US commercial real estate lender posted Q2 GAAP net loss.
Q2 loss per share was $0.15, and Q2 net loss was $18.30 million.
Outlook and analyst coverage
Company expects to continue growing its loan portfolio.
BrightSpire Capital remains focused on resolving remaining REO properties and redeploying capital.
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and 2 "sell" or "strong sell".
The average consensus recommendation for the specialized REITs peer group is "buy".
Wall Street's median 12-month price target for BrightSpire Capital Inc is $6.50, about 24% above its July 28 closing price of $5.24.
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago.
Business and portfolio updates
Company executed its largest-ever quarterly share buyback in Q2.
Entered contract to sell a triple net lease asset, moving capital out of real estate equity and into first mortgage loans.
Co reported strong loan originations with $319 million of committed capital closed in Q2 and an additional $295 million closed or in execution after quarter end.
Co reported net reduction in watch list exposure in Q2.
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