BRSP - Earnings call transcript Q4 2024 | BrightSpire Capital, Inc.

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Operator

Good day, and welcome to the BrightSpire Capital, Inc. Fourth Quarter and Full Year 2024 Earnings Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to David Palame, General Counsel. Please go ahead.

David Palamé

Good morning, and welcome to BrightSpire Capital's Fourth Quarter and Full Year 2024 Earnings Conference Call.

BrightSpire call. BrightSpire to company or refer this throughout will Capital BRSP as the We

the today Officer, on Mazzei; Chief Speaking call Officer, President Officer, Chief Financial and Mike Executive Chief Saracino. Operating Frank Andy and are Witt; the company's

company's call statements. and could Before forward-looking are that on presented statements, subject and current assumptions. Potential expectations, which uncertainties are business to please this I over, the to note uncertainties certain risks results call, and differ cause hand information management's risks, the These contains financial based on materially.

that time. All discussion of recent affect a factors the filed the For see as call other to or future and and Risk and section on SEC circumstances. undertakes intend risks XXXX, XX, and most could our for from current results, of February in statements reports company's of company duty information please is does the not events no forward-looking risk Factors and periodic XX-K with time this discussed update today, to the

addition, represents website, earnings appropriate useful non-GAAP on financial presentation, to is financial this reconciliations afternoon available and company's the measures are certain of explanation presents company an the believes call on which such and to company's and supplemental the release presented GAAP measures. The financial why measures In released was yesterday information non-GAAP investors.

net or adjusted share brief of GAAP Before earnings or is cash. of I GAAP share. Current turn value December XXXX. and distributable to of $X.XX net $X.XX per book our $X.XX $XX.X share of The $X.XX liquidity company attributable XX, on recap a The per per earnings which of and $XXX per or I per over reported of results. million, reported unrestricted $X.XX value to million book un-depreciated share provide the as of also stands million $XXX distributable $XX.X $XX.X at quarter loss call common will share, company fourth million Mike, million stockholders

distributable to I management to during call now may like the Finally, earnings refer turn would that, as call, this Mike. DE. With to over

Michael Mazzei

to call. and our which Welcome the active originations. new watch-list quarter Thank progress earnings year fourth reducing you, capped year XXXX significant by full commencing book made our fourth strengthen quarter to we David. loan and loan off a during very The

I quarter's I highlight the basis quarter. tightening spreads dynamics have like significant XX issuance Before real to debt markets. of would markets roughly delve and the increased this improve. has have The the to into performance, a lending continued briefly estate various during affecting steadily commercial CLO experienced points AAA

line tighten in in tightening. warehouse securities. lending spread despite bank of to have AAA when were annuity SOFR Allow further CLO far of a points the you supply was remind market continued was Higher for this surge company compression the XX room spreads. Albeit X, benchmark resulting still addition, lenders gradually, CLO was credit ROEs index in greater spreads, that there XXXX, tighter spreads to levels. this their today. interest me there And close than is where continued more main become along drivers a basis insurance to behind have In in with rates, sales targeted with

a in this environment just quarter. rates equity unsurprising end cuts but is actionable about today taken the These a quarter. estate. All in an headwinds. rate has year. Also XX-year significant the cut real one the On at drive demand, in than more investments, including not all increase will with of in later [ there maturities debt some only billion amount that the Fed has negative side, third causing ] this The higher of leverage treasury perhaps for shift are points higher one types basis of origination the upcoming while of refinancing are note, in, are pause XX been transactions the interest rate facing of

So while any state elevated keep in all-in positive, enough the of rates the remain sure of spreads to a properties lending is transaction credit tightening limbo.

construction. However, absorption, on continue multifamily, the higher fundamental especially side, for new top-line limits buying. This on home Therefore, positive. growth to mortgage should in are supply rent new renting well bodes factors same these where prices also rates put and versus become favoring

far, Now million turning origination our we totaling all continued went the multifamily. loan with originations have new on in quarter build been We another loans to funded and BrightSpire. $XX our new $XXX to have To-date, during X million offense pipeline. closing. Thus of

team enabled competitive actively However, with the strong are to property of borrowers. has our repeat industry our all experienced with relationships quoting often select with market, us types office. Despite we the exception opportunities,

