BrightSpire Capital reports Q1 adjusted distributable EPS 16c, consensus 16c

The company reported GAAP net book value of $7.92 per share and undepreciated book value of $8.75 per share as of March 31. Michael Mazzei, Chief Executive Officer, commented, “The company had a productive start to 2025 underscored by positive net deployment year-to-date, reduction in leverage and stability in our watchlist and CECL reserves quarter over quarter. The slight decrease in book value was largely attributable to equity grants as part of our annual compensation program, consistent with past practice. As we look towards the remainder of 2025, we expect to continue resolving watchlist and REO assets while growing the portfolio through new loan originations.”