BrightSpire BRSP Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Wed, February 18, 2026 astatine 10:24 AM CST 26 min read

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Wednesday, February 18, 2026 astatine 10 a.m. ET

• Chief Executive Officer — Michael Joseph Mazzei

• President — Andrew Elmore Witt

• Chief Financial Officer — Frank Vito Saracino

• General Counsel and Corporate Secretary — David Palamé

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Michael Joseph Mazzei; President and Chief Operating Officer, Andrew Elmore Witt; and Chief Financial Officer, Frank Vito Saracino. Before I manus the telephone over, delight enactment that connected this call, definite accusation presented contains forward-looking statements. These statements, which are based connected management's existent expectations, are taxable to risks, uncertainties, and assumptions. Potential risks and uncertainties could origin the company's concern and fiscal results to disagree materially. For a treatment of risks that could impact results, delight spot the Risk Factors conception of our astir caller 10-K and different hazard factors and forward-looking statements successful the company's existent and periodic reports filed with the SEC from clip to time.

All accusation discussed connected this telephone is arsenic of today, 02/18/2026, and the institution does not mean and undertakes nary work to update for aboriginal events oregon circumstances. In addition, definite fiscal accusation presented connected this telephone represents non-GAAP fiscal measures. The company's net merchandise and supplemental presentation, which was released yesterday afternoon, is disposable connected the company's website and presents reconciliations to the due GAAP measures and an mentation of wherefore the institution believes specified non-GAAP fiscal measures are utile to investors. Before I crook the telephone implicit to Mike, I volition supply a little recap connected our results.

The institution reported 4th fourth GAAP nett nonaccomplishment attributable to communal stockholders of $14,400,000 oregon $0.12 per share, distributable net nonaccomplishment of $35,500,000 oregon $0.28 per share, and adjusted distributable net of $19,300,000 oregon $0.15 per share. Current liquidity stands astatine $168,000,000, of which $98,000,000 is unrestricted cash. The institution besides reported GAAP nett publication worth of $7.30 per stock and undepreciated publication worth of $8.44 per stock arsenic of 12/31/2025. Finally, during this call, absorption whitethorn notation to distributable net as— With that, I would present similar to crook the telephone implicit to Michael Joseph Mazzei. Thanks, David.

Michael Joseph Mazzei: And invited to our 4th fourth 2025 net call. As we bespeak connected the past year, I'm pleased to item the important advancement we've made crossed our business. We entered 2025 focused connected rotating the portfolio by addressing challenged investments portion simultaneously expanding our caller indebtedness originations. Throughout the people of the 4th fourth and into the caller year, we person continued to trim ticker database loans and OREO spot exposure. As a effect of these efforts, we person improved the prime of the portfolio, ensuring a coagulated instauration for aboriginal growth. Perhaps astir importantly, we gained sizeable momentum successful originations. As the twelvemonth progressed, our pipeline grew steadily with indebtedness inquiries and quoting enactment expanding with each quarter.