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        "text": "1",
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        "text": "APRIL 28, 2026",
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        "text": "SUPPLEMENTAL FINANCIAL REPORT",
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        "text": "FIRST QUARTER 2026",
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        "text": "BRIGHTSPIRE",
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        "text": "CAPITAL",
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        "text": "THLGE",
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        "text": "2",
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        "text": "CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING ",
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        "text": "STATEMENTS",
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        "text": "This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, ",
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      {
        "text": "projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can ",
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      {
        "text": "identify  forward-looking statements by the use of forward-looking terminology such as 'may,' 'will,' 'should,' 'expects,' 'intends,' 'plans,' 'anticipates,' 'believes,' ",
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        "text": "'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 ",
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        "text": "and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many ",
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      {
        "text": "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 ",
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      {
        "text": "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 ",
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        "text": "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 ",
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        "text": "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 ",
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        "from_ocr": false,
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        "text": "service  on  outstanding  indebtedness;  borrowers'  abilities  to  manage  and  stabilize  properties;  deterioration  in  the  performance  of  the  properties  securing  our ",
        "box": [
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      {
        "text": "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 ",
        "box": [
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      {
        "text": "obligations, population shifts and migration, reduced demand for office, multifamily, hospitality or retail space) that may cause deterioration in the performance of our ",
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        "text": "investments and, potentially, principal losses to us; the fair value of the Company's investments may be subject to uncertainties (including impacts associated with ",
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        "text": "inflationary trends, the volatility of interest rates and credit spreads, increased market volatility affecting commercial real estate businesses and public securities); the ",
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        "text": "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 ",
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        "text": "significantly  impact  its  liquidity  position;  the  timing  of  and  ability  to  generate  additional  liquidity  and  deploy  available  liquidity,  including  in  senior  mortgage  loans; ",
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        "text": "whether the Company will achieve its anticipated Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as ",
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        "text": "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, ",
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        "text": "including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on ",
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        "text": "master repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance ",
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        "text": "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 ",
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        "text": "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, ",
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        "text": "tax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and ",
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        "text": "mortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. The ",
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        "text": "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 ",
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        "text": "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. ",
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        "text": "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 ",
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        "text": "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 ",
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        "text": "revised expectations, and BrightSpire Capital does not intend to do so.",
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        "text": "BRIGHTSPIRE",
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        "text": "CAPITAL",
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  {
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        "text": "3",
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      {
        "text": "Diversified Portfolio",
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        "text": "Liquidity & Capitalization",
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        "text": "Financial Results",
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      {
        "text": "$3.8B",
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      {
        "text": "Total At-Share Assets",
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      {
        "text": "(Undepreciated)",
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        "text": "*   Refer to the Appendix for a definition and reconciliation to GAAP net income (loss)",
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      {
        "text": "** Refer to the Appendix for a definition and reconciliation to GAAP net book value  ",
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        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share",
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        "text": "See footnotes in the appendix",
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        "text": "COMPANY HIGHLIGHTS",
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        "text": "BrightSpire Capital, Inc. ('BRSP' or the 'Company') is a large publicly-traded, diversified and internally-",
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        "text": "managed commercial real estate credit REIT",
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        "text": "$2.7B",
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        "text": "Total Loan Portfolio",
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        "text": "(",
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        "text": "100",
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      {
        "text": " Total Loans)",
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        "text": "$27M",
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        "text": "Average Loan Size",
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        "text": "97%",
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        "text": "Loan Portfolio",
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        "text": "$206M",
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        "text": "Total Liquidity (2)",
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        "text": " ",
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        "text": "$58M",
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        "text": "Total Unrestricted Cash",
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        "text": "(or ",
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        "text": "$0.45",
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      {
        "text": " per share) (3)",
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        "text": "$120M",
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        "text": "Fully Undrawn ",
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        "text": "Corporate Revolver (3)",
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      {
        "text": "2.4x",
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        "text": "Debt-to-Equity Ratio (4)",
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        "text": "5.55%",
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        "text": "$1.6B",
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      },
      {
        "text": "Master Repurchase",
        "box": [
          377.6238,
          332.87260000000003,
          448.9209119999997,
          339.9076
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Facilities Availability (3)",
        "box": [
          373.78068,
          341.0446,
          452.8295759999999,
          348.55060000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.2%",
        "box": [
          158.615,
          406.9524,
          207.935,
          428.2840923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. Unlevered",
        "box": [
          155.255,
          430.9644,
          211.12817600000014,
          437.9994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in Yield (1)",
        "box": [
          161.61464,
          439.1364,
          204.77981599999998,
          446.6424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. Cash Coupon ",
        "box": [
          138.575,
          452.5644,
          210.4260680000001,
          459.5994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4%",
        "box": [
          210.4582280000001,
          452.5644,
          227.89136000000008,
          459.7105169230769
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "83%",
        "box": [
          53.7104,
          406.8259,
          98.8304,
          428.1575923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "<$50M Loan Size",
        "box": [
          45.5504,
          430.8379,
          107.00735600000007,
          437.8729
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Based on Carrying Value)",
        "box": [
          28.513640000000002,
          439.4809,
          124.02240800000007,
          446.5159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.14",
        "box": [
          559.7033,
          208.34359999999998,
          617.6633,
          229.6752923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26 Adjusted Distributable ",
        "box": [
          536.6633,
          232.35560000000004,
          642.7149200000013,
          239.3906
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Per Share*",
        "box": [
          552.7433000000001,
          240.9986,
          624.5332640000005,
          248.03359999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.16",
        "box": [
          506.6401,
          308.4963,
          563.9521000000001,
          329.8279923076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26 Quarterly",
        "box": [
          507.2401,
          332.5083,
          563.4195999999994,
          339.54330000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend Per Share",
        "box": [
          500.39806,
          341.1513,
          570.2584239999995,
          348.1863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.6%",
        "box": [
          611.2678,
          308.4963,
          673.7878000000001,
          329.8279923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Annualized ",
        "box": [
          621.3478,
          332.5083,
          663.7917640000004,
          339.54330000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend Yield (6)",
        "box": [
          613.549,
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          671.593576,
          348.1863
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.1B",
        "box": [
          508.9226,
          406.8259,
          561.6026,
          428.1575923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated ",
        "box": [
          506.5226,
          430.8379,
          564.5689880000003,
          437.8729
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value**",
        "box": [
          511.32248,
          439.4809,
          559.2392719999998,
          446.5159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.24",
        "box": [
          612.5502,
          406.8259,
          672.5502,
          428.1575923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated",
        "box": [
          614.5902,
          430.8379,
          670.5799560000003,
          437.8729
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value Per Share**",
        "box": [
          600.06996,
          439.4809,
          685.1886359999994,
          446.5159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 4,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "4",
        "box": [
          695.1625,
          513.4501,
          700.9393,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE",
        "box": [
          31.265,
          35.00199999999995,
          586.2287119999995,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NET ",
        "box": [
          36.7907,
          388.7333,
          60.6707,
          399.3991461538461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "DEPLOYMENT ",
        "box": [
          36.7907,
          401.6933,
          115.15069999999999,
          412.35914615384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACTIVITY",
        "box": [
          36.7907,
          414.6533,
          88.2827,
          425.3191461538462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FINANCIAL ",
        "box": [
          36.8194,
          131.61440000000005,
          99.21940000000001,
          142.28024615384618
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RESULTS",
        "box": [
          36.8194,
          144.57440000000003,
          84.49539999999999,
          155.24024615384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LIQUIDITY & ",
        "box": [
          36.8194,
          262.0613,
          106.3006,
          272.72714615384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CAPITALIZATION",
        "box": [
          36.8194,
          275.0213,
          129.2554,
          285.68714615384613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "* Net deployment represents total committed capital less repayment proceeds",
        "box": [
          172.9483,
          496.1007,
          427.61469999999986,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding",
        "box": [
          172.9483,
          503.65926,
          504.25265199999956,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9483,
          511.21782,
          270.21778000000023,
          517.30782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
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          154.3133,
          240.79795000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$206 million",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  of  available liquidity ($58 million of unrestricted cash, $120 million of revolver capacity and $28 ",
        "box": [
          222.68474,
          230.47930000000002,
          692.8898600000001,
          239.71930000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "million of approved and undrawn borrowings available on our credit facilities) (3)",
        "box": [
          163.21082000000013,
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          540.8658399999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
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          279.43795
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Closed a ",
        "box": [
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          278.3593
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$955 million CLO",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "  with an 87.25% advance rate and S+1.69% cost of funds (pre-transaction costs); ",
        "box": [
          294.69338,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "includes ",
        "box": [
          163.28473999999994,
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          289.7641
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$98 million of available ramp-up proceeds",
        "box": [
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          289.9100446153846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (fully utilized) and a 2.5-year reinvestment period",
        "box": [
          413.2505,
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          650.0120359999997,
          289.7641
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
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          318.19785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Entered into a new ",
        "box": [
          163.2953,
          307.87919999999997,
          256.5401,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$250 million",
        "box": [
          256.5401,
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          314.83341199999995,
          317.2651446153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " master repurchase facility agreement",
        "box": [
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          498.4559719999998,
          317.1192
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP Net Income of $4.8 million and ",
        "box": [
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          340.76656,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.03 per share",
        "box": [
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          92.15834461538464
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7352,
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          154.3132,
          120.45105000000001
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings of $15.6 million",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          338.977696,
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          341.61769599999997,
          119.51834461538465
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          341.24175999999994,
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          363.2065599999999,
          119.37240000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.12 per share",
        "box": [
          363.09039999999993,
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          437.257504,
          119.51834461538465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7352,
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          154.3132,
          147.81105000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted Distributable Earnings of $18.2 million",
        "box": [
          163.2952,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          384.5652159999999,
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          387.2052159999999,
          146.87834461538466
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          386.9559999999999,
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          146.73240000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.14 per share",
        "box": [
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          146.87834461538466
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7352,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Declared and paid a dividend of $0.16 per share for Q1'26, 10.6% yield on current share price (6)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7352,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP net book value of ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.05 per share",
        "box": [
          280.54287999999997,
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          355.91488000000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " and undepreciated book value of ",
        "box": [
          355.89904,
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          522.84208,
          203.8524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.24 per share",
        "box": [
          522.84208,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$110 million and $394 million of positive net deployment during Q1'26 and year-to-date (3) , respectively",
        "box": [
          163.2953,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*",
        "box": [
          662.13434,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26 committed ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$279 million",
        "box": [
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          303.798212,
          384.3776446153846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " of capital across 7 new senior loans",
        "box": [
          303.829892,
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          476.8554919999999,
          384.23170000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
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          165.7133,
          412.67035
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subsequent to Q1'26, committed ",
        "box": [
          174.9353,
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          335.0249,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$316 million",
        "box": [
          334.66586,
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          411.7376446153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " of capital across 10 new senior loans closed or in-execution (3)",
        "box": [
          390.593732,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26 received ",
        "box": [
          163.2953,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$169 million",
        "box": [
          235.78970000000004,
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          291.67533199999997,
          438.9775446153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " of repayment proceeds across 6 loans",
        "box": [
          291.70701199999996,
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          478.53453199999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
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          165.7133,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subsequent to Q1'26, received ",
        "box": [
          174.9353,
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          323.86298,
          466.19169999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$32 million",
        "box": [
          323.50394,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " of repayment proceeds across 1 loan (3)",
        "box": [
          375.112772,
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          562.5859399999999,
          466.19169999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 5,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "5",
        "box": [
          695.5225,
          513.4501,
          700.98058,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE (CONT'D)",
        "box": [
          31.265,
          35.00199999999995,
          693.3665600000002,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOAN ",
        "box": [
          36.7907,
          188.47590000000002,
          71.1107,
          199.14174615384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PORTFOLIO",
        "box": [
          36.7907,
          201.4359,
          101.37469999999999,
          212.10174615384614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding",
        "box": [
          172.9483,
          496.1007,
          504.25265199999956,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9483,
          503.65926,
          270.21778000000023,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
          79.06062000000003,
          154.3133,
          91.35255000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.7 billion",
        "box": [
          163.2953,
          81.03390000000002,
          214.75312399999993,
          90.41984461538465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " loan portfolio with an average loan size of ",
        "box": [
          214.7753,
          81.03390000000002,
          421.9097,
          90.27390000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$27 million",
        "box": [
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          473.00109199999997,
          90.41984461538465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " and W.A. unlevered yield of ",
        "box": [
          473.03277199999997,
          81.03390000000002,
          609.2229799999997,
          90.27390000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.2%",
        "box": [
          609.2229799999997,
          81.03390000000002,
          630.9871399999997,
          90.41984461538465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          630.9448999999997,
          81.03390000000002,
          633.5848999999997,
          90.27390000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          99.34062,
          165.7133,
          111.63254999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily represents ",
        "box": [
          174.9353,
          101.31389999999999,
          282.45722,
          110.5539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69%",
        "box": [
          282.09818,
          101.31389999999999,
          301.94041999999996,
          110.69984461538462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " of the loan portfolio",
        "box": [
          301.89818,
          101.31389999999999,
          399.60774800000013,
          110.5539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          119.74062000000004,
          165.7133,
          132.03255000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. risk ranking of ",
        "box": [
          174.9353,
          121.71390000000002,
          267.8105,
          130.95390000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1",
        "box": [
          267.8105,
          121.71390000000002,
          280.5353,
          131.09984461538465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (vs. 3.1 as of Q4'25)",
        "box": [
          280.52474,
          121.71390000000002,
          372.23834000000005,
          130.95390000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          140.14062,
          165.7133,
          152.43255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total CECL reserve of $87 million or $0.67 per share (no specific CECL reserve on balance sheet as of Q1'26)",
        "box": [
          174.9353,
          142.1139,
          686.5356199999999,
          151.3539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
          163.54062,
          154.3133,
          175.83254999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$166 million of watch list loans or 6% of the loan portfolio (vs. $220 million or 8% as of Q4'25)",
        "box": [
          163.2953,
          165.51389999999998,
          595.9173799999998,
          174.7539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          183.82062000000002,
          165.7133,
          196.11255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "One risk rank 5 office loan and one risk rank 5 industrial loan repaid totaling $42 million in Q1'26",
        "box": [
          174.9353,
          185.7939,
          626.1007399999999,
          195.03390000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          204.22062,
          165.7133,
          216.51254999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Foreclosed on one risk rank 5 multifamily loan totaling $45 million in Q1'26",
        "box": [
          174.9353,
          206.19389999999999,
          522.7817000000001,
          215.4339
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          224.50062000000003,
          165.7133,
          236.79255
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity subsequent to Q1'26:",
        "box": [
          174.9353,
          226.47390000000001,
          313.4508200000001,
          235.71390000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- One risk rank 5 multifamily loan repaid totaling $32 million",
        "box": [
          168.3353,
          245.10989999999998,
          456.35315599999996,
          256.5549
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Two risk  rank  5  multifamily  loans  totaling  $67  million  are  under  contract  to  be  sold  with  an  expected ",
        "box": [
          168.3353,
          265.3899,
          692.9541800000001,
          276.8349
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repayment concurrent with sale closing in Q2'26",
        "box": [
          182.11418000000003,
          278.5587,
          411.88922,
          287.79870000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          168.3353,
          296.94989999999996,
          176.9681,
          308.3949
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Watchlist loans anticipated to decline by ~59% from $166 million to $67 million as a result of the above ",
        "box": [
          182.1353,
          298.71389999999997,
          692.88026,
          308.0998446153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activity ",
        "box": [
          182.04026,
          310.1187,
          221.52409999999998,
          319.50464461538456
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(see pg. 14 for additional detail)",
        "box": [
          221.28122,
          310.1187,
          372.28499599999986,
          319.3587
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          149.7353,
          338.17622,
          154.3133,
          350.46815000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6 REO assets totaling $336 million (includes one hotel REO assets totaling $143 million or 43% of REO)",
        "box": [
          163.2953,
          340.1495,
          642.0318439999996,
          349.3895
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          358.45622,
          165.7133,
          370.74815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sold one REO office property for ~$26 million of net proceeds in Q1'26",
        "box": [
          174.9353,
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          506.11802000000006,
          369.66949999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          378.85622,
          165.7133,
          391.14815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired one multifamily property through foreclosure totaling $45 million in Q1'26",
        "box": [
          174.9353,
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          390.0695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          161.1353,
          399.13622,
          165.7133,
          411.42814999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity subsequent to Q1'26:",
        "box": [
          174.9353,
          401.1095,
          313.4508200000001,
          410.34950000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- Sales process underway for two REO multifamily properties totaling $69 million, which are expected to ",
        "box": [
          168.3353,
          419.7455,
          686.99834,
          431.1905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "be under contract and sold in Q3'26",
        "box": [
          182.15641999999997,
          432.78758,
          354.81242,
          442.02758
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          168.3353,
          451.3055,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO assets anticipated to decline by ~20% from $336 million to $267 million as a result of the above ",
        "box": [
          182.1353,
          453.0695,
          686.9772199999998,
          462.45544461538464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "activity ",
        "box": [
          182.13529999999975,
          464.34758,
          221.61913999999973,
          473.7335246153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(see pg. 17 for additional detail)",
        "box": [
          221.37625999999975,
          464.34758,
          371.4296359999997,
          473.58758
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO ASSETS",
        "box": [
          36.762,
          401.6015,
          104.83799999999998,
          412.2673461538461
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
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        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
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        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 6,
    "width": 720.0,
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        "text": "6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$8.44",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.24",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.16)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.02)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.02)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.25",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.50",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.75",
        "box": [
          297.3027,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.00",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.25",
        "box": [
          296.5562,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.50",
        "box": [
          295.72004,
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          315.7822520000001,
          317.84448
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12/31/25",
        "box": [
          344.73992,
          431.33711999999997,
          375.5926159999998,
          438.37212
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated",
        "box": [
          332.3342,
          440.61528,
          388.0843640000003,
          447.65027999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BVPS",
        "box": [
          350.60108,
          449.89344,
          369.75236,
          456.92843999999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity-based",
        "box": [
          409.82372000000004,
          431.33711999999997,
          460.05522800000017,
          438.37212
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation",
        "box": [
          407.70116,
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          462.2284399999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change in CECL",
        "box": [
          479.75563999999997,
          431.33711999999997,
          539.732432,
          438.37212
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reserve & Other",
        "box": [
          480.00487999999996,
          440.61528,
          539.4076160000001,
          447.65027999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings less",
        "box": [
          561.1365199999999,
          431.33711999999997,
          607.8666080000003,
          438.37212
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends",
        "box": [
          566.4509599999999,
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          602.5031240000001,
          447.65027999999995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/26",
        "box": [
          645.2027599999999,
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          673.3339160000004,
          438.37212
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated",
        "box": [
          631.4141599999999,
          440.61528,
          687.1643240000001,
          447.65027999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BVPS",
        "box": [
          649.6810399999999,
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          668.8323200000001,
          456.92843999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39%",
        "box": [
          427.4534,
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          449.83340000000004,
          172.13284615384617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29%",
        "box": [
          363.42139999999995,
          233.899,
          385.5614,
          244.56484615384613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21%",
        "box": [
          322.81339999999994,
          167.791,
          343.0334,
          178.45684615384613
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10% 1%",
        "box": [
          355.99339999999995,
          121.83100000000002,
          394.60939999999994,
          136.33684615384612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization bonds payable (non-recourse)",
        "box": [
          492.7083,
          130.2298,
          676.7736000000015,
          138.1048
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity (undepreciated)",
        "box": [
          492.7083,
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          644.7444000000017,
          162.97589999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Master repurchase facilities (limited recourse)",
        "box": [
          492.7083,
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          678.5682000000015,
          187.84699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage debt (non-recourse)",
        "box": [
          492.7083,
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          619.1771999999991,
          212.7181
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other debt (non-recourse)",
        "box": [
          492.7083,
          229.7142,
          601.6623000000003,
          237.5892
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FINANCIAL OVERVIEW",
        "box": [
          31.265,
          35.00199999999995,
          263.68491199999994,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*   Primarily related to equity grants as part of our annual stock compensation program",
        "box": [
          172.9483,
          496.1007,
          452.69575599999973,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "** Other includes non-GAAP impairment of real estate and other OCI adjustments",
        "box": [
          172.94830000000002,
          503.65926,
          435.3110679999995,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding",
        "box": [
          172.94830000000002,
          511.21782,
          504.2533479999996,
          517.30782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.94830000000002,
          518.77638,
          270.21778000000023,
          524.86638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated Book Value Per Share Bridge",
        "box": [
          301.4913,
          278.3388,
          568.2560520000005,
          289.85791384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital Structure",
        "box": [
          301.4537,
          84.51769999999999,
          406.2029000000003,
          96.03681384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key Financial Metrics",
        "box": [
          29.0983,
          84.51769999999999,
          156.6791320000001,
          96.03681384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP Net Income ($M)",
        "box": [
          28.5581,
          119.2498,
          133.13013199999995,
          128.10245230769226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share",
        "box": [
          28.5581,
          131.37112000000002,
          72.52950800000002,
          140.08612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4.8",
        "box": [
          263.43482000000006,
          119.2498,
          283.0112000000001,
          128.10245230769226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.03",
        "box": [
          257.43890000000005,
          131.37112000000002,
          282.99825200000015,
          140.08612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings ($M)",
        "box": [
          28.558100000000024,
          158.71132,
          153.88478000000015,
          167.56397230769227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share",
        "box": [
          28.558100000000024,
          170.83264000000003,
          72.52950800000005,
          179.54764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$15.6",
        "box": [
          260.0783,
          158.71132,
          282.98530400000004,
          167.56397230769227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.12",
        "box": [
          260.31734,
          170.83264000000003,
          282.94347200000004,
          179.54764
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted Distributable Earnings ($M)",
        "box": [
          28.558099999999996,
          198.17284,
          198.17490800000022,
          207.02549230769228
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share",
        "box": [
          28.558099999999996,
          210.29416000000003,
          72.52950800000002,
          219.00916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$18.2",
        "box": [
          260.0783,
          198.17284,
          283.0062200000001,
          207.02549230769228
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.14",
        "box": [
          259.83926,
          210.29416000000003,
          283.01319200000006,
          219.00916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total At-Share Assets ($B)",
        "box": [
          28.558099999999996,
          236.65828000000005,
          150.41272400000008,
          245.51093230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Undepreciated)",
        "box": [
          28.55809999999999,
          248.77960000000007,
          103.09774400000003,
          257.49460000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.8",
        "box": [
          263.79338,
          242.6641600000001,
          283.00821200000007,
          251.51681230769236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Debt Outstanding (UPB) ($B)",
        "box": [
          28.558099999999996,
          275.1437200000001,
          186.52469600000015,
          283.99637230769235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt-to-Equity (4)",
        "box": [
          28.558099999999996,
          286.5159,
          107.02302800000001,
          295.98004000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.6",
        "box": [
          264.0355,
          275.1279,
          282.98340400000006,
          283.9805523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4x",
        "box": [
          264.6331,
          287.24922,
          283.02921999999995,
          295.96421999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (GAAP) ($B)",
        "box": [
          28.55122,
          314.58942,
          136.84331200000005,
          323.44207230769234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share",
        "box": [
          28.55122,
          326.71074,
          72.52262800000003,
          335.42574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.9",
        "box": [
          263.06938,
          314.58942,
          282.9764320000001,
          323.44207230769234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.05",
        "box": [
          258.62722,
          326.71074,
          282.96348400000016,
          335.42574
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value (Undepreciated) ($B)",
        "box": [
          28.55122,
          354.05093999999997,
          179.68027600000013,
          362.9035923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share",
        "box": [
          28.55122,
          366.17226,
          72.52262800000003,
          374.88725999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.1",
        "box": [
          267.15298,
          354.05093999999997,
          283.007308,
          362.9035923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$8.24",