For our and to ultimately ahead, executing loan rebuilding focus the book now CLO. fourth pivoted our primary our year has

during to on we the progress progress end. resolution watch-list the even loans continued of we addition, make In and subsequent quarter quarter, meaningful further to made

month, is Louis received we loan, regarding of equity Jose dismissal add St. which a was judgment largest X-year year-end negotiated to Specifically, office attempted our process. I have maturity on the our of successfully bankruptcy which the down summary this a written we a would the like X, comprises San investment, Hotel, borrower's that This also granting watch-list. X/X extension. to

our not this will now While to time have potentially we earnings, recoup of the capital. impact some

of it serve to REO be REO progress in our This dispositions as Therefore, continue watch-list the will saying intend in will earnings. of for an to portfolio in of term. goes increase considerable our segment assets without make in we on resolve our we and capital XXXX. loan sources one growth As short there loans,

amount want redeploy capital. our again DE we of coverage Lastly, for I anticipated we dividend, a covered we while our of quarter, the we resized an modest negative fourth highlight that when with dividend to adjusted $X.XX.

our by and over momentum quarter team a clients I Our year. reach sustained of to partners and assets on and our REO positive for coverage past continues very our dividend productive executing and turning is all want plan under-earning This closing, and this to XXXX. into thank sales. In active fourth was

portfolio optimistic now will that, I the call we turn to about earnings. With over and forward, Witt. Andy? the Andy our are President, Going our to loan grow ability

Andrew Witt

occurred Thank you, will subsequently. Mike. the The events quarter prepared on in that fourth primarily my and focus of remarks be

During the fourth repayments for we loans to in total X quarter loans. $XXX Subsequent $XX million a across we quarter, million. received across repayments of end, received X

property $X we REO sold aggregate in proceeds million, resulting million. addition, repayments one for office $XXX total In and resolution of

during commitments to loan quarter the and X totaled across subsequent million New quarter new $XXX originations. end

during fourth In funded addition, future $XX of million fundings the we quarter.

at X% of the $XX XX of balance $XXX loan funding end, obligations million. quarter an portfolio with and outstanding stand of consists or loan average of As commitments million future investments

watch-list quarter, REO. loans remain During on focused we and the addressing resolving and

reporting the and injection has loan, the the Las forthcoming paydown. property, total Vegas multifamily to loan. Two basis has loans on from borrower. With watch-list efforts, X last net Fort was loan reduced from downgraded upgraded capital to performance made watch-list of the to these Richardson, loans a of respect result during inclusive number Las a to is property additional based a the borrower quarter multifamily quarter, an of form the operating during Vegas level one loan And loan been office has on As loans the the decision reserves the improved. were additional period. both including as outlook paydown. The cases, commitment the at Texas, improved Texas, removables, of Worth, Rounding a in borrower the and/or out has moved additional the multifamily to one upgrade upgraded in the REO principal funds capital committed the X

reach during to Vegas we operating comprised a capitalize previously, as units mentioned increased around stabilization. loan to a multifamily downgraded of ability As quarter, to required shortfalls of the a borrowers' uncertainty X XXX result Las the

down As from of watch-list loan accounts quarter balance. $XXX as end, in XX% watch-list of million exposure loan $XXX XX% remaining or loan or aggregate for of The QX Jose XXXX. the stands at portfolio, X/X San million of aggregate Hotel

the updates, REO completed Oakland sale for the property. we of As office

we a operations, The is a Texas, foreclosed the XXX-unit Phoenix Fort mid-November, stabilization achieve in plan multifamily to list on ultimately multifamily improve Worth, property the value-add for Additionally, and similar execute business the property. on to sale plan executed loan. plan,

multifamily stabilization marketing substantial a broker sale made have and property recently be for imminently. on progress the engaged Phoenix national the who property will We towards

on made and and we the REO the the progress exposure. to during also addition have In office watch-list beyond, reduced our both quarter

X our I Since loans $XX off we reporting, to received $XX last turn including the office our we paid million. on exposure that, partial the for paydowns over Frank? million, total by will reduced call Chief to have Frank on Saracino, million. With fourth X results. $XX quarter, $XXX office our end, to additional office quarter loan elaborate quarter Officer, an Financial Subsequent of the for loan. million largest During a

Frank Saracino

Thank you, everyone. morning, Andy, and good

X $XX.X For $X.XX generated per quarter loans we approximately a million the specific adjusted or million. was reserve DE includes share. per million fourth $XX DE on or $XX.X Fourth quarter, of DE of share. $X.XX

as our REO of $XX.X loss an total we taken per as well company This on impairment in or Additionally, net reserves reflects increase share. GAAP reported million $X.XX CECL assets.

