Colony Credit Real Estate, Inc. (CLNC)

NEW YORK--(BUSINESS WIRE)--BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced that the Company's Board of Directors has declared a dividend of $0.20 per share of Class A common stock for the quarter ending September 30, 2022. The dividend is payable on October 14, 2022 to stockholders of record as of September 30, 2022. About BrightSpire Capital, Inc. BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNC), is in

NEW YORK--(BUSINESS WIRE)--BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced that the Company's Board of Directors has declared a dividend of $0.20 per share of Class A common stock for the quarter ending June 30, 2022. The dividend is payable on July 15, 2022 to stockholders of record as of June 30, 2022. About BrightSpire Capital, Inc. BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNC), is internally mana

NEW YORK--(BUSINESS WIRE)--BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced that the Company's Board of Directors has declared a dividend of $0.19 per share of Class A common stock for the quarter ending March 31, 2022. The dividend is payable on April 15, 2022 to stockholders of record as of March 31, 2022. About BrightSpire Capital, Inc. BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNC), is internally m

The average of price targets set by Wall Street analysts indicates a potential upside of 25.5% in Colony Credit (BRSP). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.

NEW YORK--(BUSINESS WIRE)--BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”), formerly known as Colony Credit Real Estate, Inc. (NYSE: CLNC), one of the largest publicly traded commercial real estate (CRE) credit REITs, today announced it has reached an agreement to sell a majority of its historical development and/or non-accrual assets to managed vehicles of Fortress Investment Group LLC (“Fortress”), a leading, diversified global investment manager, for gross proceeds of $223 million (the “Co-Invest Portfolio Sale”). The proceeds are substantially in line with the Company’s aggregate GAAP and undepreciated book value of the underlying assets as of March 31, 2021. The Co-Invest Portfolio Sale resolves 5 (of 6) legacy co-invest assets owned alongside Colony Capital, Inc. (now known as DigitalBridge Group, Inc., (NYSE: DBRG)). On June 7, 2021, Colony Capital announced a portfolio sale with Fortress that included its joint venture interests in such five underlying investments. The Co-Invest Portfolio Sale is conditioned on, and would close concurrent with, the transaction between Colony Capital and Fortress, which is anticipated in the fourth quarter of 2021 and will result in Fortress acquiring 100% control and ownership of such investments. The Co-Invest Portfolio Sale advances key objectives of the Company, including: Exits Several Historical Development and/or Non-Accrual Assets – Co-Invest Portfolio Sale includes (i) the four co-investments subject to the Company’s “5-Investment Preferred Financing”, which includes both Dublin, Ireland development loans and two other U.S. mixed-use and single family development loans, and (ii) a residual hotel loan equity participation interest in Austin, Texas (Loan 64 on the table of loans reported by the Company), each as described in further detail in the Company’s 10-Q for the quarterly period ended March 31, 2021; Portfolio Simplification – Reduces exposure to larger scale development investments, including two in non-US markets; Preservation of Book Value – $223 million in gross proceeds, resolved substantially in line with the assets combined GAAP book value as of March 31, 2021; and Reduce Leverage – Proceeds from the Co-Invest Portfolio Sale targeted to payoff the “5-Investment Preferred Financing,” a COVID-19 related financing secured in June 2020 for balance sheet protective purposes. “We look forward to continuing to work with the Fortress team to effectuate this transaction which is another step toward simplifying our business by rebalancing our portfolio and reducing exposure to certain investment profiles that are no longer core to our strategy. We remain focused on delivering current and predictable earnings primarily through exposure to senior mortgages,” said Andy Witt, COO of BrightSpire Capital. “This is another clear win-win transaction, following on our June agreement to become General Partner and Manager to Colony Capital’s CDCF series of funds. We are very pleased to acquire these assets, which fit perfectly with our expertise in managing complexity across a wide range of asset classes and geographies, while providing BrightSpire Capital with a ‘one-stop solution’ to accelerate the achievement of their strategic objectives,” said Fortress Managing Director Noah Shore. The Co-Invest Portfolio Sale is subject to certain purchase price adjustments (including for contributions, distributions and currency adjustments during the executory period), customary closing conditions and third-party consents. About BrightSpire Capital, Inc. BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNY), 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 predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. Cautionary Statement Regarding Forward-Looking Statements This press release 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 similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward- looking statement. Factors that could cause actual results to differ materially from BrightSpire Capital’s expectations include, but are not limited to, the conditions to the completion of the Co-Invest Portfolio Sale may not be satisfied, or the approvals required for the transaction may not be obtained on the terms expected, on the anticipated schedule, or at all; the impact of timing, other conditions or adjustments on the ability to preserve book value; the timing or ability of the Company to payoff off the 5-Investment Preferred Financing following the Co-Invest Portfolio Sale and net effect on Company book value for such events (including the extent of purchase price adjustments); the ability to simplify the portfolio and/or realize efficiencies, as well as achieve anticipated strategic and financial benefits of the internalization; and uncertainties regarding the ongoing impact of the novel coronavirus (COVID-19). The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as well as in BrightSpire Capital’s other filings with the U.S. Securities and Exchange Commission. Moreover, each of the factors referenced above are likely to also be impacted directly or indirectly by the ongoing impact of COVID-19 and investors are cautioned to interpret substantially all of such statements and risks as being heightened as a result of the ongoing impact of the COVID-19. Additional information about these and other factors can be found in BrightSpire Capital’s reports filed from time to time with the Securities and Exchange Commission. BrightSpire Capital cautions its investors not to unduly rely on any forward-looking statements. The forward- looking statements speak only as of the date of this press release. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so.

