JULY 28, 2026 ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000000_12a5dbde4a7d945cc10a51270aef06a3d74e41a51661477a7089faf4a9a42db1.png) Logo SUPPLEMENTAL FINANCIAL REPORT SECOND QUARTER 2026 THLLGE 1 ## CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation 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; 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, 2025, as well as in the Company's other filings with the Securities and Exchange Commission; defaults by borrowers in paying debt service on outstanding indebtedness; borrowers' abilities to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including the impact of higher interest expense, depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations, population shifts and migration, reduced demand for office, multifamily, hospitality or retail space) that may cause deterioration in the performance of our investments and, potentially, principal losses to us; the fair value of the Company's investments may be subject to uncertainties (including impacts associated with inflationary trends, the volatility of interest rates and credit spreads, increased market volatility affecting commercial real estate businesses and public securities); the Company's use of leverage and interest rate mismatches between the Company's assets and borrowings could hinder its ability to make distributions and may significantly impact its liquidity position; the timing of and ability to generate additional liquidity and deploy available liquidity, including in senior mortgage loans; whether the Company will achieve its anticipated 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; adverse impacts on the Company's corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on master repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; the ability to execute CRE CLO's on a go forward basis, including at a reduced cost of capital; whether transactions under letter of intent or contract will close on expected terms, in the expected time period or at all; the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and mortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. 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, 2025, as well as in BrightSpire Capital's other filings with the Securities and Exchange Commission. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so. ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000001_9d2b18d362aa2f1e6116455079fe2f9d224a7d0baaac84bfc9cd9e4f2d0f3c94.png) Logo ## COMPANY HIGHLIGHTS BrightSpire Capital, Inc. ('BRSP' or the 'Company') is a large publicly-traded, diversified and internallymanaged commercial real estate credit REIT ## Diversified Portfolio $3.9B Total At-Share Assets (Undepreciated) $2.9B Total Loan Portfolio ( 106 Total Loans) 98% Floating-Rate Loan Portfolio $27M Average Loan Size 84% <$50M Loan Size (Based on Carrying Value) ## Liquidity & Capitalization ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000002_10df17392cd950237f67e24f2e664e203c6a9b9853c01ef6baf62a87bf66ec26.png) Logo $45M Total Unrestricted Cash (or $0.35 per share) (3) $86M Corporate Revolver Availability + Approved & Undrawn Borrowings Under our Credit Facilities (3) $1.4B Master Repurchase Facilities Availability (3) 2.7x Debt-to-Equity Ratio (4) 7.2% W.A. Unlevered All-in Yield (1) W.A. Cash Coupon 3.3% ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000003_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo 5.50% W.A. All-in Cost of Financing (5) * Refer to the Appendix for a definition and reconciliation to GAAP net income (loss) ** Refer to the Appendix for a definition and reconciliation to GAAP net book value As of June 30, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix ## Financial Results $0.13 Q2'26 Adjusted Distributable Earnings Per Share* $0.16 Q2'26 Quarterly Dividend Per Share 12.2% Annualized Dividend Yield (6) $1.0B Undepreciated Book Value** $8.10 Undepreciated Book Value Per Share** ## SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE - GAAP Net Loss of ($18.3) million and ($0.15) per share - Distributable Earnings of $15.8 million and $0.12 per share - Adjusted Distributable Earnings of $16.8 million and $0.13 per share - Declared and paid a dividend of $0.16 per share for Q2'26, 12.2% yield on current share price (6) - GAAP net book value of $6.81 per share and undepreciated book value of $8.10 per share - $131 million of available liquidity ($45 million of unrestricted cash, $30 million of revolver capacity and $56 million of approved and undrawn borrowings available on our credit facilities) (3) - $2.35 billion of total master repurchase facility capacity with $1.4 billion of availability (3) - Repurchased 3.8 million shares or $21.0 million of Class A common stock at a blended price of $5.46 per share - $196 million of positive net deployment during Q2'26 * - Q2'26 committed $319 million of capital across 10 new senior loans - Subsequent to Q2'26, committed $295 million of capital across 7 new senior loans closed or in-execution (3) - Q2'26 received $123 million of repayment proceeds across 7 loans - Subsequent to Q2'26, received $28 million of repayment proceeds across 1 loan (3) ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000004_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## FINANCIAL RESULTS ## LIQUIDITY & CAPITALIZATION ## NET DEPLOYMENT ACTIVITY ## SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE (CONT'D) | LOAN PORTFOLIO | • $2.9 billion loan portfolio with an average loan size of $27 million and W.A. unlevered yield of 7.2% • Multifamily represents 70% of the loan portfolio • W.A. risk ranking of 3.0 (vs. 3.1 as of Q1'26) • Total CECL reserve of $100 million or $0.79 per share (no specific CECL reserve on balance sheet for Q2'26) • $136 million of watch list loans or 5% of the loan portfolio (vs. $166 million or 6% as of Q1'26) • Three risk rank 5 multifamily loans repaid totaling $99 million in Q2'26 | |------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | REO & NNN ASSETS | • 6 REO assets totaling $330 million (includes one hotel REO asset totaling $144 million or 44% of REO) • Two REO multifamily properties totaling $62 million are under contract to be sold with an expected closing in Q3'26 • Executed a purchase and sale agreement for our industrial NNN asset for a gross sales price of $300 million (purchaser to assume the $200 million mortgage note payable), which is expected to close in Q3'26 | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000005_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## FINANCIAL OVERVIEW ## Key Financial Metrics | GAAP Net Loss ($M) | ($18.3) | |--------------------------------------------|-----------------| | Per Share | ($0.15) | | Distributable Earnings ($M) | $15.8 | | Per Share | $0.12 | | Adjusted Distributable Earnings ($M) | $16.8 | | Per Share | $0.13 | | Total At-Share Assets ($B) (Undepreciated) | $3.9 | | Total Debt Outstanding (UPB) ($B) | $2.8 | | Debt-to-Equity (4) | 2.7x | | Book Value (GAAP) ($B) | $0.9 | | Per Share | $6.81 | | Book Value (Undepreciated) ($B) | $1.0 | | Per Share | $8.10 | | CECL Reserve (General) ($M) | $99.7 | | Per Share / Basis Points ('BPS') (7) | $0.79 / 327 bps | | CECL Reserve (Specific) ($M) | -- | | Per Share | -- | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000006_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000007_7acaed2fe92cf08a4eff5e61c6131df26ee1b6f7416590df33bb85a283ca9107.png) Pie chart ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000008_b4f963bade41bc12fbcc059801a6852a50c15b0727b807efd9db4434a71f63f3.png) Bar chart ## PORTFOLIO OVERVIEW ## Investment Type Based on GAAP net carrying value as of June 30, 2026 ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000009_e49fc4d9b51e9ee5b736acbabbf131302a1f25d18dbd5ef1659377cf6d23e45c.png) Pie chart ## Property Type Based on GAAP gross carrying value as of June 30, 2026 ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000010_3d713703266cf0f110f7370bd2a3c282a586f8f56bb7ccd805221cf77b58d5f4.png) Pie chart Retail ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000011_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## Portfolio Overview | (At BRSP share) | Investment count | Carrying value | Net carrying value | Per share | |-----------------------------------------------|--------------------|------------------|----------------------|-------------| | Loan portfolio | 106 | 2,894 $ | 671 $ | 5.29 $ | | General CECL reserves | | (100) | (100) | (0.79) | | Loan portfolio, net of general CECL reserves | 106 | 2,794 | 571 | 4.51 | | Net lease | 6 | 305 | 21 | 0.17 | | Other real estate | 7 | 394 | 218 | 1.72 | | CRE debt securities (8) | 1 | 1 | 1 | 0.01 | | Total investment portfolio | 120 | 3,494 $ | 812 $ | 6.41 $ | | Plus: cash & net assets (9) | | 263 | 51 | 0.40 | | Total - GAAP | | 3,757 $ | 863 $ | 6.81 $ | | Plus: accumulated D&A (10) | | 191 | 191 | 1.51 | | Less: non-GAAP impariment of real estate (11) | | (27) | (27) | (0.21) | | Total - Undepreciated | | 3,922 $ | 1,027 $ | 8.10 $ | BUDGET VS. ACTUAL ## LOAN ORIGINATION HIGHLIGHTS (2026) ## Key