Brightspire Capital, Inc. · NYSE:BRSP
Brightspire Capital — Colony Credit Real Estate — FY2020 Earnings Presentation
13 slides from Brightspire Capital's earnings presentation, Feb 24, 2021
Slide 1: Investor Presentation February 24, 2021
Exhibit 99.3 INVESTOR PRESENTATION February 24, 2021Exhibit 99.3 INVESTOR PRESENTATION February 24, 2021
Slide 2: Cautionary Statement Regarding Forward-looking Statements
Cautionary Statement Regarding Forward-looking Statements This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and
Slide 3: 2020 Accomplishments & 2021 Priorities
2020 Accomplishments & 2021 Priorities CLNC accomplished several key initiatives during 2020 and is well-positioned for growth in 2021 Successfully Navigated 2020 2021 Priorities New Management Team Reinstate Quarterly Dividend for Q1’21 Protected Balance Sheet & Exited LNS Portfolio Manage Portfoli
Slide 4: Company Highlights
Company Highlights Leading commercial real estate credit REIT with conservative balance sheet poised for growth. Stable & Growing Portfolio Robust Liquidity of Primarily Senior Loans & Net Lease Assets $4.1B $690M $689M 2.7x (2) Total At-Share Assets New Senior Loan Total Liquidity Increase in Liqui
Slide 5: Where Are We Now?
Where Are We Now? In response to COVID-19, CLNC has taken decisive action. Experienced Leadership 2.7x (1) increase Liquidity Growth ($mm) • Team led by Michael Mazzei, CEO & President since Corporate Revolver Availability • 30+ years of extensive commercial mortgage experience Unrestricted Cash $68
Slide 6: Portfolio Transition Underway
Portfolio Transition Underway CLNC is steadily transitioning its portfolio. Focusing on floating rate first mortgages while reducing exposure to mezzanine loans and preferred equity and deemphasizing pre-development and construction. (1) (2) Investment Type (%) Core Portfolio vs. Legacy, Non-Strateg
Slide 7: Building Earnings
Building Earnings Build earnings through deployment of cash into first mortgages with a focus on multifamily and office in growing markets. Collateral Diversification Convert Liquidity into New First Mortgage Loan Originations Office 20% • $588M cash on hand to fund new deals with predictable earnin
Slide 8: CLNC Trading Discount
CLNC Trading Discount Q4’20 book value is approximately $1.9 billion and CLNC is trading at a $715 million discount, or over $5 per share. Trading Discount to Book Value Per Share Reducing the Gap Deploy Cash on Balance Sheet ~$5/share Q4’20 or ~$715M between Investment Portfolio Book Value current
Slide 9: Prudent Capital Structure Positioned for Growth
Prudent Capital Structure Positioned for Growth Current capital structure provides flexibility and support to drive growth and return on equity. Access to Diverse and Efficient Financing Sources Capital Structure • Robust liquidity: $588M of cash and $689M of total liquidity 4% • Reduced leverage ra
Slide 10: CLNC Investment Opportunity
CLNC Investment Opportunity CLNC’s strong balance sheet positions the firm on a path towards substantial earnings growth and shareholder value creation. Positioned for Growth A Simple Game Plan Stable and Recurring Earnings • Clear path to build earnings • Liquidity position of $689 million • Deploy
Slide 11: Company Information
Company Information Colony Credit Real Estate (NYSE: CLNC) is one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predomi
Slide 12: Important Note Regarding Non-GAAP Financial Measures and Definitions
Important Note Regarding Non-GAAP Financial Measures and Definitions We present Distributable Earnings/Legacy, Non-Strategic Distributable Earnings, which is a non-GAAP supplemental financial measure of our performance. Our Distributable Earnings are generated by the Core Portfolio and Legacy, Non-
Slide 13: Colony Credit Real Estate
ColonyCredit REAL ESTATE
Colony Credit Real Estate — FY2020 Earnings Presentation on 6ix