BrightSpire Capital Inc (NYSE:BRSP)
$ 5.8 -0.04 (-0.68%) Market Cap: 752.17 Mil Enterprise Value: 3.09 Bil PE Ratio: 0 PB Ratio: 0.69 GF Score: 64/100
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Q3 2024 Brightspire Capital Inc Earnings Call Transcript

Oct 30, 2024 / 02:00PM GMT
Release Date Price: $6.21 (+18.29%)

Key Points

Positve
  • BrightSpire Capital Inc (BRSP) reported a GAAP net income of $12.7 million, or $0.10 per share, indicating profitability.
  • The company has a strong liquidity position with $416 million, including $251 million in unrestricted cash.
  • BrightSpire Capital Inc (BRSP) completed its third CLO transaction worth $675 million, enhancing lending capacity and flexibility.
  • The company successfully reduced its watch list loans from 12 to 9, showing progress in managing its portfolio.
  • BrightSpire Capital Inc (BRSP) repurchased 1.2 million shares, demonstrating confidence in its undervalued stock price.
Negative
  • The company is trading at a 40% discount to its undepreciated book value, indicating market skepticism.
  • BrightSpire Capital Inc (BRSP) has a significant portion of its watch list loans in foreclosure, including a $136 million San Jose Hotel loan.
  • The dividend yield of approximately 12% is higher than the peer group average, which may indicate potential sustainability concerns.
  • The commercial real estate credit demand is still gradually recovering, impacting loan origination growth.
  • BrightSpire Capital Inc (BRSP) faces challenges in resolving certain REO assets, such as the Long Island City properties, which are moving slower than expected.
Operator

Good day and Welcome to the Bright Spire Capital Inc third quarter, 2024 earnings call.

(Operator Instructions)

Please note this event is being recorded.

I would now like to turn the conference over to David Palame, General Counsel. Please go ahead.

David Palame
Brightspire Capital Inc - Executive Vice President, General Counsel, Secretary

Good morning and welcome to BrightSpire Capital's third quarter, 2024 earnings conference call.

We will refer to Bright Spire Capital as BrightSpire BRSP or the company throughout this call. Speaking on the call today are the company's Chief Executive Officer, Mike Mazzei, President and Chief Operating Officer, Andy Witt and Chief Financial Officer Frank Saracino.

Before I end the call over, please note that on this call, certain information presented contains forward-looking statements. These statements which are based on management's current expectations are subject to risks, uncertainties and assumptions, potential risks and uncertainties could cause the company's business

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