BrightSpire Capital reports Q2 EPS 22c, consensus 22c

Michael J. Mazzei, Chief Executive Officer, commented, “The reduction in our book value this past quarter was largely driven by legacy office equity investments. Our watchlist has been stable quarter over quarter and we have gained enough visibility in resolutions to commence lending activities. However, the loss of cash earnings from these legacy equity investments is more near term versus our future loan origination timeline. Therefore, in planning for the long term, we are reducing the dividend through this reinvestment period.”