BrightSpire Q3 2022 Earnings Report

BrightSpire Capital reported a net loss and distributable loss, but adjusted distributable earnings were positive. The company prepared for rising rates by reducing loan originations and maintaining high cash balances.

Key Takeaways

BrightSpire Capital reported a GAAP net loss of $(20.5) million, or $(0.16) per share, and a Distributable Loss of $(24.7) million, or $(0.19) per share. However, Adjusted Distributable Earnings, excluding specific CECL reserves, were $32.3 million, or $0.25 per share.

GAAP net loss attributable to common stockholders was $(20.5) million, or $(0.16) per share.

Distributable Loss was $(24.7) million, or $(0.19) per share.

Adjusted Distributable Earnings were $32.3 million, or $0.25 per share, excluding specific CECL reserves.

GAAP net book value was $10.87 per share and undepreciated book value was $12.08 per share as of September 30, 2022.

Total Revenue

$55.2M

Previous year: $60.7M