Kwarkot
BrightSpire Capital (NYSE:BRSP) stock rose 1.5% in Wednesday morning trading after its Q4 earnings exceeded Wall Street expectations. Meanwhile, the commercial real estate credit REIT said it's making progress on its watchlist of investments.
Q4 adjusted distributable EPS of $0.28, topping the average analyst estimate of $0.24, was flat with Q3 and increased from $0.27 in Q4 2022.
"We are making progress on watchlist assets and should see more results in the coming quarters," said CEO Michael J. Mazzei. "These efforts, if successful, should put us in a place where we can begin to redeploy capital."
GAAP net book value of $9.38 per share at Dec. 31, 2023 vs. $10.11 at Sept. 30. Its undepreciated book value of $11.35 at the end of Q4 2023 slipped from $11.55 at the end of Q3.
Total loan portfolio stands at $2.9B, comprised of 87 investments with average investment size of $34M. The company's portfolio includes 51 investments in multifamily with carrying value of $1.55B; 27 investments in office with carrying value of $960M; three investments in hotel with carrying value of $2221M; three investments in mixed-use with carrying value of $153M; and three investments in industrial with carrying value of $54.6M.
Current expected credit loss reserve was $76M in Q4 2023 compared with $90M in Q3.
During the quarter, BrightSpire (BRSP) received $132M of repayment proceeds across four loans.
The company had $368M of available liquidity at quarter-end.
Conference call at 10:00 AM ET.