The following is a summary of the BrightSpire Capital, Inc. (BRSP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• BrightSpire Capital reported a Q1 GAAP net loss of $57.1 million or $0.45 per share, with positive distributable earnings of $22.5 million.

• The company holds liquidity of $323 million, including $158 million in cash.

• The undepreciated book value of the company decreased to $10.67, a drop of $0.68.

• CECL reserves increased to a total of $151 million or $1.15 per share.

• The leverage ratio remained unchanged at 1.8 times.

• Dividend coverage per adjusted DE for Q1 2024 stood at 1.15 times.

Business Progress:

• BrightSpire is adjusting its strategies in response to prolonged inflation and geopolitical risks.

• The company's Q1 focus was on increasing its CECL reserves and addressing watch list loans and REO assets.

• Despite potential headwinds on earnings, BrightSpire aims to prudently manage its balance sheet and maintain liquidity.

• The company received $114 million in repayments across four investments in Q1, with low repayment activity expected for the rest of 2024.

• BrightSpire has two new investments, worth $87 million, added to the watchlist due to uncertainties with upcoming maturities.

• Management is focused on resolving issues related to watchlist assets and plans to achieve progress in upcoming quarters.

• The company is emphasizing new lending investments and is prioritizing current asset resolution over stock repurchasing.

More details: BrightSpire Capital IR

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