BrightSpire Capital Reports Q2 Earnings, Highlights Loan Growth and Asset Sales
BrightSpire Capital (NYSE:BRSP) reported a second-quarter GAAP net loss of $18.3 million or $0.15 per share, despite adjusted distributable earnings of $16.8 million or $0.13 per share. The company's net book value declined to $6.81 per share due to higher CECL reserves and real estate impairments. The firm originated 10 loans totaling $319 million in Q2, expanding its loan portfolio to approximately $2.9 billion across 106 loans. Management aims for a portfolio size of around $3.5 billion by year-end and nearly $4 billion by mid-2027, with increased multifamily exposure and reduced office concentration. BrightSpire plans to sell the Albertsons investment for $300 million in Q3, which will provide capital recycling opportunities but delay full dividend coverage by about two quarters. The company also raised its CECL reserve to $100 million and maintained $131 million in liquidity.
Topics: capital recycling financial performance loan portfolio growth