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Dec 31, 2024
BrightSpire Q4 2024 Earnings Report
BrightSpire Capital, Inc. reported its fourth quarter and full year 2024 financial results, highlighting a productive quarter with new loan originations and watchlist resolutions.
Key Takeaways
BrightSpire Capital, Inc. reported a GAAP net loss of $19.7 million for Q4 2024, or $0.16 per share. The company achieved Distributable Earnings of $13.7 million and Adjusted Distributable Earnings of $23.7 million, while maintaining liquidity and focusing on resolving watchlist and REO assets.
GAAP net loss attributable to common stockholders for Q4 2024 was $19.7 million, or $0.16 per share.
Distributable Earnings for Q4 2024 were $13.7 million, or $0.11 per share.
Adjusted Distributable Earnings for Q4 2024 were $23.7 million, or $0.18 per share.
The company reported a GAAP net book value of $8.08 per share and an undepreciated book value of $8.89 per share as of December 31, 2024.
Forward Guidance
The company expects to continue resolving watchlist and REO assets and grow its portfolio and earnings through new loan originations.
Positive Outlook
- Expects to continue resolving watchlist and REO assets.
- Anticipates growing the portfolio through new loan originations.
- Aims to increase earnings through new loan originations.
- Maintained liquidity during a productive quarter and year.
- Focus on originating new loans.
Challenges Ahead
- Operating costs and business disruption may be greater than expected.
- Operating results may differ materially from information presented in annual reports and SEC filings.
- Defaults by borrowers in paying debt service on outstanding indebtedness.
- Deterioration in the performance of properties securing investments due to various factors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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