Bank of America just raised its EUR/USD forecast
BrightSpire Capital, Inc. (NYSE:BRSP), a real estate investment trust with a market capitalization of $804 million and a notable dividend yield of 10.32%, has announced a change in its independent registered public accounting firm. According to InvestingPro data, the company maintains strong liquidity with current assets well exceeding short-term obligations. As of Monday, the company’s Audit Committee has appointed Deloitte & Touche LLP to serve as the new auditor for the fiscal year ending December 31, 2025, replacing Ernst & Young LLP (E&Y).
The company’s recent financial statements, included in the annual reports for the years ending December 31, 2024, and December 31, 2023, did not contain any adverse opinions or disclaimers from E&Y, and there were no disagreements or reportable events between the company and E&Y during those fiscal years or up to February 24, 2025.
The decision to change auditors came after a competitive selection process in which Ernst & Young also participated. BrightSpire Capital has confirmed that there were no consultations with Deloitte regarding the application of accounting principles or auditing matters that would have influenced the company’s financial reporting.
In accordance with regulatory requirements, BrightSpire Capital provided E&Y with the disclosures made in the SEC filing prior to its submission. E&Y has furnished a letter to the SEC, dated February 27, 2025, confirming their agreement with the statements made by BrightSpire Capital in relation to their services.
This transition in certifying accountants is part of the company’s regular corporate governance practices. The information disclosed is based on a press release statement and the recent SEC filing by BrightSpire Capital, Inc. For deeper insights into BrightSpire Capital’s financial health and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US equities with expert analysis and actionable intelligence.
In other recent news, BrightSpire Capital reported a GAAP loss of $0.16 per share for the fourth quarter, alongside an adjusted distributable earnings per share (EPS) of $0.18, meeting consensus estimates. The company’s quarterly dividend of $0.16 per share was fully covered by the adjusted EPS, indicating a coverage ratio of 113%. JMP Securities maintained its Market Outperform rating for BrightSpire Capital, with a price target of $7.50, citing the company’s efforts in managing problematic assets as a positive factor. This price target is based on 0.82 times the undepreciated book value of the company’s shares. BrightSpire has increased its CECL reserves by $20.5 million, reflecting a cautious approach to potential credit losses. The undepreciated book value per share decreased slightly to $8.89, primarily due to the CECL reserve buildup. BrightSpire Capital declared a quarterly dividend of $0.16 per share, payable on January 15, 2025, to stockholders of record as of December 31, 2024. The company is scheduled to report its fourth-quarter earnings on February 18, 2025, followed by an earnings call on February 19, 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.