real estate credit REIT that manages a diverse portfolio primarily consisting of CRE debt investments and net leased properties within the United States. As a publicly traded company, it focuses on originating, acquiring, and financing first mortgage loans.
In its third quarter of 2024, BrightSpire Capital reported a GAAP net income attributable to common stockholders of $12.7 million, equating to $0.10 per share. The company’s distributable earnings were $17.9 million or $0.14 per share, while adjusted distributable earnings stood at $27.0 million or $0.21 per share. The book values per share were recorded at $8.39 for GAAP net book value and $9.11 for undepreciated book value.
Key highlights for the quarter included the successful execution of a new CRE CLO, share repurchases, the reinstatement of loan originations, and reductions in the watchlist. These strategic moves demonstrate the company’s ongoing efforts to enhance its portfolio and strengthen its financial position. Additionally, a quarterly cash dividend of $0.16 per share was declared and paid to Class A common stockholders.
Looking ahead, BrightSpire Capital’s management remains focused on resolving watchlist and REO assets while aiming to grow the portfolio and earnings through new loan originations. The company anticipates continuing its strategic path into the remainder of 2024 and beyond.