        "box": [
          258.7567,
          366.17226,
          283.011292,
          374.88725999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve (General) ($M)",
        "box": [
          28.561180000000007,
          393.51246000000003,
          160.96643199999997,
          402.36511230769236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share / Basis Points ('BPS') (7)",
        "box": [
          28.561180000000007,
          404.88710000000003,
          176.86494799999997,
          414.34878000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$87.2",
        "box": [
          258.9955,
          393.4991,
          283.0040800000001,
          402.3517523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.67 / 306 bps",
        "box": [
          212.07394,
          405.62041999999997,
          282.9502960000001,
          414.33542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve (Specific) ($M)",
        "box": [
          28.56093999999996,
          432.96062,
          160.36659999999992,
          441.81327230769233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share",
        "box": [
          28.56093999999996,
          445.08194000000003,
          72.53234799999998,
          453.79694
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          273.8755,
          433.8682,
          282.9835,
          441.8675846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          273.6325,
          444.78520000000003,
          282.9925,
          452.66020000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total ",
        "box": [
          375.3978,
          167.30060000000003,
          401.4103320000002,
          176.0156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization ",
        "box": [
          355.71684,
          178.09724000000006,
          420.97276800000037,
          186.81224000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.7B",
        "box": [
          369.5178,
          189.3326,
          404.6178,
          202.66490769230768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "**",
        "box": [
          540.5306,
          440.0857,
          545.8058,
          445.96569999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*",
        "box": [
          462.39716000000004,
          440.0857,
          465.0314,
          445.96569999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 7,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "7",
        "box": [
          696.0024,
          513.4501,
          700.8828,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76%",
        "box": [
          208.6534,
          214.457,
          227.77544799999998,
          223.84294461538462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24%",
        "box": [
          148.60924,
          157.23235999999997,
          168.44725599999998,
          166.6183046153846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "<1%",
        "box": [
          181.31356,
          140.45252,
          198.99099999999999,
          149.83846461538462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan portfolio",
        "box": [
          32.7712,
          151.8216,
          90.5314,
          159.6966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease & other",
        "box": [
          32.7712,
          185.5591,
          104.22489999999996,
          193.4341
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "real estate",
        "box": [
          32.7712,
          195.9991,
          77.7415,
          203.8741
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE debt securities",
        "box": [
          32.7712,
          219.29649999999998,
          112.93690000000004,
          227.17149999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60%",
        "box": [
          218.2633,
          393.5824,
          238.821508,
          402.9683446153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17%",
        "box": [
          139.78137999999998,
          401.01664,
          157.09977999999998,
          410.4025846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4%",
        "box": [
          141.23865999999998,
          377.30944,
          155.44185999999996,
          386.69538461538457
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          146.57145999999997,
          365.35551999999996,
          159.81369999999995,
          374.7414646153846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6% 5%",
        "box": [
          158.25081999999998,
          345.74559999999997,
          187.28553999999997,
          359.0704246153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          190.05754,
          324.26655999999997,
          202.2121,
          333.6525046153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          31.777,
          327.567,
          75.607,
          335.442
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office (loan portfolio)",
        "box": [
          31.777,
          346.9773,
          119.12379999999993,
          354.8523
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office (NNN & Other RE)",
        "box": [
          31.777,
          366.3876,
          128.85099999999997,
          374.2626
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          31.777,
          385.7979,
          69.39070000000001,
          393.6729
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use & Other",
        "box": [
          31.777,
          405.2083,
          109.60540000000003,
          413.0833
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          31.777,
          424.6186,
          53.788300000000014,
          432.4936
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          31.777,
          444.0289,
          55.3507,
          451.9039
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above charts exclude the impact of CECL reserves. In addition, 'Property Type' chart excludes CRE debt securities",
        "box": [
          172.9483,
          496.1007,
          541.7399079999996,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions, except per share data; as of March 31, 2026; at BRSP share; per share data may differ due to rounding",
        "box": [
          172.9483,
          503.65926,
          540.8643399999993,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.94830000000002,
          511.21782,
          270.21778000000023,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PORTFOLIO OVERVIEW",
        "box": [
          31.265,
          35.00199999999995,
          274.84318399999984,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on ",
        "box": [
          28.4293,
          107.61840000000001,
          62.56021199999999,
          113.70840000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP",
        "box": [
          60.679108410256404,
          107.61840000000001,
          81.721788,
          113.8045907692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " net carrying value as of March 31, 2026",
        "box": [
          79.66882,
          107.61840000000001,
          207.53979600000034,
          113.70840000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on ",
        "box": [
          28.426980000000007,
          303.52152,
          62.557891999999995,
          309.61152000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP",
        "box": [
          60.67678841025641,
          303.52152,
          81.719468,
          309.7077107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " gross carrying value as of March 31, 2026",
        "box": [
          79.6665,
          303.52152,
          214.14808400000018,
          309.61152000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Type",
        "box": [
          29.0982,
          84.3845,
          129.39564,
          95.90361384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio Overview",
        "box": [
          283.2,
          84.0249,
          394.82448000000005,
          95.54401384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          114.2199,
          218.3154,
          120.6159,
          223.5654
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          29.0982,
          281.12440000000004,
          113.91751200000003,
          292.64351384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(At BRSP share)",
        "box": [
          277.59481,
          132.07686,
          337.1386601799997,
          139.24503499999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment",
        "box": [
          478.4388,
          121.41716000000002,
          521.0674330499999,
          128.69855540512822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "count",
        "box": [
          488.9013,
          132.07696000000004,
          510.7051064500001,
          139.35835540512824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying ",
        "box": [
          539.5356,
          121.41716000000002,
          574.8435937700001,
          128.69855540512822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
          545.6553,
          132.07696000000004,
          566.69804178,
          139.35835540512824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net carrying ",
        "box": [
          588.8868,
          121.41716000000002,
          638.1118730100001,
          128.69855540512822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
          602.0143,
          132.07696000000004,
          623.0570417800001,
          139.35835540512824
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per share",
        "box": [
          650.8721,
          132.07686,
          686.9174007700003,
          139.3582554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan portfolio",
        "box": [
          284.2909,
          149.15216000000004,
          337.61703839000006,
          156.43355540512823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100",
        "box": [
          492.1584,
          149.15216000000004,
          505.61425275000005,
          156.43355540512823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$            2,730",
        "box": [
          533.6135,
          149.15226,
          579.1424963599999,
          156.4336554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               647",
        "box": [
          590.6636,
          149.15236000000004,
          635.43914906,
          156.4338554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              4.97",
        "box": [
          646.7265,
          149.15256,
          691.80026625,
          156.4339554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserves",
        "box": [
          290.5092,
          173.03786000000002,
          376.1359388300001,
          180.20603499999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   (87)",
        "box": [
          533.5147,
          173.03786000000002,
          581.5896533299999,
          180.20613499999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   (87)",
        "box": [
          589.8738,
          173.03796,
          637.9488533299999,
          180.20613499999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                (0.67)",
        "box": [
          645.838,
          173.03806000000003,
          694.3088583799998,
          180.206235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan portfolio, net of general CECL reserves",
        "box": [
          284.291,
          196.92356,
          452.1241924099999,
          204.2049554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100",
        "box": [
          492.1584,
          196.92356,
          505.61425275000005,
          204.2049554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              2,643",
        "box": [
          533.9096,
          196.92356,
          579.1372885799999,
          204.2049554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 560",
        "box": [
          590.2686,
          196.92366000000004,
          635.50154826,
          204.20505540512823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                4.30",
        "box": [
          646.4302,
          196.92366000000004,
          691.86004219,
          204.2051554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease",
        "box": [
          284.2906,
          220.80946,
          319.86484352,
          227.97763499999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          496.9945,
          220.80946,
          501.008727,
          227.97763499999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   313",
        "box": [
          532.7247,
          220.80946,
          579.4069623299998,
          227.97763499999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                    29",
        "box": [
          589.7746,
          220.80946,
          635.7680379999999,
          227.97763499999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 0.22",
        "box": [
          645.7387,
          220.80956000000003,
          692.0874083799998,
          227.977735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other real estate",
        "box": [
          284.29,
          244.69526000000002,
          348.7879778999997,
          251.86343499999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          496.9939,
          244.69526000000002,
          501.008127,
          251.86343499999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  401",
        "box": [
          533.6125,
          244.69526000000002,
          579.43206504,
          251.86343499999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  170",
        "box": [
          590.6624,
          244.69526000000002,
          635.7946310699999,
          251.86343499999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 1.30",
        "box": [
          646.5278,
          244.69536,
          692.1539097999998,
          251.86353499999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE debt securities",
        "box": [
          284.291,
          269.37016,
          357.2024699999997,
          276.53833499999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          357.2321,
          267.25798,
          363.1177881200001,
          272.00800499999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          497.587,
          268.58056,
          500.372382,
          275.74873499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                      2",
        "box": [
          533.6133,
          268.58056,
          579.3694575,
          275.74873499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                      2",
        "box": [
          589.9724,
          268.58056,
          635.7283575,
          275.74873499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.02",
        "box": [
          646.43,
          268.58056,
          692.0872268699999,
          275.74873499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total investment portfolio",
        "box": [
          278.0727,
          292.46626,
          376.99963788000036,
          299.74765540512817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "115",
        "box": [
          493.4415,
          292.46626,
          504.25123985,
          299.74765540512817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$            3,360",
        "box": [
          533.0212,
          292.46626,
          579.1409611899999,
          299.74765540512817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               760",
        "box": [
          590.2685,
          292.46626,
          635.5013794000001,
          299.74765540512817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              5.84",
        "box": [
          646.4301,
          292.46626,
          691.84551959,
          299.74765540512817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Plus: cash & net assets",
        "box": [
          278.0727,
          317.14156,
          363.1259778299995,
          324.30973500000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(9)",
        "box": [
          363.1542,
          315.02927999999997,
          368.9394590200001,
          319.779305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  296",
        "box": [
          533.2187,
          316.35195999999996,
          579.4092762299999,
          323.520135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   158",
        "box": [
          588.8868,
          316.35195999999996,
          635.8149313299999,
          323.520235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  1.21",
        "box": [
          646.7263,
          316.35206,
          692.1480427999999,
          323.520235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total - GAAP",
        "box": [
          278.0727,
          340.23756000000003,
          328.1112684000001,
          347.5189554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$            3,656",
        "box": [
          533.6135,
          340.23766,
          579.1039925500002,
          347.5190554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                918",
        "box": [
          589.5776,
          340.23766,
          635.4922268600001,
          347.5190554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              7.05",
        "box": [
          646.5288,
          340.23776,
          691.8849081999999,
          347.51915540512823
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Plus: accumulated D&A",
        "box": [
          278.0727,
          364.91286,
          365.65494083999954,
          372.08103500000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10)",
        "box": [
          365.6218,
          362.80068,
          373.8743577200001,
          367.550705
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   187",
        "box": [
          532.9224,
          364.12336,
          579.37701639,
          371.291535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   187",
        "box": [
          589.2814,
          364.12336,
          635.7359163899999,
          371.291535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  1.43",
        "box": [
          645.7391,
          364.12336,
          692.1252486599999,
          371.291535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: non-GAAP impariment of real estate",
        "box": [
          278.0727,
          388.79855999999995,
          435.35994461999934,
          395.96673499999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11)",
        "box": [
          435.3058,
          386.68638,
          441.9813494200001,
          391.43640500000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   (32)",
        "box": [
          533.3171,
          388.00896,
          581.5896877599998,
          395.177135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   (32)",
        "box": [
          589.6761,
          388.00906,
          637.9485877599999,
          395.177235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               (0.24)",
        "box": [
          646.5285,
          388.00906,
          694.3081692699999,
          395.177235
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total - Undepreciated",
        "box": [
          278.0727,
          411.89466,
          363.3471699300003,
          419.1760554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$             3,811",
        "box": [
          534.107,
          411.89466,
          579.1265833999998,
          419.1760554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$            1,073",
        "box": [
          591.157,
          411.89466,
          635.5006705499999,
          419.1760554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              8.24",
        "box": [
          646.5289,
          411.89466,
          691.84765045,
          419.1761554051282
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 8,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "8",
        "box": [
          695.2825,
          513.4501,
          700.93978,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOAN ORIGINATION HIGHLIGHTS",
        "box": [
          31.265,
          35.00199999999995,
          381.03714799999995,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key Metrics",
        "box": [
          28.1973,
          94.65719999999999,
          97.81971600000001,
          106.17631384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BUDGET VS. ACTUAL",
        "box": [
          8.5608,
          9.266200000000026,
          123.06118799999997,
          17.69221846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26",
        "box": [
          241.7433,
          126.43790000000001,
          274.71354,
          137.95701384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "YTD 2026 (3)",
        "box": [
          328.5105,
          125.50189999999998,
          395.1265440000001,
          137.95701384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total number of loans",
        "box": [
          29.4572,
          157.49020000000002,
          139.59113599999998,
          167.15020000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          255.0633,
          156.7462,
          261.4137,
          168.26531384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          356.11242,
          156.7462,
          367.50425999999993,
          168.26531384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total committed capital",
        "box": [
          29.4572,
          194.94189999999998,
          152.31032000000008,
          204.6019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$279M",
        "box": [
          239.2258,
          194.19779999999997,
          277.267288,
          205.71691384615383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$594M",
        "box": [
          342.07636,
          194.19779999999997,
          381.5538160000001,
          205.71691384615383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average loan size ",
        "box": [
          29.4572,
          225.7935,
          121.36961599999994,
          235.45350000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(committed capital)",
        "box": [
          29.4572,
          238.99734,
          129.36588800000007,
          248.65734000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40M",
        "box": [
          241.5059,
          231.6495,
          274.86494,
          243.16861384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$35M",
        "box": [
          345.91166,
          231.6495,
          377.710316,
          243.16861384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. cash coupon",
        "box": [
          29.4572,
          269.8452,
          121.06049599999994,
          279.5052
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+2.59%",
        "box": [
          233.5833,
          269.1012,
          282.862404,
          280.62031384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+2.57%",
        "box": [
          337.50954,
          269.1012,
          385.9514280000001,
          280.62031384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% Floating rate ",
        "box": [
          29.4572,
          300.6968,
          107.57071999999997,
          310.3568
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(senior loans)",
        "box": [
          29.4572,
          313.90063999999995,
          95.15844799999994,
          323.56064
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          242.5859,
          306.5528,
          273.870044,
          318.07191384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          346.14926,
          306.5528,
          377.43340400000005,
          318.07191384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above charts based on YTD 2026 total committed capital",
        "box": [
          172.9483,
          496.1007,
          358.58750799999996,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions. As of March 31, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding",
        "box": [
          172.9483,
          503.65926,
          523.2270040000001,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.94829999999996,
          511.21782,
          270.2177800000002,
          517.30782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          443.4,
          94.65719999999999,
          528.219312,
          106.17631384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Region",
        "box": [
          443.4001,
          223.73250000000002,
          485.43715599999996,
          235.25161384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition vs. Refinance",
        "box": [
          443.3998,
          352.8077,
          593.9651920000008,
          364.32681384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "85%",
        "box": [
          512.6971,
          189.7919,
          531.355168,
          198.64455230769227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10%",
        "box": [
          471.43282,
          133.09958,
          489.13672,
          141.95223230769227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5%",
        "box": [
          490.60582,
          124.93238000000002,
          503.62354,
          133.7850323076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          612.9254,
          139.11649999999997,
          656.7554000000003,
          146.99149999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          612.9254,
          159.96819999999997,
          650.5391000000005,
          167.84319999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          612.9254,
          180.82,
          634.9366999999997,
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        "text": "38%",
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        "text": "38%",
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        "text": "20%",
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        "text": "4%",
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        "text": "West",
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        "text": "Southwest",
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        "text": "Southeast",
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        "text": "Midwest",
        "box": [
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        "text": "57%",
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        "text": "43%",
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      {
        "text": "Acquisition",
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        "text": "Refinance",
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      {
        "text": "$144 ",
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      {
        "text": "$416 ",
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      {
        "text": "$279 ",
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      {
        "text": "$33",
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      {
        "text": "$283",
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        "text": "Q3'25",
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      {
        "text": "Q4'25",
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      {
        "text": "Q1'26",
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      {
        "text": "YTD Q2'26",
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      {
        "text": "Originations by Quarter",
        "box": [
          28.197,
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        "from_ocr": false,
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      {
        "text": "In-execution",
        "box": [
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      {
        "text": "$316",
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      {
        "text": "Closed",
        "box": [
          378.2016,
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        "from_ocr": false,
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      {
        "text": "(3)",
        "box": [
          363.2806,
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          368.8863759999999,
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        "from_ocr": false,
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      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
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          157.66666666666666,
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        "from_ocr": true,
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      {
        "text": "CAPITAL",
        "box": [
          53.0,
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        "from_ocr": true,
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  {
    "page_no": 9,
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      {
        "text": "9",
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      {
        "text": "$2,678",
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      {
        "text": "$2,730",
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      {
        "text": "$258",
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      {
        "text": "$10",
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      {
        "text": "($169)",
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        "from_ocr": false,
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      {
        "text": "($45)",
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      {
        "text": "($2)",
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      {
        "text": "12/31/2025",
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      {
        "text": "Loan Portfolio",
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      {
        "text": "Total New",
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        "from_ocr": false,
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      {
        "text": "Loans",
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      {
        "text": "Additional",
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      {
        "text": "Loan",
        "box": [
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      {
        "text": "Fundings",
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      {
        "text": "Repayments",
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        "text": "REO",
        "box": [
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        "text": "Other",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3/31/2026",
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      {
        "text": "Loan Portfolio",
        "box": [
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      {
        "text": "<$25M",
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      {
        "text": "25%",
        "box": [
          180.775,
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      {
        "text": "$25M-$50M",
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      {
        "text": "58%",
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      {
        "text": "$51M-$75M",
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      {
        "text": "14%",
        "box": [
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          382.9868446153846
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      {
        "text": ">$75M",
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      {
        "text": "3%",
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          366.5631446153846
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions, unless otherwise stated; as of March 31, 2026, unless otherwise stated; at BRSP share ",
        "box": [
          172.9483,
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          509.74926
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        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
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      {
        "text": "LOAN PORTFOLIO OVERVIEW",
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          341.31586399999986,
          52.53699999999998
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      {
        "text": "98%",
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          222.38914461538462
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2% <1%",
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          414.03736,
          127.49698461538458
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior mortgage loans",
        "box": [
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          446.9154000000005,
          266.39779999999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mezzanine loans",
        "box": [
          352.95,
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          421.1132999999995,
          280.0852
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        "from_ocr": false,
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      {
        "text": "Preferred equity",
        "box": [
          352.95,
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          419.2268999999997,
          293.7725
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Overview",
        "box": [
          29.0981,
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          86.23226,
          90.86351384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Type",
        "box": [
          304.8698,
          79.34440000000001,
          405.16724000000033,
          90.86351384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
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          591.4604119999996,
          90.86351384615386
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100",
        "box": [
          28.5622,
          108.0539,
          49.931944,
          119.57301384615386
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        "from_ocr": false,
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      },
      {
        "text": "Total number of investments",
        "box": [
          89.9541,
          109.19390000000004,
          219.8574000000001,
          117.90890000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.7B",
        "box": [
          28.5622,
          134.0161,
          60.16127200000002,
          145.53521384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total loan portfolio",
        "box": [
          89.9541,
          135.15610000000004,
          176.99553599999996,
          143.8711
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$27M",
        "box": [
          28.5622,
          159.9783,
          59.40311200000001,
          171.49741384615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average investment size",
        "box": [
          89.9541,
          161.11830000000003,
          201.73219199999997,
          169.8333
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.1 yrs.",
        "box": [
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          185.9405,
          66.23821600000001,
          197.45961384615384
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "W.A. remaining term (12)",
        "box": [
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          186.3485,
          191.58229199999997,
          195.7955
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.2 yrs.",
        "box": [
          28.5622,
          211.90269999999998,
          69.95773600000001,
          223.42181384615384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. extended remaining term (13)",
        "box": [
          89.9541,
          212.3107,
          239.10056399999996,
          221.7577
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.2%",
        "box": [
          28.5622,
          237.865,
          55.165192,
          249.38411384615387
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. unlevered all-in yield (1)",
        "box": [
          89.9541,
          238.2729,
          214.01998799999998,
          247.7199
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.1",
        "box": [
          28.5622,
          263.8271,
          44.13364,
          275.34621384615383
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        "from_ocr": false,
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      {
        "text": "W.A. risk ranking",
        "box": [
          89.9541,
          264.9671,
          164.08936799999998,
          273.6821
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        "from_ocr": false,
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      },
      {
        "text": "99%",
        "box": [
          28.5622,
          289.7893,
          52.88164,
          301.3084138461538
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of senior loans are floating rate",
        "box": [
          89.9541,
          290.9293,
          233.053404,
          299.6443
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69%",
        "box": [
          634.0009,
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          653.8431400000001,
          208.90374461538465
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21%",
        "box": [
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          562.4685159999999,
          166.42086461538463
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8% 1%1%",
        "box": [
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          117.63555999999994,
          615.6265,
          133.5475846153846
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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          249.1782,
          615.5888000000003,
          257.0532
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        "from_ocr": false,
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      {
        "text": "Office",
        "box": [
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          596.8148,
          268.27889999999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mixed-use & Other",
        "box": [
          571.7588,
          271.6297,
          649.5872000000007,
          279.5047
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Industrial",
        "box": [
          571.7588,
          282.8554,
          609.3725000000005,
          290.7304
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Hotel",
        "box": [
          571.7588,
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          593.7700999999997,
          301.95619999999997
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Portfolio Activity",
        "box": [
          304.6328,
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          437.9406559999997,
          328.9649138461539
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(16)",
        "box": [
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          459.372
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(15)",
        "box": [
          561.57992,
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          459.372
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(14)",
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          459.41192,
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          467.1766880000001,
          477.91535999999996
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      {
        "text": "(Initial Fundings)",
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        "text": "Loan Size Diversification",
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      {
        "text": "Total Loan ",
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        "text": "Count",
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        "text": "98",
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        "text": "Total Loan ",
        "box": [
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      {
        "text": "Count",
        "box": [
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        "text": "100",
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        "text": "BRIGHTSPIRE",
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        "from_ocr": true,
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        "text": "CAPITAL",
        "box": [
          53.0,
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        "from_ocr": true,
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  {
    "page_no": 10,
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        "text": "10",
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        "text": "Collateral Type",
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        "text": "Region Exposure as a % of Carrying Value",
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        "from_ocr": false,
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      {
        "text": "(At BRSP share)",
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        "text": "Number of",
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        "text": "investments",
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        "text": "Carrying ",
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        "text": "value",
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      {
        "text": "% of carrying ",
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        "text": "value",
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        "text": "W",
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        "text": "SW",
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        "text": "SE",
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        "text": "MW",
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        "text": "Multifamily",
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        "text": "73",
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      {
        "text": "$                        26",
        "box": [
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      {
        "text": "$                    1,877",
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      {
        "text": "69%",
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        "from_ocr": false,
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        "text": "28%",
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        "text": "28%",
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        "text": "1%",
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        "from_ocr": false,
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        "text": "9%",
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          146.43818250000004
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3%",
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        "from_ocr": false,
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        "text": "Office",
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        "text": "19",
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        "from_ocr": false,
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      {
        "text": "                           30",
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          216.48669500000014,
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          278.6987262500001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                          577",
        "box": [
          290.98868500000015,
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          354.0122750000001,
          165.75503910000003
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        "from_ocr": false,
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      {
        "text": "21%",
        "box": [
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          422.89612625000007,
          165.75503910000003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8%",
        "box": [
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        "from_ocr": false,
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        "text": "7%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5%",
        "box": [
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          165.75503910000003
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "1%",
        "box": [
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          633.9686575,
          165.75503910000003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "--",
        "box": [
          675.89172,
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          685.3838187499999,
