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"text": "\n\nCapital Structure\n<::pie chart::>\nTotal capitalization $3.8B\n\n- 37%: Securitization bonds payable (non-recourse)\n- 27%: Stockholders' equity (undepreciated)\n- 23%: Master repurchase facilities (limited recourse)\n- 10%: Mortgage debt (non-recourse)\n- 2%: Corporate revolving credit facility (recourse)\n- 1%: Other debt (non-recourse)\n::>",
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"text": "\n\n<::\nchart: Undepreciated Book Value Per Share Bridge\n\nY-axis: Values from $7.30 to $8.30\n\nBars and Segments:\n- $8.24: 3/31/26 Undepreciated BVPS\n- $0.08: Share Repurchases\n- ($0.11): Change in CECL Reserve\n- ($0.07): RE Impairment *\n- ($0.03): Earnings less Dividends & Other **\n- $8.10: 6/30/26 Undepreciated BVPS\n\n*: Footnote content not provided in the image.\n**: Footnote content not provided in the image.\n::>",
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"text": "\n\n* Primarily related to one Mesa, AZ multifamily REO asset which is under contract to be sold with an expected closing in Q3'26\n* Other includes equity-based compensation and other OCI adjustments\n* As of June 30, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding\nSee footnotes in the appendix",
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"text": "\n\nInvestment Type\nBased on GAAP net carrying value as of June 30, 2026\n\n<::Donut chart showing investment type breakdown:\n- Loan portfolio: 74%\n- Net lease & other real estate: 26%\n- CRE debt securities (8): <1%\n: chart::>",
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"text": "\n\n<::Property Type\nBased on GAAP gross carrying value as of June 30, 2026\n: donut chart\n- Multifamily: 61%\n- Office (loan portfolio): 16%\n- Office (NNN & Other RE): 4%\n- Industrial: 8%\n- Mixed-use & Other: 6%\n- Hotel: 5%\n- Retail: <1%::>",
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"text": "\n\n<::Originations by Quarter bar chart:\n- Q4'25: $416\n- Q1'26: $279\n- Q2'26: $319\n- YTD Q3'26 (3): $295 total\n - In-execution: $178\n - Closed: $117::>",
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"text": "\n\n<::Region\n: donut chart\nWest: 48%\nSouthwest: 37%\nMidwest: 8%\nSoutheast: 7%::>",
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"text": "\n\nAbove charts based on GAAP gross carrying value and excludes the impact of CECL reserves\n$ in millions, unless otherwise stated; as of June 30, 2026, unless otherwise stated; at BRSP share\nSee footnotes in the appendix",
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"text": "\n\nCollateral Type Region Exposure as a % of Carrying Value\n(At BRSP share) Number of Average Carrying % of carrying W SW NE SE MW\n investments investment size value value\nMultifamily 78 $ 26 $ 2,014 70% 27% 28% 2% 10% 3%\nOffice 19 31 581 20% 7% 7% 5% 1% --\nMixed-use & Other 6 37 223 8% 2% -- 5% -- --\nIndustrial 2 26 51 2% -- 1% -- -- 1%\nHotel 1 24 24 <1% -- -- -- -- 1%\nTotal 106 $ 27 $ 2,894 100% 36% 36% 12% 11% 5%\n\nGeneral CECL reserves (100)\nTotal - Net of general CECL reserves $ 2,794\n\nCollateral Type Migration Region\n\n<::stacked bar chart::>\nThree stacked bar charts showing Collateral Type Migration.\n\nChart 1: Q2'25\nTop segment: 3% (unlabeled color, likely Hotel or Industrial based on legend)\nSecond segment from top: 8% (light blue, Mixed-use & Other)\nThird segment from top: 30% (medium blue, Office)\nBottom segment: 58% (dark blue, Multifamily)\n\nChart 2: Q1'26\nTop segment: 1% (unlabeled color, likely Hotel)\nSecond segment from top: 1% (unlabeled color, likely Industrial)\nThird segment from top: 8% (light blue, Mixed-use & Other)\nFourth segment from top: 21% (medium blue, Office)\nBottom segment: 69% (dark blue, Multifamily)\n\nChart 3: Q2'26\nTop segment: <1% (unlabeled color, likely Hotel)\nSecond segment from top: 2% (unlabeled color, likely Industrial)\nThird segment from top: 8% (light blue, Mixed-use & Other)\nFourth segment from top: 20% (medium blue, Office)\nBottom segment: 70% (dark blue, Multifamily)\n\nLegend:\nMultifamily (dark blue square)\nOffice (medium blue square)\nMixed-use & Other (light blue square)\nIndustrial (green square)\nHotel (light purple square)\n<::map::>\nMap of the United States showing regional exposure.\n\nRegions and their percentages:\nWest: 36%\nSouthwest: 36%\nMidwest: 5%\nNortheast: 12%\nSoutheast: 11%\n",