Metrics | | Q2'26 | YTD Q3'26 (3) | YTD 2026 (3) | |---------------------------------------|---------|-----------------|----------------| | Total number of loans | 10 | 7 | 24 | | Total committed capital | $319M | $295M | $892M | | Average loan size (committed capital) | $32M | $42M | $37M | | W.A. cash coupon | S+2.54% | S+2.46% | S+2.53% | | % Floating rate (senior loans) | 100% | 100% | 100% | ## Originations by Quarter ## Property Type ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000012_6ea3ada2df9f8167e075f55f6ceda3f212df05c775d917fbf5c723e287e05e90.png) Pie chart ## Region ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000013_3f1062fe75c5200d915ec193da8892b724cb769e220d96cb8f786a99757472c2.png) Pie chart ## Acquisition vs. Refinance ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000014_8f60cd26040123dd3bdf2011eebbc50bda88c48b43d63121322803bb34564a6e.png) Bar chart ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000015_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## LOAN PORTFOLIO OVERVIEW | Overview | Overview | |-----------------------------------|-----------------------------| | 106 | Total number of investments | | Total loan portfolio | $2.9B | | Average investment size | $27M | | W.A. remaining term (12) | 1.1 yrs. | | W.A. extended remaining term (13) | 2.3 yrs. | | W.A. unlevered all-in yield (1) | 7.2% | | W.A. risk ranking | 3.0 | | 99% loans are floating rate | of senior | ## Loan Size Diversification ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000016_a8d37583b7e61e1ab57801d7bcda6f0e2b9dc20e8567e42faed271fa5557134f.png) Pie chart ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000017_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## Investment Type ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000018_8971e77a270be8586f0861c8f0af7f217d2ef94c1fad32645587e1140b4bb3e5.png) Pie chart ## Loan Portfolio Activity ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000019_2900207b0cba2ce438c53e97212664d00a1724340e7e7efbfb08b6ce00a2b08b.png) Bar chart ## Property Type ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000020_63a5a4f22bebd7c2c44169cd2e1ab3dd6b72f88b9579332e7781e8ea88cd1533.png) Pie chart ## LOAN PORTFOLIO DIVERSIFICATION | | Collateral Type | Collateral Type | Collateral Type | Collateral Type | Collateral Type | Region Exposure as a % of Carrying Value | Region Exposure as a % of Carrying Value | Region Exposure as a % of Carrying Value | Region Exposure as a % of Carrying Value | Region Exposure as a % of Carrying Value | |--------------------------------------|--------------------------------------|-------------------------|-------------------|-------------------|---------------------|--------------------------------------------|--------------------------------------------|--------------------------------------------|--------------------------------------------|--------------------------------------------| | (At BRSP share) | Number of investments | Average investment size | | Carrying value | % of carrying value | W | SW | NE | SE | MW | | Multifamily | 78 | $ | 26 | 2,014 $ | 70% | 27% | 28% | 2% | 10% | 3% | | Office | 19 | | 31 | 581 | 20% | 7% | 7% | 5% | 1% | -- | | Mixed-use & Other | 6 | | 37 | 223 | 8% | 2% | -- | 5% | -- | -- | | Industrial | 2 | | 26 | 51 | 2% | -- | 1% | -- | -- | 1% | | Hotel | 1 | | 24 | 24 | <1% | -- | -- | -- | -- | 1% | | Total | 106 | $ | 27 | 2,894 $ | 100% | 36% | 36% | 12% | 11% | 5% | | General CECL reserves | | | | (100) | | | | | | | | Total - Net of general CECL reserves | Total - Net of general CECL reserves | | | 2,794 $ | | | | | | | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000021_0437f7c1b516f861af0e45b28f5d42557976b5fe412652835173f4d26417d63c.png) Bar chart ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000022_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## LOAN PORTFOLIO SUMMARY | (At BRSP share) | Number of investments | Carrying value | % of carrying value | Net carrying value | W.A. unlevered all-in yield (1) | W.A. extended term (years) (13) | |---------------------------------------------|---------------------------------------------|------------------|-----------------------|----------------------|-----------------------------------|-----------------------------------| | Floating rate | | | | | | | | Senior mortgage loans | 94 | 2,835,067 $ | 98% | 612,312 $ | 7.0% | 2.4 | | Total / W.A. floating rate | 94 | 2,835,067 | 98% | 612,312 | 7.0% | 2.4 | | Fixed rate | | | | | | | | Senior mortgage loans | 1 | 27,337 | 1% | 27,337 | 20.0% | 0.2 | | Mezzanine loans | 1 | 15,105 | < 1% | 15,105 | -- | 0.6 | | Preferred equity | 10 | 16,154 | < 1% | 16,154 | 14.9% | 0.5 | | Total / W.A. fixed rate | 12 | 58,596 | 2% | 58,596 | 13.4% | 0.4 | | Total / W.A. | 106 | 2,893,663 $ | 100% | 670,908 $ | 7.2% | 2.3 | | General CECL reserves | | (99,695) | | (99,695) | | | | Total / W.A. - Net of general CECL reserves | Total / W.A. - Net of general CECL reserves | 2,793,968 $ | | 571,213 $ | | | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000023_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## LOAN PORTFOLIO MATURITIES ## Weighted average fully extended remaining term of approximately 2.3 years across the loan portfolio ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000024_73e6eede1ffd832d46aff09a14ce02abeb2c192869686437634dc334e77b906c.png) Bar chart ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000025_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000026_9a615217a60ebc48638f3279cb75925188a43a36ac231f67cd9784a6e2e869dc.png) Bar chart ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000027_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## LOAN PORTFOLIO WATCH LIST MIGRATION ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000028_ca69bb993ff0f1286124e03df27e5f82da91bfae94b9cef57091282b9cb3c6e8.png) Calendar ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000029_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## LOAN PORTFOLIO WATCH LIST LOANS (Q2'26) | Investment | Las Vegas, NV Senior Loan (Loan 2) | Austin, TX Senior Loan (Loans 43 & 77)* | Dallas, TX Senior Loan (Loan 82 & 96)** | Denver, CO Senior Loan (Loan 95) | |-------------------------------------|--------------------------------------|-------------------------------------------|-------------------------------------------|------------------------------------| | Risk Ranking (Q2'26 / Q1'26) | 4 / 3 | 4 / 4 | 4 / 4 | 4 / 3 | | Investment Type | Floating-Rate Senior Loan | Floating-Rate Senior Loan | Floating-Rate Senior Loan | Floating-Rate Senior Loan | | Origination Date / Transaction Type | May 2022 / Acquisition | November 2021 / Acquisition | November 2021 / Refinancing | October 2020 / Acquisition | | Collateral | Multifamily / 240 Units | Multifamily / 150 Units | Office / 328k RSF | Office / 115k RSF | | Carrying Value | $57M | $24M | $44M | $11M | | Loan Basis | $238k / Unit | $160k / Unit | $134 / RSF | $96 / RSF | | Cash Coupon | SOFR + 2.0% | SOFR + 3.4% | SOFR + 4.0% | SOFR + 3.7% | | Extended Maturity Date (13) | June 2027 | November 2026 | December 2026 | November 2026 | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000030_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY | (At BRSP share) | Number of investments | BRSP ownership % | Rentable square feet ("RSF") / Units / Keys | Carrying value (Undep.) | Net carrying value (Undep.) | % of net carrying value (Undep.) | Q2'26 NOI (at BRSP share) | W.A. % leased at end of period (17) | W.A. remaining lease term (years) (18) | |----------------------------------|----------------------------------|----------------------------------|-----------------------------------------------|----------------------------------|----------------------------------|------------------------------------|-----------------------------|---------------------------------------|------------------------------------------| | Net lease real estate ("NNN") | Net lease real estate ("NNN") | Net lease real estate ("NNN") | Net lease real estate ("NNN") | Net lease real estate ("NNN") | Net lease real estate ("NNN") | Net lease real estate ("NNN") | | | | | Industrial | 1 | 100% | 2,787 RSF | 292,156 $ | 92,156 $ | 24% | 5,037 $ | 100% | 12.1 | | Office | 2 | 100% | 522 RSF | 94,004 | 46,021 | 12% | 1,759 | 100% | 2.7 | | Retail* | 3 | 100% | 368 RSF | 42,462 | 4,730 | 1% | 898 | 100% | 3.1 | | Total / W.A. - NNN | 6 | 100% | 3,677 RSF | 428,623 $ | 142,907 $ | 37% | 7,694 $ | 100% | 9.2 | | Other real estate ("Other RE")** | Other real estate ("Other RE")** | Other real estate ("Other RE")** | Other real estate ("Other RE")** | Other real estate ("Other RE")** | Other real estate ("Other RE")** | Other real estate ("Other RE")** | | | | | Hotel | 1 | 100% | 541 Keys | 143,916 $ | 143,916 $ | 37% | 1,379 $ | 71% | n/a | | Multifamily | 5 | 100% | 1,699 Units | 186,241 | 102,069 | 26% | 405 | 76% | n/a | | Office | 1 | 95% | 848 RSF | 88,041 | -- | -- | 2,324 | 80% | 3.4 | | Total / W.A. - Other RE | 7 | 99% | n/a | 418,198 $ | 245,984 $ | 63% | 4,107 $ | 75% | 3.4 | | Total / W.A. | 13 | 99% | n/a | 846,821 $ | 388,891 $ | 100% | 11,801 $ | 88% | 8.2 | ## Region ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000031_a4531982b157da6f81fb7110620fca5304e4905a87eadb952252aefe62548a2a.png) Geographical map ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000032_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## Property Type ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000033_7b5abe3876e04b6a147ead61b2c48547f129856e294e894bffae81190a97b399.png) Pie chart ## W.A. Remaining Lease Term (18) ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000034_b2a4ddaa67ff5b7232ba863d1f4f0252e8f30705549adee09353e3d86019eaa4.png) Pie chart ## REAL ESTATE OWNED MIGRATION ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000035_28f1ce5b890f0af493855a93b7397141a0ee1ef5f9fe217c91f2fd44db8e0ffc.png) Table ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000036_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## REAL ESTATE OWNED (Q2'26) | Investment | San Jose, CA (Other RE 1) | Dallas, TX (Other RE 3) | Santa Clara, CA (Other RE 4) | Arlington, TX (Other RE 5) | Fort Worth, TX (Other RE 6)* | Mesa, AZ (Other RE 7)* | |----------------------------------|-----------------------------|---------------------------|--------------------------------|------------------------------|--------------------------------|--------------------------| | Acquisition Date | May 2025 | January 2026 | July 2025 | July 2024 | November 2024 | February 2025 | | Collateral | Hotel / 541 Keys | Multifamily / 624 Units | Multifamily (Pre-development) | Multifamily / 436 Units | Multifamily / 354 Units | Multifamily / 285 Units | | Collateral Basis | $266k / Key | $72k / Unit | n/a | $89k / Unit | $105k / Unit | $88k / Unit | | Undepreciated Carrying Value | $144M | $45M | $40M | $39M | $37M | $25M | | Outstanding Debt | -- | -- | $34M | $26M | $5M | $19M | | Undepreciated Net Carrying Value | $144M | $45M | $6M | $14M | $32M | $6M | | W.A. % Leased (17) | 71% | 58% | n/a | 74% | 90% | 93% | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000037_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## SELECT NNN ASSETS (Q2'26) | Investment | Tracy, CA & Tolleson, AZ (Net lease 1)* | Aurora, CO (Net lease 2)** | Indianapolis, IN (Net lease 3) | |----------------------------------|-------------------------------------------|------------------------------|----------------------------------| | Acquisition Date | August 2018 | July 2006 | June 2006 | | Collateral | Industrial / 2,787k RSF | Office / 184k RSF | Office / 338k RSF | | Collateral Basis | $105 / RSF | $299 / RSF | $115 / RSF | | Undepreciated Carrying Value | $292M | $55M | $39M | | Outstanding Debt | $200M | $28M | $20M | | Undepreciated Net Carrying Value | $92M | $27M | $19M | | W.A. % Leased (17) | 100% | 100% | 100% | | W.A. Lease Term (Yrs.) (18) | 12.1 | 1.4 | 4.5 | | Final Debt Maturity | September 2033 | August 2026 | October 2027 | | All-in COF | 4.77% | 4.08% | 4.45% | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000038_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.7x debt-to-equity ratio. Embedded capacity under existing financing facilities including $30M of corporate revolver availability and $1.4B of repurchase facilities availability (3) | Key Financial Metrics | Key Financial Metrics | |----------------------------------------------------------------------|-------------------------| | $3.8B Total capitalization (excluding cash) | | | Total outstanding debt | $2.8B | | Corporate revolving credit facility availability As of July 24, 2026 | $30M | | Master repurchase facilities availability As of July 24, 2026 | $1.4B | | Debt-to-equity ratio (4) | 2.7x | | Debt-to-asset ratio (19) | 70% | | 5.50% Blended all-in cost of financing (5) | | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000039_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000040_3626fdc881bce273b608ef521a800005c031a6b5a5233918b49792b66d776a01.png) Pie chart ## CAPITALIZATION SUMMARY | (At BRSP share) | Recourse vs. non-recourse (20) | W.A. extended maturity (21) | W.A. contractual interest rate (21) | W.A. all-in COF (5) | Outstanding debt (UPB) | |-------------------------------------------|----------------------------------|-------------------------------|---------------------------------------|-----------------------|--------------------------| | Corporate debt | | | | | | | Corporate revolving credit facility | Recourse | Dec-28 | S + 2.25% | 5.90% | 70,000 $ | | Investment-level debt | | | | | | | Securitization bonds payable (2026-FL3) | Non-recourse | Aug-43 | S + 1.69% | 5.34% | 833,237 | | Securitization bonds payable (2024-FL2) | Non-recourse | Aug-37 | S + 2.47% | 6.12% | 583,875 | | Master repurchase facilities | Limited recourse | Oct-29 | S + 1.92% | 5.57% | 856,225 | | Mortgage debt - net lease (fixed) | Non-recourse | Sep-31 | 4.74% | 4.74% | 283,975 | | Mortgage debt - other real estate (fixed) | Non-recourse | Dec-28 | 4.47% | 4.47% | 91,169 | | Other debt | Non-recourse | Jul-28 | 5.50% | 5.50% | 33,591 | | Total / W.A. debt (BRSP share) | | Oct-35 | | 5.50% | 2,752,072 $ | | | | | | | Book value | | Stockholders' equity | | | | | 862,980 $ | | GAAP net book value (BRSP share) | | | | | 862,980 | | Accumulated depreciation and amortization | | | | | 191,236 | | Non-GAAP impairment of real estate | | | | | (26,736) | | Undepreciated book value (BRSP share) | | | | | 1,027,480 | | Total capitalization (undepreciated) | | | | | 3,779,552 $ | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000041_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## I NTEREST RATE SENSITIVITY ## Annual Net Interest Income Sensitivity to Changes in Benchmark Rates - Total Investment Portfolio SOFR: 3.65% (As of June 30, 2026) ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000042_9566e4778e89f93e1c78c49d880df8c86c092fc3a3fdd8b4d9a738a2e6449c7e.png) Bar chart Incremental Rate of Change* ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000043_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo APPENDIX ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000044_9d2b18d362aa2f1e6116455079fe2f9d224a7d0baaac84bfc9cd9e4f2d0f3c94.png) Logo ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000045_7ca01225a37fdeec67c1376aa8d5b2bccc2cef01ba631d788234a06851fcb111.png) Photograph ## I MPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS We present Distributable Earnings, which is a non-GAAP supplemental financial measure of our performance. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with GAAP, and this metric is a useful indicator for investors in evaluating and comparing our operating performance to our peers and our ability to pay dividends. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2018. As a REIT, we are required to distribute substantially all of our taxable income, and we believe that dividends are one of the principal reasons investors invest in credit or commercial mortgage REITs such as our company. Over time, Distributable Earnings has been a useful indicator of our dividends per share and we consider that measure in determining the dividend, if any, to be paid. This supplemental financial measure also helps us to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations. We define Distributable Earnings as GAAP net income (loss) attributable to our common stockholders (or, without duplication, the owners of the common equity of our direct subsidiaries, such as our OP) and excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with our formation or other strategic transactions, (iii) acquisition costs from successful acquisitions, (iv) gains or losses from sales of real estate property and impairment write-downs of depreciable real estate, including unconsolidated joint ventures and preferred equity investments, (v) general CECL reserves, (vi) depreciation and amortization, (vii) any unrealized gains or losses or other similar non-cash items that are included in net income for the current quarter, regardless of whether such items are included in other comprehensive income or loss, or in net income, (viii) one-time events pursuant to changes in GAAP and (ix) certain material non-cash income or expense items that in the judgment of management should not be included in Distributable Earnings. For clauses (viii) and (ix), such exclusions shall only be applied after approval by a majority of our independent directors. Distributable Earnings include specific CECL reserves. Additionally, we define Adjusted Distributable Earnings as Distributable Earnings excluding (i) realized gains and losses on asset sales, (ii) fair value adjustments, which represent mark-tomarket adjustments to investments in unconsolidated ventures based on an exit price, defined as the estimated price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants, (iii) unrealized gains or losses, (iv) specific CECL reserves and (v) one-time gains or losses that in the judgement of management should not be included in Adjusted Distributable Earnings. We believe Adjusted Distributable Earnings is a useful indicator for investors to further evaluate and compare our