BrightSpire Q2 2024 Earnings Report

BrightSpire Capital reported a GAAP net loss and reduced its dividend due to legacy office equity investments.

Key Takeaways

BrightSpire Capital reported a GAAP net loss attributable to common stockholders of ($67.9) million, or ($0.53) per share. Distributable Earnings were $17.0 million, or $0.13 per share, and Adjusted Distributable Earnings were $28.8 million, or $0.22 per share. The company's book value was reduced, largely driven by legacy office equity investments, leading to a dividend reduction.

GAAP net loss attributable to common stockholders was ($67.9) million, or ($0.53) per share.

Distributable Earnings were $17.0 million, or $0.13 per share.

Adjusted Distributable Earnings were $28.8 million, or $0.22 per share.

The Board of Directors declared a dividend of $0.16 per share of Class A common stock for the third quarter of 2024.

Total Revenue

$53.4M

Previous year: $55.2M