we or approximately of generated DE For equity $XXX.X representing un-depreciated share, the of full adjusted of year million average $X.XX return X.X%. a shareholders' on per XXXX,

the value and book by from quarter. the our by primarily $X.XX foreclosure offset The $X.XX Un-depreciated operating book $X.XX and reserves. I total per distributable rates, value mainly share. costs estate The $X.XX recorded by decreased would versus for is to borrowing $X.XX change in like real loan earnings dividend adjusted was increase CECL net impairments taken to the interest quarter lower originations. is $X.XX year of covered Our GAAP well and repayments on third driven bridge the at company of $X.XX an and driven share. X.XXx. Quarter-over-quarter, from quickly to assets fourth decreased per lower in new change

Looking at reserves.

approximately Fort to that taking specific mentioned. CECL the Texas, the During Andy multifamily loan reserves ownership of $XX recorded of the related underlying property quarter, we million, fourth primarily Worth, our

office loan specific a paid recorded also in minimis on reserve We XQ. de off an that

charged were As loans off resolved, we reserves. their both

so This to peer reserves a is reminder, the fully in and and earnings we only slightly resolved loss a that include As is that will recorded. the loan differs group specific the distributable is realized. when do reserve quarter the

total increase on of prior basis primarily $XX certain driven an provision Our was at loan $XXX.X loans. increase in general The the the CECL on updated million from or million CECL commitments, general XXX inputs by stands points quarter.

to Turning and dividend cash our flow. from earnings

$X.XX. quarter, and cash flow the a of paid share dividend we For fourth $X.XX earnings had of per from

XX%. reported $X Additionally, full $XX for from or is we approximately G&A expense cash XXXX, a of million in XXXX reduction G&A year million. This the of

versus XXXX, flat down G&A we to expect to For XXXX. be

Our debt-to-assets final debt ratio and facility until debt-to-equity No XQ. is due is XXXX. ratio maturities total to X.Xx, XX% flat corporate or our

portfolio ratio debt-to-equity loan senior X.Xx, only for X.X an Our increase from our is XQ. in

as mentioned, $XXX questions. with And remarks. at our that, of This stands liquidity our current $XXX credit up for approximately million today $XXX open our as well let's cash million comprised prepared million. under David as as concludes of Lastly, of facility. This Operator? it

Operator

Delaney Steve Citizens from [Operator Instructions] Bank. come with your question And first today will

Steven Delaney

proactive REO First, just the versus of loans. terms REITs. There X-rated are want to moving applaud mortgage into management asset commercial in XX

it that the pretty borrower think in real, in than to think explained it terms for how that just I us more you're try figure strategy. And of certainly the that additional to problem you've waiting out. control -- allows unique to resolve estate group to quickly real you I

up So spreads quarter. that. Mike, of that you pick might little that with on go first well this you outlook in -- CMBS. as have improved half bit is I talked or could of whatever CLOs expectation CLO outlook, we XXXX your a middle a maybe suspect expect also to pretty Should that million did new off by props or fresh of the now. as Do for $XXX the year? as lending, we I viable lending about right you certainly bridge spreads probably the expect the you might CLO get think CMBS

Michael Mazzei

the business in remarks, to CLO. another execute to the prepared said plan. just I as intention, going be basic That is of is Our part

another You're market. X leverage in of getting points or that X

that at to so couple this point. ROE basis another points of And adds overall XXX your

they whether prepared their remarks, in So the I as have do with asset commensurately continue is in the the to and fixed the that, said intention tremendous one we prepared an said been classes income, described have bank is it's best rate that. various There fixed for for rates. absolutely warehouse of we that. Having to floating this remarks, I in as rate or appetite, a moving stated in reasons lenders,

market investments. questioning while in widen, a tenuous tremendous so for now right of see the yield are it's -- we can in the place folks high bond And corporate high-yield income is appetite fixed amount world and whether a

XXX So that's lift. We've give the ROE. basis warehouse banks driving been of spreads with above of down. points and But an the have maintaining And us. been us beyond couple fortunately, CLO line moving extra the can

doing on certainly, goal the year, in but is get of half. it plan the for I so half know off And we that. yes, second the one don't if the we'll first

another in we'd the or $XXX to to put new closing. have that out to think million I originations addition have CLO off closed million to million $XXX we another in get in $XXX

Steven Delaney

Yes.