operating performance to our peers and our ability to pay dividends, net of the impact of any gains or losses on assets sales or fair value adjustments, as described above. Distributable Earnings and Adjusted Distributable Earnings do not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income or an indication of our cash flows from operating activities determined in accordance with GAAP, a measure of our liquidity, or an indication of funds available to fund our cash needs. In addition, our methodology for calculating Distributable Earnings and Adjusted Distributable Earnings may differ from methodologies employed by other companies to calculate the same or similar non-GAAP supplemental financial measures, and accordingly, our reported Distributable Earnings and Adjusted Distributable Earnings may not be comparable to the Distributable Earnings and Adjusted Distributable Earnings reported by other companies. The Company calculates Distributable Earnings per share and Adjusted Distributable Earnings per share, which are non-GAAP supplemental financial measures, based on a weighted average number of common shares. We believe NOI to be a useful measure of operating performance of our net leased and other real estate portfolios as they are more closely linked to the direct results of operations at the property level. NOI excludes historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as adjustments for the effects of real estate impairment and gains or losses on sales of depreciated properties, which eliminate differences arising from investment and disposition decisions. Additionally, by excluding corporate level expenses or benefits such as interest expense, any gain or loss on early extinguishment of debt and income taxes, which are incurred by the parent entity and are not directly linked to the operating performance of the Company's properties, NOI provides a measure of operating performance independent of the Company's capital structure and indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the operating performance of the Company's properties, and transaction costs and administrative costs, may limit the usefulness of NOI. NOI may fail to capture significant trends in these components of GAAP net income (loss) which further limits its usefulness. NOI should not be considered as an alternative to net income (loss), determined in accordance with GAAP, as an indicator of operating performance. In addition, our methodology for calculating NOI involves subjective judgment and discretion and may differ from the methodologies used by other companies, when calculating the same or similar supplemental financial measures and may not be comparable with other companies. ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000046_fc1340f722b2a6c102ea322f73aed10ed38427b52c299efad7dbf8ccaae0eb94.png) Logo ## I MPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS (CONT'D) The Company presents pro rata ('at share' or 'at BRSP share') financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro rata financial information by applying its economic interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests' ('NCI') share of assets, liabilities, profits and losses was computed by applying noncontrolling interests' economic interest to each financial statement line item. The Company provides pro rata financial information because it may assist investors and analysts in estimating the Company's economic interest in its investments. However, pro rata financial information as an analytical tool has limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company's pro rata information may not be comparable to other companies pro rata information. As such, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP, but may be used as a supplement to financial information as reported under GAAP. We present undepreciated book value, which is a non-GAAP supplemental financial measure. We believe that presenting undepreciated book value is a more useful and consistent measure of the value of our current portfolio and operations for our investors as it enhances the comparability to our peers who do not hold similar real estate investments. Undepreciated book value excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities) and as of the quarter ended June 30, 2024, includes non-GAAP impairment of real estate and any related foreign currency translation. Non-GAAP impairment of real estate is a non-GAAP measure that reflects our share of a property's carrying value on certain net leased and other real estate office properties whose non-recourse mortgages have matured or who have been placed in a cash flow sweep by their lender. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders' aversion to finance or refinance office properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can and have led to foreclosures. Cash flow sweeps restrict our ability to utilize earnings generated by a property. As such, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties. The Company calculates undepreciated book value per share based on the total number of outstanding common shares. We present loan-to-value which reflects the initial loan amount divided by the as-is appraised value as of the date the loan was originated. For construction loans, loan-to-value reflects the total commitment amount of the loan divided by the as-completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Senior loans reflect the initial loan amount divided by the as-is value as of the date the loan was originated. Construction senior loans' loan-to-value reflect the total commitment amount of the loan divided by the as completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Mezzanine loans include attachment and detachment loan-to-values, respectively. Attachment loan-to-value reflects initial funding of loans senior to our position divided by the as-is value as of the date the loan was originated. Detachment loan-to-value reflects the cumulative initial funding of our loan and the loans senior to our position divided by the as-is value as of the date the loan was originated. Construction mezzanine loans include attachment and detachment loan-to-value, respectively. Attachment loan-to-value reflects the total commitment amount of loans senior to our position divided by as-completed appraised value, or the total commitment amount of loans senior to our position divided by projected total cost basis. Detachment loan-to-value reflect the cumulative commitment amount of our loan and the loans senior to our position divided by as-completed appraised value, or the cumulative commitment amount of our loan and loans senior to our position divided by projected total cost basis. We present risk rankings, which is a supplemental financial disclosure, for loans held for investment. In addition to reviewing loans held for investment for impairment quarterly, we evaluate loans held for investment to determine if a current expected credit losses reserve should be established. In conjunction with this review, we assess the risk factors of each senior and mezzanine loans and preferred equity and assign a risk ranking based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a fivepoint scale, our loans held for investment are ranked '1' through '5,' from less risk to greater risk, and the rankings are updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a '3' and will move accordingly going forward based on the rankings which are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk / Potential for Loss - A loan that has a high risk of realizing a principal loss 5. Impaired / Loss Likely - A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000047_fc1340f722b2a6c102ea322f73aed10ed38427b52c299efad7dbf8ccaae0eb94.png) Logo ## NOTES REGARDING REPORTABLE SEGMENTS BrightSpire Capital, Inc. ('BRSP', 'BrightSpire Capital', the 'Company' or 'We') currently holds investment interests through the reportable segments below, which are based on how management reviews and manages its business. ## Senior and Mezzanine Loans and Preferred Equity ('Loans & Preferred Equity Portfolio' or 'Loan Portfolio') The Company's Loan Portfolio may include senior mortgage loans, mezzanine loans and preferred equity interests ('preferred equity') as well as participations in such loans. The Loan Portfolio may also include acquisition, development and construction loan arrangements accounted for as equity method investments. - Senior mortgage loans may include junior participations in our originated senior mortgage loans for which we have syndicated the senior participations to other investors and retained the junior participations for our portfolio and contiguous mezzanine loans where we own both the senior and junior loan positions. We believe these investments are more similar to the senior mortgage loans we originate than other loan types given their credit quality and risk profile - Mezzanine loans may include other subordinated loans - Preferred equity interests may include related equity participation interests ## Net Leased Real Estate and Other Real Estate ('Net Lease and Other Real Estate') The Company's Net Lease Real Estate investments includes direct investments in commercial real estate principally composed of long-term leases to tenants on a net lease basis, where such tenants are generally responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. Other Real Estate investments includes direct ownership in commercial real estate, with an emphasis on properties with stable cash flow. Net lease and other real estate includes deferred leasing costs and other net intangibles. Other real estate currently consists of one investment with direct ownership in commercial real estate, four additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure and two properties that we consolidate as the primary beneficiary of the VIEs. ## Corporate and Other The Corporate segment includes corporate-level asset management and other fees including operating expenses, compensation and benefits and other fees including expenses related to our secured revolving credit facility. It currently includes CRE Debt Securities, which consists of one sub-portfolio of a real estate private equity interest ("Private Equity Interest" or "PE Interest"). ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000048_9d2b18d362aa2f1e6116455079fe2f9d224a7d0baaac84bfc9cd9e4f2d0f3c94.png) Logo ## I NVESTMENT DETAIL ## Loan Portfolio | (At BRSP share) | Investment Type | Origination date | City, State | Carrying value | Coupon type | Cash coupon | Unlevered all-in yield (1) | Extended maturity date (13) | LTV | Q2'26 Risk ranking | Q1'26 Risk ranking | |------------------------------------|------------------------------------|------------------------------------|------------------------------------|------------------|---------------|---------------|------------------------------|-------------------------------|-------|----------------------|----------------------| | Multifamily | | | | | | | | | | | | | Loan 1 | Senior | Dec-25 | Los Angeles, CA | 70 $ | Floating | S+2.4% | 6.3% | Jan-31 | 76% | 3 | 3 | | Loan 2 | Senior | May-22 | Las Vegas, NV | 57 | Floating | S+2.0% | 5.7% | Jun-27 | 74% | 4 | 3 | | Loan 3 | Senior | Dec-25 | St. Louis, MO | 53 | Floating | S+2.5% | 6.6% | Jan-31 | 68% | 3 | 3 | | Loan 4 | Senior | May-21 | Las Vegas, NV | 48 | Floating | S+3.0% | 6.6% | Jun-28 | 80% | 3 | 3 | | Loan 5 | Senior | May-26 | Cypress, TX | 47 | Floating | S+2.3% | 6.4% | Jun-31 | 75% | 3 | n/a | | Loan 6 | Senior | Mar-26 | San Diego, CA | 47 | Floating | S+2.4% | 6.5% | Apr-31 | 65% | 3 | 3 | | Loan 7 | Senior | Mar-26 | Sunnyvale, CA | 46 | Floating | S+2.4% | 6.3% | Apr-31 | 68% | 3 | 3 | | Loan 8 | Senior | Jan-26 | San Bernadino, CA | 42 | Floating | S+2.7% | 6.7% | Feb-31 | 71% | 3 | 3 | | Loan 9 | Senior | Jul-21 | Jersey City, NJ | 42 | Floating | S+3.1% | 6.8% | Aug-26 | 66% | 3 | 3 | | Loan 10 | Senior | Nov-25 | Mesa, AZ | 41 | Floating | S+2.6% | 6.6% | Nov-30 | 68% | 3 | 3 | | Subtotal / W.A. top 10 multifamily | Subtotal / W.A. top 10 multifamily | Subtotal / W.A. top 10 multifamily | Subtotal / W.A. top 10 multifamily | 492 $ | 492 $ | 2.5% | 6.4% | Jan-30 | n/a | 3.1 | n/a | | Loan 11 | Senior | Mar-22 | Louisville, KY | 41 $ | Floating | S+2.8% | 6.5% | Apr-27 | 72% | 3 | 3 | | Loan 12 | Senior | Dec-25 | Madison, AL | 41 | Floating | S+2.5% | 6.5% | Jan-31 | 75% | 3 | 3 | | Loan 13 | Senior | Jul-21 | Dallas, TX | 40 | Floating | S+3.2% | 6.9% | Aug-26 | 77% | 3 | 3 | | Loan 14 | Senior | Mar-22 | Long Beach, CA | 40 | Floating | S+3.4% | 7.3% | Apr-27 | 74% | 3 | 3 | | Loan 15 | Senior | Jan-26 | Tucson, AZ | 40 | Floating | S+2.6% | 6.5% | Jan-31 | 74% | 3 | 3 | | Loan 16 | Senior | Jul-22 | Irving, TX | 38 | Floating | S+3.6% | 7.3% | Aug-27 | 73% | 3 | 3 | | Loan 17 | Senior | Dec-20 | Austin, TX | 37 | Floating | S+3.1% | 6.8% | Jan-29 | 54% | 3 | 3 | | Loan 18 | Senior | Jan-22 | Los Angeles, CA | 37 | Floating | S+3.4% | 7.0% | Feb-27 | 65% | 3 | 3 | | Loan 19 | Senior | May-26 | Las Vegas, NV | 35 | Floating | S+2.4% | 6.5% | Jun-31 | 61% | 3 | n/a | | Loan 20 | Senior | May-26 | Tucson, AZ | 34 | Floating | S+2.5% | 6.6% | Jun-31 | 70% | 3 | n/a | | Subtotal / W.A. top 20 multifamily | Subtotal / W.A. top 20 multifamily | Subtotal / W.A. top 20 multifamily | Subtotal / W.A. top 20 multifamily | 875 $ | 875 $ | 2.7% | 6.6% | Jul-29 | n/a | 3.1 | n/a | | Loan 21 | Senior | Jul-21 | Phoenix, AZ | 33 $ | Floating | S+3.4% | 7.0% | Aug-26 | 75% | 3 | 3 | | Loan 22 | Senior | Feb-25 | Las Vegas, NV | 33 | Floating | S+3.4% | 7.5% | Mar-30 | 59% | 3 | 3 | | Loan 23 | Senior | Dec-25 | Jackson, TN | 33 | Floating | S+3.0% | 7.0% | Jan-31 | 62% | 3 | 3 | | Loan 24 | Senior | Oct-25 | New Braunfels, TX | 32 | Floating | S+2.6% | 6.7% | Nov-30 | 68% | 3 | 3 | | Loan 25 | Senior | Apr-21 | Las Vegas, NV | 32 | Floating | S+3.2% | 6.9% | May-27 | 76% | 3 | 3 | | Loan 26 | Senior | Feb-22 | Long Beach, CA | 31 | Floating | S+3.4% | 7.3% | Mar-27 | 67% | 3 | 3 | | Loan 27 | Senior | Apr-22 | Mesa, AZ | 30 | Floating | S+3.4% | 7.0% | May-27 | 75% | 3 | 3 | | Loan 28 | Senior | Feb-25 | Las Vegas, NV | 30 | Floating | S+2.7% | 6.8% | Mar-30 | 70% | 3 | 3 | | Loan 29 | Senior | Sep-25 | Nashville, TN | 29 | Floating | S+2.6% | 6.6% | Oct-30 | 68% | 3 | 3 | | Loan 30 | Senior | Aug-21 | Glendale, AZ | 29 | Floating | S+3.3% | 6.9% | Mar-27 | 75% | 3 | 3 | | Loan 31 | Senior | Apr-26 | Raleigh, NC | 29 | Floating | S+2.8% | 6.8% | May-31 | 72% | 3 | n/a | | Loan 32 | Senior | May-26 | Austin, TX | 28 | Floating | S+2.6% | 6.5% | May-31 | 74% | 3 | n/a | | Loan 33 | Senior | Sep-25 | Nashville, TN | 28 | Floating | S+2.7% | 6.8% | Oct-30 | 65% | 3 | 3 | | Loan 34 | Senior | Jan-26 | Costa Mesa, CA | 28 | Floating | S+2.4% | 6.5% | Feb-31 | 63% | 3 | 3 | | Loan 35 | Senior | May-21 | Houston, TX | 28 | Floating | S+3.1% | 6.8% | Jul-26 | 67% | 3 | 3 | | Loan 36 | Senior | Apr-26 | Birmingham, AL | 28 | Floating | S+2.8% | 6.9% | May-31 | 67% | 3 | n/a | | Loan 37 | Senior | Dec-21 | Phoenix, AZ | 26 | Floating | S+3.6% | 7.3% | Jan-27 | 75% | 3 | 3 | | Loan 38 | Senior | Jul-22 | Irving, TX | 25 | Floating | S+3.6% | 7.3% | Aug-27 | 72% | 3 | 3 | | Loan 39 | Senior | Feb-25 | Denver, CO | 25 | Floating | S+3.3% | 7.4% | Mar-28 | 68% | 3 | 3 | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000049_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## I NVESTMENT DETAIL (CONT'D) ## Loan Portfolio (Cont'd) | (At BRSP share) | Investment Type | Origination date | City, State | Carrying value | Coupon type | Cash coupon | Unlevered all-in yield (1) | Extended maturity date (13) | LTV | Q2'26 Risk ranking | Q1'26 Risk ranking | |--------------------------------|--------------------------------|--------------------|--------------------|------------------|---------------|---------------|------------------------------|-------------------------------|-------|----------------------|----------------------| | Multifamily (cont'd) | | | | | | | | | | | | | Loan 40 | Senior | Mar-22 | Glendale, AZ | 25 | Floating | S+3.5% | 7.1% | Mar-27 | 73% | 3 | 3 | | Loan 41 | Senior | Nov-25 | Santa Rosa, CA | 25 | Floating | S+2.8% | 6.8% | Dec-30 | 74% | 3 | 3 | | Loan 42 | Senior | Mar-22 | Phoenix, AZ | 24 | Floating | S+3.7% | 7.3% | Apr-27 | 75% | 3 | 3 | | Loan 43 | Senior | Nov-21 | Austin, TX | 24 | Floating | S+3.4% | 7.0% | Nov-26 | 71% | 4 | 4 | | Loan 44 | Senior | Dec-24 | Seattle, WA | 23 | Floating | S+2.8% | 6.9% | Jan-30 | 65% | 3 | 3 | | Loan 45 | Senior | Jun-21 | Phoenix, AZ | 22 | Floating | S+3.3% | 6.9% | Jul-26 | 75% | 3 | 3 | | Loan 46 | Senior | Aug-25 | Dallas, TX | 22 | Floating | S+3.0% | 7.1% | Sep-30 | 59% | 3 | 3 | | Loan 47 | Senior | May-26 | Dallas, TX | 22 | Floating | S+2.4% | 6.4% | May-31 | 69% | 3 | n/a | | Loan 48 | Senior | Jul-21 | Aurora, CO | 21 | Floating | S+3.2% | 6.9% | Jul-28 | 73% | 3 | 3 | | Loan 49 | Senior | Dec-25 | Shakopee, MN | 21 | Floating | S+2.5% | 6.6% | Jan-31 | 65% | 3 | 3 | | Loan 50 | Senior | Jan-22 | Austin, TX | 20 | Floating | S+3.4% | 7.0% | Feb-27 | 75% | 3 | 3 | | Loan 51 | Senior | Dec-21 | Gresham, OR | 20 | Floating | S+2.8% | 6.4% | Jul-28 | 74% | 3 | 3 | | Loan 52 | Senior | Aug-21 | La Mesa, CA | 20 | Floating | S+2.8% | 6.4% | Aug-28 | 70% | 3 | 3 | | Loan 53 | Senior | Oct-24 | Garland, TX | 20 | Floating | S+3.7% | 7.6% | Nov-29 | 70% | 3 | 3 | | Loan 54 | Senior | Sep-21 | Bellevue, WA | 19 | Floating | S+3.4% | 7.1% | Sep-26 | 64% | 3 | 3 | | Loan 55 | Senior | Jul-21 | Salt Lake City, UT | 19 | Floating | S+2.8% | 6.4% | Aug-28 | 73% | 3 | 3 | | Loan 56 | Senior | Nov-25 | Whittier, CA | 18 | Floating | S+2.5% | 6.6% | Dec-30 | 59% | 3 | 3 | | Loan 57 | Senior | Oct-25 | Huntsville, AL | 18 | Floating | S+2.8% | 6.9% | Nov-30 | 55% | 3 | 3 | | Loan 58 | Senior | May-22 | Charlotte, NC | 17 | Floating | S+3.5% | 7.2% | May-28 | 61% | 3 | 3 | | Loan 59 | Senior | Sep-25 | Glendale, AZ | 17 | Floating | S+2.6% | 6.6% | Oct-30 | 73% | 3 | 3 | | Loan 60 | Senior | Jun-26 | Phoenix, AZ | 16 | Floating | S+2.9% | 7.0% | Jul-31 | 73% | 3 | n/a | | Loan 61 | Senior | Jan-25 | Lebanon, TN | 16 | Floating | S+3.6% | 7.3% | Feb-30 | 71% | 3 | 3 | | Loan 62 | Senior | May-26 | San Francisco, CA | 16 | Floating | S+2.6% | 6.7% | Jun-31 | 64% | 3 | n/a | | Loan 63 | Senior | Sep-25 | Mobile, AL | 16 | Floating | S+2.8% | 6.8% | Oct-30 | 73% | 3 | 3 | | Loan 64 | Senior | May-25 | Dallas, TX | 14 | Floating | S+2.9% | 7.0% | May-30 | 65% | 3 | 3 | | Loan 65 | Senior | Aug-25 | Phoenix, AZ | 14 | Floating | S+2.7% | 6.7% | Sep-30 | 75% | 3 | 3 | | Loan 66 | Senior | Jul-25 | Northridge, CA | 13 | Floating | S+3.3% | 7.4% | Jul-30 | 74% | 3 | 3 | | Loan 67 | Senior | Nov-24 | Garland, TX | 13 | Floating | S+3.5% | 7.4% | Dec-29 | 63% | 3 | 3 | | Loan 68 | Senior | Nov-25 | Hoboken, NJ | 12 | Floating | S+2.4% | 6.5% | Dec-30 | 61% | 3 | 3 | | Loan 69 | Senior | Mar-22 | Glendale, AZ | 12 | Floating | S+3.5% | 7.1% | Mar-27 | 73% | 3 | 3 | | Loan 70 | Senior | Dec-25 | Mesa, AZ | 11 | Floating | S+2.8% | 6.8% | Jan-31 | 70% | 3 | 3 | | Loan 71 | Preferred | May-25 | Phoenix, AZ | 2 | Fixed | n/a | 15.0% | Apr-27 | n/a | 3 | 3 | | Loan 72 | Preferred | May-25 | Mesa, AZ | 2 | Fixed | n/a | 15.0% | May-27 | n/a | 3 | 3 | | Loan 73 | Preferred | May-25 | Glendale, AZ | 2 | Fixed | n/a | 14.0% | Mar-27 | n/a | 3 | 3 | | Loan 74 | Preferred | May-25 | Phoenix, AZ | 2 | Fixed | n/a | 14.0% | Jan-27 | n/a | 3 | 3 | | Loan 75 | Preferred | May-25 | Phoenix, AZ | 2 | Fixed | n/a | 15.0% | Aug-26 | n/a | 3 | 3 | | Loan 76 | Preferred | May-25 | Phoenix, AZ | 2 | | n/a | 15.0% | Jul-26 | n/a | 3 | 3 | | Loan 77 | Preferred | Dec-25 | Austin, TX | 1 | Fixed Fixed | n/a | 15.0% | Nov-26 | n/a | 4 | 4 | | Loan 78 | Preferred | Feb-26 | Austin, TX | 1 | Fixed | n/a | 15.0% | Feb-27 | n/a | 3 | 3 | | Total / W.A. multifamily loans | Total / W.A. multifamily loans | | | 2,014 $ | | 2.9% | 6.8% | May-29 | n/a | 3.0 | n/a | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000050_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## I NVESTMENT DETAIL (CONT'D) ## Loan Portfolio (Cont'd) | (At BRSP share) | Investment Type | Origination date | City, State | Carrying value | Coupon type | Cash coupon | Unlevered all-in yield (1) | Extended maturity date (13) | LTV | Q2'26 Risk ranking | Q1'26 Risk ranking | |-----------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------------------------|--------------------|------------------|---------------|---------------|------------------------------|-------------------------------|-----------|----------------------|----------------------| | Office | | | | | | | | | | | | | Loan 79 | Senior | Jan-21 | Phoenix, AZ | 77 $ | Floating | S+3.7% | 7.3% | Aug-26 | 70% | 3 | 3 | | Loan 80 | Senior | Aug-18 | San Jose, CA | 74 | Floating | S+4.9% | 8.5% | Feb-27 | 69% | 3 | 3 | | Loan 81 | Senior | Feb-19 | Baltimore, MD | 59 | Floating | S+3.6% | 7.3% | Feb-27 | 74% | 3 | 3 | | Loan 82 | Senior | Nov-21 | Dallas, TX | 42 | Floating | S+4.0% | 7.6% | Dec-26 | 61% | 4 | 4 | | Loan 83 | Senior | May-22 | Plano, TX | 39 | Floating | S+4.3% | 7.9% | Jun-27 | 64% | 3 | 3 | | Loan 84 | Senior | Apr-22 | Plano, TX | 39 | Floating | S+4.1% | 7.8% | May-27 | 70% | 3 | 3 | | Loan 85 | Senior | Apr-22 | San Jose, CA | 32 | Floating | S+4.2% | 8.1% | Apr-27 | 70% | 3 | 3 | | Loan 86 | Senior | Oct-21 | Blue Bell, PA | 30 | Floating | S+3.8% | 7.4% | Apr-27 | 67% | 3 | 3 | | Loan 87 | Senior | Mar-22 | Blue Bell, PA | 29 | Floating | S+4.2% | 7.8% | Apr-27 | 59% | 3 | 3 | | Loan 88 | Senior | Feb-19 | Charlotte, NC | 27 | Floating | S+4.3% | 7.9% | Jul-26 | 56% | 3 | 3 | | Subtotal / W.A. top 10 office | Subtotal / W.A. top 10 office | | | 447 $ | | 4.1% | 7.7% | Jan-27 | n/a | 3.1 | n/a | | Loan 89 | Senior | Dec-18 | Carlsbad, CA | 27 | Floating | S+3.9% | 7.5% | Dec-26 | 74% | 3 | 3 | | Loan 90 | Senior | Jul-21 | Denver, CO | 24 | Floating | S+5.0% | 8.7% | Aug-26 | 72% | 3 | 3 | | Loan 91 | Senior | Aug-19 | San Francisco, CA | 23 | Floating | S+2.9% | 6.6% | Sep-26 | 74% | 3 | 3 | | Loan 92 | Senior | Oct-21 | Burbank, CA | 18 | Floating | S+4.0% | 7.7% | Nov-26 | 65% | 3 | 3 | | Loan 93 * | Mezzanine | Feb-23 | Baltimore, MD | 15 | Fixed | n/a | n/a | Feb-27 | 84% - 85% | 3 | 3 | | Loan 94 | Senior | Nov-21 | Richardson, TX | 13 | Floating | S+4.1% | 7.8% | Dec-26 | 71% | 3 | 3 | | Loan 95 | Senior | Oct-20 | Denver, CO | 11 | Floating | S+3.7% | 7.4% | Nov-26 | 64% | 4 | 3 | | Loan 96 | Preferred | Dec-25 | Dallas, TX | 2 | Fixed | n/a | 15.0% | Dec-26 | n/a | 4 | 4 | | Loan 97 | Preferred | Sep-25 | San Francisco, CA | 1 | Fixed | n/a | 20.0% | Sep-26 | n/a | 3 | 3 | | Total / W.A. office loans | Total / W.A. office loans | | | 581 $ | | 3.9% | 7.6% | Jan-27 | n/a | 3.1 | n/a | | Mixed-use & Other | | | | | | | | | | | | | Loan 98 | Senior | Oct-19 | Brooklyn, NY | 79 $ | Floating | S+4.2% | 7.8% | Nov-26 | 66% | 3 | 3 | | Loan 99 | Senior | Jan-22 | New York, NY | 46 | Floating | S+3.5% | 7.2% | Feb-27 | 67% | 3 | 3 | | Loan 100 | Senior | May-22 | Brooklyn, NY | 29 | Floating | S+4.4% | 8.0% | Nov-28 | 68% | 3 | 3 | | Loan 101 | Senior | Apr-24 | South Pasadena, CA | 27 | Fixed | 20.0% | 20.0% | Sep-26 | 84% | 3 | 3 | | Loan 102 | Senior | Oct-25 | Venice, CA | 25 | Floating | S+4.8% | 8.9% | Oct-30 | 67% | 3 | 3 | | Loan 103 | Senior | Aug-21 | Los Angeles, CA | 16 | Floating | S+4.6% | 8.3% | Sep-26 | 66% | 3 | 3 | | Total / W.A. mixed-use & other loans | Total / W.A. mixed-use & other loans | | | 223 $ | | 6.1% | 9.3% | Jul-27 | n/a | 3.0 | n/a | | Industrial | | | | | | | | | | | | | Loan 104 | Senior | Mar-26 | Oklahoma City, OK | 32 $ | Floating | S+2.8% | 6.9% | Apr-31 | 56% | 3 | 3 | | Loan 105 | Senior | May-26 | Wilmer, TX | 19 | Floating | S+2.7% | 6.6% | May-31 | 44% | 3 | n/a | | Total / W.A. industrial loans | Total / W.A. industrial loans | | | 51 $ | | 2.7% | 6.8% | Apr-31 | n/a | 3.0 | n/a | | Hotel | | | | | | | | | | | | | Loan 106 | Senior | Mar-26 | Chicago, IL | 24 $ | Floating | S+3.2% | 7.3% | Apr-31 | 50% | 3 | 3 | | Total / W.A. hotel loans | Total / W.A. hotel loans | | | 24 $ | | 3.2% | 7.3% | Apr-31 | n/a | 3.0 | n/a | | Total / W.A. loan portfolio | Total / W.A. loan portfolio | | | 2,894 $ | | 3.3% | 7.2% | Oct-28 | n/a | 3.0 | n/a | | General CECL reserves | General CECL reserves | | | (100) | | | | | | | | | Total / W.A. loan portfolio, net of general CECL reserves | Total / W.A. loan portfolio, net of general CECL reserves | Total / W.A. loan portfolio, net of general CECL reserves | | 2,794 $ | | | | | | | | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000051_14480e64ad0a4782c9c8061cc5dade1fce10b6fbbf7deed002d4c66d7a735365.png) Logo ## Net Lease Real Estate & Other Real Estate | (At BRSP share) | Collateral type | City, State | Undepreciated carrying value | Undepreciated net carrying value | Q2'26 NOI | SL Rent* Receivable | | Rentable square of feet ("RSF") / properties Units / Keys | W.A. % leased (17) | W.A. lease term (yrs) (18) | Final debt maturity | All-in COF | | |----------------------------------------------------------|----------------------------------------------------------|----------------------------------------------------------|--------------------------------|------------------------------------|-------------|-----------------------|--------|-------------------------------------------------------------|----------------------|------------------------------|-----------------------|-----------------|-------| | Net lease real estate | | | | | | | | | | | | | | | Net lease 1 | Industrial | Various - U.S. | 292 $ | 92 $ | $ | 5.0 | 14.2 $ | 2 | 2,787 RSF | 100% | 12.1 | Sep-33 | 4.77% | | Net lease 2 | Office | Aurora, CO | 55 | 27 | | 1.0 | 0.3 | 1 | 184 RSF | 100% | 1.4 | Aug-26 | 4.08% | | Net lease 3 | Office | Indianapolis, IN | 39 | 19 | | 0.7 | 0.6 | 1 | 338 RSF | 100% | 4.5 | Oct-27 | 4.45% | | Net lease 4** | Retail | Various - U.S. | 28 | -- | | 0.6 | 0.1 | 6 | 270 RSF | 100% | 3.2 | Nov-26 & Mar-28 | 5.57% | | Net lease 5 | Retail | Keene, NH | 7 | -- | | 0.1 | 0.0 | 1 | 45 RSF | 100% | 2.6 | Nov-26 | 4.45% | | Net lease 6 | Retail | South Portland, ME | 5 | | 5 | 0.2 | 0.1 | 1 | 53 RSF | 100% | 5.6 | n/a | -- | | Net lease 7** | Retail | Fort Wayne, IN | 3 | -- | | 0.0 | -- | -- | n/a | n/a | n/a | Nov-26 | 4.45% | | Total / W.A. net lease real estate | Total / W.A. net lease real estate | | 429 $ | $ | 143 $ | 7.7 $ | 15.2 | 12 | 3,677 RSF | 100% | 9.2 | n/a | n/a | | Other real estate | | | | | | | | | | | | | | | Other RE 1 | Hotel | San Jose, CA | 144 $ | $ | 144 $ | 1.4 $ | -- | 1 | 541 Keys | 71% | n/a | n/a | -- | | Other RE 2 | Office | Creve Coeur, MO | 88 | -- | | 2.3 | 2.8 | 7 | 848 RSF | 80% | 3.4 | Dec-28 | 4.47% | | Other RE 3 | Multifamily | Dallas, TX | 45 | 45 | | 0.0 | -- | 1 | 624 Units | 58% | n/a | n/a | -- | | Other RE 4 *** | Multifamily (Pre-Dev) | Santa Clara, CA | 40 | | 6 | (0.4) | -- | 1 | n/a | n/a | n/a | Jul-28 | 5.50% | | Other RE 5 | Multifamily | Arlington, TX | 39 | 14 | | 0.0 | -- | 1 | 436 Units | 74% | n/a | n/a | 6.30% | | Other RE 6 | Multifamily | Fort Worth, TX | 37 | 32 | | 0.3 | -- | 1 | 354 Units | 90% | n/a | n/a | 6.30% | | Other RE 7 | Multifamily | Mesa, AZ | 25 | | 6 | 0.5 | -- | 1 | 285 Units | 93% | n/a | n/a | 