BrightSpire Capital, Inc. Announces First Quarter 2024 Financial Results

BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced its financial results for the first quarter 2024 and certain updates. The Company reported first quarter 2024 GAAP net loss attributable to common stockholders of ($57.1) million, or ($0.45) per share, Distributable Earnings of $22.5 million, or $0.17 per share, and Adjusted Distributable Earnings of $29.7 million, or $0.23 per share. The Company reported GAAP net book value of $9.10 per share and undepreciated book value of $10.67 per share as of March 31, 2024.

Michael J. Mazzei, Chief Executive Officer, commented, “We continue to remain focused on the balance sheet and maintaining ample liquidity until market conditions improve.”

Supplemental Financial Report

A First Quarter 2024 Supplemental Financial Report is available on the Shareholders – Events and Presentations section of the Company’s website at www.brightspire.com. This information will be furnished to the SEC in a Current Report on Form 8-K.

We refer to “Distributable Earnings” and “Adjusted Distributable Earnings”, which are non-GAAP financial measures, in this release. A reconciliation to net income/(loss) attributable to BrightSpire Capital common stockholders, the most directly comparable GAAP measure, is included in our full detailed First Quarter 2024 Supplemental Financial Report and is available on our website at www.brightspire.com.

First Quarter 2024 Conference Call

The Company will conduct a conference call to discuss the financial results on May 1, 2024 at 10:00 a.m. ET / 7:00 a.m. PT. To participate in the event by telephone, please dial [phone] ten minutes prior to the start time (to allow time for registration). International callers should dial [phone]. The call will also be broadcast live over the Internet and can be accessed on the Shareholders section of the Company’s website at www.brightspire.com. A webcast of the call will be available for 90 days on the Company’s website.

For those unable to participate during the live call, a replay will be available starting May 1, 2024 at 1:00 p.m. ET / 10:00 a.m. PT, through May 8, 2024, at 11:59 p.m. ET / 8:59 p.m. PT. To access the replay, dial [phone] and use conference ID code 13745217. International callers should dial [phone] and enter the same conference ID.

Dividend Announcement

On March 15, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share to holders of Class A common stock for the first quarter of 2024, which was paid on April 15, 2024, to common stockholders of record on March 29, 2024.