BrightSpire Capital, Inc. Announces Fourth Quarter & Full Year 2023 Financial Results

BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2023 and certain updates. The Company reported fourth quarter 2023 GAAP net loss attributable to common stockholders of ($16.3) million, or ($0.13) per share, Distributable Earnings of $25.4 million, or $0.20 per share, and Adjusted Distributable Earnings of $35.9 million, or $0.28 per share. For the full year 2023, the Company reported GAAP net loss attributable to common stockholders of ($15.5) million, or ($0.12) per share, Distributable Earnings of $66.1 million, or $0.51 per share, and Adjusted Distributable Earnings of $138.2 million, or $1.06 per share. The Company reported GAAP net book value of $9.83 per share and undepreciated book value of $11.35 per share as of December 31, 2023.

Michael J. Mazzei, Chief Executive Officer, commented, “The Company produced strong quarterly and yearly results, all while continuing to maintain liquidity. We are making progress on watchlist assets and should see more results in the coming quarters. These efforts, if successful, should put us in a place where we can begin to redeploy capital.”

Supplemental Financial Report

A Fourth Quarter 2023 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 Fourth Quarter 2023 Supplemental Financial Report and is available on our website at www.brightspire.com.

Fourth Quarter 2023 Conference Call

The Company will conduct a conference call to discuss the financial results on February 21, 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.