Brightspire Capital, Inc. · NYSE:BRSP
Brightspire Capital — Colony Credit Real Estate — Investor Presentation (November 2020)
13 slides from Brightspire Capital's investor presentation, Nov 5, 2020
Slide 1: Investor Presentation
INVESTOR PRESENTATION November 5, 2020 Exhibit 99.3
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: Company Highlights
Company Highlights Substantial commercial real estate credit REIT with conservative balance sheet. Diversified Portfolio of Primarily Senior Loans & Net Lease Assets Robust Liquidity Position Conservative Balance Sheet w/ Embedded Financing Capacity $609M Total Liquidity(1) 2.4x Change from Q1’20 $4
Slide 4: Where Are We Now?
Where Are We Now? In response to COVID-19, CLNC has taken decisive action. Experienced Leadership Team led by Michael Mazzei, CEO & President 30+ years of extensive commercial mortgage experience Increased Liquidity $609M total liquidity More than doubled since Q1 2020 Reduced Leverage Debt-to-equit
Slide 5: Portfolio Transition Underway
Portfolio Transition Underway CLNC is steadily transitioning its portfolio. Focus on floating rate first mortgages while reducing exposure to mezzanine loans and preferred equity. Increased Senior Loan Exposure Lower risk profile, limited credit-loss risk Significant equity cushion to absorb potenti
Slide 6: Now Positioned to Play Offense
Now Positioned to Play Offense Initiating strategy to build earnings power into 2021 and beyond. Convert Liquidity into New First Mortgage Loan Originations Ample liquidity to fund new deals with predictable earnings One investment closed since Q3’20; three others under contract Reactivating Powerfu
Slide 7: Performing Through the Pandemic
Performing Through the Pandemic Collections have remained strong throughout COVID-19 and book value has stabilized. Strong Collections throughout the Pandemic 100% interest on the core loan portfolio was collected during the third quarter 97% of rent due across the Core Net Lease portfolio was colle
Slide 8: CLNC Trading Discount
CLNC Trading Discount CLNC’s book value is approximately $1.2 billion, or approximately $9 per share, greater than recent trading prices. Current cash represents approximately 62% of current share price. Trading Discount to Book Value Per Share Current Share Price(1) Q3’20 Book Value $14.53(2) ~$9/s
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. Total Capitalization $4.1B Robust liquidity: $438M of cash and $609M of total liquidity Reduced leverage ratios and limited recourse debt exposure. ($171M
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 Robust liquidity position Embedded financing capacity Team in-place to capit
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 Core Earnings/Legacy, Non-Strategic (“LNS”) Earnings, which are non-GAAP supplemental financial measures of our performance. Our Core Earnings are generated by the Core Portfolio and Legacy, Non-Strategic Earnings are ge
Slide 13: Colony Credit Real Estate
ColonyCredit REAL ESTATE
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