6.30% | | Total / W.A. other real estate | Total / W.A. other real estate | | 418 $ | $ | 246 $ | 4.1 $ | 2.8 | 13 | n/a | 75% | 3.4 | n/a | n/a | | Total / W.A. net lease real estate and other real estate | Total / W.A. net lease real estate and other real estate | Total / W.A. net lease real estate and other real estate | 847 $ | $ | 389 | 11.8 $ $ | 18.1 | 25 | n/a | 88% | 8.2 | n/a | n/a | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000052_fc1340f722b2a6c102ea322f73aed10ed38427b52c299efad7dbf8ccaae0eb94.png) Logo ## CONSOLIDATED BALANCE SHEET | | June 30, 2026 (Unaudited) | December 31, 2025 | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|---------------------| | Assets | | | | Cash and cash equivalents | 68,157 $ | 66,789 $ | | Restricted cash | 101,563 | 107,046 | | Loans and preferred equity held for investment | 2,893,664 | 2,678,315 | | Current expected credit loss reserve | (98,658) | (87,401) | | Loans and preferred equity held for investment, net | 2,795,005 | 2,590,914 | | Real estate, net | 450,338 | 679,779 | | Receivables, net | 51,368 | 45,591 | | Deferred leasing costs and intangible assets, net | 4,337 | 27,646 | | Assets held for sale | 248,418 | - | | Other assets | 28,547 | 47,065 | | Total assets | 3,747,733 $ | 3,564,830 $ | | Liabilities | | | | Securitization bonds payable, net | 1,407,850 $ | 977,082 $ | | Mortgage and other notes payable, net | 211,604 | 414,060 | | Credit facilities | 926,225 | 1,078,098 | | Accrued and other liabilities | 54,527 | 64,098 | | Liabilities related to assets held for sale | 200,000 | - | | Escrow deposits payable | 76,261 | 82,511 | | Dividends payable | 21,885 | 20,576 | | Total liabilities | 2,898,352 | 2,636,425 | | Commitments and contingencies | | | | Equity | | | | Stockholders' equity | | | | Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively Common stock, $0.01 par value per share | - | - | | Class A, 950,000,000 shares authorized, 126,789,991 and 128,627,246 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1,268 | 1,286 | | Additional paid-in capital | 2,845,471 | 2,863,377 | | Accumulated deficit | (1,983,759) | (1,926,231) | | Total stockholders' equity | 862,980 | 938,432 | | Noncontrolling interests in investment entities | (13,599) | (10,027) | | Total equity | 849,381 | 928,405 | | Total liabilities and equity | 3,747,733 $ | 3,564,830 $ | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000053_60db163e20bce40db6ce93100b30d4db395cf8a665b3fbe7a5b28a531eeaeb8e.png) Logo $ in thousands, except per share data; as of June 30, 2026, unless otherwise stated ## CONSOLIDATED STATEMENT OF OPERATIONS | | Three Months Ended June 30, | Three Months Ended June 30, | |------------------------------------------------------------------------------------------------------------|-------------------------------|-------------------------------| | | 2026 | 2025 | | Net interest income | | | | Interest income | 52,077 $ | 48,663 $ | | Interest expense | (34,848) | (31,935) | | Net interest income | 17,229 | 16,728 | | Property and other income | | | | Property operating income | 30,432 | 35,668 | | Other income | 1,039 | 1,593 | | Total property and other income | 31,471 | 37,261 | | Expenses | | | | Property operating expense | 18,511 | 16,650 | | Transaction, investment and servicing expense | 1,507 | 562 | | Interest expense on real estate | 5,121 | 6,765 | | Depreciation and amortization | 8,187 | 10,607 | | Increase of current expected credit loss reserve | 13,502 | 582 | | Impairment of operating real estate | 9,270 | 51,127 | | Compensation and benefits (including $3,443 and $2,913 of equity-based compensation expense, respectively) | 8,989 | 8,194 | | Operating expense | 3,158 | 2,976 | | Total expenses | 68,245 | 97,463 | | Other income | | | | Other loss, net | (27) | (3,362) | | Loss before equity in earnings of unconsolidated ventures and income taxes | (19,572) | (46,836) | | Equity in earnings (loss) of unconsolidated ventures | (602) | - | | Income tax benefit (expense) | (10) | 21,664 | | Net loss | (20,184) | (25,172) | | Net loss attributable to noncontrolling interests in investment entities | 1,850 | 2,054 | | Net loss attributable to BrightSpire Capital, Inc. common stockholders | (18,334) $ | (23,118) $ | | Net loss per common share - basic | (0.15) $ | (0.19) $ | | Net loss per common share - diluted | (0.15) $ | (0.19) $ | | Weighted average shares of common stock outstanding - basic | 126,710 | 127,247 | | Weighted average shares of common stock outstanding - diluted | 126,710 | 127,247 | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000054_60db163e20bce40db6ce93100b30d4db395cf8a665b3fbe7a5b28a531eeaeb8e.png) Logo | | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2026 | |-------------------------------------------------------------------------------------|------------------------------------|------------------------------------|------------------------------------|------------------------------------| | | Loan portfolio | Net leased and other real estate | Corporate and other | Total | | Net interest income | | | | | | Interest income | 52,104 $ | (27) $ | - $ | 52,077 $ | | Interest expense | (34,318) | (13) | (517) | (34,848) | | Net interest income (expense) | 17,786 | (40) | (517) | 17,229 | | Property and other income | | | | | | Property operating income | - | 30,432 | - | 30,432 | | Other income | 54 | 153 | 832 | 1,039 | | Total property and other income | 54 | 30,585 | 832 | 31,471 | | Expenses | | | | | | Property operating expense | - | 18,511 | - | 18,511 | | Transaction, investment and servicing expense | 909 | 79 | 519 | 1,507 | | Interest expense on real estate | - | 5,121 | - | 5,121 | | Depreciation and amortization | - | 8,154 | 33 | 8,187 | | Increase of current expected credit loss reserve | 13,502 | - | - | 13,502 | | Impairment of operating real estate | - | 9,270 | - | 9,270 | | Compensation and benefits | - | - | 8,989 | 8,989 | | Operating expense | (18) | - | 3,176 | 3,158 | | Total expenses | 14,393 | 41,136 | 12,717 | 68,245 | | Other income | | | | | | Other loss, net | - | (27) | - | (27) | | Income (loss) before equity in earnings of unconsolidated ventures and income taxes | 3,447 | (10,617) | (12,402) | (19,572) | | Equity in earnings (loss) of unconsolidated ventures | - | - | (602) | (602) | | Income tax benefit (expense) | (2) | - | (8) | (10) | | Net income (loss) | 3,445 | (10,617) | (13,012) | (20,184) | | Net loss attributable to noncontrolling interests in investment entities | - | 1,850 | - | 1,850 | | Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders | 3,445 $ | (8,767) $ | (13,012) $ | (18,334) $ | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000055_60db163e20bce40db6ce93100b30d4db395cf8a665b3fbe7a5b28a531eeaeb8e.png) Logo ## RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL I NFORMATION ## Reconciliation of consolidated balance sheet to at share balance sheet | | As of June 30, 2026 | As of June 30, 2026 | As of June 30, 2026 | |------------------------------------------------------------------|-----------------------|-----------------------|-----------------------| | | Consolidated | NCI (22) | At BRSP share (23) | | Assets | | | | | Loans and preferred equity held for investment, net | 2,795,005 $ | - $ | 2,795,005 $ | | Real estate, net | 450,338 | 4,126 | 446,212 | | Deferred leasing costs and intangible assets, net | 4,337 | 188 | 4,149 | | Assets held for sale | 248,418 | - | 248,418 | | Cash, restricted cash, receivables and other assets | 249,635 | (13,792) | 263,427 | | Total assets | 3,747,733 $ | (9,478) $ | 3,757,211 $ | | Liabilities | | | | | Securitization bonds payable, net | 1,407,850 $ | - $ | 1,407,850 $ | | Mortgage and other notes payable, net | 211,604 | 3,905 | 207,699 | | Credit facilities | 926,225 | - | 926,225 | | Liabilities related to assets held for sale | 200,000 | - | 200,000 | | Other liabilities, escrow deposits payable and dividends payable | 152,673 | 216 | 152,457 | | Total liabilities | 2,898,352 $ | 4,121 $ | 2,894,231 $ | | Total equity | 849,381 $ | (13,599) $ | 862,980 $ | | Total liabilities and equity | 3,747,733 $ | (9,478) $ | 3,757,211 $ | | Total common shares | 126,790 | 126,790 | 126,790 | | GAAP net book value per share | 6.70 $ | (0.11) $ | 6.81 $ | | Accumulated depreciation and amortization (10) | 194,081 $ | 2,845 $ | 191,236 $ | | Accumulated depreciation and amortization per share (10) | 1.53 $ | 0.02 $ | 1.51 $ | | Non-GAAP impairment of real estate (11) | (28,450) $ | (1,714) $ | (26,736) $ | | Non-GAAP impairment of real estate (11) | (0.22) $ | (0.01) $ | (0.21) $ | | Undepreciated book value | 1,015,012 $ | (12,468) $ | 1,027,480 $ | | Undepreciated book value per share | 8.01 $ | (0.10) $ | 8.10 $ | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000056_fc1340f722b2a6c102ea322f73aed10ed38427b52c299efad7dbf8ccaae0eb94.png) Logo In thousands, except per share data; as of June 30, 2026; unaudited; per share data may differ due to rounding See footnotes in the appendix ## RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL I NFORMATION (CONT'D) ## Reconciliation