BrightSpire Capital (BRSP) Reports Fourth Quarter & Full Year 2023 Financial Results

By Tamara Parker • Wednesday, February 21 15:50 • Permanent Link

Brightspire Capital, Inc. (NYSE: BRSP) has announced its financial results for the fourth quarter and full year ended December 31, 2023. The company reported a GAAP net loss attributable to common stockholders of ($16.3) million for the fourth quarter of 2023, with distributable earnings of $25.4 million and adjusted distributable earnings of $35.9 million. For the full year 2023, the GAAP net loss attributable to common stockholders was ($15.5) million, with distributable earnings of $66.1 million and adjusted distributable earnings of $138.2 million.

Additionally, the company reported GAAP net book value of $9.83 per share and undepreciated book value of $11.35 per share as of December 31, 2023.

Michael J. Mazzei, Chief Executive Officer, commented on the results, saying, "The company produced strong quarterly and yearly results, all while continuing to maintain liquidity. We are making progress on watchlist assets and should see more results in the coming quarters. These efforts, if successful, should put us in a place where we can begin to redeploy capital."

The company will conduct a conference call to discuss the financial results on February 21, 2024, at 10:00 a.m. ET. The call will be broadcast live over the internet and can be accessed on the shareholders section of the company’s website. A webcast of the call will be available for 90 days on the company’s website.

In terms of dividends, on December 14, 2023, Brightspire Capital's board of directors declared a quarterly cash dividend of $0.20 per share to holders of class A common stock for the fourth quarter of 2023, which was paid on January 12, 2024.

Brightspire Capital, Inc. is internally managed and is 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.

The company's shares have moved 3.2%, and are now trading at a price of $6.84.

The complete 8-K submission can be viewed here.

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