          165.75503910000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-use & Other",
        "box": [
          24.026210000000106,
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          102.02373150000008,
          185.07189570000003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6",
        "box": [
          169.5777025000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            37",
        "box": [
          215.79619750000012,
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          278.8242712500001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                         220",
        "box": [
          290.9797175000001,
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          353.8858332500001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8%",
        "box": [
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          422.8871587500001,
          185.07189570000003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2%",
        "box": [
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          478.76365125000007,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "--",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6%",
        "box": [
          571.04371,
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          582.2306662500001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "--",
        "box": [
          624.1582125,
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          633.65031125,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          675.89172,
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          685.3829219999999,
          185.07189570000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          24.026210000000106,
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        "from_ocr": false,
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      {
        "text": "1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                            32",
        "box": [
          215.10570000000007,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                            32",
        "box": [
          290.29818750000004,
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          353.64012375000004,
          204.38875230000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1%",
        "box": [
          413.771695,
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          422.8916425,
          204.38875230000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          468.95769,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          520.6911975,
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          530.1823995,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          572.424705,
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          581.91680375,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          624.1582125,
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          633.65031125,
          204.38875230000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          676.5822175,
          196.5418398,
          685.7021649999999,
          204.38875230000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          24.026209999999992,
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          46.56422774999999,
          223.70560890000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          170.26819999999998,
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          173.31714999999997,
          223.70560890000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           24",
        "box": [
          216.48669499999997,
          215.85869639999999,
          278.25035124999994,
          223.70560890000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           24",
        "box": [
          291.67918249999997,
          215.85869639999999,
          353.4428387499999,
          223.70560890000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          413.77169499999997,
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          422.89164249999993,
          223.70560890000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          468.95768999999996,
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          478.4497887499999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          520.6911974999999,
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          530.1832962499999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          572.4247049999999,
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          581.9168037499999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          624.1582124999999,
          215.85869639999999,
          633.6503112499998,
          223.70560890000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          676.5822174999998,
          215.85869639999999,
          685.7021649999998,
          223.70560890000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total",
        "box": [
          24.026209999999878,
          235.17555299999998,
          45.55269374999989,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100",
        "box": [
          164.74421999999987,
          235.17555299999998,
          179.3576579999999,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                         27",
        "box": [
          215.78722999999988,
          235.17555299999998,
          278.12480624999984,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   2,730",
        "box": [
          290.97074999999984,
          235.17555299999998,
          353.18905849999993,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          400.65224249999983,
          235.17555299999998,
          421.9913054999997,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38%",
        "box": [
          461.35324999999983,
          235.17555299999998,
          477.8704882499998,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35%",
        "box": [
          513.0867574999999,
          235.17555299999998,
          529.6039957499997,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12%",
        "box": [
          566.2012599999998,
          235.17555299999998,
          581.3428837499998,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10%",
        "box": [
          617.2442699999998,
          235.17555299999998,
          633.0683204999998,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5%",
        "box": [
          673.1207624999998,
          235.17555299999998,
          684.8098987499998,
          243.14640647692306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserves",
        "box": [
          24.0082749999998,
          254.49240959999997,
          119.12206374999978,
          262.3393221
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           (87)",
        "box": [
          290.9617824999998,
          254.49240959999997,
          356.1196374999997,
          262.3393221
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total - Net of general CECL reserves",
        "box": [
          24.008274999999855,
          273.80926619999997,
          177.85918874999965,
          281.78011967692305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                 2,643",
        "box": [
          290.9617824999999,
          273.80926619999997,
          353.10655749999995,
          281.78011967692305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves",
        "box": [
          172.9483,
          496.1007,
          472.7482119999999,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions; as of March 31, 2026; at BRSP share",
        "box": [
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          509.74926
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      {
        "text": "LOAN PORTFOLIO DIVERSIFICATION",
        "box": [
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          413.59413200000006,
          52.53699999999998
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        "text": "Northeast ",
        "box": [
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          387.0332907692308
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      {
        "text": "12%",
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      {
        "text": "Region",
        "box": [
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      {
        "text": "Southeast",
        "box": [
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          635.4355239999998,
          438.08779076923076
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      {
        "text": "10%",
        "box": [
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      {
        "text": "Southwest",
        "box": [
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          419.67389076923075
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      {
        "text": "35%",
        "box": [
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      {
        "text": "West ",
        "box": [
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      {
        "text": "38%",
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          384.5189846153846
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      {
        "text": "Midwest ",
        "box": [
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          602.4191560000003,
          387.0332907692308
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      {
        "text": "5%",
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        "from_ocr": false,
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      {
        "text": "Collateral Type Migration",
        "box": [
          29.52,
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          311.5894138461539
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        "from_ocr": false,
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      {
        "text": "53%",
        "box": [
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          427.1224446153846
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        "from_ocr": false,
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      {
        "text": "67%",
        "box": [
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          418.99124461538463
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        "from_ocr": false,
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      {
        "text": "69%",
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          417.8296446153846
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      {
        "text": "29%",
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          379.50740461538464
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        "from_ocr": false,
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      {
        "text": "24%",
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      {
        "text": "21%",
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        "from_ocr": false,
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      {
        "text": "8%",
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          358.01780461538465
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      {
        "text": "8%",
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          347.5634046153846
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        "from_ocr": false,
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      {
        "text": "8%",
        "box": [
          340.00973999999997,
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          348.7250046153846
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        "from_ocr": false,
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      {
        "text": "8%",
        "box": [
          91.0273,
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          105.10378,
          348.7373446153846
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1%",
        "box": [
          397.97482,
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          410.12938,
          343.5101446153846
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2%",
        "box": [
          92.7073,
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          106.42474,
          335.43534461538457
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1%",
        "box": [
          216.4797,
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          228.63426,
          334.2098446153846
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        "from_ocr": false,
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      {
        "text": "1%",
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          339.96834,
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          352.1229,
          332.3512846153846
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      {
        "text": "Q1'25",
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          465.4145
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        "text": "Q4'25",
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          210.6028,
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          465.4145
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        "text": "Q1'26",
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        "text": "Multifamily",
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        "text": "Office",
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        "from_ocr": false,
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      {
        "text": "Mixed-use & Other",
        "box": [
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        "from_ocr": false,
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        "text": "Hotel",
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        "text": "Industrial",
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        "text": "3",
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        "from_ocr": true,
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        "text": "CAPITAL",
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  {
    "page_no": 11,
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        "text": "11",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(At BRSP share)",
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        "text": "Number of",
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        "text": "investments",
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        "text": "Carrying ",
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        "text": "value",
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        "text": "% of ",
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        "text": "carrying value",
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        "text": "Net carrying",
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        "text": "W.A. unlevered ",
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      {
        "text": "all-in yield",
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        "text": "(1)",
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        "text": "W.A. extended",
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        "text": "term (years)",
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        "text": "(13)",
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        "text": "Floating rate",
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        "from_ocr": false,
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      {
        "text": "Senior mortgage loans",
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        "text": "$            2,643,650",
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        "text": "97%",
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        "text": "$               560,587",
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        "text": "7.1%",
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        "text": "2.2",
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        "text": "Total / W.A. floating rate",
        "box": [
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        "from_ocr": false,
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        "text": "87",
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        "text": "             2,643,650",
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        "text": "97%",
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        "text": "                560,587",
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        "text": "7.1%",
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        "text": "Fixed rate",
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        "text": "Senior mortgage loans",
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        "from_ocr": false,
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        "text": "                  25,808",
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        "text": "1%",
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        "text": "20.0%",
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        "text": "Mezzanine loans",
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        "text": "2",
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        "text": "--",
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        "text": "0.9",
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      {
        "text": "Preferred equity",
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        "text": "10",
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      {
        "text": "< 1%",
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        "confidence": 1.0
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        "text": "                    14,188",
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      {
        "text": "14.9%",
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        "text": "0.8",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total / W.A. fixed rate",
        "box": [
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        "from_ocr": false,
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        "text": "13",
        "box": [
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          214.06184730000007,
          346.6208230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   86,422",
        "box": [
          258.87960000000004,
          337.8215,
          336.97158879999995,
          346.6208230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          379.7994214,
          337.8215,
          393.025955,
          346.6208230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                   86,422",
        "box": [
          435.66568570000004,
          337.8215,
          513.7576745,
          346.6208230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.4%",
        "box": [
          552.3482643,
          337.8215,
          574.0611636200002,
          346.6208230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.6",
        "box": [
          644.2805929,
          337.8215,
          658.9495710699999,
          346.6208230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A.",
        "box": [
          32.593014299999936,
          374.5901,
          88.28305681999994,
          383.3894230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100",
        "box": [
          201.59762139999995,
          374.5901,
          217.73379438999999,
          383.3894230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$            2,730,072",
        "box": [
          258.86969989999994,
          374.5901,
          336.9735688200001,
          383.3894230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          374.13656419999995,
          374.5901,
          397.9769950099999,
          383.3894230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              647,008",
        "box": [
          436.3685928,
          374.5901,
          513.4171110599999,
          383.3894230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.2%",
        "box": [
          553.0511713999999,
          374.5901,
          573.3533064699999,
          383.3894230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2",
        "box": [
          644.9834999999999,
          374.5901,
          658.01896167,
          383.3894230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserves",
        "box": [
          32.593014299999936,
          409.943,
          134.65908525999987,
          418.6055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  (87,180)",
        "box": [
          259.58250709999993,
          409.943,
          339.2882121999998,
          418.6055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  (87,180)",
        "box": [
          436.36859279999993,
          409.943,
          516.0742978999998,
          418.6055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. - Net of general CECL reserves",
        "box": [
          32.5831141999999,
          444.593,
          234.47882352999997,
          453.3923230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$            2,642,892",
        "box": [
          259.5726069999999,
          444.593,
          336.9636687199998,
          453.3923230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              559,828",
        "box": [
          437.07149989999994,
          444.593,
          513.3963208499998,
          453.3923230769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in thousands; as of March 31, 2026; at BRSP share",
        "box": [
          172.9483,
          496.1007,
          335.77819599999987,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.94830000000002,
          503.65926,
          270.21778000000023,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOAN PORTFOLIO SUMMARY",
        "box": [
          31.265,
          35.00199999999995,
          334.5543679999997,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 12,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "12",
        "box": [
          691.8024,
          513.4501,
          700.93074,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOAN PORTFOLIO MATURITIES",
        "box": [
          31.265,
          35.00199999999995,
          353.62643599999984,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully Extended Loan Maturities (13)",
        "box": [
          260.3321,
          135.5894,
          459.0670760000001,
          148.04451384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$723 ",
        "box": [
          107.3203,
          344.39160000000004,
          132.27569199999996,
          353.7775446153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$891 ",
        "box": [
          260.79934000000003,
          322.76472,
          285.159148,
          332.1506646153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$133 ",
        "box": [
          414.2783800000001,
          420.13848,
          438.27809200000013,
          429.52442461538465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$983 ",
        "box": [
          566.4374200000001,
          311.00088,
          592.4773239999998,
          320.3868246153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$39 ",
        "box": [
          171.02878000000004,
          416.38968,
          191.06426800000003,
          425.77562461538463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$26 ",
        "box": [
          324.38110000000006,
          419.65272,
          344.301484,
          429.0386646153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2 ",
        "box": [
          480.48958000000005,
          425.87256,
          494.53015600000003,
          435.2585046153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$50 ",
        "box": [
          630.3676600000001,
          413.54904,
          651.127564,
          422.9349846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0",
        "box": [
          51.6546,
          437.4135,
          62.247600000000006,
          445.2885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$250",
        "box": [
          42.0696,
          373.2075,
          62.2566,
          381.0825
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$500",
        "box": [
          41.1246,
          309.00149999999996,
          62.28,
          316.87649999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$750",
        "box": [
          42.3846,
          244.79549999999995,
          62.3376,
          252.67049999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,000",
        "box": [
          35.0946,
          180.58949999999993,
          62.253,
          188.46449999999993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          139.1796,
          448.51949999999994,
          159.0696,
          456.39449999999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
          292.5936,
          448.51949999999994,
          312.1236,
          456.39449999999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2028",
        "box": [
          445.5666,
          448.51949999999994,
          465.6186,
          456.39449999999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029+",
        "box": [
          596.4516,
          448.51949999999994,
          621.2322000000001,
          456.39449999999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully extended loan maturities (carrying value)",
        "box": [
          98.4809,
          176.03359999999998,
          287.705,
          183.90859999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unfunded commitments",
        "box": [
          98.4809,
          189.1794,
          197.60420000000005,
          197.0544
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in Millions",
        "box": [
          22.4393,
          285.8176760000001,
          31.825244615384616,
          341.9747
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average fully extended remaining term of approximately 2.2 years across the loan portfolio ",
        "box": [
          22.8793,
          90.00889999999998,
          640.5865960000003,
          101.52801384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves",
        "box": [
          172.9483,
          496.1007,
          469.6273479999998,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.9483,
          503.65926,
          364.93154799999974,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9483,
          511.21782,
          270.21778000000023,
          517.30782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 13,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "13",
        "box": [
          691.6824,
          513.4501,
          700.9501799999999,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92%",
        "box": [
          162.549,
          225.1601,
          182.14624799999996,
          234.54604461538463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          230.75604,
          411.64970000000005,
          244.47348,
          421.0356446153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6%",
        "box": [
          297.85428,
          401.21642,
          311.8146,
          410.60236461538466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94%",
        "box": [
          192.40212000000002,
          219.76394,
          212.485128,
          229.14988461538462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          260.86260000000004,
          412.46282,
          274.58004000000005,
          421.84876461538465
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4%",
        "box": [
          327.84468000000004,
          409.33706,
          342.04788,
          418.72300461538464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          53.4628,
          435.70709999999997,
          56.522800000000004,
          443.58209999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          118.84779999999999,
          435.70709999999997,
          123.57279999999999,
          443.58209999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          185.0428,
          435.70709999999997,
          189.8128,
          443.58209999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          251.0308,
          435.70709999999997,
          256.2508,
          443.58209999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          317.4238,
          435.70709999999997,
          322.28380000000004,
          443.58209999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4'25",
        "box": [
          40.7431,
          134.97289999999998,
          64.31949999999999,
          142.84789999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26",
        "box": [
          40.7431,
          151.39170000000001,
          62.0695,
          159.26670000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Ranking Overview",
        "box": [
          28.9672,
          101.88760000000002,
          166.1488000000001,
          113.40671384615388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE",
        "box": [
          31.265,
          35.00199999999995,
          579.383048,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves, unless otherwise stated",
        "box": [
          172.9483,
          496.1007,
          552.1304920000001,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.9483,
          503.65926,
          364.93154799999974,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve Overview",
        "box": [
          372.6311,
          101.88760000000002,
          516.3924919999998,
          113.40671384615388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$137M",
        "box": [
          393.6583,
          322.2404,
          423.02566,
          331.6263446153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$127M",
        "box": [
          476.5543,
          329.33672,
          505.8055,
          338.7226646153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$88M",
        "box": [
          560.7703,
          358.73575999999997,
          587.1386200000001,
          368.1217046153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$87M",
        "box": [
          643.89862,
          359.40103999999997,
          669.42214,
          368.78698461538454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q2'25",
        "box": [
          396.8583,
          435.7072,
          419.9586,
          443.5822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q3'25",
        "box": [
          479.60429999999997,
          435.7072,
          502.82430000000005,
          443.5822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4'25",
        "box": [
          562.1523,
          435.7072,
          585.7287000000001,
          443.5822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26",
        "box": [
          646.0503,
          435.7072,
          667.3767,
          443.5822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL Reserve",
        "box": [
          378.3121,
          134.28769999999997,
          470.8032999999996,
          142.16269999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL Reserve",
        "box": [
          378.3121,
          151.0453,
          471.1641999999995,
          158.9203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Reserve",
        "box": [
          625.1945,
          259.5675,
          687.4106360000002,
          268.28249999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$87M ",
        "box": [
          644.15834,
          271.44978,
          670.886,
          280.30243230769224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.67/share)",
        "box": [
          625.3140199999999,
          283.45158,
          687.4086439999992,
          292.30423230769225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Reserve",
        "box": [
          376.4634199999999,
          182.35757999999998,
          438.68055200000026,
          191.07257999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$137M ",
        "box": [
          393.62449999999995,
          194.23985999999996,
          423.95170400000006,
          203.09251230769223
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($1.06/share)",
        "box": [
          377.0610199999999,
          206.24165999999997,
          438.079964,
          215.09431230769223
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          162.9339,
          259.5931,
          183.42544799999996,
          266.62809999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count ",
        "box": [
          160.77114,
          269.48109999999997,
          185.8239,
          277.35609999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89",
        "box": [
          166.5339,
          280.4491,
          177.67913999999996,
          289.3017523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          193.0576,
          245.0186,
          213.54914799999997,
          252.05359999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count ",
        "box": [
          190.89484000000002,
          254.90659999999997,
          215.9476,
          262.78159999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93",
        "box": [
          196.7776,
          265.87460000000004,
          207.72364000000002,
          274.7272523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          227.7194,
          364.9528,
          248.21094799999997,
          371.9878
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count ",
        "box": [
          225.55664000000002,
          374.8408,
          250.6094,
          382.7158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          234.0794,
          385.8089,
          239.8562,
          394.6615523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          257.1815,
          365.6213,
          277.67304800000005,
          372.6563
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count ",
        "box": [
          255.01874000000004,
          375.5093,
          280.0715,
          383.3843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          263.5415,
          386.4773,
          269.31829999999997,
          395.32995230769234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          322.3917,
          361.8642,
          342.88324800000004,
          368.8992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count ",
        "box": [
          320.22894,
          371.7522,
          345.2816,
          379.6272
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          328.8716,
          382.7202,
          334.2998,
          391.5728523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No specific CECL reserve on ",
        "box": [
          564.2275,
          135.78539999999998,
          682.1635000000007,
          143.66039999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "balance sheet for Q2'25 to Q1'26",
        "box": [
          554.7505,
          145.5054,
          689.2203999999987,
          153.3804
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Risk Rank 4 & 5",
        "box": [
          250.9438,
          287.8438,
          312.6693999999999,
          295.7188
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4'25: 8% | 9 loans",
        "box": [
          250.9438,
          300.6838,
          325.8301000000005,
          308.5588
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26: 6% | 7 loans",
        "box": [
          250.9438,
          313.5268,
          323.54049999999995,
          321.4018
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q4'25 W.A. Risk Ranking: ",
        "box": [
          223.4949,
          134.7853,
          326.4432000000003,
          142.6603
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1",
        "box": [
          326.4549,
          134.7853,
          337.2611999999999,
          142.7846846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26 W.A. Risk Ranking: ",
        "box": [
          223.49490000000003,
          147.5023,
          324.64320000000026,
          155.3773
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1",
        "box": [
          324.7962000000003,
          147.5023,
          335.6016000000002,
          155.5016846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Reserve",
        "box": [
          543.0251,
          259.5675,
          605.2412360000002,
          268.28249999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$88M ",
        "box": [
          561.62042,
          271.44978,
          589.0652000000002,
          280.30243230769224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.68/share)",
        "box": [
          542.7760999999999,
          283.45158,
          605.5908319999993,
          292.30423230769225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Reserve",
        "box": [
          460.6359799999999,
          198.61229999999995,
          522.8521160000003,
          207.32729999999992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$127M ",
        "box": [
          477.9165799999999,
          210.49457999999993,
          508.13024,
          219.3472323076922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.98/share)",
        "box": [
          460.3969399999999,
          222.49637999999993,
          523.2106759999999,
          231.3490323076922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan ",
        "box": [
          293.2926,
          362.1015,
          313.784148,
          369.1365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Count ",
        "box": [
          291.12984,
          371.9895,
          316.1826,
          379.8645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          299.7726,
          382.9575,
          305.23068,
          391.8101523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
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          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
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          97.0,
          518.3333333333334
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        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 14,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "14",
        "box": [
          691.3224,
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          522.3027523076923
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          168.5518,
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          204.86282370999996,
          144.00099320000004
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        "from_ocr": false,
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      },
      {
        "text": "Carrying",
        "box": [
          410.9083,
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          447.2193237099999,
          144.0008932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          655.6703,
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          691.9813237100001,
          144.0008932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment",
        "box": [
          29.0315,
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          66.01224504000001,
          153.78398749999997
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "value",
        "box": [
          175.167,
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          198.44942669999998,
          154.82579320000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Investment",
        "box": [
          284.0169,
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          320.99764504000007,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
          417.5234,
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          440.80582670000007,
          154.82569320000005
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Investment",
        "box": [
          528.7789,
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          565.75964504,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
          662.2854,
          146.80781000000002,
          685.5678267000001,
          154.82559320000001
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX Office / RR4 ",
        "box": [
          29.6329,
          170.86311,
          126.91393294000001,
          178.75622249999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loans 77 & 91)",
        "box": [
          29.176849999999998,
          182.52987000000002,
          81.05385759999999,
          189.37053250000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$43",
        "box": [
          178.7753,
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          193.77672410000002,
          184.1687225
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX Office / RR4 ",
        "box": [
          284.6183,
          170.86321000000004,
          381.89933293999997,
          178.7563225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loans 77 & 91)",
        "box": [
          284.16235,
          182.52997,
          336.0393576,
          189.3706325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$43",
        "box": [
          421.1317,
          176.27561000000003,
          436.13312410000003,
          184.1687225
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX Office / RR4 ",
        "box": [
          529.3802,
          170.86311,
          626.6612329400006,
          178.75622249999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loans 77 & 91)",
        "box": [
          528.9241499999999,
          182.52987000000002,
          580.8011576000001,
          189.37053250000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$43",
        "box": [
          665.8936,
          176.27561000000003,
          680.8950241,
          184.1687225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin, TX Multifamily / RR4",
        "box": [
          29.6329,
          212.95971000000003,
          141.92257359999994,
          220.8528225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loans 40 & 72)",
        "box": [
          29.176849999999998,
          224.62646999999998,
          84.66260023999997,
          231.4671325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24",
        "box": [
          178.7753,
          218.37211000000002,
          193.62698048000004,
          226.2652225
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin, TX Multifamily / RR4",
        "box": [
          284.6183,
          212.95971000000003,
          396.90797360000045,
          220.8528225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loans 40 & 72)",
        "box": [
          284.16235,
          224.62646999999998,
          339.64810023999996,
          231.4671325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24",
        "box": [
          421.1317,
          218.37211000000002,
          435.98338048,
          226.2652225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin, TX Multifamily / RR4",
        "box": [
          529.3802,
          212.95961,
          641.6698735999987,
          220.85272249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loans 40 & 72)",
        "box": [
          528.9241499999999,
          224.62637,
          584.40990024,
          231.46703250000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24",
        "box": [
          665.8936,
          218.37211000000002,
          680.74528048,
          226.2652225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin, TX Multifamily / RR5",
        "box": [
          29.6329,
          255.05621000000002,
          141.56174559999994,
          262.9493225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 18)",
        "box": [
          29.176849999999998,
          266.72297,
          61.2042095,
          273.5636325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36",
        "box": [
          179.3767,
          260.46861,
          193.77734548,
          268.3617225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Under PSA ",
        "box": [
          222.22005,
          260.70917,
          265.5474021600001,
          267.5498325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin, TX Multifamily / RR5",
        "box": [
          284.6183,
          255.05621000000002,
          396.5471456000004,
          262.9493225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 18)",
        "box": [
          284.16225,
          266.72297,
          316.18960950000024,
          273.5636325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36",
        "box": [
          421.7332,
          260.46861,
          436.13384548000005,
