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"markdown": "\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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"markdown": "\n\nLOAN PORTFOLIO DIVERSIFICATION\n\n\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\n\n\n\n<::logo: BrightSpire Capital\nBRIGHTSPIRE CAPITAL\nThe logo features a stylized 'BS' monogram in dark blue and light blue, followed by the company name in text.::>\n\n\n\nAbove charts based on GAAP gross carrying value and excludes the impact of CECL reserves\n$ in millions; as of June 30, 2026; at BRSP share\n\n\n\n10",
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