at So in sounds it you going -- terms there markets XXXX core enough CRE new were $X.X your in you how portfolio. of XXXX? believe activity bridge starting. Is on projects investors, expectation in year-end the might billion bridge -- the for much coming the like market, portfolio. your local equity billion there's into about grow goal Any I'm loan portfolio speaking the $X.X with or

Michael Mazzei

billion that to right grow of that you've that said $X business and other are. $X the well our to do dividend. But based as billion order need rates loans $X we seeing new and excess absolutely in much on prepared get in Yes, because in need a sustain heard have, ton questionable anticipated payoffs and is calls. on the in of of greater of originate is we I we're billion or actionable to of portfolio now, they we potentially where but loans How this remarks,

about they -- New sales while were like was a XXXX low. up over XXXX, XXXX up XX-year XX% acquisitions, were

with financing cost so treasury And above acquisition negative is the rates. X.X%, to leverage XX-year cap new still all-in

from fraction once slow we've of where trying quoting where borrowers lot loan. But today. we're to total construction which the do seen preliminary a get minimum it pipeline, borrowers that's out and paying you down. And billions loan to more down the a looking refinancing of the of at and based the So sense we're side, seeing lending, bridge-to-bridge, recourse lot going a construction are of before, activity for takeouts, that. seeing seeing on are hit to that underwriting we're potentially review, actually where out is then that amount makes makes on We're of a ever the than

this of lot in what a some would lenders happen this own happen I and think seeing still that not more of is see I call part portfolio. to but was limbo. I will sell pushing will seeing we're So rate interest of transactions year question, what in year properties. And stuck our you'll borrowers What your think this you're

don't property already. on toward think and but We see to have the we've your that properties lender-driven loans earmarked watch-list, million in fall the a PSA. the get just need a right prepared including the to new another going almost very we're did that mention in do remarks be to now, really care more need for back for we the can owners out working transaction not going a having isn't financing this math apart, because market It's of that to -- PSA to sales. It's refinancing. question, it's $XXX lot to $X of where property Denver. billion that's pushing you're year, in we under amount But put the market multifamily I We for over under going that's because PSAs of that buyer. And example lenders

Steven Delaney

That's correct.

Michael Mazzei

to close to We that as billion get portfolio want $X.X as possible.

Operator

from today with question come JonesTrading. next Weaver Your will Jason

Jason Weaver

what that? we're I general signs of of of on the Frank, on seeing to of you you of mentioned reserve to believe to is growth? all, CECL due rent West loans. Is any certain due that about first Coast elaborate increasing inputs that due And some -- the can on deteriorating any

Frank Saracino

Yes.

a seeing regarding across when is the risk loans of West X of the the and but The activity as look that nothing the there. our rank around X portfolio, Coast. movement and spread at think around risk specific is kind I we're rest we CECL, moving lot rank

Jason Weaver

Okay.

prepared you all, forward hear that Jose you Hotel, the path the there. about see the what comments did a about I of San Second remarks bit in on Can talk asset? little resolving the as

Michael Mazzei

actually dismissed All that that that we again, court pleased we that about the in out and bankruptcy. really and is are can bankruptcy was of say we are that appealed

X be about lender at watch-list comments watch-list, it if going coupled that's significant about I'm PSA. ours. And the of to a is is more for good loan PSA, But it is and going So our a book. just under it to the remove of with to of Denver I'd affairs of to watch-list of looking X/X focus assets the our that's loan, our to excited because loan hesitant we're thing. Outside any that a loan. we soft about that not be multifamily be bankruptcy process of -- state of until about than XX% of Other those it out if We're the from closes. that a at make say happy that, a is

see So the would watch-list. a dramatic drop we in

obviously hesitant of given affairs are that but Hotel, Jose focused to the in, really in on say very we're that we So that I'm San process. than state more the

Operator

from next And Tom your question today come will BTIG. Catherwood with

William Catherwood

Appreciate with Mike, takes billion rebuild ahead this to repayments. targeting of year that originations it get you. $X of origination time and starting Obviously, comments maybe kind to your about pipeline.

far XQ, back and been an takes understanding for long obviously to not hard of to kind You've side, thus what your is all. you normal it are active originations as deals do fully track it XQ. the general, run and it's But that getting on origination think in basis? rate you expectations originations up But a fully down and get to steady in running how on said, market a state

