BrightSpire Capital, Inc. (NYSE:BRSP) Q1 2023 Earnings Call Transcript May 3, 2023 10:00 AM ET
Company Participants
David Palame - General Counsel, Secretary & Executive Vice President
Mike Mazzei - Chief Executive Officer & Board Member
Andy Witt - President & Chief Operating Officer
Frank Saracino - Chief Financial Officer, Treasurer & Executive Vice President
Conference Call Participants
Sarah Barcomb - BTIG
Jade Romani - KBW
Matt Howlett - B.Riley Securities
Matthew Erdner - JonesTrading
Operator
Greetings and welcome to the BrightSpire Capital Inc. First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Palame, General Counsel. Thank you. You may begin.
David Palame
Good morning and welcome to BrightSpire Capital’s first 2023 earnings conference call. We will refer to BrightSpire Capital as BrightSpire, BRSP or the company throughout this call.
Speaking on the call today are the company’s Chief Executive Officer, Mike Mazzei; President and Chief Operating Officer, Andy Witt; and Chief Financial Officer, Frank Saracino.
Before I end over the call, please note that on this call, certain information presented contains forward-looking statements. These statements are based on management’s current expectations and are subject to risks, uncertainties and assumptions. Potential risks and uncertainties could cause the company’s business and financial results to differ materially. For a discussion of risks that could affect results, please see the Risk Factors section of our most recent 10-K and other risk factors and forward-looking statements in the company’s current and periodic reports filed with the SEC from time-to-time. All information discussed on this call is as of today, May 3, 2023 and the company does not intend and undertakes no duty to update for future events or circumstances.
In addition, certain financial information presented on this call represents non-GAAP financial measures. The company’s earnings release and supplemental presentation, which was released this morning and is available on the company’s website, presents reconciliation to the appropriate GAAP measures and an explanation of why the company believes such non-GAAP financial measures are useful to investors.
Before I turn the call over to Mike, I will provide a brief recap on our results. The company reported first quarter 2023 GAAP net loss attributable to common stockholders of $4.1 million or $0.03 per share, distributable loss of $11.5 million or $0.09 per share and adjusted distributable earnings of $34.5 million or $0.27 per share. The company also reported GAAP net book value of $10.41 per share and undepreciated book value of $11.74 per share as of March 31, 2023.