NEW YORK–(BUSINESS WIRE)–BrightSpire Capital, Inc. (NYSE: BRSP) 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 stockholders of $34.3 million, or $0.26 per share, and Distributable Earnings and Adjusted Distributable Earnings of $31.4 million, or $0.24 per share. The Company reported GAAP net book value of $11.26 per share and undepreciated book value of $12.42 per share as of June 30, 2022.
Michael J. Mazzei, Chief Executive Officer, commented, “BrightSpire Capital had another successful quarter, reporting quarterly Adjusted Distributable Earnings of $0.24 per share and a quarterly dividend increase to $0.20 per share. This earnings and dividend growth is the direct result of robust loan originations over the last 18 months and a prudent balance sheet, which is well-positioned for the long haul.”
Mr. Mazzei continued, “With the current ‘risk off’ market conditions, BrightSpire will be maintaining higher levels of cash liquidity until there is market stability and, like many lenders, is only selectively quoting new loans. We will be ready to resume more active lending once macroeconomic conditions improve.”
Supplemental Financial Report
A Second Quarter 2022 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” and “Adjusted Distributable Earnings,” which are non-GAAP financial measures, in this release. A reconciliation to net income/(loss) attributable to BrightSpire Capital common stockholders, the most directly comparable GAAP measure, is included in our full detailed Second Quarter 2022 Supplemental Financial Report and is available on our website at www.brightspire.com.
Dividend Announcement
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 stockholders of record on 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 stockholders 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) 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.