          268.3617225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Repayment ",
        "box": [
          463.37375,
          250.48577,
          511.5036381300003,
          257.3264325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Post Property ",
        "box": [
          459.76545,
          260.70917,
          515.1237684699998,
          267.5498325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sale) ",
        "box": [
          476.60415,
          270.93257,
          498.27904632,
          277.7732325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX Multifamily / RR5",
        "box": [
          29.6329,
          297.15261,
          143.3658855999999,
          305.0457225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 26)",
        "box": [
          29.176849999999998,
          308.81947,
          63.002326499999995,
          315.66013250000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$31",
        "box": [
          181.1808,
          302.56501000000003,
          193.86751248000002,
          310.4581225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Under PSA ",
        "box": [
          222.22005,
          302.80566999999996,
          265.5474021600001,
          309.64633249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX Multifamily / RR5",
        "box": [
          284.6183,
          297.15261,
          398.35128560000044,
          305.0457225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 26)",
        "box": [
          284.16225,
          308.81937,
          317.9877265000001,
          315.6600325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$31",
        "box": [
          423.5373,
          302.56511,
          436.22401248000006,
          310.45822250000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Repayment ",
        "box": [
          463.37365,
          292.58217,
          511.5035381300003,
          299.4228325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Post Property ",
        "box": [
          459.76545,
          302.80566999999996,
          515.1237684699998,
          309.64633249999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sale) ",
        "box": [
          476.60415,
          313.02907,
          498.27904632,
          319.8697325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Las Vegas, NV Multifamily / RR5",
        "box": [
          29.6329,
          339.24911,
          162.00986836000004,
          347.1422225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 23)",
        "box": [
          29.176849999999998,
          350.91587,
          63.002326499999995,
          357.7565325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$32",
        "box": [
          179.3767,
          344.66161,
          193.73224198000003,
          352.5547225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Repaid Q2 ",
        "box": [
          221.61865,
          344.90216999999996,
          266.13979549000004,
          351.74283249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Watchlist",
        "box": [
          29.6329,
          380.14291000000003,
          94.45925847999999,
          388.16069319999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$166",
        "box": [
          175.1671,
          380.14291000000003,
          193.38259950999995,
          388.16069319999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Watchlist",
        "box": [
          284.6184,
          380.14291000000003,
          349.44475847999973,
          388.16069319999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$134",
        "box": [
          416.92500689999997,
          380.14291000000003,
          435.38496738,
          388.16069319999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Watchlist",
        "box": [
          529.3860738,
          380.14291000000003,
          594.2124322800004,
          388.16069319999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$67",
        "box": [
          666.5007138,
          380.14291000000003,
          680.5396292099999,
          388.16069319999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% Change vs. Q1'26",
        "box": [
          284.6274207,
          395.7757831,
          366.00044919000044,
          403.7935663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(19%)",
        "box": [
          417.5293938,
          395.7757831,
          438.3374424899999,
          403.7935663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% Change vs. Q1'26",
        "box": [
          529.3860738,
          395.7757831,
          610.7591022900001,
          403.7935663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(59%)",
        "box": [
          661.0882938,
          395.7757831,
          683.0988018000002,
          403.7935663
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOAN PORTFOLIO WATCH LIST MIGRATION",
        "box": [
          31.265,
          35.00199999999995,
          490.2451279999996,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "* Pro forma adjusted for anticipated repayments",
        "box": [
          172.9483,
          496.1007,
          330.06682000000006,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves",
        "box": [
          172.9483,
          503.65926,
          469.6273479999998,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions. As of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.9483,
          511.21782,
          404.1727239999998,
          517.30782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26",
        "box": [
          95.5116,
          98.03620000000001,
          128.48183999999998,
          109.55531384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At Earnings Call",
        "box": [
          317.51,
          98.03620000000001,
          413.60710400000033,
          109.55531384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pro Forma*",
        "box": [
          579.1058,
          98.03620000000001,
          645.7046480000001,
          109.55531384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pro Forma",
        "box": [
          466.5055,
          93.51219999999995,
          511.42932400000007,
          101.93821846153844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity",
        "box": [
          472.26934,
          104.91663999999997,
          505.6910800000002,
          113.34265846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intra-Period",
        "box": [
          214.74514,
          93.51219999999995,
          268.91859999999997,
          101.93821846153844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity",
        "box": [
          225.18261999999996,
          104.91663999999997,
          258.6043599999999,
          113.34265846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 15,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "15",
        "box": [
          691.6824,
          513.4501,
          700.98006,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOAN PORTFOLIO WATCH LIST LOANS (Q1'26)",
        "box": [
          31.265,
          35.00199999999995,
          519.4854919999998,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*      Subsequent to March 31, 2026, Loan 23 was resolved following repayment",
        "box": [
          172.9483,
          496.2167,
          404.5875639999995,
          501.8867
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "**    Carrying value includes $0.7M related to a preferred equity investment (Loan 72) as the Company holds both the senior and junior positions; all other metrics reflect the ",
        "box": [
          172.9483,
          503.29934,
          683.3869719999985,
          508.96934
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior loan only",
        "box": [
          172.94830000000002,
          510.25886,
          219.22262800000013,
          515.92886
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "***   Carrying value includes $1.6M related to a preferred equity investment (Loan 91) as the Company holds both the senior and junior positions; all other metrics reflect the ",
        "box": [
          172.94830000000002,
          517.3415,
          682.0598679999985,
          523.0115
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior loan only",
        "box": [
          172.9482999999999,
          524.30102,
          219.22262800000001,
          529.97102
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share. See footnotes in the appendix",
        "box": [
          172.9482999999999,
          531.38366,
          445.5476439999991,
          537.05366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment",
        "box": [
          31.625,
          93.88120000000004,
          73.60183999999998,
          101.02731692307697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin, TX",
        "box": [
          176.03947999999997,
          84.28144000000003,
          212.98328,
          91.42755692307696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          172.67875999999998,
          93.88120000000004,
          216.43806799999987,
          101.02731692307697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 18)",
        "box": [
          178.67659999999998,
          103.48096000000004,
          210.4595240000001,
          110.51596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Las Vegas, NV",
        "box": [
          280.26199999999994,
          84.28144000000003,
          333.2255,
          91.42755692307696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine Loan",
        "box": [
          276.78067999999996,
          93.88120000000004,
          336.62159599999984,
          101.02731692307697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 23)*",
        "box": [
          288.54319999999996,
          103.48096000000004,
          324.82450399999976,
          110.51596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX",
        "box": [
          400.33135999999996,
          84.28144000000003,
          437.27757199999985,
          91.42755692307696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          396.97063999999995,
          93.88120000000004,
          440.7299479999999,
          101.02731692307697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 26)",
        "box": [
          402.25291999999996,
          103.48096000000004,
          435.3584239999998,
          110.51596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Austin, TX",
        "box": [
          512.48132,
          84.28144000000003,
          549.4251200000004,
          91.42755692307696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          509.12059999999997,
          93.88120000000004,
          552.8799080000005,
          101.02731692307697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loans 40 & 72)**",
        "box": [
          500.24443999999994,
          103.48096000000004,
          561.8493320000005,
          110.51596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX ",
        "box": [
          624.63128,
          84.28144000000003,
          663.6027680000005,
          91.42755692307696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          621.2705599999999,
          93.88120000000004,
          665.0298680000004,
          101.02731692307697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Loan 77 & 91)***",
        "box": [
          614.0667199999999,
          103.48096000000004,
          672.1919000000009,
          110.51596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Ranking (Q1'26 / Q4'25)",
        "box": [
          31.61695999999995,
          134.72440000000006,
          132.63232399999995,
          141.75940000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 / 5",
        "box": [
          186.11359999999993,
          134.72440000000006,
          203.0546839999999,
          141.75940000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 / 3",
        "box": [
          298.2635599999999,
          134.72440000000006,
          315.1242439999999,
          141.75940000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 / 5",
        "box": [
          410.41351999999995,
          134.72440000000006,
          427.3546039999999,
          141.75940000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 / 4",
        "box": [
          522.2016799999999,
          134.72440000000006,
          539.7071719999998,
          141.75940000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4 / 4",
        "box": [
          634.3516399999999,
          134.72440000000006,
          651.8571319999998,
          141.75940000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment Type",
        "box": [
          31.61695999999995,
          179.31424000000004,
          92.47011199999993,
          186.34924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating-Rate ",
        "box": [
          168.4738399999999,
          174.51436000000007,
          222.55811599999984,
          181.54936000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          172.9119199999999,
          184.11412000000007,
          216.16229599999988,
          191.14912000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed-Rate ",
        "box": [
          285.7774399999999,
          174.51436000000007,
          329.544788,
          181.54936000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine Loan",
        "box": [
          277.01383999999996,
          184.11412000000007,
          336.46562000000023,
          191.14912000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating-Rate ",
        "box": [
          392.76571999999993,
          174.51436000000007,
          446.8491919999999,
          181.54936000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          397.2038,
          184.11412000000007,
          440.45417600000013,
          191.14912000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating-Rate ",
        "box": [
          504.91568,
          174.51436000000007,
          558.9991520000002,
          181.54936000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          509.35376,
          184.11412000000007,
          552.6041359999997,
          191.14912000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating-Rate ",
        "box": [
          617.06564,
          174.51436000000007,
          671.1499160000002,
          181.54936000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Loan",
        "box": [
          621.5037199999999,
          184.11412000000007,
          664.7540959999995,
          191.14912000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination Date / ",
        "box": [
          31.608920000000012,
          219.09616000000005,
          101.30526800000007,
          226.13116000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction Type",
        "box": [
          31.608920000000012,
          228.69592000000006,
          95.47385600000005,
          235.73092000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2022 /       ",
        "box": [
          170.02556,
          219.09616000000005,
          232.8726319999999,
          226.13116000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition",
        "box": [
          174.46364000000003,
          228.69592000000006,
          214.59047600000014,
          235.73092000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2022 / ",
        "box": [
          277.37564000000003,
          219.09616000000005,
          338.0559320000003,
          226.13116000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction",
        "box": [
          283.01168,
          228.69592000000006,
          330.4557199999997,
          235.73092000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2022 /   ",
        "box": [
          390.72356,
          219.09616000000005,
          452.9692400000002,
          226.13116000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition",
        "box": [
          398.76356000000004,
          228.69592000000006,
          438.8903959999999,
          235.73092000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2021 / ",
        "box": [
          499.63340000000005,
          219.09616000000005,
          564.2749999999994,
          226.13116000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition",
        "box": [
          510.91352000000006,
          228.69592000000006,
          551.0395520000005,
          235.73092000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "November 2021 / ",
        "box": [
          611.78336,
          219.09616000000005,
          676.4249599999994,
          226.13116000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refinancing",
        "box": [
          621.38312,
          228.69592000000006,
          664.8907760000004,
          235.73092000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral",
        "box": [
          31.616960000000063,
          268.47784000000007,
          68.07755600000006,
          275.51284000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily / 312 Units",
        "box": [
          155.39276000000007,
          268.47784000000007,
          233.8068800000002,
          275.51284000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily / 294 Units",
        "box": [
          266.58596000000006,
          268.47784000000007,
          346.9224439999997,
          275.51284000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily / 275 Units",
        "box": [
          378.9690800000001,
          268.47784000000007,
          458.70336799999984,
          275.51284000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily / 150 Units",
        "box": [
          491.3602400000001,
          268.47784000000007,
          570.6137360000006,
          275.51284000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office / 328k RSF",
        "box": [
          611.6708000000001,
          268.47784000000007,
          674.4881240000002,
          275.51284000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          31.616960000000176,
          313.06768000000005,
          85.99871600000019,
          320.1026800000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36M",
        "box": [
          184.79504000000017,
          313.06768000000005,
          204.30168800000013,
          320.1026800000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$32M",
        "box": [
          296.94500000000016,
          313.06768000000005,
          316.33426400000025,
          320.1026800000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$31M",
        "box": [
          409.81052000000017,
          313.06768000000005,
          427.7606240000002,
          320.1026800000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24M",
        "box": [
          521.1162800000002,
          313.06768000000005,
          540.8657360000002,
          320.1026800000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$43M",
        "box": [
          633.1456400000002,
          313.06768000000005,
          653.0156960000002,
          320.1026800000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Basis",
        "box": [
          31.61696000000029,
          357.65752000000003,
          71.15205200000028,
          364.69252000000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$115k / Unit",
        "box": [
          174.10988000000026,
          357.65752000000003,
          215.0415200000003,
          364.69252000000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$109k / Unit",
        "box": [
          285.1824800000002,
          357.65752000000003,
          328.28170400000033,
          364.69252000000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$113k / Unit",
        "box": [
          398.40980000000025,
          357.65752000000003,
          439.2224480000001,
          364.69252000000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$160k / Unit",
        "box": [
          509.4824000000002,
          357.65752000000003,
          552.582428,
          364.69252000000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$131 / RSF",
        "box": [
          625.1136800000002,
          357.65752000000003,
          661.1738840000002,
          364.69252000000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash Coupon",
        "box": [
          31.625000000000227,
          402.24736,
          82.79879600000027,
          409.28236000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.3%",
        "box": [
          172.3169600000002,
          402.24736,
          216.77012000000005,
          409.28236000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          299.70272000000017,
          402.24736,
          313.5741320000001,
          409.28236000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.5%",
        "box": [
          396.61688000000015,
          402.24736,
          441.07245200000034,
          409.28236000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.4%",
        "box": [
          508.5256400000001,
          402.24736,
          553.3462279999999,
          409.28236000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 4.0%",
        "box": [
          620.3138000000001,
          402.24736,
          665.8531639999999,
          409.28236000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Extended Maturity Date (13)",
        "box": [
          31.625000000000227,
          446.35609999999997,
          127.23125600000004,
          453.8722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 2027",
        "box": [
          173.4016,
          446.8241,
          215.61722799999995,
          453.8591
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2027",
        "box": [
          280.63108,
          446.8241,
          332.6836480000003,
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      {
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          559.8176679999995,
          453.8591
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        "text": "December 2026",
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          97.0,
          518.3333333333334
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        "from_ocr": true,
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  {
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        "text": "at end of ",
        "box": [
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          623.0033842999997,
          109.5112695769231
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        "from_ocr": false,
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        "text": "period",
        "box": [
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          115.453394,
          611.3346645399998,
          123.19546507692309
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      {
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          619.42089469,
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        "from_ocr": false,
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        "text": "W.A. ",
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          97.69122107692306
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        "confidence": 1.0
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          688.3126867600005,
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        "from_ocr": false,
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          141.24342107692308
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Industrial",
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        "box": [
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          168.3347724,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "100%",
        "box": [
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          239.37058646,
          157.2997375
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2,787 RSF",
        "box": [
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          149.67804999999998,
          314.8287721400001,
          157.2997375
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$          292,156",
        "box": [
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          380.28806008000015,
          157.2997375
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$            92,156",
        "box": [
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          442.50003634,
          157.2997375
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "27%",
        "box": [
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          485.7403258,
          157.2997375
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$           5,037",
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          566.5799201600003,
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        "from_ocr": false,
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      {
        "text": "100%",
        "box": [
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          612.6633494599998,
          157.2997375
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "12.4",
        "box": [
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          157.2997375
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Office",
        "box": [
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          60.945269239999995,
          175.966339
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
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          169.31035959999997,
          175.966339
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "100%",
        "box": [
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          168.3446515,
          239.35316526,
          175.966339
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "522 RSF",
        "box": [
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          168.3446515,
          314.81831942,
          175.966339
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94,004",
        "box": [
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          168.3446515,
          380.0955558199999,
          175.966339
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,671",
        "box": [
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          442.08366966,
          175.966339
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13%",
        "box": [
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          485.11490471999997,
          175.966339
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,796",
        "box": [
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          566.9266020400001,
          175.966339
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
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          612.6633494599998,
          175.966339
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.0",
        "box": [
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          670.4599225799999,
          175.966339
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Retail",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "4",
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          169.78944259999997,
          194.63294050000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "100%",
        "box": [
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          239.35316526,
          194.63294050000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "468 RSF",
        "box": [
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          314.81396411999987,
          194.63294050000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "42,462",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "4,730",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "834",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "100%",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "3.2",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. - NNN",
        "box": [
          31.578352400000085,
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          107.13758104000003,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "7",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "100%",
        "box": [
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          239.83224826000009,
          212.7927695769231
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3,777 RSF",
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          314.84270910000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$       428,623",
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        "from_ocr": false,
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      {
        "text": "$        142,557",
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        "from_ocr": false,
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      {
        "text": "42%",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$           7,666",
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        "from_ocr": false,
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        "text": "100%",
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        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other real estate (\"Other RE\")**",
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        "from_ocr": false,
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        "text": "Hotel",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "541 Keys",
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        "confidence": 1.0
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "n/a",
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        "from_ocr": false,
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        "from_ocr": false,
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        "text": "95%",
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          221.37141580000002,
          259.80535150000003,
          236.87976804000004,
          267.42703900000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "848 RSF",
        "box": [
          282.3456158,
          259.80535150000003,
          314.82570108000004,
          267.42703900000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "88,828",
        "box": [
          353.8944842,
          259.80535150000003,
          379.81113238000006,
          267.42703900000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          433.5355,
          259.80535150000003,
          442.420312,
          267.42703900000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          473.9788158,
          259.80535150000003,
          482.8636278,
          267.42703900000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,168",
        "box": [
          548.0189158000001,
          259.80535150000003,
          566.4801614400002,
          267.42703900000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81%",
        "box": [
          595.3087632,
          259.80535150000003,
          609.57149964,
          267.42703900000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4",
        "box": [
          659.3926474,
          259.80535150000003,
          670.66677698,
          267.42703900000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          37.20320000000004,
          278.47195300000004,
          79.58897960000003,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          164.75251580000003,
          278.47195300000004,
          169.45623980000002,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          218.88018420000003,
          278.47195300000004,
          239.36838646000004,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,699 Units",
        "box": [
          274.8806316,
          278.47195300000004,
          314.92500192,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "192,660",
        "box": [
          352.0304158,
          278.47195300000004,
          379.91653064,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "108,248",
        "box": [
          412.3861632,
          278.47195300000004,
          442.04401407999995,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32%",
        "box": [
          470.8691316,
          278.47195300000004,
          485.7555469999999,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "295",
        "box": [
          553.001379,
          278.47195300000004,
          566.4157030000001,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79%",
        "box": [
          595.3087632,
          278.47195300000004,
          610.1951786000002,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          657.528579,
          278.47195300000004,
          672.4010574400002,
          286.09364050000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. - Other RE",
        "box": [
          31.61099480000007,
          296.51139850000004,
          127.07568656000004,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          164.76122640000006,
          296.51139850000004,
          169.02942040000005,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99%",
        "box": [
          220.76167380000004,
          296.51139850000004,
          237.37278800000007,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          299.77552640000005,
          296.51139850000004,
          314.5608988400001,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$       424,788",
        "box": [
          327.15294220000004,
          296.51139850000004,
          380.00102346000006,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$         195,754",
        "box": [
          389.37275800000003,
          296.51139850000004,
          442.32710858,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58%",
        "box": [
          469.63222640000004,
          296.51139850000004,
          486.24682484,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$             4,913",
        "box": [
          513.8123896,
          296.51139850000004,
          566.4644823600001,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77%",
        "box": [
          594.6990212,
          296.51139850000004,
          610.0732301999998,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4",
        "box": [
          658.7829053999999,
          296.51139850000004,
          671.3035218399999,
          304.2534695769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A.",
        "box": [
          26.018789599999877,
          319.53325000000007,
          75.01852777999986,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          162.89715799999988,
          319.53325000000007,
          171.05899019999987,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99%",
        "box": [
          220.76167379999987,
          319.53325000000007,
          237.3727879999999,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          299.7755263999999,
          319.53325000000007,
          314.56089883999994,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$       853,410",
        "box": [
          327.15294219999987,
          319.53325000000007,
          379.9252412399998,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$        338,311",
        "box": [
          389.37275799999986,
          319.53325000000007,
          442.51003117999994,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          467.76815799999986,
          319.53325000000007,
          488.74415385999987,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$          12,579",
        "box": [
          513.8036789999999,
          319.53325000000007,
          566.5315539799996,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89%",
        "box": [
          594.0631473999999,
          319.53325000000007,
          610.6777458399998,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.4",
        "box": [
          658.7741947999999,
          319.53325000000007,
          671.28871382,
          327.2753210769231
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34%",
        "box": [
          336.6534,
          399.3195,
          354.58292400000005,
          407.7455184615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23%",
        "box": [
          316.81176,
          456.01938,
          334.26159600000005,
          464.4453984615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21%",
        "box": [
          278.33244,
          435.99762,
          294.3479520000001,
          444.4236384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17%",
        "box": [
          282.75960000000003,
          397.03481999999997,
          298.414872,
          405.46083846153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5%",
        "box": [
          304.79112000000003,
          383.99034,
          317.20044000000007,
          392.4163584615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          392.7427,
          388.19259999999997,
          428.21401599999984,
          395.6476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          392.7427,
          404.1951,
          434.1618279999998,
          411.6501
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          392.7427,
          420.1977,
          416.4385240000001,
          427.6527
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          392.7427,
          436.2002,
          413.5775079999999,
          443.6552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          392.7427,
          452.2027,
          415.0165359999999,
          459.6577
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY ",
        "box": [
          31.265,
          35.00199999999995,
          653.118224,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57%",
        "box": [
          569.7684,
          424.693,
          586.8579960000001,
          433.1190184615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "32%",
        "box": [
          501.89160000000004,
          425.13856,
          519.341436,
          433.5645784615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11%",
        "box": [
          524.56776,
          386.45068000000003,
          539.2522800000002,
          394.87669846153847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.0+",
        "box": [
          626.755,
          394.8918,
          643.2377920000002,
          402.34680000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5 - 5.0",
        "box": [
          626.755,
          420.4509,
          658.3957240000003,
          427.9059
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "<2.5",
        "box": [
          626.755,
          446.0099,
          642.153196,
          453.4649
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Region",
        "box": [
          30.7173,
          343.8306,
          72.754356,
          355.34971384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type",
        "box": [
          260.1729,
          343.8306,
          344.99221199999994,
          355.34971384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. Remaining Lease Term (18)",
        "box": [
          487.9173,
          342.89459999999997,
          669.731604,
          355.34971384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West ",
        "box": [
          50.1264,
          392.3457,
          68.78616,
          398.5318907692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "62%",
        "box": [
          52.165679999999995,
          400.74642,
          65.05212,
          406.9326107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northeast",
        "box": [
          186.9534,
          398.5593,
          219.15105599999995,
          404.74549076923074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4%",
        "box": [
          198.35387999999998,
          406.96002,
          207.75683999999998,
          413.1462107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Midwest",
        "box": [
          126.6689,
          412.17650000000003,
          153.7085,
          418.36269076923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16%",
        "box": [
          134.22746,
          420.57722,
          146.02953200000002,
          426.76341076923075
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Southwest ",
        "box": [
          71.7362,
          425.58910000000003,
          107.55514400000003,
          431.77529076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18%",
        "box": [
          82.89308,
          433.98982,
          94.81556000000002,
          440.17601076923074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*  Q1'26 NOI excludes approximately ($0.1)M of NOI related to the sale of the Long Island City, NY office property, which was sold during the first quarter of 2026",
        "box": [
          172.94852,
          496.0591,
          683.5285520000001,
          502.1491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "** Includes $336M of undepreciated ('undep.') carrying value related to six (6) REO assets and $89M of undep. carrying value related to one (1) equity investment",
        "box": [
          172.95548000000002,
          503.61766,
          687.6008480000004,
          509.70766
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above charts based on undepreciated carrying value; $ and RSF in thousands; as of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.9554799999999,
          511.17622,
          619.7018720000017,
          517.26622
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9554799999999,
          518.73478,
          270.2249600000001,
          524.82478
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          52.227823893229164,
          496.271484375,
          155.8084716796875,
          509.630859375
        ],
        "from_ocr": true,
        "confidence": 0.96719
      },
      {
        "text": "CAPITAL",
        "box": [
          52.9092763264974,
          509.96484375,
          96.52217610677083,
          517.646484375
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        "from_ocr": true,
        "confidence": 0.99433
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    ]
  },
  {
    "page_no": 17,
    "width": 720.0,
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        "text": "17",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Undepreciated",
        "box": [
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          184.85031900000013,
          146.94976929230774
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Undepreciated",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Undepreciated",
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        "from_ocr": false,
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      {
        "text": "Investment",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "carrying value",
        "box": [
          123.2885,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Investment",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value",
        "box": [
          353.1253,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Investment",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value",
        "box": [
          582.9622,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Jose, CA ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$143",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "San Jose, CA ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Hotel",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$143",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Jose, CA ",
        "box": [
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          545.8964818499995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Hotel",
        "box": [
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          510.9662785000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$143 / 53%",
        "box": [
          596.056679,
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          639.3030020000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dallas, TX ",
        "box": [
          29.2101,
          213.44128,
          72.53144759999995,
          221.25643000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          29.2101,
          225.34710280000002,
          73.06376499999998,
          233.16225280000003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$45",
        "box": [
          162.587,
          219.39568000000003,
          177.5293995,
          227.21083000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX ",
        "box": [
          259.047,
          213.44128,
          302.36834760000005,
          221.25643000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          259.047,