NEW YORK--(BUSINESS WIRE)--BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”), formerly known as Colony Credit Real Estate, Inc. (NYSE: CLNC), one of the largest publicly traded commercial real estate (CRE) credit REITs, today announced it has reached an agreement to sell a majority of its historical development and/or non-accrual assets to managed vehicles of Fortress Investment Group LLC (“Fortress”), a leading, diversified global investment manager, for gross pro

NEW YORK--(BUSINESS WIRE)--BrightSpire Capital, Inc. (“BrightSpire Capital” or the “Company”) announced today its successful name change from Colony Credit Real Estate, Inc. The Company has also changed its principal place of business and corporate headquarters from Los Angeles to New York City, now to be located at 590 Madison Avenue, 33rd Floor, New York, NY 10022. The Company will continue to be publicly traded on the New York Stock Exchange, with trading to begin under its new ticker symbol

NEW YORK--(BUSINESS WIRE)--BrightSpire Capital, Inc. (“BrightSpire Capital” or the “Company”) announced today its successful name change from Colony Credit Real Estate, Inc. The Company has also changed its principal place of business and corporate headquarters from Los Angeles to New York City, now to be located at 590 Madison Avenue, 33rd Floor, New York, NY 10022. The Company will continue to be publicly traded on the New York Stock Exchange, with trading to begin under its new ticker symbol, BRSP, at market open on June 25, 2021. As previously announced, the Company’s Class A common stock will bear a new CUSIP number of 10949T 109. About BrightSpire Capital, Inc. BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (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 predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. Cautionary Statement Regarding Forward-Looking Statements This press release 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 similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as well as in BrightSpire Capital’s other filings with the U.S. Securities and Exchange Commission. Moreover, each of the factors referenced above are likely to also be impacted directly or indirectly by the ongoing impact of COVID-19 and investors are cautioned to interpret substantially all of such statements and risks as being heightened as a result of the ongoing impact of the COVID-19. Additional information about these and other factors can be found in BrightSpire Capital’s reports filed from time to time with the U.S. Securities and Exchange Commission. BrightSpire Capital cautions its investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so.

