BrightSpire Capital, Inc. (NYSE:BRSP) Q1 2024 Earnings Call Transcript

BrightSpire Capital, Inc. (NYSE:BRSP) Q1 2024 Earnings Call Transcript May 1, 2024

BrightSpire Capital, Inc. misses on earnings expectations. Reported EPS is $-0.44848 EPS, expectations were $0.24. BRSP isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Greetings, and welcome to the BrightSpire Capital Inc.'s First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce to you David Palame, General Counsel. Thank you, David. You may begin.

David Palame: Good morning. And welcome to BrightSpire Capital's first quarter 2024 earnings conference call. We will refer to BrightSpire 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 hand 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 and financial results to differ materially.

For a discussion of risks that could affect results, please see the Risk Factors section of our most recent 10-K and other risk factors and forward-looking statements in the company's current and periodic reports filed with the SEC from time-to-time. All information discussed on this call is as of today, May 1, 2024 and the company does not intend and undertakes no duty to update for future events or circumstances. In addition, certain financial information presented on this call represents non-GAAP financial measures. The company's earnings release and supplemental presentation, which was released this morning and is available on the company's Web site, presents reconciliations to the appropriate GAAP measures and an explanation of why the company believes such non-GAAP financial measures are useful to investors.

Finally, during this call, management may refer to distributable earnings as DE. With that, I would now like to turn the call over to Mike.

Mike Mazzei: Thank you, David. Welcome to our first quarter 2024 earnings call, and thank you for joining us this morning. In my remarks today, I will focus on some key financial highlights for the company, briefly discuss market conditions and provide visibility as to what is ahead. Then I will turn the call over to Andy for more specifics on the portfolio. Starting off with some financial highlights. For the first quarter, we reported GAAP net loss of $57.1 million or $0.45 a share, positive DE of [$22.5] million or $0.17 per share and adjusted DE of $29.7 million or $0.23 per share. Our current liquidity stands at $323 million, of which $158 million is cash on hand. This quarter, we recorded a $0.68 reduction in undepreciated book value, which currently stands at $10.67.

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