          225.34710280000002,
          302.90066500000023,
          233.16225280000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$45",
        "box": [
          392.4239,
          219.39568000000003,
          407.3662995,
          227.21083000000004
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dallas, TX ",
        "box": [
          488.8839,
          213.44128,
          532.2052476,
          221.25643000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          488.8839,
          225.34710280000002,
          532.737565,
          233.16225280000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$45 / 17%",
        "box": [
          601.4207,
          219.39568000000003,
          639.3125887499999,
          227.21083000000004
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Santa Clara, CA ",
        "box": [
          29.2101,
          255.12207999999998,
          99.33845169999998,
          262.93723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily (Pre-Dev)",
        "box": [
          29.2101,
          267.0279028,
          115.54376529999996,
          274.8430528
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40",
        "box": [
          161.9915,
          261.07648,
          177.73773450000002,
          268.89163
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Santa Clara, CA ",
        "box": [
          259.047,
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          329.17535170000014,
          262.93723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily (Pre-Dev)",
        "box": [
          259.047,
          267.0279028,
          345.3806653000004,
          274.8430528
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40",
        "box": [
          391.8285,
          261.07648,
          407.57473450000003,
          268.89163
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Santa Clara, CA ",
        "box": [
          488.8839,
          255.12207999999998,
          559.0122516999996,
          262.93723
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily (Pre-Dev)",
        "box": [
          488.8839,
          267.0279028,
          575.2175653000003,
          274.8430528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40 / 15%",
        "box": [
          600.2299,
          261.07648,
          639.3114645499999,
          268.89163
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arlington, TX ",
        "box": [
          29.2101,
          296.80298000000005,
          82.65262339999995,
          304.61813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          29.2101,
          308.70880280000006,
          73.06376499999998,
          316.5239528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$39",
        "box": [
          163.1824,
          302.75728000000004,
          177.44064660000004,
          310.57243
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arlington, TX ",
        "box": [
          259.047,
          296.80298000000005,
          312.4895234,
          304.61813
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          259.047,
          308.70880280000006,
          302.90066500000023,
          316.5239528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$39",
        "box": [
          393.0193,
          302.75728000000004,
          407.2775466,
          310.57243
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arlington, TX ",
        "box": [
          488.8839,
          296.80298000000005,
          542.3264234000001,
          304.61813
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          488.8839,
          308.70880280000006,
          532.737565,
          316.5239528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$39 / 15%",
        "box": [
          601.4207,
          302.75728000000004,
          639.3081230000003,
          310.57243
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fort Worth, TX ",
        "box": [
          29.2101,
          338.48378,
          90.99196494999995,
          346.29893
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          29.2101,
          350.38960280000003,
          73.06376499999998,
          358.2047528
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$37",
        "box": [
          163.7778,
          344.43818,
          177.67878660000002,
          352.25333
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In Market ",
        "box": [
          201.433965,
          344.67631,
          239.56932100000006,
          351.44942249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fort Worth, TX ",
        "box": [
          259.047,
          338.48378,
          320.82886495,
          346.29893
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          259.047,
          350.38960280000003,
          302.90066500000023,
          358.2047528
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$37",
        "box": [
          393.6147,
          344.43818,
          407.51568660000004,
          352.25333
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Sales ",
        "box": [
          437.820665,
          334.55391,
          462.8550555000001,
          341.3270225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Process ",
        "box": [
          434.2445078,
          344.6787456,
          466.42579427999993,
          351.4518581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underway ",
        "box": [
          430.0723244,
          354.80358120000005,
          470.5801742999998,
          361.5766937
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mesa, AZ ",
        "box": [
          29.2101,
          380.16458,
          68.95795444999999,
          387.97973
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          29.2101,
          392.0704028,
          73.06376499999998,
          399.8855528
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$32",
        "box": [
          163.1826,
          386.1130256,
          177.39618910000004,
          393.92817560000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " In Market ",
        "box": [
          201.434065,
          386.35721,
          239.56942100000006,
          393.13032250000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mesa, AZ ",
        "box": [
          259.0471,
          380.16458,
          298.79495444999986,
          387.97973
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          259.0471,
          392.0704028,
          302.9007650000002,
          399.8855528
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$32",
        "box": [
          393.01959999999997,
          386.1130256,
          407.23318909999995,
          393.92817560000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Sales ",
        "box": [
          437.820665,
          376.23471,
          462.8550555000001,
          383.0078225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Process ",
        "box": [
          434.2445078,
          386.35954560000005,
          466.42579427999993,
          393.1326581
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Underway ",
        "box": [
          430.0723244,
          396.48438120000003,
          470.5801742999998,
          403.25749370000005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total REO",
        "box": [
          29.2101,
          421.24998,
          70.22622744999998,
          429.1885692923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$336",
        "box": [
          157.8237,
          421.24998,
          177.04696745,
          429.1885692923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total REO",
        "box": [
          259.0443895,
          421.24998,
          300.06051695000014,
          429.1885692923077
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$336",
        "box": [
          387.6579895,
          421.24998,
          406.88125695,
          429.1885692923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total REO",
        "box": [
          488.878679,
          421.24998,
          529.89480645,
          429.1885692923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$267",
        "box": [
          618.0906894999999,
          421.24998,
          636.75484505,
          429.1885692923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% Change vs. Q1'26",
        "box": [
          259.0443894999999,
          436.7284428,
          339.6127715500001,
          444.6670320923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          397.1878999999999,
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          406.4587969999999,
          444.6670320923077
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% Change vs. Q1'26",
        "box": [
          488.8876104999999,
          436.7284428,
          569.4559925499999,
          444.6670320923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20%)",
        "box": [
          616.9027999999998,
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          639.29139105,
          444.6670320923077
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REAL ESTATE OWNED MIGRATION",
        "box": [
          31.265,
          35.00199999999995,
          388.7164759999998,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "* Pro forma adjusted for anticipated sales",
        "box": [
          172.9483,
          496.1007,
          307.9876120000002,
          502.1907
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Above chart based on undepreciated carrying value",
        "box": [
          172.9483,
          503.65926,
          342.495988,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions. As of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.9483,
          511.21782,
          404.1727239999998,
          517.30782
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26",
        "box": [
          84.2575,
          98.16590000000002,
          117.22773999999997,
          109.68501384615388
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At Earnings Call",
        "box": [
          287.855,
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          383.95210400000036,
          109.68501384615388
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pro Forma*",
        "box": [
          533.915,
          98.16590000000002,
          600.513848,
          109.68501384615388
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pro Forma",
        "box": [
          429.1236,
          93.51219999999995,
          474.0474240000001,
          101.93821846153844
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity",
        "box": [
          434.88744,
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          468.30918000000025,
          113.34265846153846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Intra-Period",
        "box": [
          192.55020000000002,
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          246.72365999999994,
          101.93821846153844
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity",
        "box": [
          202.98767999999998,
          104.91663999999997,
          236.4094199999999,
          113.34265846153846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medium-term ",
        "box": [
          658.757,
          235.51370000000003,
          713.5091319999999,
          242.5487
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "hold",
        "box": [
          675.7937599999999,
          245.11346000000003,
          694.2903160000001,
          252.14846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          664.0281,
          93.88729999999998,
          685.357152,
          102.31331846153847
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Plan",
        "box": [
          664.98558,
          105.29174,
          684.3731280000001,
          113.7177584615385
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
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        "from_ocr": true,
        "confidence": 0.99994
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      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
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        "from_ocr": true,
        "confidence": 0.99159
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    ]
  },
  {
    "page_no": 18,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "18",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Investment",
        "box": [
          28.56,
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          70.53683999999998,
          108.50901692307696
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Jose, CA",
        "box": [
          142.54307999999997,
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          191.95531200000008,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Other RE 1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX ",
        "box": [
          244.94855999999996,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Other RE 3)",
        "box": [
          242.07023999999996,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Santa Clara, CA",
        "box": [
          329.36051999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Other RE 4)",
        "box": [
          338.0035199999999,
          106.16278000000005,
          381.06334799999973,
          113.19778000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arlington, TX ",
        "box": [
          431.7740399999999,
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          481.6630439999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Other RE 5)",
        "box": [
          434.4111599999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fort Worth, TX",
        "box": [
          525.0621599999998,
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          578.8047360000005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Other RE 6)*",
        "box": [
          529.0258799999998,
          106.16278000000005,
          574.8956880000001,
          113.19778000000002
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        "from_ocr": false,
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      {
        "text": "Mesa, AZ",
        "box": [
          631.1981999999998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Other RE 7)*",
        "box": [
          625.3209599999998,
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          670.8426360000004,
          113.19778000000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Acquisition Date",
        "box": [
          28.568039999999883,
          143.91862000000003,
          89.06341199999983,
          150.95362
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "May 2025",
        "box": [
          149.51375999999988,
          143.91862000000003,
          184.92835199999982,
          150.95362
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "January 2026",
        "box": [
          238.36379999999986,
          143.91862000000003,
          288.33883199999997,
          150.95362
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "July 2025",
        "box": [
          342.33707999999984,
          143.91862000000003,
          376.7925,
          150.95362
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "July 2024",
        "box": [
          438.39095999999984,
          143.91862000000003,
          473.16798,
          150.95362
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "November 2024",
        "box": [
          522.8029199999999,
          143.91862000000003,
          580.9779479999993,
          150.95362
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "February 2025",
        "box": [
          621.8557199999998,
          143.91862000000003,
          674.3102879999992,
          150.95362
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral",
        "box": [
          28.576079999999934,
          192.68122000000005,
          65.03667599999993,
          199.71622000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel / 541 Keys",
        "box": [
          137.8718399999999,
          192.68122000000005,
          196.60001999999994,
          199.71622000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily / 624 Units",
        "box": [
          223.2485999999999,
          192.68122000000005,
          303.5850839999997,
          199.71622000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily              ",
        "box": [
          339.9249,
          187.8809,
          406.87558799999937,
          194.91589999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Pre-development)",
        "box": [
          324.8049,
          197.48090000000002,
          394.3750200000001,
          204.5159
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily / 436 Units",
        "box": [
          415.5763,
          192.68080000000003,
          495.9095679999997,
          199.7158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily / 354 Units",
        "box": [
          511.74274,
          192.68080000000003,
          592.199824000001,
          199.7158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily / 285 Units",
        "box": [
          608.03782,
          192.68080000000003,
          688.2512920000008,
          199.7158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Basis",
        "box": [
          28.562860000000114,
          241.44340000000005,
          85.85429200000011,
          248.47840000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$264k / Key",
        "box": [
          145.6654600000001,
          241.44340000000005,
          188.886088,
          248.47840000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$72k / Unit",
        "box": [
          243.8740600000001,
          241.44340000000005,
          283.0111720000002,
          248.47840000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          352.64722000000006,
          241.44340000000005,
          366.51863199999997,
          248.47840000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$89k / Unit",
        "box": [
          435.9818200000001,
          241.44340000000005,
          475.5924880000002,
          248.47840000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$105k / Unit",
        "box": [
          530.3553400000001,
          241.44340000000005,
          573.5727519999998,
          248.47840000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$112k / Unit",
        "box": [
          627.72778,
          241.44340000000005,
          668.5388200000007,
          248.47840000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated ",
        "box": [
          28.57090000000005,
          285.40612000000004,
          86.61728800000002,
          292.44112000000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          28.57090000000005,
          295.00588000000005,
          82.95265600000006,
          302.04088
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$143M",
        "box": [
          155.86822000000004,
          290.206,
          178.49760399999994,
          297.24100000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$45M",
        "box": [
          253.48186000000004,
          290.206,
          273.35111200000006,
          297.24100000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40M",
        "box": [
          349.29454000000004,
          290.206,
          369.8841760000001,
          297.24100000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$39M",
        "box": [
          445.95142000000004,
          290.206,
          465.4580680000001,
          297.24100000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$37M",
        "box": [
          542.35906,
          290.206,
          561.509536,
          297.24100000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$32M",
        "box": [
          638.4129399999999,
          290.206,
          657.8022039999998,
          297.24100000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Debt",
        "box": [
          28.57090000000005,
          338.96860000000004,
          95.663896,
          346.0036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$56M",
        "box": [
          157.42798000000005,
          338.96860000000004,
          176.93704,
          346.0036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          259.23850000000004,
          338.96860000000004,
          267.61618,
          346.0036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$34M",
        "box": [
          349.64830000000006,
          338.96860000000004,
          369.51835600000004,
          346.0036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$26M",
        "box": [
          446.0639800000001,
          338.96860000000004,
          465.45324400000015,
          346.0036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$5M",
        "box": [
          544.2725800000001,
          338.96860000000004,
          559.461748,
          346.0036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$19M",
        "box": [
          639.1285,
          338.96860000000004,
          657.078604,
          346.0036
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated Net ",
        "box": [
          28.570900000000165,
          382.93132,
          101.37470800000014,
          389.96632
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          28.570900000000165,
          392.53108000000003,
          82.95265600000018,
          399.56608000000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$88M",
        "box": [
          157.31542000000016,
          387.73120000000006,
          177.06326800000016,
          394.7662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$45M",
        "box": [
          253.48990000000015,
          387.73120000000006,
          273.3591520000002,
          394.7662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$6M",
        "box": [
          351.93970000000013,
          387.73120000000006,
          367.12967200000014,
          394.7662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$14M",
        "box": [
          446.5463800000001,
          387.73120000000006,
          464.85587200000015,
          394.7662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$32M",
        "box": [
          542.2384600000001,
          387.73120000000006,
          561.6277240000001,
          394.7662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$13M",
        "box": [
          639.1285000000001,
          387.73120000000006,
          657.0786040000002,
          394.7662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. % Leased (17)",
        "box": [
          28.57090000000028,
          436.0424,
          89.48481600000001,
          443.5288
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72%",
        "box": [
          160.302,
          436.5104,
          174.15893999999997,
          443.5454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70%",
        "box": [
          255.99408,
          436.5104,
          270.69522,
          443.5454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          352.64292,
          436.5104,
          366.5143319999999,
          443.5454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69%",
        "box": [
          448.5762,
          436.5104,
          462.91151999999994,
          443.5454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90%",
        "box": [
          544.38888,
          436.5104,
          559.450212,
          443.5454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92%",
        "box": [
          640.91712,
          436.5104,
          655.134252,
          443.5454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REAL ESTATE OWNED (Q1'26)",
        "box": [
          31.265,
          35.00199999999995,
          338.03731999999985,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "* Reflects properties currently in the market for sale",
        "box": [
          172.9483,
          496.1007,
          337.5669160000002,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding",
        "box": [
          172.9483,
          503.65926,
          483.9941799999993,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9483,
          511.21782,
          270.21778000000023,
          517.30782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 19,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "19",
        "box": [
          691.5624,
          513.4501,
          700.90986,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SELECT NNN ASSETS (Q1'26)",
        "box": [
          31.265,
          35.00199999999995,
          328.6886599999998,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "* Currently in negotiation with tenant for TI / extension package. Debt matures August 2026",
        "box": [
          172.9483,
          496.1007,
          468.0258519999993,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding",
        "box": [
          172.9483,
          503.65926,
          483.9941799999993,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9483,
          511.21782,
          270.21778000000023,
          517.30782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment",
        "box": [
          28.56,
          101.36290000000002,
          70.53683999999998,
          108.50901692307696
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Tracy, CA & Tolleson, AZ",
        "box": [
          231.14387999999997,
          96.56302000000005,
          321.48292800000024,
          103.70913692307698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Net lease 1)",
        "box": [
          254.42771999999997,
          106.16278000000005,
          298.2039120000001,
          113.19778000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aurora, CO ",
        "box": [
          424.31291999999996,
          96.56302000000005,
          468.32066399999974,
          103.70913692307698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Net lease 2)*",
        "box": [
          421.0728,
          106.16278000000005,
          469.4615400000001,
          113.19778000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indianapolis, IN",
        "box": [
          585.32196,
          96.56302000000005,
          643.0628280000008,
          103.70913692307698
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Net lease 3)",
        "box": [
          591.561,
          106.16278000000005,
          636.8977560000005,
          113.19778000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquisition Date",
        "box": [
          28.56000000000006,
          137.22934000000004,
          89.055372,
          144.26434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2018",
        "box": [
          254.29908000000006,
          137.22934000000004,
          298.4258159999999,
          144.26434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "July 2006",
        "box": [
          427.66560000000004,
          137.22934000000004,
          462.88482000000016,
          144.26434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 2006",
        "box": [
          594.91368,
          137.22934000000004,
          633.4960319999997,
          144.26434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral",
        "box": [
          28.551960000000122,
          172.62142000000006,
          65.01255600000012,
          179.65642000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial / 2,787k RSF",
        "box": [
          236.4100800000001,
          172.62142000000006,
          316.1499959999997,
          179.65642000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office / 184k RSF",
        "box": [
          414.34332000000006,
          172.62142000000006,
          476.0873039999999,
          179.65642000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office / 338k RSF",
        "box": [
          582.7974,
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          645.6107040000004,
          179.65642000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral Basis",
        "box": [
          28.551960000000008,
          208.01350000000008,
          85.84339200000001,
          215.04850000000005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$105 / RSF",
        "box": [
          257.05679999999995,
          208.01350000000008,
          295.5185520000001,
          215.04850000000005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$299 / RSF",
        "box": [
          425.7520799999999,
          208.01350000000008,
          464.80637999999993,
          215.04850000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$115 / RSF",
        "box": [
          596.1196799999999,
          208.01350000000008,
          632.3020919999998,
          215.04850000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated Carrying Value",
        "box": [
          28.559999999999945,
          243.4055800000001,
          140.547552,
          250.44058000000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$292M",
        "box": [
          264.5018399999999,
          243.4055800000001,
          288.087984,
          250.44058000000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$55M",
        "box": [
          435.4724399999999,
          243.4055800000001,
          454.979088,
          250.44058000000007
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$39M",
        "box": [
          604.4008799999999,
          243.4055800000001,
          623.9075280000001,
          250.44058000000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Debt",
        "box": [
          28.559999999999945,
          278.79766000000006,
          95.65299599999989,
          285.8326600000001
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$200M",
        "box": [
          263.7862799999999,
          278.79766000000006,
          288.93700800000005,
          285.8326600000001
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$28M",
        "box": [
          435.4724399999999,
          278.79766000000006,
          454.9815,
          285.8326600000001
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$21M",
        "box": [
          605.2450799999999,
          278.79766000000006,
          623.0737799999998,
          285.8326600000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated Net Carrying Value",
        "box": [
          28.559999999999945,
          314.1897400000001,
          155.65229999999994,
          321.2247400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$92M",
        "box": [
          266.6645999999999,
          314.1897400000001,
          286.053864,
          321.2247400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$27M",
        "box": [
          435.7136399999999,
          314.1897400000001,
          454.742712,
          321.2247400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$19M",
        "box": [
          605.2450799999999,
          314.1897400000001,
          623.1951839999999,
          321.2247400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. % Leased (17)",
        "box": [
          28.559999999999945,
          349.11789999999996,
          89.48481600000001,
          356.6168200000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          267.0214,
          349.58590000000004,
          285.5640520000001,
          356.6209
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          435.94984,
          349.58590000000004,
          454.4924920000001,
          356.6209
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          604.8782799999999,
          349.58590000000004,
          623.4209319999999,
          356.6209
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. Lease Term (Yrs.) (18)",
        "box": [
          28.55499999999995,
          384.5108,
          116.00452800000001,
          392.01297999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.4",
        "box": [
          269.6639,
          384.9788,
          283.088288,
          392.0138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7",
        "box": [
          440.9963,
          384.9788,
          449.496992,
          392.0138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.8",
        "box": [
          608.72678,
          384.9788,
          619.613744,
          392.0138
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Final Debt Maturity",
        "box": [
          28.568419999999946,
          420.37088,
          98.4263719999999,
          427.40587999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "September 2033",
        "box": [
          245.91373999999993,
          420.37088,
          306.69051199999996,
          427.40587999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "August 2026",
        "box": [
          422.52037999999993,
          420.37088,
          467.93994800000013,
          427.40587999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "October 2027",
        "box": [
          589.0528999999999,
          420.37088,
          639.3077239999994,
          427.40587999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in COF",
        "box": [
          28.568419999999946,
          455.76295999999996,
          65.70598399999993,
          462.79796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.77%",
        "box": [
          266.31121999999993,
          455.76295999999996,
          286.4112199999998,
          462.79796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.08%",
        "box": [
          434.4034999999999,
          455.76295999999996,
          456.0648679999998,
          462.79796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.45%",
        "box": [
          603.5731399999999,
          455.76295999999996,
          624.7521079999998,
          462.79796
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 20,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "20",
        "box": [
          689.4025,
          513.4501,
          700.9561000000001,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.9483,
          496.8028,
          364.93154799999974,
          502.89279999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9483,
          504.36136,
          270.21778000000023,
          510.45136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CAPITALIZATION HIGHLIGHTS",
        "box": [
          31.265,
          35.00199999999995,
          345.15753199999995,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversified capital structure of primarily non-recourse debt and a 2.4x debt-to-equity ratio. Embedded ",
        "box": [
          23.3689,
          82.73649999999998,
          651.1097320000001,
          94.25561384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capacity under existing financing facilities including an undrawn $120M corporate revolver and $1.6B of ",
        "box": [
          23.376580000000104,
          97.01841999999999,
          650.7261160000003,
          108.53753384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "repurchase facilities availability",
        "box": [
          23.363620000000083,
          111.0541,
          216.92381200000014,
          122.57321384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39%",
        "box": [
          581.6113,
          243.26999999999998,
          605.8011400000001,
          254.78911384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29%",
        "box": [
          504.57706,
          330.77592,
          528.53362,
          342.29503384615384
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21%",
        "box": [
          455.21242,
          251.29224,
          477.009844,
          262.81135384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10%",
        "box": [
          494.94778,
          203.92343999999997,
          518.067124,
          215.44255384615383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          525.37786,
          194.32007999999996,
          540.3337000000001,
          205.83919384615382
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization bonds payable (non-recourse)",
        "box": [
          422.049,
          380.5384,
          646.9956240000007,
          390.1984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity (undepreciated)",
        "box": [
          422.049,
          400.648,
          607.8687600000005,
          410.308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Master repurchase facilities (limited recourse)",
        "box": [
          422.049,
          420.7577,
          649.2643439999983,
          430.41769999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage debt (non-recourse)",
        "box": [
          422.049,
          440.8673,
          576.6608880000002,
          450.52729999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other debt (non-recourse)",
        "box": [
          422.049,
          460.9769,
          555.1836720000002,
          470.63689999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.7B",
        "box": [
          28.5581,
          185.35789999999997,
          60.398228,
          196.87701384615383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total capitalization",
        "box": [
          104.7776,
          180.70189999999997,
          203.22459200000006,
          190.3619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(excluding cash)",
        "box": [
          104.2526,
          193.4099,
          173.83489999999995,
          201.2849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.6B",
        "box": [
          28.5581,
          230.07119999999998,
          60.99827600000001,
          241.59031384615383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding debt",
        "box": [
          104.7776,
          230.8152,
          222.5324480000003,
          240.47520000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$120M",
        "box": [
          28.5581,
          275.95120000000003,
          66.23930000000001,
          287.4703138461539
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate revolving credit facility availability",
        "box": [
          104.7776,
          271.29519999999997,
          331.5568640000001,
          280.9552
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of April 24, 2026",
        "box": [
          104.2526,
          284.0032,
          183.8878999999999,
          291.8782
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.6B",
        "box": [
          28.5581,
          320.7262,
          59.195540000000015,
          332.24531384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Master repurchase facilities availability",
        "box": [
          104.7776,
          316.0702,
          300.96060800000004,
          325.73019999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of April 24, 2026 ",
        "box": [
          104.2526,
          328.77819999999997,
          186.1622000000001,
          336.65319999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4x",
        "box": [
          28.5581,
          364.3346,
          53.24430800000001,
          375.8537138461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt-to-equity ratio (4)",
        "box": [
          104.7776,
          364.32259999999997,
          218.326436,
          374.7385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "68%",
        "box": [
          28.5581,
          409.0479,
          52.995476000000004,
          420.5670138461538
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Debt-to-asset ratio (19)",
        "box": [
          104.7776,
          409.03589999999997,
          216.52803200000002,
          419.4519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.55%",
        "box": [
          28.5581,
          453.76120000000003,
          63.18074000000001,
          465.28031384615383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Blended all-in cost of financing (5)",
        "box": [
          104.7776,
          453.7492,
          269.92267999999996,
          464.1652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capital Structure",
        "box": [
          372.6311,
          142.8845,
          477.38030000000026,
          154.40361384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key Financial Metrics",
        "box": [
          29.0982,
          142.8845,
          156.6803280000001,
          154.40361384615386
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total ",
        "box": [
          515.78508,
          248.91026,
          549.50052,
          260.25025999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "capitalization ",
        "box": [
          490.22796,
          262.94594,
          575.0887439999997,
          274.28594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.7B",
        "box": [
          512.3035,
          277.16749999999996,
          549.6642999999999,
          291.3530753846154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 21,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "21",
        "box": [
          691.8024,
          513.4501,
          700.9357200000001,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(At BRSP share)",
        "box": [
          25.519605000000002,
          116.36027000000001,
          93.97802920000005,
          124.5169325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse vs. ",
        "box": [
          278.4254,
          100.37977000000001,
          336.02106264000025,
          108.66526593846152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-recourse",
        "box": [
          271.1009,
          115.02857,
          329.77419739999993,
          123.31406593846151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20)",
        "box": [
          329.6968,
          112.69801000000001,
          340.86138639999996,
          118.02444468717948
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. extended",
        "box": [
          360.3265,
          100.37977000000001,
          424.74873646999964,
          108.66526593846152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity",
        "box": [
          370.3144,
          115.02847000000003,
          406.50185999,
          123.31396593846154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21)",
        "box": [
          406.271,
          112.69801000000001,
          415.43339191999996,
          118.02444468717948
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. contractual",
        "box": [
          442.2277,
          100.37977000000001,
          516.44466694,
          108.66526593846152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest rate",
        "box": [
          448.2204,
          115.02857,
          501.57730377000007,
          123.31406593846151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(21)",
        "box": [
          501.4894,
          112.69801000000001,
          510.65179191999994,
          118.02444468717948
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. all-in ",
        "box": [
          542.7729,
          100.37977000000001,
          590.3771358599996,
          108.66526593846152
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "COF (5)",
        "box": [
          552.7609,
          112.69810999999999,
          578.57418664,
          123.31406593846151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding ",
        "box": [
          624.674,
          101.71147000000002,
          681.59567481,
          109.99696593846153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "debt (UPB)",
        "box": [
          629.335,
          114.36257,
          674.8119326400004,
          122.64806593846151
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate debt",
        "box": [
          26.0634,
          132.34077000000002,
          94.24990044999998,
          140.62626593846153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate revolving credit facility",
        "box": [
          26.0634,
          150.31877000000003,
          167.97838934999996,
          158.4754325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse",
        "box": [
          286.4158,
          150.31887,
          325.81565564999994,
          158.47553249999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec-28",
        "box": [
          376.9731,
          150.31887,
          408.71578271,
          158.47553249999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S + 2.25%",
        "box": [
          459.54,
          150.31887,
          498.78044774000006,
          158.47553249999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.91%",
        "box": [
          554.7584,
          150.31896999999998,
