BrightSpire Capital, Inc. (NYSE:BRSP) Q2 2022 Earnings Conference Call August 3, 2022 10:00 AM ET

Company Participants

David Palame - General Counsel, Secretary & Executive Vice President

Michael Mazzei - Chief Executive Officer & Board Member

Andrew Witt - President & Chief Operating Officer

Frank Saracino - Chief Financial Officer, Treasurer & Executive Vice President

Conference Call Participants

Eric Hagen - BTIG

Chris Muller - JMP Securities

Operator

Greetings, ladies and gentlemen and welcome to the BrightSpire Capital's Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a remainder, this conference is being recorded.

I'd now like to turn the call over to your host Mr. David Palame, General Counsel.

David Palame

Good morning, and welcome to BrightSpire Capital's second quarter 2022 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 hand the call over, 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-Q 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, August 3, 2022, 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 reconciliations to the appropriate GAAP measures and an explanation of why the company believes such non-GAAP financial measures are useful to investors.

And before I turn the call over to Mike, I'll provide a brief recap on our results. The company reported second quarter 2022 GAAP net income attributable to common stockholders of $34.3 million, or $0.26 per share, and adjusted distributable earnings of $31.48 million or $0.24 per share. The company also reported GAAP net book value of $11.26 per share and undepreciated book value of $12.42 per share as of June 30, 2022.