Michael Mazzei

that I said part year lot to that going of it think be a this, think reason A I and the do lender-driven. of full for is I is to think earlier. will take I us what

the non-banks, asset or management think work themselves get have our X in lot of marketplace, spots. better to they the a banks and borrowers basis for whether loans the positioning an of with period years be I past in on peers

to are end feels like is on tunnel fatigue. borrowers cost hope subsiding. is interest fading. caps lowering that rate that it at Light think beginning I of hope the the The have the of

are to unable to endless on and tap reserves go basis that. an borrowers like and So rate interest for back their to continue for them limiteds money things

the when year. And be is from in the and nodding at this the the about be were think transaction in. And is how speaking given really a going I borrowers gunpoint, doing the a that And heads So are spoke market. of getting all finally to which assets to this in rate lenders us are active the fatigue we see across ourselves. table lot this more sales we're position but this to brokers are in environment NDA, capitulating, we the and lenders isn't they've REO, somewhat had toward the pushing of at source start we you

that think behave. Like group, is if told dollars project you all the I to where have what's a businesses actionable, seeing interview product. at that very numbers they're it's numbers we to and I So how win, you're hard of you you can are those you'd going our to how work, the do like are. But triple across take billions fraction quote loans in saying out could a big seeing, there. then that actually a market they peer of of potentially we're terms If of said,

borrower a why is think that explained but think will we about to it's it course So going we our lender-driven while again, recalibration negative why get the dividend of I need book. when expect we be there's be us which about to I think I modest over the coverage talk we the of going coverage, year, a stabilized to up. That's we number, and take year that rebuild some that grind pick to is market. And still the going slow to fatigue-driven. a And partly

William Catherwood

REO Phoenix the really sell you in one impairments likelihood Got are good there's for to which assets? terms other like near it. in thoughts, of of asset, a do it spot, maybe, me, Mike. than further look those the as portfolio, think your most of you term? in the remaining assets actionable And the multifamily you have And sounds those Andy, last a which Appreciate then

Andrew Witt

have Yes. a to when asset question. resolving REO, we that the view I move towards ultimately asset. Thanks mean, for we an

a of time got plan but lighter are very couple we Texas that on. actually a them are lift, sale, multifamily. We to what those we're it Phoenix. plan a stabilize but for obviously did will in And value-add focused think for that's take get similar properties those so assets in us we've we something execute And very and to a to in position

quarter, Oakland Island continue the City resolution then We assets, and assets. we the on Long the our to which evaluating working office hold regularly. And we're obviously, office had during of

So balance resolve that us example liquidate an redeployment bring in earning of assets. sheet back for them, capital moving that's on those, to

Michael Mazzei

the of assets. Queens on probably lot we trying then that ago -- City on We given been that we're lot considered years a is York plus, years Long market -- Unfortunately, to of that lot inquiry it's where the of of West. single in took And lease Island year couple time we've interest up the X.X not a and Third City a work. There getting did assets, we've from a tightening Avenue users that. now, those was had City listen, X, a York is and been New New

Now Third is better certainly for getting tight, Avenue buildings.

over REO remarks, that, is executing focus at going are said back big wait think to in time, and prepared Long we the point source to that longer this year. assets. this a on capital. And trickle on It in we we is much that So Andy's Long the to back to Island what City. Having will said point City Island of the not a

We the unfortunately, proceeds will, bait, because those loan to or cut at book. want build some point, use fish we to

to on and are not watch-list, weighted going move be to the we risk on REO focused in very year, REO specific that things but focusing especially loans stuff to those to active REO. I'm to some resolving more will think fact very name the So will moving we're throughout from all on going we X, given the going assets. in be on move

Operator

will today Binner come B. Riley. from your [Operator question Instructions] And Randy next with

Randolph Binner

goal has answered. $X would been -- maybe and could and XXXX in I through this helpful of that that origination so Most be But little is you it's guess billion from for I a thinking bit perspective. pipeline -- wondering more I mine define constructive, a was like course. were think if of asked help

So quite building here on pipeline a overall mean, weigh you've Mike, kind that. get points geography, just and what to a perspective, that property the type. market the blocks would -- billion explained from are understood or I bit of But $X the you of the origination? that

