Colony Credit Real Estate, Inc. Announces Rebrand and Name Change to BrightSpire Capital, Inc.
Colony Credit Real Estate, Inc. (NYSE: CLNC) will rebrand as BrightSpire Capital, Inc. and transition to the ticker symbol BRSP effective June 24, 2021. This change is part of a larger initiative following the internalization of management completed on April 30, 2021. BrightSpire Capital aims to enhance its position in commercial real estate finance, focusing on senior loans. CEO Michael Mazzei emphasized ongoing commitments to transparency and shareholder value, reinforcing that the team remains unchanged despite the new name.
- Rebranding to BrightSpire Capital may enhance market perception and attract new investors.
- Focus on senior loans positions BrightSpire Capital strategically within commercial real estate finance.
- The internalization of management may lead to operational disruptions and increased costs.
- Ongoing impacts of COVID-19 could pose risks to achieving anticipated financial benefits.
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.
(Graphic: Business Wire)
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.
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