NEW YORK–(BUSINESS WIRE)–BrightSpire Capital, Inc. (NYSE: BRSP) today announced its financial results for the second quarter ended June 30, 2021 and certain updates. The Company reported second quarter 2021 GAAP net loss attributable to common stockholders of $(19.7) million, or $(0.15) per share, and Distributable Loss of $(27.1) million, or $(0.20) per share. Excluding realized losses on sales and fair value adjustments, Adjusted Distributable Earnings were $27.0 million, or $0.20 per share. The Company reported GAAP net book value of $11.75 per share and undepreciated book value of $12.66 per share as of June 30, 2021.
Michael J. Mazzei, Chief Executive Officer and President, commented, “The first half of 2021 has been highlighted by reinstating and increasing our quarterly dividend, internalizing the management of the Company and rebranding, placing a portfolio of development and non-accrual co-investments under contract, and executing on a new CRE CLO. We continue to simplify the business and remain focused on increasing portfolio exposure to senior mortgages.”
Mr. Mazzei continued, “The strength of our loan origination business and team resulted in the successful execution of our second managed $800 million CRE CLO and first as an internally managed REIT. The transaction improves our return on equity and the liquidity generated from the transaction will be invested in new senior loan originations. Since late 2020, we have closed or committed over $1.5 billion in senior loans.”
Mr. Mazzei continued, “Finally, I am pleased to announce that we have increased our quarterly dividend from $0.14 to $0.16 per share for the third quarter of 2021.”
Supplemental Financial Report
A Second Quarter 2021 Supplemental Financial Report is available on the Shareholders – Events and Presentations section of the Company’s website at www.brightspire.com. This information will be furnished to the SEC in a Current Report on Form 8-K.
We refer to “Distributable Earnings,” which is a non-GAAP financial measure, in this release. A reconciliation to net income/(loss) attributable to BrightSpire Capital, the most directly comparable GAAP measure, is included in our full detailed Second Quarter 2021 Supplemental Financial Report and is available on our website at www.brightspire.com.
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) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com.
