BrightSpire tumbles as DigitalBridge exits in secondary offering

BrightSpire Capital

01/03/2023 12:52

** Shares of commercial mortgage REIT BrightSpire Capital
Inc  BRSP.N  down 14.6% at $6.31 premarket after secondary
offering prices
    ** Stock could suffer biggest one-day pct fall since Apr
2020, if losses hold
    ** BrightSpire late Tues announced ~30.4 mln shares sold by
DigitalBridge Group Inc  DBRG.N  at $6, 18.8% discount to last
sale
    ** DigitalBridge, which focuses investments in data centers,
cell towers and fiber networks, would divest nearly its entire
BRSP holdings if secondary offering's full overallotment is
exercised, per prospectus filing
    ** BrightSpire has ~128.9 mln shares outstanding
    ** Last week, co reported Q4 results and said its
undepreciated book value/sh was $12.06 at end-Dec
    ** Through Tues close, BRSP shares up ~19% YTD following 39%
fall in 2022

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))