Dafinchi AI

BRSP

Financial Services

BrightSpire reported a second quarter GAAP net loss attributable to common stockholders of $23.1 million or $0.19 per share.
Current liquidity stands at $325 million, including $106 million in unrestricted cash.
Debt-to-assets ratio is 63%, debt-to-equity ratio is 2.0x, with no corporate debt or final maturities due until 2027.
Distributable earnings (DE) were $3.4 million or $0.03 per share, and adjusted distributable earnings were $22.9 million or $0.18 per share.
GAAP net book value was $7.65 per share and undepreciated book value was $8.75 per share as of June 30, 2025.
General CECL provision stands at $137 million or 549 basis points on total loan commitments, approximately $20 million lower than the prior quarter.
Specific CECL reserves of approximately $19.5 million were recorded related to the San Jose Hotel loan and Santa Clara multifamily predevelopment loan, which were charged off upon resolution.
The company recorded a GAAP impairment of approximately $49 million related to the Equinor Norway net lease asset and $2 million related to a multi-tenanted office property near Pittsburgh.
The impairments and tax benefits had no impact on undepreciated book value, which remained flat quarter-over-quarter.

IIPR

Financial Services

Adjusted funds from operations (AFFO) for Q2 2025 were $48.4 million or $1.71 per share, down 12% from the previous quarter.
Balance sheet remains strong with $2.6 billion in primarily unencumbered gross assets and only $291 million in fixed rate debt.
Liquidity is robust with over $190 million in cash and undrawn revolver, supporting future growth and investments.
Repurchased 367,000 shares at an average price of $53.98 for $19.8 million, funded by cash and preferred stock issuance.
Total revenues for Q2 2025 were $62.9 million, a 12% decrease from Q1 2025, primarily due to tenant defaults.

COOP

Financial Services

Capital ratio ended the quarter at 26.6%, up from 24.4% at year-end, supported by strong earnings and no stock repurchases.
Delinquencies declined to 1%, reflecting high-quality portfolio and strong loss mitigation capabilities.
Net income was $198 million, including $269 million in pretax operating income.
Operating expenses increased by only 6% while revenues grew 13% year-over-year in Servicing.
Operating ROTCE was 17.2%, up from 16.8% last quarter, within the guidance range of 16% to 20%.
Originations generated $64 million in pretax income despite elevated rates.
Servicing generated $332 million in pretax income, up 15% year-over-year.

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