NEW YORK--(BUSINESS WIRE)--Colony Credit Real Estate, Inc. (NYSE: CLNC) (the “Company”) today announced plans to change its corporate name and rebrand to BrightSpire Capital, Inc. As part of the name change, the Company will continue to be publicly traded on the New York Stock Exchange under the new ticker symbol, BRSP, with a new CUSIP number of 10949T 109. These changes will be effective on or about June 24, 2021. The name change to BrightSpire Capital, Inc. is a part of the Company’s rebranding initiative as a vertically integrated commercial real estate finance platform, from the internalization of management and operating functions completed on April 30, 2021. BrightSpire Capital carries on the tradition of providing customized commercial real estate finance solutions across the capital stack, with a primary focus on senior loans. Importantly, the Company maintains its seasoned management and diversified team. The new name speaks to the stability, clarity and collaboration prioritized by BrightSpire Capital’s leadership and employees, who endeavor to build emergent and enduring relationships with clients and shareholders. That’s the story of our name, and, most importantly, BrightSpire Capital’s business today and the team that drives it. “Today’s announcement highlights BrightSpire Capital and our team rising through a series of challenges and achievements,” said Michael Mazzei, President and CEO of the Company. “Our work is not done. We will continue our commitment to transparency and focus on driving shareholder value. While BrightSpire Capital is our new name, we are the same team. We look forward to continuing and growing relationships with our many clients and constituents.” About Colony Credit Real Estate, Inc. 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 predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. Colony Credit Real Estate is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.clncredit.com. Cautionary Statement Regarding Forward-Looking Statements This press release 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 similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially from Colony Credit Real Estate, Inc.’s expectations include, but are not limited to, operating costs and business disruption from the internalization of its management following the termination of its relationship with its former external manager, which could reduce the potential cost savings anticipated in the internalization transaction; the ability to realize efficiencies as well as anticipated strategic and financial benefits of the internalization; and uncertainties regarding the ongoing impact of the novel coronavirus (COVID-19). The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as well as in Colony Credit Real Estate’s other filings with the U.S. Securities and Exchange Commission. Moreover, each of the factors referenced above are likely to also be impacted directly or indirectly by the ongoing impact of COVID-19 and investors are cautioned to interpret substantially all of such statements and risks as being heightened as a result of the ongoing impact of the COVID-19. Additional information about these and other factors can be found in Colony Credit Real Estate, Inc.’s reports filed from time to time with the Securities and Exchange Commission. Colony Credit Real Estate, Inc. cautions its investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Colony Credit Real Estate, Inc. is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Colony Credit Real Estate, Inc. does not intend to do so.

NEW YORK--(BUSINESS WIRE)--Colony Credit Real Estate, Inc. (NYSE: CLNC) (the “Company”) today announced plans to change its corporate name and rebrand to BrightSpire Capital, Inc. As part of the name change, the Company will continue to be publicly traded on the New York Stock Exchange under the new ticker symbol, BRSP, with a new CUSIP number of 10949T 109. These changes will be effective on or about June 24, 2021. The name change to BrightSpire Capital, Inc. is a part of the Company's rebrand

NEW YORK--(BUSINESS WIRE)--Colony Credit Real Estate, Inc. (NYSE: CLNC) (the “Company”) today announced that the Company’s senior management team is scheduled to conduct a fireside chat presentation at the Nareit REITweek Virtual Investor Conference on Tuesday, June 8, 2021, at 8:45 a.m. ET. Investors may access the Company’s live presentation or replay by registering for Nareit’s REITweek. The Company will also be hosting virtual meetings with investors on June 8-9, 2021. About Colony Credit Real Estate, Inc. 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 predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. Colony Credit Real Estate is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.clncredit.com.

The market has been choppy on the surface, and downright turbulent below the waves. Dividend and interest payments are a form of irrevocable returns.

Colony Credit Real Estate's (CLNC) CEO Mike Mazzei on Q1 2021 Results - Earnings Call Transcript

Colony Credit (CLNC) delivered earnings and revenue surprises of 7.69% and 35.75%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?