Michael Mazzei

amount the one the the to on a building cash have First, of million. just have ample $XX we minimum is million capital, of blocks which the of running on balance based looking source amount at $XXX of cash we and of sheet

we've ample of We before, amount under-levered when balance have REO financing versus loan San cash assets, a recoveries sheet, on our at that look modest is the Jose financing Hotel in the very the for plus instance, and you amount. said

asset release movement will lot that of a So capital. on

of may are And are So the is loans come has to you of during have plan nonperforming point pull going of amount a capital. There the the a face face the that Xs takes the if the to have for couple amount out of at that of million out of we CLO, go them to fact not loan those loan. risk-rated the amount the of amount CLO least recovery course -- and in we CLOs. year. I be some of we loans, any the potential there the capital to and category, in watch-list office watch-list X on out X the uses dollars are that hundred-plus to want that of potential

capital anywhere. of in pretty much to loans size average loans. uses perhaps as venture well. But noticing $XX tax building brethren everywhere might points are cities wary very insurance price the sub-$XX have to I'll are prefer like of these very the at would loans. bigger there consider mean, we We at 'XX, everything. $XX about book, greater pretty and doing we a for costs basis the yields terms There's a we're had keep price much, are certainly we in that million. but Florida. We're about I'm of loan million Yes, do back in points. worried some debt go Chicago, the what better loan So our might We'll and anytime, I than book into 'XX do million. We we'll loan in that

million I think $XX today. it's

$XX XXXX out So million we $XX competitors the for competitive the for market when we're for were there. our still very is the in -- looking who there pleased very We in are are to amount think loans. The loans not million out had in is market we of that there for is hats there the that. to field credit is I've for and it pricing product dearth good amount of off a stated. that's reasons there very very still and versus and them The competitive. And XXXX the level playing of availability out

to to overall, and So we're do very sit tightening. going here are predict get. what hard spread I think, the conditions poised more for

did CLO basis in points XX remarks, our tighter CLO prepared the we XXXX. spreads when in said I were As

the at we think coming executed a week. XXX once CLOs of like I a AAA and were

do what terms hard have making The we very lot helpful. But constructive a about spreads. a expect So very to I'm banks still bridge-to-bridge at these very lot competitive predict than Other of given consider very deal behind is to we looking levels, especially it's the the and have do we'll a we We from. on do been some and it's in even is those loans. loans right of Bridge-to-bridge construction would coming less out something that product bridge where supply. given of would coming get prediction now there's typically debt a some pre-TCO, into that lenders bit do, if out that, cash don't we them, of at stories will are very there and how at a look good yield little but deals are to hard there bridge-to-bridge. going environment want is. now

Operator

Gaurav next today Alliance with Partners. Mehta Your question come from will Global

Gaurav Mehta

net a up clarify, originations. not expected $X number net number, wanted right? comments I number, that's of your gross repayments to And 'XX, to around on just loan the follow in billion a

Michael Mazzei

all is the much we are as we answer put The out as can. money above. possibly mean, I going to

we're is sit believe we're in enough $X book. out over Very -- on well to do. do we do. We put we hard capital $X to do it. what have you actionable to new you We and and what going tell we tell billion billion going that keep here fits dividend to the We that loans. And to anything keep net to want where basis I'll the a need to need to

We intend to going that going bear do bit what to that bear. the on, of on more year dividend. take. The the of it's gas be have and second moving dividend market. to higher, little that's going a borrowers slow I out the going borrowers intention activity to stay of the think a you're going We what is run market it's half see no is grind going and to market because covering lenders are more sales as I of towards think push moves as the to year the rates to

So asset sales. start. XXXX. Again, how I I'll to pounding XXXX is were was Everyone their off chest a it's sales a XX-year asset emphasize up from low that think about in XX%

billion. we So need a book billion. $X.X to do to We need to net the to get book what is $X need by we grow the

where $X very in we're year. put billion. quoting we the ample it's headway need that. the have to make which quoting We every have million. million the than every portfolio, headway property more do made latter quoting capital of for right to by type quoting $XXX and We've enough except dropped we to the start type, more could before office property in We're now every to out We're office $XXX loans, office capital portfolio good day. in happen office. part We But

Operator

to That conference to closing turn question-and-answer Mike session. remarks. concludes for our would the Mazzei any back like I over

Michael Mazzei

us Well, today. thank you joining all for

management We off started XXXX, as we asset and CLO. remarks, starting We to a are were the very mode mode executing very excited in toward the we new the and year, quarter. We're of from we happy about that be said origination emerged new fourth XXXX in and in most year. focus are I pivoting for where, the

the So thank us we're very again, And today. joining we you for year. excited about coming

Operator

for Thank has attending you presentation. now conference The today's concluded.

You may now disconnect.

BrightSpire Capital (BRSP) 19 Feb 252024 Q4 Earnings call transcript