          576.6830469900001,
          158.47563249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          685.9333,
          150.31896999999998,
          690.780792,
          158.47563249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     ",
        "box": [
          615.3518,
          150.31907,
          676.278325,
          158.4757325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investment-level debt",
        "box": [
          26.0633,
          166.96546999999998,
          121.52440063000006,
          175.2509659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization bonds payable (2026-FL3)",
        "box": [
          26.0633,
          184.94347,
          198.35341998999988,
          193.10013249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-recourse",
        "box": [
          277.0935,
          184.94347,
          335.1328945999998,
          193.10013249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug-43",
        "box": [
          376.9729,
          184.94337000000002,
          409.2115184299999,
          193.1000325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S + 1.69%",
        "box": [
          460.8716,
          184.94347,
          498.1161861299999,
          193.10013249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.35%",
        "box": [
          554.0925,
          184.94347,
          578.00648313,
          193.10013249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "833,237",
        "box": [
          659.9646,
          184.94347,
          690.5010029699997,
          193.10013249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             ",
        "box": [
          616.0177,
          184.94347,
          650.309625,
          193.10013249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization bonds payable (2024-FL2)",
        "box": [
          26.0633,
          202.25556999999998,
          199.01995013999988,
          210.41223249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-recourse",
        "box": [
          277.0935,
          202.25567,
          335.1328945999998,
          210.4123325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug-37",
        "box": [
          376.9729,
          202.25556999999998,
          408.1721042799999,
          210.41223249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S + 2.47%",
        "box": [
          459.5399,
          202.25567,
          498.7803477400001,
          210.4123325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.13%",
        "box": [
          555.4242,
          202.25567,
          576.68231684,
          210.4123325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "583,875",
        "box": [
          657.967,
          202.25567,
          690.2932461699997,
          210.4123325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             ",
        "box": [
          614.0201,
          202.25556999999998,
          648.312025,
          210.4123325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Master repurchase facilities",
        "box": [
          26.0633,
          219.56777,
          142.81700923999995,
          227.72443249999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Limited recourse",
        "box": [
          271.1008,
          219.56777,
          341.1414661400003,
          227.72443249999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jan-29",
        "box": [
          377.6388,
          219.56777,
          408.5480869700001,
          227.72443249999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S + 2.12%",
        "box": [
          460.8716,
          219.56777,
          498.11525392000004,
          227.72443249999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.78%",
        "box": [
          554.0925,
          219.56777,
          578.0120763900001,
          227.72443249999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "772,327",
        "box": [
          660.6305,
          219.56777,
          690.5013050299998,
          227.72443249999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              ",
        "box": [
          614.0201,
          219.56777,
          650.975525,
          227.72443249999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage debt - net lease (fixed)",
        "box": [
          26.0633,
          236.87997000000001,
          170.39550987999993,
          245.0366325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-recourse",
        "box": [
          277.0935,
          236.87997000000001,
          335.1328945999998,
          245.0366325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep-31",
        "box": [
          378.3047,
          236.87997000000001,
          407.4427879699999,
          245.0366325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.74%",
        "box": [
          467.5302,
          236.87997000000001,
          491.44418312999994,
          245.0366325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.74%",
        "box": [
          554.0924,
          236.87997000000001,
          578.00638313,
          245.0366325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "284,552",
        "box": [
          657.967,
          236.87997000000001,
          690.8190126100001,
          245.0366325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             ",
        "box": [
          614.02,
          236.87997000000001,
          648.311925,
          245.0366325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage debt - other real estate (fixed)",
        "box": [
          26.0632,
          254.19216999999998,
          201.69436062999995,
          262.34883249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-recourse",
        "box": [
          277.0935,
          254.19216999999998,
          335.1328945999998,
          262.34883249999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec-28",
        "box": [
          376.9728,
          254.19216999999998,
          408.71548271,
          262.34883249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.47%",
        "box": [
          467.5301,
          254.19227,
          491.44408312999997,
          262.3489325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.47%",
        "box": [
          554.0923,
          254.19216999999998,
          578.00628313,
          262.34883249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "91,690",
        "box": [
          665.2914,
          254.19227,
          690.4741209399998,
          262.3489325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               ",
        "box": [
          616.0176,
          254.19227,
          655.6363249999999,
          262.3489325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other debt",
        "box": [
          26.0631,
          271.50447,
          73.50979236999999,
          279.6611325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-recourse",
        "box": [
          277.0934,
          271.50447,
          335.1327945999998,
          279.6611325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul-28",
        "box": [
          378.9704,
          271.50447,
          406.05203271,
          279.6611325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.50%",
        "box": [
          466.8642,
          271.50447,
          492.11031121999997,
          279.6611325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.50%",
        "box": [
          553.4264,
          271.50447,
          578.67251122,
          279.6611325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33,831",
        "box": [
          665.9572,
          271.50447,
          690.4342379699997,
          279.6611325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                ",
        "box": [
          614.0199,
          271.50447,
          656.302225,
          279.6611325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. debt (BRSP share)",
        "box": [
          26.0631,
          290.14837,
          159.45209668999996,
          298.4338659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov-35",
        "box": [
          376.9727,
          290.14837,
          408.04978477,
          298.4338659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.55%",
        "box": [
          552.7605,
          290.14837,
          578.5249199799997,
          298.4338659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,599,511",
        "box": [
          652.6399,
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          690.8782219900003,
          298.4338659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$         ",
        "box": [
          614.0198,
          290.14837,
          642.984925,
          298.4338659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value",
        "box": [
          628.6693,
          316.78217,
          675.3692921599999,
          325.0676659384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity",
        "box": [
          26.0635,
          342.08457,
          111.38308804000002,
          350.2412325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "917,918",
        "box": [
          662.6282,
          342.08457,
          690.3763628599999,
          350.2412325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$            ",
        "box": [
          616.0179,
          342.08457,
          652.973225,
          350.2412325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP net book value (BRSP share)",
        "box": [
          26.0634,
          360.72847,
          174.7648781499999,
          369.0139659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "917,918",
        "box": [
          660.6306,
          360.72847,
          690.55920205,
          369.0139659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              ",
        "box": [
          614.0201,
          360.72847,
          650.975525,
          369.0139659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated depreciation and amortization",
        "box": [
          26.0633,
          378.70646999999997,
          217.72474378999982,
          386.8631325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "186,777",
        "box": [
          661.2963,
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          690.5015070899997,
          386.8632325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              ",
        "box": [
          614.6859,
          378.70657,
          651.641225,
          386.8632325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP impairment of real estate",
        "box": [
          26.0632,
          396.01877,
          183.34007793999996,
          404.1754325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(31,712)",
        "box": [
          665.2914,
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          404.1754325
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               ",
        "box": [
          616.0176,
          396.01877,
          655.6363249999999,
          404.1754325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated book value (BRSP share)",
        "box": [
          26.0631,
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          198.74288376999993,
          422.94816593846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,072,983",
        "box": [
          650.6423,
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          690.3516493700002,
          422.94816593846156
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "          ",
        "box": [
          614.6857,
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          422.94816593846156
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total capitalization (undepreciated)",
        "box": [
          26.0631,
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          442.2578659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,672,494",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$       ",
        "box": [
          616.0175,
          433.97237,
          639.655725,
          442.2578659384615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Note: During the first quarter 2026, the Company recorded approximately $2.5M of amortization of deferred financing costs, which implies ",
        "box": [
          172.9483,
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          617.1299320000004,
          502.41859999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "approximately 23 bps of annualized financing costs on the Company's total debt capacity as of March 31, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in thousands; as of March 31, 2026; at BRSP share",
        "box": [
          172.94830000000007,
          511.44572,
          335.77819599999987,
          517.53572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CAPITALIZATION SUMMARY",
        "box": [
          31.265,
          35.00199999999995,
          319.4422039999998,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
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        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 22,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "22",
        "box": [
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          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($2.1)",
        "box": [
          126.5174,
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          154.80140000000003,
          391.16214615384615
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($1.3)",
        "box": [
          281.4374,
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          309.96140000000014,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.3 ",
        "box": [
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          464.3174000000001,
          254.96214615384616
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.7 ",
        "box": [
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          619.8374,
          192.8381461538462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($3.0)",
        "box": [
          29.6146,
          433.6693,
          54.344284,
          442.3843
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($1.5)",
        "box": [
          32.41336,
          364.32777999999996,
          54.379144000000004,
          373.04278
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.0",
        "box": [
          31.437279999999998,
          294.98626,
          51.87221199999999,
          303.70126
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.5",
        "box": [
          35.242,
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          51.776596,
          234.35974
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.0",
        "box": [
          32.443239999999996,
          156.30322,
          51.798508,
          165.01821999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.50%)",
        "box": [
          124.37404000000001,
          445.99978000000004,
          157.02291999999997,
          454.71478
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(0.25%)",
        "box": [
          279.93928000000005,
          445.99978000000004,
          311.6280160000003,
          454.71478
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.25%",
        "box": [
          437.64592000000005,
          445.99978000000004,
          463.907452,
          454.71478
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          592.1653600000001,
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          619.5075519999999,
          454.71478
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "* Reflects incremental changes to SOFR spot rate as of March 31, 2026",
        "box": [
          172.9483,
          496.1007,
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          502.1907
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions, except per share data; as of March 31, 2026; at BRSP share",
        "box": [
          172.9483,
          503.65926,
          401.5362759999998,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NTEREST RATE SENSITIVITY",
        "box": [
          31.265,
          35.00199999999995,
          324.5103199999998,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Annual Net Interest Income Sensitivity to Changes in Benchmark Rates - Total Investment Portfolio",
        "box": [
          60.4239,
          87.00659999999999,
          658.0561559999996,
          98.52571384615385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in Millions",
        "box": [
          16.094099999999997,
          271.39608,
          24.946752307692307,
          324.6273
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR: 3.66%",
        "box": [
          28.8214,
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          79.98999999999998,
          126.30528461538461
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(As of March 31, 2026)",
        "box": [
          28.8214,
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          116.29329999999999,
          137.09790000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Incremental Rate of Change*",
        "box": [
          306.3531,
          469.5319,
          441.58699199999967,
          478.38455230769233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.01) ",
        "box": [
          279.5083158974359,
          363.2976,
          315.42879200000016,
          372.1502523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          272.7919558974359,
          374.09424,
          319.8058799999998,
          382.94689230769234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.01",
        "box": [
          437.93871589743594,
          213.19043999999997,
          465.38323200000013,
          222.04309230769223
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          428.09491589743595,
          223.98708,
          475.10983599999986,
          232.83973230769226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.02 ",
        "box": [
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          623.5390679999998,
          159.08593230769225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          583.062555897436,
          161.02992,
          630.0774759999998,
          169.88257230769227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.02) ",
        "box": [
          123.67083589743598,
          401.4942,
          161.03152800000012,
          410.3468523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "per share",
        "box": [
          117.55207589743598,
          412.29084,
          164.56699600000013,
          421.1434923076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
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        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
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          97.0,
          518.3333333333334
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        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 23,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "23",
        "box": [
          690.2424,
          513.4501,
          700.9494,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "APPENDIX",
        "box": [
          30.4501,
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        "confidence": 1.0
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      {
        "text": "BRIGHTSPIRE",
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        "confidence": 0.99994
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      {
        "text": "CAPITAL",
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        "confidence": 0.99638
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    "page_no": 24,
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        "text": "24",
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      {
        "text": "I MPORTANT NOTE REGARDING NON-GAAP FINANCIAL ",
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      {
        "text": "MEASURES AND DEFINITIONS",
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      {
        "text": "We present Distributable Earnings, which is a non-GAAP supplemental financial measure of our performance. We believe that Distributable Earnings provides meaningful information to ",
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      {
        "text": "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 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "transactions and GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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, ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "shall only be applied after approval by a majority of our independent directors. Distributable Earnings include specific CECL reserves.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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-to-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "market 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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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          703.4954400000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "our cash needs. In addition, our methodology for calculating Distributable Earnings and Adjusted Distributable Earnings may differ from methodologies employed by other companies to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculate  the  same  or  similar  non-GAAP  supplemental  financial  measures,  and  accordingly,  our  reported  Distributable  Earnings  and  Adjusted  Distributable  Earnings  may  not  be ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comparable to the Distributable Earnings and Adjusted Distributable Earnings reported by other companies.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company calculates Distributable Earnings per share and Adjusted Distributable Earnings per share, which are non-GAAP supplemental financial measures, based on a weighted ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average number of common shares.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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          383.7049,
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          390.73990000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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          399.3829
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "components of GAAP net income (loss) which further limits its usefulness.",
        "box": [
          18.567839999999478,
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          281.3454239999998,
          408.0259
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
          18.6,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "measures and may not be comparable with other companies.",
        "box": [
          18.56783999999982,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
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        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
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        "from_ocr": true,
        "confidence": 0.98171
      }
    ]
  },
  {
    "page_no": 25,
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    "cells": [
      {
        "text": "25",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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' ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "reported under GAAP, but may be used as a supplement to financial information as reported under GAAP.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
          18.6,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties. The Company calculates undepreciated book value per share based on the total number of outstanding common shares.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "cumulative commitment amount of our loan and loans senior to our position divided by projected total cost basis.",
        "box": [
          18.608040000001097,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
          18.6,
          340.48990000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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          357.7759,
          703.5758400000002,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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          703.6240800000003,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 five-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "point 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 ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "for investment are ranked as a '3' and will move accordingly going forward based on the rankings which are defined as follows:",
        "box": [
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          486.4092,
          399.3829
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.",
        "box": [
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          405.8899,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Very Low Risk",
        "box": [
          63.131,
          405.8899,
          114.69607599999998,
          412.9249
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.",
        "box": [
          45.131,
          417.5299,
          53.522079999999995,
          424.56489999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Low Risk",
        "box": [
          63.131,
          417.5299,
          96.57391599999998,
          424.56489999999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.",
        "box": [
          45.131,
          429.1699,
          53.642680000000006,
          436.2049
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Medium Risk",
        "box": [
          63.131,
          429.1699,
          110.61175599999996,
          436.2049
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.",
        "box": [
          45.131,
          440.80989999999997,
          54.00448,
          447.8449
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "High Risk / Potential for Loss - A loan that has a high risk of realizing a principal loss",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.",
        "box": [
          45.131,
          452.4499,
          53.64268,
          459.4849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impaired / Loss Likely - A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss ",
        "box": [
          63.131,
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          459.4849
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I MPORTANT NOTE REGARDING NON-GAAP FINANCIAL ",
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "MEASURES AND DEFINITIONS (CONT'D)",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
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        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
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        "from_ocr": true,
        "confidence": 0.98171
      }
    ]
  },
  {
    "page_no": 26,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "26",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "NOTES REGARDING REPORTABLE SEGMENTS",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "BrightSpire Capital, Inc. ('BRSP', 'BrightSpire Capital', the 'Company' or 'We') currently holds investment interests through the reportable segments below, which are ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "based on how management reviews and manages its business. ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior and Mezzanine Loans and Preferred Equity ('Loans & Preferred Equity Portfolio' or 'Loan Portfolio')",
        "box": [
          30.757549743589745,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company's Loan Portfolio may include senior mortgage loans, mezzanine loans and preferred equity interests ('preferred equity') as well as participations in such ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans. The Loan Portfolio may also include acquisition, development and construction loan arrangements accounted for as equity method investments.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          46.6538,
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          49.635799999999996,
          169.70354999999995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior mortgage loans may include junior participations in our originated senior mortgage loans for which we have syndicated the senior participations to other ",
        "box": [
          60.0938,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "investors and retained the junior participations for our portfolio and contiguous mezzanine loans where we own both the senior and junior loan positions. We ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "believe these investments are more similar to the senior mortgage loans we originate than other loan types given their credit quality and risk profile",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          46.6538,
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          49.635799999999996,
          205.22344999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine loans may include other subordinated loans",
        "box": [
          60.0938,
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          274.6648880000001,
          204.80809999999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          46.6538,
          214.49687999999998,
          49.635799999999996,
          222.50354999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred equity interests may include related equity participation interests",
        "box": [
          60.0938,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Leased Real Estate and Other Real Estate ('Net Lease and Other Real Estate')",
        "box": [
          30.757549743589745,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "lease  basis,  where  such  tenants  are  generally  responsible  for  property  operating  expenses  such  as  insurance,  utilities,  maintenance,  capital  expenditures  and  real ",
        "box": [
          31.3193600000003,
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          691.5767600000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other real estate includes deferred leasing costs and other net intangibles. Other real estate currently consists of one investment with direct ownership in commercial ",
        "box": [
          31.24268000000029,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "beneficiary of the VIEs.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate and Other",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Corporate segment includes corporate-level asset management and other fees including operating expenses, compensation and benefits and other fees including ",
        "box": [
          31.2938,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest (\"Private Equity Interest\" or \"PE Interest\").",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
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        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
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        "from_ocr": true,
        "confidence": 0.99638
      }
    ]
  },
  {
    "page_no": 27,
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    "cells": [
      {
        "text": "27",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NVESTMENT DETAIL",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*    Subsequent to March 31, 2026, Loan 23 was resolved",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "**   Loans that are on non-accrual status",
        "box": [
          172.9483,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.9483,
          511.66052,
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          517.75052
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Origination",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Coupon",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Cash",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Unlevered",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Extended",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Q1'26 Risk",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Q4'25 Risk",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(At BRSP share)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Investment Type",
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        "from_ocr": false,
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      {
        "text": "date",
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        "from_ocr": false,
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      {
        "text": "City, State",
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        "from_ocr": false,
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      {
        "text": "value",
        "box": [
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        "from_ocr": false,
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      {
        "text": "type",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "coupon",
        "box": [
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        "from_ocr": false,
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      {
        "text": "all-in yield",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity date",
        "box": [
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        "from_ocr": false,
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      {
        "text": "(13)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "LTV",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "ranking",
        "box": [
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        "from_ocr": false,
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      {
        "text": "ranking",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan 1",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Dec-25",
        "box": [
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      {
        "text": "Los Angeles, CA",
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        "from_ocr": false,
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      {
        "text": "$                    70",
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      {
        "text": "Floating",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+2.4%",
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      {
        "text": "6.3%",
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      {
        "text": "Jan-31",
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        "text": "76%",
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        "text": "3",
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        "text": "3",
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      {
        "text": "Loan 2",
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        "from_ocr": false,
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      {
        "text": "Senior",
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      {
        "text": "May-22",
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      {
        "text": "Las Vegas, NV",
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      {
        "text": "                       56",
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      {
        "text": "Floating",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+2.0%",
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        "text": "5.7%",
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        "text": "Jun-27",
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        "text": "3",
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        "text": "3",
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        "from_ocr": false,
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      {
        "text": "Loan 3",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
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      {
        "text": "Dec-25",
        "box": [
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      {
        "text": "St. Louis, MO",
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      {
        "text": "                       53",
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      {
        "text": "Floating",
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        "confidence": 1.0
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      {
        "text": "S+2.5%",
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      {
        "text": "6.7%",
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      {
        "text": "Jan-31",
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        "text": "68%",
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        "from_ocr": false,
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        "text": "3",
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        "text": "3",
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      {
        "text": "Loan 4",
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        "from_ocr": false,
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        "text": "Senior",
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      {
        "text": "May-21",
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      {
        "text": "Las Vegas, NV",
        "box": [
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      {
        "text": "                      48",
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        "text": "Floating",
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        "from_ocr": false,
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      {
        "text": "S+3.0%",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "8.4%",
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        "from_ocr": false,
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        "text": "Jun-28",
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        "text": "80%",
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        "text": "3",
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        "text": "Loan 5",
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        "text": "Senior",
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        "text": "Mar-26",
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        "text": "San Diego, CA",
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        "text": "                       47",
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      {
        "text": "S+2.4%",
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        "text": "3",
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      {
        "text": "n/a",
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      {
        "text": "Loan 6",
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        "text": "San Jose, CA",
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        "text": "S+2.4%",
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        "text": "Jersey City, NJ",
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        "text": "S+3.6%",
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      {
        "text": "Loan 16",
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        "from_ocr": false,
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        "text": "Senior",
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        "text": "Dec-20",
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        "text": "                       37",
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        "text": "S+3.1%",
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      {
        "text": "Loan 17",
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        "text": "S+3.4%",
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        "text": "S+3.3%",
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        "text": "3",
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      {
        "text": "Loan 22",
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      {
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      {
        "text": "Oct-25",
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      {
        "text": "                       32",
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        "text": "Floating",
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      {
        "text": "S+2.6%",
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        "text": "3",
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        "text": "3",
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      {
        "text": "Loan 23 *, **",
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      {
        "text": "Mezzanine",
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        "text": "Feb-22",
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        "text": "n/a",
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        "text": "n/a",
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      {
        "text": "Senior",
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        "text": "Apr-21",
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      {
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        "from_ocr": false,
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      {
        "text": "S+3.2%",
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      {
        "text": "S+2.7%",
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        "text": "Jan-26",
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        "text": "S+3.6%",
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      {
        "text": "                       23",
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      {
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        "text": "7.0%",
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      {
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        "text": "71%",
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        "text": "3",
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        "text": "3",
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        "text": "Jun-21",
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      {
        "text": "                       22",
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        "text": "Floating",
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      {
        "text": "S+3.3%",
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        "text": "Jul-26",
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        "text": "75%",
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        "text": "3",
        "box": [
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        "text": "3",
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      {
        "text": "Loan 44",
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        "box": [
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        "text": "Jul-21",
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      {
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        "text": "21",
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      {
        "text": "                      ",
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        "text": "Floating",
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        "text": "S+3.2%",
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        "text": "6.9%",
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        "text": "3",
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        "text": "3",
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        "text": "S+2.8%",
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        "text": "3",
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      {
        "text": "Loan 50",
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        "text": "Senior",
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      {
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        "text": "Floating",
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      {
        "text": "S+3.7%",
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        "text": "7.6%",
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        "text": "3",
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      {
        "text": "Loan 51",
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        "from_ocr": false,
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      {
        "text": "Senior",