NEW YORK--(BUSINESS WIRE)--Colony Credit Real Estate, Inc. (NYSE: CLNC) (“Colony Credit Real Estate” or the “Company”) today announced its financial results for the first quarter ended March 31, 2021 and certain updates. The Company reported first quarter 2021 GAAP net loss attributable to common stockholders of $(92.3) million, or $(0.71) per share, and Distributable Earnings of $13.8 million, or $0.10 per share. Excluding realized gains and losses on sales and fair value adjustments, Adjusted Distributable Earnings were $18.0 million, or $0.14 per share. The Company reported GAAP net book value of $11.98 per share and undepreciated book value of $12.84 per share as of March 31, 2021. Michael J. Mazzei, Chief Executive Officer and President, commented, “The internalization closing caps off a productive period for the team focused on stabilizing the balance sheet, unwinding the legacy, non-strategic segment and improving the Company’s positioning and financial flexibility for the long haul. The internalization of management and operations provides an annual cost savings of $14 million to $16 million or 10 to 12 cents per share. This also streamlines governance and fully aligns CLNC employees and shareholders.” Mr. Mazzei continued, “After reinstituting our dividend last quarter, I am pleased to announce that we have increased our second quarter dividend now by 40% to $0.14 per share as a result of the internalization and new origination activity. Since re-engaging on new transactions, we have closed or committed on $1 billion in senior loans.” Supplemental Financial Report A First Quarter 2021 Supplemental Financial Report is available on the Shareholders – Events and Presentations section of the Company’s website at www.clncredit.com. This information will be furnished to the SEC in a Current Report on Form 8-K. We refer to “Distributable Earnings,” which is a non-GAAP financial measure, in this release. A reconciliation to net income/(loss) attributable to Colony Credit Real Estate, the most directly comparable GAAP measure, is included in our full detailed First Quarter 2021 Supplemental Financial Report and is available on our website at www.clncredit.com. First Quarter 2021 Conference Call The Company will conduct a conference call to discuss the financial results on May 5, 2021 at 2:00 p.m. PT / 5:00 p.m. ET. To participate in the event by telephone, please dial (877) 407-0784 ten minutes prior to the start time (to allow time for registration). International callers should dial (201) 689-8560. The call will also be broadcast live over the Internet and can be accessed on the Shareholders section of the Company’s website at www.clncredit.com. A webcast of the call will be available for 90 days on the Company’s website. For those unable to participate during the live call, a replay will be available starting May 5, 2021 at 5:00 p.m. PT / 8:00 p.m. ET, through May 12, 2021, at 8:59 p.m. PT / 11:59 p.m. ET. To access the replay, dial (844) 512-2921 (U.S.), and use conference ID code 13718005. International callers should dial (412) 317-6671 and enter the same conference ID number. Dividend Announcement On May 5, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.14 per share to holders of Class A common stock for the second quarter of 2021, which will be paid on July 15, 2021, to common stockholders of record on June 30, 2021. Previously, on February 24, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share to holders of Class A common stock for the first quarter of 2021, which was paid on April 15, 2021, to common stockholders of record on March 31, 2021. About Colony Credit Real Estate, Inc. 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 predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. Colony Credit Real Estate is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.clncredit.com. Cautionary Statement Regarding Forward-Looking Statements This press release 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 similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements: operating costs and business disruption may be greater than expected; uncertainties regarding the ongoing impact of the novel coronavirus (COVID-19) and its adverse impact on the real estate market, the economy and the Company’s investments (including, but not limited to, the Los Angeles mixed-use development loan, other hospitality loans, and Dublin development financings), financial condition and business operation; defaults by borrowers in paying debt service on outstanding indebtedness and borrowers’ abilities to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations) that may cause deterioration in the performance of our investments and, potentially, principal losses to us; the Company's operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as well as in Colony Credit Real Estate’s other filings with the Securities and Exchange Commission; the fair value of the Company's investments may be subject to uncertainties; the Company's use of leverage could hinder its ability to make distributions and may significantly impact its liquidity position; the ability to realize substantial efficiencies as well as anticipated strategic and financial benefits, including, but not limited to expected cost savings through the internalization or expected returns on equity and/or yields on investments; adverse impacts on the Company's corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including margin calls on master repurchase facilities, debt service or lease payment defaults or deferrals, demands for protective advances and capital expenditures; the timing of and ability to deploy available capital; whether the Company will achieve its anticipated 2021 Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as adjusted) in the near term or ever; the Company’s ability to maintain or grow the dividend at all in the future; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; and the impact of legislative, regulatory and competitive changes, and the actions of government authorities and in particular those affecting the commercial real estate finance and mortgage industry or our business. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as well as in Colony Credit Real Estate’s other filings with the Securities and Exchange Commission. Moreover, each of the factors referenced above are likely to also be impacted directly or indirectly by the ongoing impact of COVID-19 and investors are cautioned to interpret substantially all of such statements and risks as being heightened as a result of the ongoing impact of the COVID-19. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Colony Credit Real Estate is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Colony Credit Real Estate does not intend to do so. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Colony Credit Real Estate is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Colony Credit Real Estate does not intend to do so.

NEW YORK--(BUSINESS WIRE)--Colony Credit Real Estate, Inc. (NYSE: CLNC) (“Colony Credit Real Estate” or the “Company”) today announced its financial results for the first quarter ended March 31, 2021 and certain updates. The Company reported first quarter 2021 GAAP net loss attributable to common stockholders of $(92.3) million, or $(0.71) per share, and Distributable Earnings of $13.8 million, or $0.10 per share. Excluding realized gains and losses on sales and fair value adjustments, Adjusted