BrightSpire downgraded to Hold at JonesResearch after secondary offering

As previously reported, JonesResearch analyst Jason Stewart downgraded BrightSpire Capital (BRSP) to Hold from Buy after the company announced a secondary offering of about 30.4M common shares that are currently held by DigitalBridge (DBRG). BrightSpire is not offering shares and will not receive any proceeds, noted the analyst, who expects the company to remain focused on liquidity and asset management and to be "opportunistic with capital once there is more visibility on the capital cycle."