Wed, Oct 30, 9:02 PM (63 days ago)
BrightSpire Capital, Inc. (BRSP) reported its financial results for the quarter ending September 30, 2024, highlighting a net income of $12.7 million, down from $12.4 million in Q3 2023. The company’s net interest income fell to $20.7 million, primarily due to lower interest income from loans, which decreased by $3.7 million. Property operating income increased by 3.5% to $26.1 million, driven by the consolidation of a multifamily property. Total expenses decreased significantly by 69.1% to $37.7 million, largely due to a reduction in the expected credit loss reserve from $39.9 million in Q2 2024 to $1 million in Q3 2024. Total assets decreased to $3.84 billion, with loans held for investment net of expected credit loss reserves at $2.43 billion. The company’s debt-to-equity ratio increased to 2.1x from 1.9x, reflecting a shift in financing strategy amid high interest rates. BrightSpire's liquidity remains strong, with $416 million available from cash and credit facilities. The company declared a dividend of $0.16 per share for Q3 2024 and repurchased $6.6 million worth of shares. The ongoing challenges in the commercial real estate market, particularly in office properties, continue to pose risks to future performance.