of GAAP net book value to undepreciated book value | | As of June 30, 2026 | As of December 31, 2025 | |-------------------------------------------------------------------------------------------|-----------------------|---------------------------| | GAAP net book value (excluding noncontrolling interests in investment entities) | 862,980 $ | 938,432 $ | | Accumulated depreciation and amortization (10) | 191,236 | 180,937 | | Non-GAAP impairment of real estate (11) | (26,736) | (33,617) | | Undepreciated book value | 1,027,480 $ | 1,085,752 $ | | GAAP net book value per share (excluding noncontrolling interests in investment entities) | 6.81 $ | 7.30 $ | | Accumulated depreciation and amortization per share (10) | 1.51 | 1.41 | | Non-GAAP impairment of real estate per share (11) | (0.21) | (0.26) | | Undepreciated book value per share | 8.10 $ | 8.44 $ | | Total outstanding shares - Class A common stock | 126,790 | 128,627 | | | As of June 30, 2026 | As of December 31, 2025 | | Impairment attributable to BrightSpire Capital, Inc. | 9,270 $ | 61,620 $ | | Adjustments: | | | | Current year non-GAAP impairment of real estate | (6,881) | (100,961) | | Non-GAAP impairment as of prior fiscal year-end | 33,617 | 134,578 | | Impairment attributable to BrightSpire Capital, Inc. | (9,270) | (61,620) | | Non-GAAP impairment of real estate | 26,736 $ | 33,617 $ | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000057_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL I NFORMATION (CONT'D) ## Reconciliation of GAAP net loss to Distributable Earnings and Adjusted Distributable Earnings | | Three Months Ended June 30, 2026 | |-------------------------------------------------------------------------------------------------|------------------------------------| | Net loss attributable to BrightSpire Capital, Inc. common stockholders | (18,334) $ | | Net loss per common share - basic & diluted | (0.15) $ | | Adjustments: | | | Non-cash equity compensation expense | 3,443 | | Depreciation and amortization | 8,340 | | Net unrealized loss (gain): | | | Impairment of operating real estate | 9,872 | | General CECL reserves | 12,515 | | Loss on sales of real estate, preferred equity and investments in unconsolidated joint ventures | 25 | | Adjustments related to noncontrolling interests | (67) | | Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders | 15,794 $ | | Distributable Earnings per share (24) | 0.12 $ | | Weighted average number of common shares (24) | 130,258 | Three Months Ended June 30, 2026 $ 15,794 987 $ 16,781 $ 0.13 130,258 Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders Adjustments: Specific CECL reserves Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders Adjusted Distributable Earnings per share (24) Weighted average number of common shares (24) ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000058_65e07adb91feabce557493dc56b592ed5dccd66dfd15940c3c6b5ef74ec72734.png) Logo ## RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL I NFORMATION (CONT'D) ## Reconciliation of GAAP net loss to NOI | | Three Months Ended June 30, 2026 | |-------------------------------------------------------------------------------|------------------------------------| | Net loss attributable to BrightSpire Capital, Inc. common stockholders | (18,334) $ | | Adjustments: | | | Net loss attributable to non-net leased and other real estate portfolios (25) | 9,567 | | Net loss attributable to noncontrolling interests in investment entities | (1,850) | | Amortization of above- and below-market lease intangibles | 3 | | Net interest expense | 39 | | Interest expense on real estate | 5,121 | | Other income | (153) | | Transaction, investment and servicing expense | 79 | | Depreciation and amortization | 8,154 | | Impairment of operating real estate | 9,270 | | Operating expense | 1 | | Other loss on investments, net | 27 | | NOI attributable to noncontrolling interest in investment entities | (123) | | Total NOI attributable to BrightSpire Capital, Inc. common stockholders | 11,801 $ | ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000059_6f33c2e3f79f90b5dc35b94ed0ade9937ce0abd12ea832025bc4877188a4d813.png) Logo ## FOOTNOTES 1. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash PIK interest income and the accrual of origination and exit fees. For W.A. calculations, unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate or benchmark floor as of June 30, 2026 2. Includes unrestricted cash, availability under the corporate revolving credit facility and $56 million of approved and undrawn borrowings available on our credit facilities as of July 24, 2026 3. As of July 24, 2026 4. Debt-to-equity ratio based on BRSP's share of total outstanding unpaid principal balance ('UPB') divided by total stockholders' equity excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate; stockholders' equity excludes noncontrolling interests in investment entities 5. For W.A. calculations, assumes the applicable floating benchmark rate or benchmark floor as of June 30, 2026 and is weighted on outstanding debt (UPB); excludes amortization of financing costs 6. Based on annualized Q2'26 quarterly dividend of $0.16/share and BRSP closing share price of $5.23 as of July 24, 2026 7. Reflects general CECL reserve as a % (or bps) of the aggregate commitment amount of the total loan portfolio excluding loans that were evaluated for specific CECL reserves 8. Includes one private equity secondary interest for approximately $1 million 9. Includes cash, restricted cash, net receivables, other assets, accrued and other liabilities, escrow deposits payable and dividends payable 10. Represents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities 11. Reflects non-GAAP impairment of real estate; refer to page 25 for additional disclosure on undepreciated book value 12. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at BRSP share as of June 30, 2026 13. Represents the remaining loan term based on the maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at BRSP share as of June 30, 2026 14. Initial fundings are presented net of the impact of originations fees 15. Represents loan fundings related to the existing loan portfolio as of June 30, 2026 16. Other includes non-cash payment-in-kind ('PIK') interest income, accrual of origination and exit fees, write downs / charge-offs of CECL reserves and other adjustments 17. Represents the percent leased as of June 30, 2026 and is weighted by undepreciated carrying value; excludes one multifamily property related to a construction/development project 18. Based on in-place leases (defined as occupied and paying leases) as of June 30, 2026 and assumes that no renewal options are exercised. W.A. calculation based on undepreciated carrying value; excludes multifamily and hotel property types 19. Debt-to-asset ratio based on total outstanding UPB at BRSP share divided by total assets at BRSP share excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate 20. Subject to customary non-recourse carve-outs 21. W.A. calculation based on outstanding debt (UPB) 22. Represents interests in assets held by third party partners 23. Represents the proportionate share attributed to BRSP based on BRSP's ownership percentage by asset 24. The Company calculates Distributable Earnings (Loss) and Adjusted Distributable Earnings per share, which are non-GAAP financial measures, based on a weighted average number of common shares 25. Net (income) loss attributable to non-net leased and other real estate portfolios includes net (income) loss on our senior and mezzanine loans and preferred equity and corporate and other business segments ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000060_9d2b18d362aa2f1e6116455079fe2f9d224a7d0baaac84bfc9cd9e4f2d0f3c94.png) Logo ## COMPANY INFORMATION BrightSpire Capital (NYSE: BRSP) is internally managed and 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 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. ## HEADQUARTERS ## New York 590 Madison Avenue 33rd Floor New York, NY 10022 212-547-2631 ## STOCK & TRANSFER AGENT ## EQ (Equiniti Trust Company, LLC) 800-937-5449 helpast@equiniti.com ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000061_24a519854d7ddff37e1a20ced9f0c642c40b0e0bafdb1c2383d55e10e1165c70.png) Logo ## ANALYST COVERAGE ## BTIG Thomas Catherwood 212-738-6140 ## Barclays Terry Ma 212-526-7965 ## Citizens JMP Securities Chris Muller 212-906-3559 ## Raymond James Gabe Poggi 571-227-9641 ## WWW.BRIGHTSPIRE.COM NYSE: BRSP ## INVESTOR RELATIONS ## ADDO Investor Relations Anne McGuinness 310-829-5400 brsp@addo.com ## BofA Securities Eric Dray 646-855-5780 ## Jones Research Jason Weaver 646-454-2710 ## Alliance Global Partners Gaurav Mehta 646-908-3825 ## B. Riley Securities Timothy D'Agostino 646-885-5406 ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000062_3c5a55b363cb7362cf57a76dc86deab9f0633f02e295ff404703f76072d1dd3e.png) Full page image ![Image](data/playground/uploads/a1f4c1a98875fd77-artifacts/a1f4c1a98875fd77.docling_artifacts/image_000063_1d3518a2b122d268babe319f218ec301dff3ed341bb86c217861df2d2667574f.png) Logo 40