BrightSpire Capital, Inc. (NYSE:BRSP) Q3 2024 Earnings Conference Call October 30, 2024 10:00 AM ET
Company Participants
David Palame - General Counsel
Mike Mazzei - Chief Executive Officer
Andy Witt - President and Chief Operating Officer
Frank Saracino - Chief Financial Officer
Conference Call Participants
Stephen Laws - Raymond James
Steve Delaney - JMP Securities
Jason Weaver - Jones Trading
Eric Dray - Bank of America
Matthew Howlett - B. Riley
Operator
Good day and welcome to the BrightSpire Capital Inc. Third Quarter 2024 Earnings Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to David Palame, General Counsel. Please go ahead.
David Palame
Good morning, and welcome to BrightSpire Capital's third quarter 2024 earnings conference call. We will refer to BrightSpire Capitals 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 this call certain information presented contains forward-looking statements. These statements, which are based on management's current expectations, 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, October 30, 2024, 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 yesterday afternoon 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.
Before I turn the call over to Mike, I will provide a brief recap on our third quarter 2024 results. The company reported GAAP net income attributable to common stockholders of $12.7 million, or $0.10 per share, distributable earnings of $17.9 million, or $0.14 per share, and adjusted distributable earnings of $27 million, or $0.21 per share.
Current liquidity stands at $416 million, of which $251 million is unrestricted cash. The Company also reported GAAP net book value, of $8.39 per share and undepreciated book value of $9.11 per share as of September 30, 2024. Finally, during this call, management may refer to distributable earnings as DE.