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"text": "\n\n<::bar chart\nTitle: Fully Extended Loan Maturities (13)\nY-axis: $ in Millions\nX-axis: Year\nLegend:\n- Fully extended loan maturities (carrying value)\n- Unfunded commitments\n\nData:\n- 2026:\n - Fully extended loan maturities (carrying value): $600\n - Unfunded commitments: $29\n- 2027:\n - Fully extended loan maturities (carrying value): $839\n - Unfunded commitments: $27\n- 2028:\n - Fully extended loan maturities (carrying value): $200\n - Unfunded commitments: $2\n- 2029+:\n - Fully extended loan maturities (carrying value): $1,255\n - Unfunded commitments: $88\n: chart::>",
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"text": "\n\nWeighted average fully extended remaining term of approximately 2.3 years across the loan portfolio",
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"text": "\n\nRisk Ranking Overview\n\n<::Bar chart showing risk ranking distribution.\nLegend:\n- Q1'26 (light gray)\n- Q2'26 (dark blue)\n\nQ1'26 W.A. Risk Ranking: 3.1\nQ2'26 W.A. Risk Ranking: 3.0\n\nX-axis: Risk Rank (1, 2, 3, 4, 5)\nY-axis: Percentage and Loan Count\n\nData:\n- Risk Rank 3:\n - Q1'26: 94%, Loan Count 93\n - Q2'26: 95%, Loan Count 100\n- Risk Rank 4:\n - Q1'26: 2%, Loan Count 4\n - Q2'26: 5%, Loan Count 6\n- Risk Rank 5:\n - Q1'26: (Combined with Risk Rank 4 for summary below)\n - Q2'26: 4%, Loan Count 3\n\nSummary Box: Risk Rank 4 & 5\n- Q1'26: 6% | 7 loans\n- Q2'26: 5% | 6 loans\n: bar chart::>",
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"text": "\n\nCECL Reserve Overview\n<::\nLegend:\n- Specific CECL Reserve\n- General CECL Reserve\n\nNote: No specific CECL reserve on balance sheet for Q3'25 to Q2'26\n\nBar chart showing Total Reserve values:\n- Q3'25:\n - Total Reserve: $127M\n - ($0.98/share)\n - Bar value: $127M\n- Q4'25:\n - Total Reserve: $88M\n - ($0.68/share)\n - Bar value: $88M\n- Q1'26:\n - Total Reserve: $87M\n - ($0.67/share)\n - Bar value: $87M\n- Q2'26:\n - Total Reserve: $100M\n - ($0.79/share)\n - Bar value: $100M\n: chart::>",
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"text": "\n\nRisk Rank 4 & 5\nQ1'26: 6% | 7 loans\nQ2'26: 5% | 6 loans",
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"text": "\n\nLOAN PORTFOLIO WATCH LIST MIGRATION",
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"text": "\n\n<::A map of the contiguous United States showing four regions with associated percentages:\n- West: 63%\n- Southwest: 17%\n- Midwest: 16%\n- Northeast: 4%\n: map::>",
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"text": "\n\nProperty Type\n<::donut chart showing property type distribution:\nIndustrial: 35%\nMultifamily: 22%\nOffice: 21%\nHotel: 17%\nRetail: 5%::>",
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"text": "\n\nW.A. Remaining Lease Term (18)\n<::donut chart::>\nLegend:\n- 5.0+: 58%\n- 2.5 - 5.0: 31%\n- <2.5: 11%\n::>",
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"text": "\n\n<::Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Investment Portfolio\nSOFR: 3.65% (As of June 30, 2026)\n\nBar chart showing Net Interest Income Sensitivity in $ Millions vs. Change in Benchmark Rates.\n\nY-axis: $ in Millions, ranging from ($3.5) to $3.5.\n\nX-axis: Change in Benchmark Rates.\n\nData points:\n- (0.50%): ($2.6) million, ($0.02) per share\n- (0.25%): ($1.5) million, ($0.01) per share\n- 0.25%: $1.6 million, $0.01 per share\n- 0.50%: $3.2 million, $0.03 per share\n: chart::>",
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