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      {
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        "from_ocr": false,
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      {
        "text": "S+3.4%",
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        "text": "64%",
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        "from_ocr": false,
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        "text": "3",
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        "text": "3",
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      {
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      {
        "text": "Senior",
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        "text": "Jul-21",
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      {
        "text": "Salt Lake City, UT",
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        "from_ocr": false,
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      {
        "text": "S+2.8%",
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        "text": "3",
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        "text": "3",
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      {
        "text": "Loan 57",
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        "from_ocr": false,
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      {
        "text": "Senior",
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      {
        "text": "Sep-25",
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        "text": "17",
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      {
        "text": "                       ",
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        "text": "Floating",
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      {
        "text": "S+2.6%",
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        "text": "6.6%",
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        "text": "73%",
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        "from_ocr": false,
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        "text": "3",
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        "text": "3",
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        "text": "Loan 58",
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      {
        "text": "Senior",
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      {
        "text": "Sep-25",
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      {
        "text": "Mobile, AL",
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        "text": "14",
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      {
        "text": "                      ",
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        "from_ocr": false,
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      {
        "text": "Floating",
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        "from_ocr": false,
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      {
        "text": "S+2.8%",
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        "text": "6.8%",
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      {
        "text": "73%",
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        "from_ocr": false,
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      {
        "text": "3",
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        "text": "3",
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        "text": "Loan 59",
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        "confidence": 1.0
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      {
        "text": "Senior",
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        "from_ocr": false,
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      {
        "text": "May-25",
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      {
        "text": "Dallas, TX",
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        "text": "14",
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        "text": "Floating",
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        "from_ocr": false,
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      {
        "text": "S+2.9%",
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        "text": "7.1%",
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        "text": "Senior",
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        "text": "S+2.7%",
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        "text": "S+2.8%",
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        "text": "Aug-26",
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      {
        "text": "Loan 71",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Preferred",
        "box": [
          85.38179190000005,
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          112.80928584000004,
          394.5434851
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        "from_ocr": false,
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      {
        "text": "May-25",
        "box": [
          168.12384360000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Phoenix, AZ",
        "box": [
          206.68097760000006,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                         2",
        "box": [
          287.93656740000006,
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          334.0428507000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed",
        "box": [
          358.87130820000004,
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          374.7284163900001,
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        "from_ocr": false,
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      {
        "text": "n/a",
        "box": [
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        "from_ocr": false,
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      {
        "text": "15.0%",
        "box": [
          482.20220820000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Jul-26",
        "box": [
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      {
        "text": "n/a",
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      {
        "text": "3",
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      {
        "text": "3",
        "box": [
          675.2929599,
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        "from_ocr": false,
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      {
        "text": "Loan 72",
        "box": [
          25.00807080000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred",
        "box": [
          85.38179190000005,
          397.3866745,
          112.80928584000004,
          403.06656200000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec-25",
        "box": [
          168.66909600000005,
          397.3866745,
          191.01990063000005,
          403.06656200000003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Austin, TX",
        "box": [
          206.67448650000006,
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          235.1463984300001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          331.88131440000006,
          397.3866745,
          334.08828840000007,
          403.06656200000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         ",
        "box": [
          287.5406103000001,
          397.3866745,
          328.5773445000002,
          403.06656200000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fixed",
        "box": [
          358.8648171000001,
          397.3866745,
          374.7219252900002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          425.9633178000001,
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          437.12865891000007,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "15.0%",
        "box": [
          482.1957171000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Nov-26",
        "box": [
          537.1753341000001,
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        "from_ocr": false,
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      {
        "text": "n/a",
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        "from_ocr": false,
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      {
        "text": "4",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4",
        "box": [
          675.1306824000002,
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          678.8955204000002,
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        "from_ocr": false,
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      {
        "text": "Loan 73",
        "box": [
          25.001579700000207,
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          48.1449476400002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Preferred",
        "box": [
          85.37530080000022,
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          112.80279474000021,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Feb-26",
        "box": [
          169.52592120000023,
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          191.0309355000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Austin, TX",
        "box": [
          206.67448650000023,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          331.88131440000024,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                         ",
        "box": [
          287.54061030000025,
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          328.5773445000004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fixed",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
        "box": [
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          437.12865891000024,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15.0%",
        "box": [
          482.19571710000025,
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          498.0573690600002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Feb-27",
        "box": [
          537.7205865000003,
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          558.9659568000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3",
        "box": [
          675.2864688000004,
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          678.7267518000004,
          411.58963890000007
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. multifamily loans",
        "box": [
          25.0112,
          414.21079,
          111.64661347999994,
          419.8906775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,877",
        "box": [
          320.3946,
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          334.0531726200001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               ",
        "box": [
          288.8777,
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          317.09047499999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.9%",
        "box": [
          424.1738,
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          437.14431602,
          419.8906775
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6.8%",
        "box": [
          485.0179,
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          419.8906775
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dec-28",
        "box": [
          536.6338,
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          559.0365334299997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
        "box": [
          587.4675,
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          419.8906775
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        "from_ocr": false,
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      {
        "text": "3.1",
        "box": [
          630.6371,
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      {
        "text": "n/a",
        "box": [
          671.4606,
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          682.62594111,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio (Cont'd)",
        "box": [
          23.3689,
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          171.09918399999987,
          90.20344
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NVESTMENT DETAIL (CONT'D)",
        "box": [
          31.265,
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          350.72063599999996,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.9483,
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          502.80809999999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9483,
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        "from_ocr": false,
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      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
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        "from_ocr": true,
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      {
        "text": "CAPITAL",
        "box": [
          53.0,
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        "from_ocr": true,
        "confidence": 0.99159
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    ]
  },
  {
    "page_no": 29,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "29",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan Portfolio (Cont'd)",
        "box": [
          23.3689,
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          90.20344
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NVESTMENT DETAIL (CONT'D)",
        "box": [
          31.3036,
          35.00199999999995,
          350.759236,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*   Loans that are on non-accrual status",
        "box": [
          172.9483,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share",
        "box": [
          172.94829999999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Origination",
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        "from_ocr": false,
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      {
        "text": "Carrying",
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        "from_ocr": false,
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      {
        "text": "Coupon",
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        "from_ocr": false,
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      {
        "text": "Cash",
        "box": [
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      {
        "text": "Unlevered",
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        "from_ocr": false,
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      {
        "text": "Extended",
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        "from_ocr": false,
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      {
        "text": "Q1'26 Risk",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Q4'25 Risk",
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          692.46124795,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(At BRSP share)",
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          24.6325525,
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        "from_ocr": false,
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        "text": "Investment Type",
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        "text": "date",
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        "text": "City, State",
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        "from_ocr": false,
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        "text": "value",
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        "text": "type",
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        "text": "coupon",
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        "from_ocr": false,
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      {
        "text": "all-in yield",
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        "from_ocr": false,
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      {
        "text": "(1)",
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        "from_ocr": false,
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      {
        "text": "maturity date",
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        "from_ocr": false,
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      {
        "text": "(13)",
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        "from_ocr": false,
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      {
        "text": "LTV",
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        "from_ocr": false,
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      {
        "text": "ranking",
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        "from_ocr": false,
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        "text": "ranking",
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      {
        "text": "Office",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Loan 74",
        "box": [
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        "from_ocr": false,
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        "text": "Senior",
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        "from_ocr": false,
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      {
        "text": "Jan-21",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Phoenix, AZ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$                    74",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Floating",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+3.7%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "7.3%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Aug-26",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "70%",
        "box": [
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      {
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          558.9301394000007,
          259.35384399999964
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84% - 85%",
        "box": [
          577.4103011000009,
          253.67421899999965,
          608.5286345000009,
          259.35384399999964
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        "from_ocr": false,
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      {
        "text": "3",
        "box": [
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          636.6935174000009,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
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          678.690934400001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan 89",
        "box": [
          24.96576230000096,
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          48.422001260000954,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
          85.33948340000097,
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          103.71903305000095,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Nov-21",
        "box": [
          170.42482220000096,
          262.1969019999996,
          191.00745119000098,
          267.8765269999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Richardson, TX",
        "box": [
          206.63217800000098,
          262.1969019999996,
          250.432822580001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13",
        "box": [
          328.39872290000096,
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          334.02650660000097,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                      ",
        "box": [
          288.98476370000094,
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          325.09475300000105,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Floating",
        "box": [
          354.59680250000093,
          262.1969019999996,
          378.8267805800009,
          267.8765269999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+4.1%",
        "box": [
          417.7876610000009,
          262.1969019999996,
          437.08959596000096,
          267.8765269999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.8%",
        "box": [
          485.20422560000094,
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          498.01700789000097,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dec-26",
        "box": [
          536.665666400001,
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          558.9515600300008,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "71%",
        "box": [
          587.971320800001,
          262.1969019999996,
          597.967614800001,
          267.8765269999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
          633.253234400001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
          675.2506514000011,
          262.1969019999996,
          678.6909344000011,
          267.8765269999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan 90",
        "box": [
          24.965762300001074,
          270.7195849999996,
          48.99321806000106,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          85.33948340000109,
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          103.71903305000106,
          276.3992099999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Oct-20",
        "box": [
          168.8604671000011,
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          191.01134585000102,
          276.3992099999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Denver, CO",
        "box": [
          206.6321780000011,
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          241.01748203000108,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "11",
        "box": [
          329.6515052000011,
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          334.0459799000011,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                       ",
        "box": [
          288.5952977000011,
          270.7195849999996,
          326.3475353000012,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating",
        "box": [
          354.6032936000011,
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          378.8332716800011,
          276.3992099999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.7%",
        "box": [
          417.0931133000011,
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          437.09868350000113,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7.4%",
        "box": [
          484.9770371000011,
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          498.02349899000103,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Nov-26",
        "box": [
          537.1395167000011,
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          558.9554546900011,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "64%",
        "box": [
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          598.9094734100012,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
          633.253234400001,
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          636.693517400001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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          678.6909344000011,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan 91",
        "box": [
          24.965762300001074,
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          47.11144817000107,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred",
        "box": [
          85.33948340000109,
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          112.76697734000108,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dec-25",
        "box": [
          168.6267875000011,
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          190.97759213000109,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Dallas, TX",
        "box": [
          206.6321780000011,
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          235.73632307000094,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                         2",
        "box": [
          287.88776780000103,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fixed",
        "box": [
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          374.6796167900011,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
        "box": [
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          437.086350410001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "15.0%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Dec-26",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan 92",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Preferred",
        "box": [
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          112.76048624000113,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Sep-25",
        "box": [
          169.01625350000114,
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          190.9762939100011,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "San Francisco, CA",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fixed",
        "box": [
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          374.6796167900012,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
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          437.0863504100011,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep-26",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
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        "confidence": 1.0
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      {
        "text": "3",
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      {
        "text": "3",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total / W.A. office loans",
        "box": [
          24.959271200001126,
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        "from_ocr": false,
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        "text": "577",
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      {
        "text": "$                  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.9%",
        "box": [
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          437.0915432900012,
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      {
        "text": "7.6%",
        "box": [
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      {
        "text": "Nov-26",
        "box": [
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          558.9489635900012,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1",
        "box": [
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          637.7262514100013,
          301.73358299999956
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mixed-use & Other",
        "box": [
          24.965762300001074,
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        "from_ocr": false,
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      {
        "text": "Loan 93",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Oct-19",
        "box": [
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      {
        "text": "Brooklyn, NY",
        "box": [
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      {
        "text": "$                     79",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Floating",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+4.2%",
        "box": [
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      {
        "text": "7.8%",
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      {
        "text": "Nov-26",
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      {
        "text": "66%",
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      },
      {
        "text": "3",
        "box": [
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      {
        "text": "3",
        "box": [
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        "text": "Loan 94",
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      {
        "text": "Senior",
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        "from_ocr": false,
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      {
        "text": "Jan-22",
        "box": [
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      {
        "text": "New York, NY",
        "box": [
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      {
        "text": "                      46",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "S+3.5%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "7.2%",
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        "text": "Feb-27",
        "box": [
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      {
        "text": "67%",
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        "from_ocr": false,
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan 95",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "May-22",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Brooklyn, NY",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                       29",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Floating",
        "box": [
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          338.917866,
          378.88562718,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+4.4%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "May-27",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "68%",
        "box": [
          587.2382532,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan 96",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
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          103.76489745000006,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Apr-24",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "South Pasadena, CA",
        "box": [
          206.6780424000001,
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          268.47655995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                       26",
        "box": [
          287.7778458000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Fixed",
        "box": [
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          374.72548119000015,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Jun-26",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "84%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan 97",
        "box": [
          24.998644500000182,
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          48.11799537000017,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior",
        "box": [
          85.3723656000002,
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          103.75191525000017,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct-25",
        "box": [
          169.4450928000002,
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          191.01242166000011,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Venice, CA",
        "box": [
          206.6715513000002,
          355.963232,
          238.75186572000015,
          361.642857
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                      24",
        "box": [
          289.1020302000002,
          355.963232,
          334.0788621000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Floating",
        "box": [
          354.63617580000016,
          355.963232,
          378.8661538800001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+4.8%",
        "box": [
          416.49635880000017,
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          437.12767104000017,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8.9%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Oct-30",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "67%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
          633.2796255000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan 98",
        "box": [
          24.99215340000012,
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          48.487988070000114,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          85.36587450000013,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug-21",
        "box": [
          170.21753370000013,
          364.485915,
          191.03319318000018,
          370.16553999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Los Angeles, CA",
        "box": [
          206.65856910000014,
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          254.15524602,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "16",
        "box": [
          328.4251140000001,
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          334.05289770000013,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                      ",
        "box": [
          289.0111548000001,
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          325.1211441000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Floating",
        "box": [
          354.6231936000001,
          364.485915,
          378.85317168000006,
          370.16553999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+4.6%",
        "box": [
          416.5612698000001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "8.3%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Sep-26",
        "box": [
          537.0750324000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "66%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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          678.7043433000002,
          370.16553999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. mixed-use & other loans",
        "box": [
          24.979171200000224,
          372.774922,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  220",
        "box": [
          288.3036249000003,
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          334.07237100000026,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6.0%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9.3%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "May-27",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          24.985662300000172,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loan 99",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          85.41222110000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar-26",
        "box": [
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          191.06785580000005,
          404.268125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oklahoma City, OK",
        "box": [
          206.71140680000002,
          398.5885,
          263.49944425999985,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$                    32",
        "box": [
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          334.07327990000005,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating",
        "box": [
          354.67603130000003,
          398.5885,
          378.90600938,
          404.268125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+2.8%",
        "box": [
          416.8477871,
          398.5885,
          437.16622832,
          404.268125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.9%",
        "box": [
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          498.08974559000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr-31",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "56%",
        "box": [
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          404.268125
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
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          682.6524901100001,
          404.268125
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. industrial loans",
        "box": [
          25.038500000000113,
          406.87750700000004,
          106.74457214000009,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    32",
        "box": [
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          334.07327990000016,
          412.557132
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8%",
        "box": [
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          406.87750700000004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.9%",
        "box": [
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          412.557132
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr-31",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
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          412.557132
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0",
        "box": [
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          638.7466897100004,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
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          682.6589812100002,
          412.557132
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          25.044991100000175,
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          41.035815950000185,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan 100",
        "box": [
          25.0403,
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          51.879700279999994,
          438.36492499999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior",
        "box": [
          85.4140211,
          432.6853,
          103.79357074999997,
          438.36492499999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar-26",
        "box": [
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          432.6853,
          191.06965580000002,
          438.36492499999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Chicago, IL",
        "box": [
          206.7132068,
          432.6853,
          240.15535400000002,
          438.36492499999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    24",
        "box": [
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          432.6853,
          334.1205176,
          438.36492499999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Floating",
        "box": [
          354.68432240000004,
          432.6853,
          378.91430048,
          438.36492499999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "S+3.2%",
        "box": [
          416.9339714,
          432.6853,
          437.17451942,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4%",
        "box": [
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          432.6853,
          498.09803668999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr-31",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50%",
        "box": [
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          432.6853,
          599.1436921700001,
          438.36492499999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
          633.3342632,
          432.6853,
          636.7745462,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          671.5019312000001,
          432.6853,
          682.66727231,
          438.36492499999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. hotel loans",
        "box": [
          25.053282200000012,
          440.974307,
          94.87155380000002,
          446.653932
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    24",
        "box": [
          288.84509510000004,
          440.974307,
          334.13349980000004,
          446.653932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2%",
        "box": [
          424.21698560000004,
          440.974307,
          437.18750162000003,
          446.653932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.4%",
        "box": [
          485.06455700000004,
          440.974307,
          498.11101888999997,
          446.653932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Apr-31",
        "box": [
          539.8104944,
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          559.0663425500002,
          446.653932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          587.5135883,
          440.974307,
          598.67892941,
          446.653932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0",
        "box": [
          629.7446849,
          440.974307,
          638.7614719100002,
          446.653932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          671.5084223,
          440.974307,
          682.67376341,
          446.653932
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. loan portfolio",
        "box": [
          25.05977329999996,
          458.493516,
          102.04292107999996,
          464.173141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  2,730",
        "box": [
          288.46212019999996,
          458.493516,
          334.15362221,
          464.173141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4%",
        "box": [
          423.91190389999997,
          458.493516,
          437.19269449999996,
          464.173141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.2%",
        "box": [
          485.3826209,
          458.493516,
          498.11880821,
          464.173141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "May-28",
        "box": [
          536.1365318000001,
          458.493516,
          559.0877631800001,
          464.173141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          587.5200794000001,
          458.493516,
          598.6854205100001,
          464.173141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1",
        "box": [
          631.5492107000001,
          458.493516,
          638.6835787100002,
          464.173141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          671.5149134000001,
          458.493516,
          682.68025451,
          464.173141
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserves",
        "box": [
          25.066264400000023,
          467.957394,
          92.91189071,
          473.637019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         (87)",
        "box": [
          288.15054740000005,
          467.957394,
          335.86078151000015,
          473.637019
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. loan portfolio, net of general CECL reserves",
        "box": [
          25.066264400000023,
          477.421272,
          191.23193329999984,
          483.100897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  2,643",
        "box": [
          288.4686113,
          477.421272,
          334.13479802000006,
          483.100897
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          50.666666666666664,
          494.6666666666667,
          157.33333333333334,
          511.3333333333333
        ],
        "from_ocr": true,
        "confidence": 0.99993
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          96.66666666666667,
          518.0
        ],
        "from_ocr": true,
        "confidence": 0.99607
      }
    ]
  },
  {
    "page_no": 30,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "30",
        "box": [
          689.2825,
          513.4501,
          700.95562,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated",
        "box": [
          282.8405,
          106.30897999999996,
          329.3530190499999,
          112.21572559999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rentable square",
        "box": [
          468.83475400000003,
          106.30897999999996,
          520.2503229499998,
          112.21572559999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateral",
        "box": [
          101.73068850000004,
          115.99826479999996,
          132.59837145000006,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated",
        "box": [
          225.91514700000005,
          115.99826479999996,
          272.4276660499999,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "net carrying",
        "box": [
          287.24646650000005,
          115.99826479999996,
          324.8693001999999,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Q1'26",
        "box": [
          348.09931000000006,
          115.99826479999996,
          364.50439130000007,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SL Rent**",
        "box": [
          385.73277650000006,
          115.99826479999996,
          414.07649854999994,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "# of",
        "box": [
          437.53444900000005,
          115.99826479999996,
          449.39998925000003,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "feet (\"RSF\") / ",
        "box": [
          473.88533400000006,
          115.99826479999996,
          515.0934149500005,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A.",
        "box": [
          538.3400385000001,
          115.99826479999996,
          552.9342210500001,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. lease",
        "box": [
          572.6906280000001,
          115.99826479999996,
          605.6124350000002,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Final debt",
        "box": [
          617.1290865000001,
          115.99826479999996,
