Brightspire Capital, Inc. · NYSE:BRSP
Brightspire Capital — Colony Credit Real Estate — Corporate Update (November 2019)
14 slides from Brightspire Capital's corporate update, Nov 7, 2019
Slide 1: Portfolio Bifurcation Plan
PORTFOLIO BIFURCATION PLAN NOVEMBER 7, 2019 Exhibit 99.2
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: Core Earnings/Legacy, Non-Strategic Earnings non-GAAP measures
We present Core Earnings/Legacy, Non-Strategic Earnings, which are non-GAAP supplemental financial measures of our performance. We believe that Core Earnings/Legacy, Non-Strategic Earnings provides meaningful information to consider in addition to our net income and cash flow from operating activiti
Slide 4: Colony Credit Real Estate reportable segments
Colony Credit Real Estate, Inc. (“CLNC”, “Colony Credit Real Estate”, the “Company” or “We”) currently holds investment interests through the reportable segments below, which are based on how management reviews and manages its business. Each segment also includes corporate-level asset management and
Slide 5: Company Formation – How Did We Start?
I COMPANY FORMATION – How Did We Start? Creation of Colony NorthStar Credit Real Estate, Inc. 2. NorthStar Real Estate Income II, Inc. 3. Colony NorthStar, Inc. (NYSE: CLNS) 1. NorthStar Real Estate Income Trust, Inc. Colony NorthStar Credit Real Estate, Inc. (NYSE: CLNC) NYSE-Listed Commercial Real
Slide 6: Company Highlights – Where Are We Today?
II COMPANY HIGHLIGHTS – Where Are We Today? CLNC’s Core Business and Management are Producing Strong Results Over $3.7 Billion of total transaction volume since February 2018 listing Increased total annualized earnings excluding gains and losses since listing by over 20% 70%+ in senior loans Weighte
Slide 7: The Road Ahead – Where Are We Going?
III THE ROAD AHEAD – Where Are We Going? High quality real estate finance company focused primarily on direct origination and financing solutions for commercial real estate clients: Senior Loans Mezzanine Loans Preferred Equity CRE Debt Securities Net Lease Real Estate Operationally intensive owned
Slide 8: The Road Ahead – Balance Sheet Transformation
III THE ROAD AHEAD – Where Are We Going? (1) Based on 9/30/19 GAAP gross book value post impairments; at CLNC share Diversified / hybrid mortgage REIT Sale of Legacy, Non-Strategic assets Real estate finance company & CRE client solutions provider Current Balance Sheet Balance Sheet Transformation T
Slide 9: What Are Our Priorities?
Accelerate monetization of Legacy, Non-Strategic Portfolio Grow Core Portfolio NAV & earnings Cover dividend based on sustainable Core Portfolio earnings, with growth potential Provide segmented and detailed disclosure III WHAT ARE OUR PRIORITIES? CLNC’s Commitment to Shareholders Bifurcate the comp
Slide 10: Bifurcate the Portfolio
Future losses possible if our strategy or timing changes on dispositions or if market conditions deteriorate. Legacy, Non-Strategic investments identified for disposition; often following the execution of a value-add business plan CLNC management completed a full strategic reassessment of the portfo
Slide 11: A High Quality Core Portfolio
III A HIGH QUALITY CORE PORTFOLIO Core Portfolio Consists of High-Quality Senior Loans, Mezzanine Loans, Preferred Equity, CRE Debt Securities and Net Lease Real Estate 113 Total Investments $4.5B Total At-Share Assets $1.20 Annual Dividend per Share $1.28 YTD Annualized Core Earnings Per Share 9.5%
Slide 12: Grow Core Portfolio Earnings
III GROW CORE PORTFOLIO EARNINGS Proceeds from Legacy, Non-Strategic Portfolio Will Be Redeployed into Core Portfolio Core Portfolio expected to generate high single digit yields after corporate overhead allocation in 2020 Net proceeds principally deployed into Core Portfolio strategies: senior loan
Slide 13: In Conclusion: A Core Commitment
III IN CONCLUSION A Core Commitment CLNC Core Portfolio as of Q3 2019 Total Investments YTD Annualized Core Earnings Yield (after corporate overhead allocation) YTD Annualized Core Earnings Per Share Annual Dividend Per Share 9.5% 113 $1.28 $1.20 Monetize Legacy, Non-Strategic Portfolio Grow Core Po
Slide 14: Colony Credit Real Estate
ColonyCredit REAL ESTATE
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