BrightSpire Capital : 1st Quarter 2025 Earnings Supplemental Presentation

Published: 2025-04-29 20:25:47 ET BRSP

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FIRST QUARTER 2025

COMPANY HIGHLIGHTS

Diversified Portfolio

$3.7B

Total At-Share Assets (Undepreciated)

$2.5B

Total Loan Portfolio (74 Total Loans)

97%

Floating-Rate Loan Portfolio

$33M

Average Loan Size

86%

<$50M Loan Size (Based on Loan Count)

7.4%

W.A. Unlevered All-in Yield(1)

Liquidity & Capitalization

$310M $145M

Total Liquidity(2)* Total Unrestricted Cash

(or $1.11 per share)(3)

Ample Liquidity for New Loan Originations

$165M

Fully Undrawn Corporate Revolver(3)

$1.2B

Master Repurchase Facilities Availability(3)

2.0x

Debt-to-Equity Ratio(4)

5.96%

W.A. All-in Cost of Financing(5)

Earnings & Dividend

$0.16

Q1'25 Adjusted Distributable Earnings Per Share**

$0.16

Q1'25 Quarterly Dividend Per Share

13.4%

Annualized Dividend Yield(6)

$1.1B $8.75

Undepreciated Undepreciated Book Value*** Book Value Per Share***

* Excludes $56M of approved but undrawn borrowings available on our credit facilities as of April 25, 2025

** Refer to the Appendix for a definition and reconciliation to GAAP net income (loss)

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*** Refer to the Appendix for a definition and reconciliation to GAAP net book value As of March 31, 2025, unless otherwise stated; at BRSP share

See footnotes in the appendix

SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE

FINANCIAL RESULTS

GAAP Net Income of $5.3 million, or $0.04 per share

Distributable Earnings of $11.4 million, or $0.09 per share

Adjusted Distributable Earnings of $20.1 million, or $0.16 per share

Declared and paid a dividend of $0.16 per share for Q1'25, 13.4% yield on current share price(6)

GAAP net book value of $7.92 per share and undepreciated book value of $8.75 per share

PORTFOLIO

Committed $112 million of capital across four new loans in Q1'25. Subsequent to Q1'25, committed $70 million of capital across one new loan(3)

W.A. risk ranking of 3.2 in line with TTM (3.2 as of Q4'24)

Watch list: one loan removed and one loan added

7 watch list loans totaling $396 million or 16% of the loan portfolio (vs. 7 loans for $411 million at Q4'24)

Total CECL reserve of $156 million or $1.19 per share (no specific CECL reserve on balance sheet as of Q1'25)

Sold the Oakland, CA office REO property for $5 million of net proceeds

LIQUIDITY & CAPITALIZATION

Repurchased 0.2 million shares or $1.1 million of Class A common stock at a blended price of $5.59 per share

* Excludes $56M of approved but undrawn borrowings available on our credit facilities as of April 25, 2025 As of March 31, 2025, unless otherwise stated; at BRSP share

See footnotes in the appendix 4

FINANCIAL OVERVIEW

Key Financial Metrics

GAAP Net Income ($M)

Per Share

Distributable Earnings ($M)

Per Share

Adjusted Distributable Earnings ($M)

Per Share

Total At-Share Assets ($B)

$5.3

Other debt (non-recourse)

28%

Total

capitalization Master repurchase facilities (limited recourse)

21% $3.5B

Mortgage debt (non-recourse)

Stockholders' equity (undepreciated)

33% Securitization bonds payable (non-recourse)

17% 1%

Capital Structure

$0.04

$11.4

$0.09

$20.1

$0.16

(Undepreciated) $3.7

Total Debt Outstanding (UPB) ($B)

Debt-to-Equity(4)

Book Value (GAAP) ($B)

Per Share

$2.3

$9.00

$8.89

($0.11)

($0.03)

$8.75

$8.50

$8.00

$7.50

$7.00

12/31/24 Equity-based Undepreciated BVPS Compensation

Non-GAAP RE 3/31/25

Impairment Undepreciated BVPS

Undepreciated Book Value Per Share Bridge

2.0x

$1.0

$7.92

Book Value (Undepreciated) ($B)

Per Share

$1.1

$8.75

CECL Reserve (General) ($M)

Per Share / Basis Points ("BPS")(7)

$156.1

$1.19 / 608 bps

CECL Reserve (Specific) ($M) --

Per Share --

As of March 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix

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Disclaimer

Brightspire Capital Inc. published this content on April 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 00:25 UTC.