          648.3489809499997,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All-in",
        "box": [
          667.9738070000001,
          115.99826479999996,
          684.61879085,
          121.90501039999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(At BRSP share)",
        "box": [
          24.638939999999998,
          125.20457999999996,
          72.9402353,
          131.01948
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "type",
        "box": [
          110.1373,
          125.20457999999996,
          124.24636105000002,
          131.1113256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "City, State",
        "box": [
          157.214022,
          125.20457999999996,
          190.30130194999992,
          131.1113256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying value",
        "box": [
          226.951899,
          125.20457999999996,
          271.40165484999994,
          131.1113256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
          297.5736275,
          125.20457999999996,
          314.64325879999996,
          131.1113256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOI*",
        "box": [
          349.215808,
          125.20457999999996,
          363.3899949500001,
          131.1113256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivable",
        "box": [
          382.682546,
          125.20457999999996,
          417.04376830000024,
          131.1113256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "properties",
        "box": [
          427.3602425,
          125.20457999999996,
          459.4367418999999,
          131.1113256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Units / Keys",
        "box": [
          476.03853000000004,
          125.20457999999996,
          512.9144094999999,
          131.1113256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% leased",
        "box": [
          528.5646,
          125.20437999999996,
          556.1002292500003,
          131.11112559999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17)",
        "box": [
          556.1074,
          123.49091000000004,
          562.6645093,
          127.4050088923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "term (yrs)",
        "box": [
          571.0798,
          125.20437999999996,
          600.3366137499997,
          131.11112559999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(18)",
        "box": [
          600.3041,
          123.49091000000004,
          607.1817986599999,
          127.4050088923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "maturity",
        "box": [
          619.5201,
          125.20437999999996,
          645.9047286499998,
          131.11112559999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "COF",
        "box": [
          669.480969,
          125.20437999999996,
          683.0191815999999,
          131.11112559999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease real estate",
        "box": [
          25.0264,
          133.93167999999997,
          89.81670225000002,
          139.8384256
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease 1",
        "box": [
          25.0264,
          142.65897999999999,
          57.7847277,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Industrial",
        "box": [
          103.3303265,
          142.65897999999999,
          131.04139695,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various - U.S.",
        "box": [
          157.2120405,
          142.65897999999999,
          197.73231220000017,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     292",
        "box": [
          226.06606600000003,
          142.65897999999999,
          272.55200305,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       92",
        "box": [
          283.07116500000006,
          142.65897999999999,
          329.4766915,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              5.0",
        "box": [
          339.7639255,
          142.65897999999999,
          373.09243710000004,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$             14.0",
        "box": [
          382.9198025,
          142.65897999999999,
          416.6470441000002,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          451.614336,
          142.65897999999999,
          455.10322349999996,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,787 RSF",
        "box": [
          487.0813695,
          142.65897999999999,
          515.4809137499999,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          543.7674845,
          142.65897999999999,
          559.0454889999999,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.4",
        "box": [
          589.7277625,
          142.65897999999999,
          600.8656205000001,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sep-33",
        "box": [
          621.513189,
          142.65897999999999,
          643.9291250500002,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.77%",
        "box": [
          667.951943,
          142.65897999999999,
          684.5936040999999,
          148.47388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease 2",
        "box": [
          25.019754499999976,
          151.38465279999997,
          59.007499699999975,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          107.88913949999998,
          151.38465279999997,
          126.49786859999996,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aurora, CO",
        "box": [
          157.2120405,
          151.38465279999997,
          191.05092650000012,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          55",
        "box": [
          225.34835200000003,
          151.38465279999997,
          272.571275,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          27",
        "box": [
          282.51958850000005,
          151.38465279999997,
          329.48998250000005,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                  1.1",
        "box": [
          339.8503170000001,
          151.38465279999997,
          373.0904434500002,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.3",
        "box": [
          383.49131550000004,
          151.38465279999997,
          416.6350822000001,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.91020850000007,
          151.38465279999997,
          455.1696785000001,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "184 RSF",
        "box": [
          492.70346250000006,
          151.38465279999997,
          515.50085025,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          543.7874210000001,
          151.38465279999997,
          559.0654255,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7",
        "box": [
          593.8280360000001,
          151.38465279999997,
          600.8450194500001,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aug-26",
        "box": [
          621.4533795000001,
          151.38465279999997,
          644.0268139000002,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.08%",
        "box": [
          667.3339115000001,
          151.38465279999997,
          685.1750853500004,
          157.1995528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease 3",
        "box": [
          25.0264,
          159.55307999999997,
          59.0473727,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          107.895785,
          159.55307999999997,
          126.50517864999998,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Indianapolis, IN",
        "box": [
          157.218686,
          159.55307999999997,
          203.53782100000024,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          39",
        "box": [
          225.43474350000002,
          159.55307999999997,
          272.5912115,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          19",
        "box": [
          282.99806450000005,
          159.55307999999997,
          329.5165645000001,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 0.7",
        "box": [
          339.2057035,
          159.55307999999997,
          373.0472477000001,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.6",
        "box": [
          383.48467000000005,
          159.55307999999997,
          416.6284367000001,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.9035630000001,
          159.55307999999997,
          455.1630330000001,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "338 RSF",
        "box": [
          491.7332195000001,
          159.55307999999997,
          515.48755925,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          543.7741300000001,
          159.55307999999997,
          559.0521345,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.8",
        "box": [
          591.8941955000001,
          159.55307999999997,
          600.8981834500001,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Oct-27",
        "box": [
          621.8388185000001,
          159.55307999999997,
          643.5862172500001,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.45%",
        "box": [
          667.4734670000001,
          159.55307999999997,
          684.9916695500001,
          165.36798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease 4",
        "box": [
          25.0264,
          171.88347999999996,
          59.3796477,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          108.533753,
          171.88347999999996,
          125.91705189999998,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Various - U.S.",
        "box": [
          157.2120405,
          171.88347999999996,
          197.73297675000015,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          28",
        "box": [
          225.42809800000003,
          171.88347999999996,
          272.624439,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          322.63182650000005,
          171.88347999999996,
          329.5298555000001,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.4",
        "box": [
          339.770571,
          171.88347999999996,
          373.0871207000001,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.0",
        "box": [
          383.165686,
          171.88347999999996,
          416.6550187000001,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          451.86021949999997,
          171.88347999999996,
          455.1165145,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "320 RSF",
        "box": [
          491.17499749999996,
          171.88347999999996,
          515.4942047499999,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          543.7807755,
          171.88347999999996,
          559.0587799999998,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7",
        "box": [
          592.538809,
          171.88347999999996,
          600.83970305,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov-26 & ",
        "box": [
          618.239,
          167.80007999999998,
          648.3211848500002,
          173.61498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar-28",
        "box": [
          621.362385,
          176.12701679999998,
          643.5782915000003,
          181.9419168
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.57%",
        "box": [
          667.8802,
          171.88347999999996,
          684.5989488999999,
          177.69838
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease 5",
        "box": [
          25.0264,
          184.13378,
          59.113827699999995,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          108.533753,
          184.13378,
          125.91705189999998,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Keene, NH",
        "box": [
          157.2120405,
          184.13378,
          188.54623755,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            7",
        "box": [
          225.667336,
          184.13378,
          272.55798400000003,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          322.625181,
          184.13378,
          329.52321000000006,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 0.1",
        "box": [
          339.76392549999997,
          184.13378,
          373.08712070000007,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.0",
        "box": [
          383.15904049999995,
          184.13378,
          416.64837320000004,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.8969175,
          184.13378,
          455.1563875,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45 RSF",
        "box": [
          494.92970499999996,
          184.13378,
          515.4875592499999,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          543.77413,
          184.13378,
          559.0521344999999,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8",
        "box": [
          592.2131795,
          184.13378,
          600.89951255,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov-26",
        "box": [
          621.5198345,
          184.13378,
          643.8546954500001,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.45%",
        "box": [
          667.4801125,
          184.13378,
          684.99831505,
          189.94868000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease 6",
        "box": [
          25.0264,
          192.30057999999997,
          59.0473727,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          108.533753,
          192.30057999999997,
          125.91705189999998,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "South Portland, ME",
        "box": [
          157.2120405,
          192.30057999999997,
          214.6889700000002,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            5",
        "box": [
          225.507844,
          192.30057999999997,
          272.571275,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            5",
        "box": [
          282.433197,
          192.30057999999997,
          329.496628,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.2",
        "box": [
          339.9234175,
          192.30057999999997,
          373.0339567000001,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 0.1",
        "box": [
          383.31853250000006,
          192.30057999999997,
          416.64172770000016,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.8969175000001,
          192.30057999999997,
          455.1563875000001,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53 RSF",
        "box": [
          495.24868900000007,
          192.30057999999997,
          515.48091375,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          543.7674845000001,
          192.30057999999997,
          559.045489,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.8",
        "box": [
          592.1267880000001,
          192.30057999999997,
          600.8935316000002,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          626.9558535000001,
          192.30057999999997,
          638.3867780500001,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          672.8363855000001,
          192.30057999999997,
          679.7344145000001,
          198.11548
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net lease 7",
        "box": [
          25.0264,
          200.46747999999997,
          58.7815527,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Retail",
        "box": [
          108.533753,
          200.46747999999997,
          125.91705189999998,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fort Wayne, IN",
        "box": [
          157.2120405,
          200.46747999999997,
          202.00005230000016,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            3",
        "box": [
          225.507844,
          200.46747999999997,
          272.584566,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          322.625181,
          200.46747999999997,
          329.52321000000006,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 0.1",
        "box": [
          339.76392549999997,
          200.46747999999997,
          373.08712070000007,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          409.74104049999994,
          200.46747999999997,
          416.6390695,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.8969174999999,
          200.46747999999997,
          455.15638749999994,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "50 RSF",
        "box": [
          494.6107209999999,
          200.46747999999997,
          515.4875592499999,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          543.7741299999999,
          200.46747999999997,
          559.0521344999997,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.4",
        "box": [
          591.6549574999999,
          200.46747999999997,
          600.8716014499998,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Nov-26",
        "box": [
          621.5198344999999,
          200.46747999999997,
          643.85469545,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.45%",
        "box": [
          667.4801124999999,
          200.46747999999997,
          684.9983150499999,
          206.28238
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. net lease real estate",
        "box": [
          25.0264,
          208.63428,
          126.03201904999993,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     429",
        "box": [
          225.90657399999998,
          208.63428,
          272.58523055,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                      143",
        "box": [
          282.5993345,
          208.63428,
          329.5119126500001,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               7.7",
        "box": [
          339.531333,
          208.63428,
          373.0512350000001,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              15.1",
        "box": [
          383.17233150000004,
          208.63428,
          416.65302505000017,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14",
        "box": [
          449.0691095,
          208.63428,
          455.1630330000001,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,777 RSF",
        "box": [
          487.42029,
          208.63428,
          515.50085025,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          543.787421,
          208.63428,
          559.0654254999998,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.4",
        "box": [
          591.9872325,
          208.63428,
          600.88622155,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          626.97579,
          208.63428,
          638.40671455,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          670.530397,
          208.63428,
          681.96132155,
          214.44918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other real estate",
        "box": [
          25.0264,
          224.96797999999995,
          78.52865594999997,
          230.87472559999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other RE 1",
        "box": [
          25.0264,
          233.13477999999998,
          55.70800895000001,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          109.0986205,
          233.13477999999998,
          125.2777548,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "San Jose, CA",
        "box": [
          157.218686,
          233.13477999999998,
          197.67117360000006,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                      143",
        "box": [
          225.68062700000002,
          233.13477999999998,
          272.59320515000013,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       88",
        "box": [
          283.33033950000004,
          233.13477999999998,
          329.563083,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               2.5",
        "box": [
          339.2189945,
          233.13477999999998,
          373.07183605,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              --",
        "box": [
          382.5343635,
          233.13477999999998,
          416.6536896,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.91020849999995,
          233.13477999999998,
          455.1696785,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "541 Keys",
        "box": [
          489.97880749999996,
          233.13477999999998,
          515.49287565,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "72%",
        "box": [
          547.548774,
          233.13477999999998,
          559.06609005,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          591.183127,
          233.13477999999998,
          602.61405155,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          626.97579,
          233.13477999999998,
          638.40671455,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.36%",
        "box": [
          667.8921335,
          233.13477999999998,
          684.6912929499999,
          238.94968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other RE 2",
        "box": [
          25.0264,
          241.30167999999998,
          56.937426450000004,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          107.895785,
          241.30167999999998,
          126.50517864999998,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Creve Coeur, MO",
        "box": [
          157.218686,
          241.30167999999998,
          209.47424615,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          89",
        "box": [
          225.43474350000002,
          241.30167999999998,
          272.5912115,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          322.63847200000004,
          241.38142719999996,
          329.5365010000001,
          247.19632719999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 2.2",
        "box": [
          339.451587,
          241.30167999999998,
          373.04525405,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                3.0",
        "box": [
          383.4913155,
          241.30167999999998,
          416.65967055,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          451.86686499999996,
          241.30167999999998,
          455.12316,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "848 RSF",
        "box": [
          491.34113499999995,
          241.30167999999998,
          515.5008502499999,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81%",
        "box": [
          548.5123715,
          241.30167999999998,
          559.0674191500001,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4",
        "box": [
          591.9872325,
          241.30167999999998,
          600.88622155,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec-28",
        "box": [
          621.2938875,
          241.30167999999998,
          644.2295016500003,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.47%",
        "box": [
          667.6528955,
          241.30167999999998,
          684.8507849499999,
          247.11658
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other RE 3",
        "box": [
          25.0264,
          249.46848,
          56.970653950000006,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          101.09079299999999,
          249.46848,
          133.38858755,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dallas, TX",
        "box": [
          157.218686,
          249.46848,
          187.01511435,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         45",
        "box": [
          226.07271150000003,
          249.46848,
          272.57792050000006,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         45 ",
        "box": [
          281.077515,
          249.46848,
          332.2153020499999,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                (0.1)",
        "box": [
          339.690825,
          249.46848,
          374.84219725000014,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          409.74768600000004,
          249.46848,
          416.6457150000001,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.903563,
          249.46848,
          455.16303300000004,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "624 Units",
        "box": [
          487.89212050000003,
          249.46848,
          515.4935402,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70%",
        "box": [
          546.9041605,
          249.46848,
          559.06210275,
          255.28338000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          591.183127,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "n/a",
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        "from_ocr": false,
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      {
        "text": "--",
        "box": [
          672.856322,
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          255.28338000000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other RE 4 ***",
        "box": [
          25.0264,
          257.63538,
          66.8624807,
          263.45028
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily (Pre-Dev)",
        "box": [
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          148.58020055,
          263.45028
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        "from_ocr": false,
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      {
        "text": "Santa Clara, CA",
        "box": [
          157.218686,
          257.63538,
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          263.45028
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                         40",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                            6",
        "box": [
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          257.63538,
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          263.45028
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "               (0.3)",
        "box": [
          339.9367085,
          257.63538,
          374.8495073,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          409.75433150000003,
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          416.6523605000001,
          263.5300272
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
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          455.16967850000003,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
        "box": [
          504.073913,
          257.63538,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
        "box": [
          547.62852,
          257.63538,
          559.05944455,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "n/a",
        "box": [
          591.183127,
          257.63538,
          602.61405155,
          263.45028
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jul-28",
        "box": [
          623.0482995,
          257.63538,
          642.3813881000001,
          263.45028
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.50%",
        "box": [
          667.486758,
          257.63538,
          685.0867001999999,
          263.45028
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other RE 5",
        "box": [
          25.0264,
          265.80217999999996,
          57.037108950000004,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          101.09079299999999,
          265.80217999999996,
          133.38858755,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arlington, TX",
        "box": [
          157.218686,
          265.80217999999996,
          195.02227730000016,
          271.61708
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                          39",
        "box": [
          225.43474350000002,
          265.80217999999996,
          272.5912115,
          271.61708
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                         14 ",
        "box": [
          281.80187450000005,
          265.80217999999996,
          331.57866315,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                 0.1",
        "box": [
          339.770571,
          265.80217999999996,
          373.0937662000001,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          409.74768600000004,
          265.80217999999996,
          416.6457150000001,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.903563,
          265.80217999999996,
          455.16303300000004,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "436 Units",
        "box": [
          487.89212050000003,
          265.80217999999996,
          515.4935402,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69%",
        "box": [
          547.3028905,
          265.80217999999996,
          559.05878,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          591.1764815,
          265.80217999999996,
          602.60740605,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          626.9691445000001,
          265.80217999999996,
          638.4000690500001,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.31%",
        "box": [
          668.5234560000001,
          265.80217999999996,
          684.0420276,
          271.61708
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other RE 6",
        "box": [
          25.0264,
          273.96907999999996,
          56.970653950000006,
          279.78398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          101.09079299999999,
          273.96907999999996,
          133.38858755,
          279.78398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fort Worth, TX",
        "box": [
          157.218686,
          273.96907999999996,
          200.54269415000016,
          279.78398
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                          37",
        "box": [
          225.59423550000002,
          273.96907999999996,
          272.5646295,
          279.78398
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         32 ",
        "box": [
          281.32339850000005,
          273.96907999999996,
          332.06245554999987,
          279.78398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.2",
        "box": [
          339.93670850000007,
          273.96907999999996,
          373.0472477000001,
          279.78398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          409.75433150000003,
          274.04882719999995,
          416.6523605000001,
          279.86372719999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.9102085,
          273.96907999999996,
          455.16967850000003,
          279.78398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "354 Units",
        "box": [
          487.81902,
          273.96907999999996,
          515.5001857,
          279.78398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "90%",
        "box": [
          546.671568,
          273.96907999999996,
          559.0694127999999,
          279.78398
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          591.1897725,
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          602.62069705,
          279.78398
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          626.9824355000001,
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          638.41336005,
          279.78398
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.31%",
        "box": [
          668.5367470000001,
          273.96907999999996,
          684.0553186,
          279.78398
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other RE 7",
        "box": [
          25.0264,
          282.13588,
          56.70483395000001,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          101.09079299999999,
          282.13588,
          133.38858755,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mesa, AZ",
        "box": [
          157.218686,
          282.13588,
          184.53169099999997,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          32",
        "box": [
          225.43474350000002,
          282.13588,
          272.557984,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          13 ",
        "box": [
          281.077515,
          282.13588,
          332.2153020499999,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                0.5",
        "box": [
          339.930063,
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          373.0605387000001,
          287.95078
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "--",
        "box": [
          409.74768600000004,
          282.13588,
          416.6457150000001,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          452.903563,
          282.13588,
          455.16303300000004,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "285 Units",
        "box": [
          488.05161250000003,
          282.13588,
          515.4935402,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "92%",
        "box": [
          547.3028905,
          282.13588,
          559.05944455,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          591.1764815,
          282.13588,
          602.60740605,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          626.9691445000001,
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          638.4000690500001,
          287.95078
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.31%",
        "box": [
          668.5234560000001,
          282.13588,
          684.0420276,
          287.95078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. other real estate",
        "box": [
          25.0264,
          290.30278,
          114.09869469999997,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     425",
        "box": [
          225.82682799999998,
          290.30278,
          272.57193955,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                      196",
        "box": [
          282.752181,
          290.30278,
          329.51058355000004,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              4.9",
        "box": [
          339.91677200000004,
          290.30278,
          373.06386145000005,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              3.0",
        "box": [
          383.31188700000007,
          290.30278,
          416.64637955000006,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          449.36815700000005,
          290.30278,
          455.1298055000001,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          504.05397650000003,
          290.30278,
          515.48490105,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77%",
        "box": [
          547.7680755,
          290.30278,
          559.045489,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4",
        "box": [
          591.967296,
          290.30278,
          600.86628505,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          626.9558535,
          290.30278,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          670.5104605,
          290.30278,
          681.94138505,
          296.11768
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. net lease real estate and other real estate",
        "box": [
          25.0264,
          306.55638,
          192.48635450000017,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     853",
        "box": [
          225.99296550000003,
          306.55638,
          272.59187605,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     338",
        "box": [
          282.9183185,
          306.55638,
          329.55643749999996,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$             12.6",
        "box": [
          339.84367149999997,
          306.55638,
          373.07117150000005,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              18.1",
        "box": [
          383.15904049999995,
          306.55638,
          416.64039859999997,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27",
        "box": [
          448.33145899999994,
          306.55638,
          455.10986899999995,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          504.06062199999997,
          306.55638,
          515.4915465499998,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "89%",
        "box": [
          547.216499,
          306.55638,
          559.0527990500001,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.4",
        "box": [
          591.8941955,
          306.55638,
          600.8716014500002,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          626.962499,
          306.55638,
          638.39342355,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "n/a",
        "box": [
          670.517106,
          306.55638,
          681.94803055,
          312.37128
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NVESTMENT DETAIL (CONT'D) ",
        "box": [
          31.265,
          35.00199999999995,
          357.59435599999995,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE Debt Securities",
        "box": [
          23.3688,
          375.2453,
          152.889204,
          387.72434
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "*     Q1'26 NOI excludes approximately ($0.1)M of NOI related to the sale of the Long Island City, NY office property, which was sold during the first quarter of 2026",
        "box": [
          174.5809,
          493.7386,
          690.4386999999999,
          499.8286
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "**   Represents straight line rent receivable as of March 31, 2026. This is included in 'Receivables, net' on our consolidated balance sheet",
        "box": [
          174.58089999999999,
          501.17884,
          610.8782439999992,
          507.26884
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "***  Related to construction / development project",
        "box": [
          174.58089999999999,
          508.85572,
          337.3920040000001,
          514.9457199999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions; rentable square feet in thousands; as of March 31, 2026; at BRSP share",
        "box": [
          174.58089999999999,
          516.41428,
          439.40959599999974,
          522.50428
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          174.58089999999996,
          523.97284,
          271.8503800000002,
          530.06284
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Lease Real Estate & Other Real Estate",
        "box": [
          23.3689,
          77.7244,
          297.195232,
          90.20344
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying",
        "box": [
          637.6004,
          395.73395000000005,
          668.9972692799998,
          402.6067546153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(At BRSP share)",
        "box": [
          23.9561675,
          406.44775000000004,
          80.16606376,
          413.2136875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value",
        "box": [
          643.3774,
          406.44765,
          663.2419249600001,
          413.3204546153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE debt securities",
        "box": [
          24.410990399999946,
          416.6004225,
          94.34748191999991,
          423.4732271153846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE debt securities (1 investment)",
        "box": [
          24.4073,
          426.75725,
          142.75148736000017,
          433.5231875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(8)",
        "box": [
          142.7411,
          424.7635,
          148.29729974000003,
          429.247
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                     2",
        "box": [
          614.8622304,
          426.75725,
          691.50994,
          433.5231875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total / W.A. CRE debt securities",
        "box": [
          24.4073,
          436.16665,
          137.59162944000013,
          442.9325875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                     2",
        "box": [
          614.8599264,
          436.16665,
          691.507636,
          442.9325875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 31,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "31",
        "box": [
          691.6824,
          513.4501,
          700.9352399999999,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in thousands, except per share data; as of March 31, 2026, unless otherwise stated",
        "box": [
          172.9483,
          496.1007,
          442.8181239999997,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CONSOLIDATED BALANCE SHEET",
        "box": [
          31.265,
          35.00199999999995,
          381.68844800000016,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026 ",
        "box": [
          516.8307,
          79.56961999999999,
          574.6160249999999,
          86.85474845128203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited)",
        "box": [
          521.7486,
          90.49822,
          567.4334320499996,
          97.78334845128205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          610.2711,
          90.49822,
          682.5265261000001,
          97.78334845128205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          25.069804594871794,
          101.42682000000002,
          52.62625005000001,
          108.71194845128207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash and cash equivalents",
        "box": [
          35.4216,
          113.44821999999999,
          139.16306120000004,
          120.62007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                               96,561",
        "box": [
          499.8912,
          112.35541999999998,
          590.0994135000002,
          119.52726999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             66,789",
        "box": [
          601.5310655000001,
          112.35541999999998,
          691.6565009000003,
          119.52726999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Restricted cash",
        "box": [
          35.42340000000013,
          124.37953879999998,
          95.18408150000015,
          131.55138879999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 92,715",
        "box": [
          500.43543450000016,
          124.37953879999998,
          590.1100624000003,
          131.55138879999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              107,046",
        "box": [
          602.6130035000001,
          124.37953879999998,
          691.6565009000002,
          131.55138879999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans and preferred equity held for investment",
        "box": [
          35.415203500000075,
          135.30534,
          215.5480447000004,
          142.47719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           2,730,072",
        "box": [
          500.42723800000005,
          135.30534,
          589.9764594500001,
          142.47719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            2,678,315",
        "box": [
          602.063838,
          135.30534,
          691.7253515000006,
          142.47719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current expected credit loss reserve",
        "box": [
          35.415203500000075,
          146.23114120000002,
          175.1794625500003,
          153.40299120000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                (85,316)",
        "box": [
          499.8862690000001,
          146.23114120000002,
          592.2223004499997,
          153.40299120000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               (87,401)",
        "box": [
          603.1621690000001,
          146.23114120000002,
          693.8621790499998,
          153.40299120000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans and preferred equity held for investment, net",
        "box": [
          35.415203500000075,
          157.15694240000005,
          232.48939055000042,
          164.32879240000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           2,644,756",
        "box": [
          499.8780725000001,
          157.15694240000005,
          590.0149830000007,
          164.32879240000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           2,590,914",
        "box": [
          602.6048070000002,
          157.15694240000005,
          691.5065049499999,
          164.32879240000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate, net",
        "box": [
          35.407007000000135,
          168.08274360000007,
          96.95288620000021,
          175.25459360000008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              690,961",
        "box": [
          501.5091760000002,
          168.08274360000007,
          590.0772764000006,
          175.25459360000008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               679,779",
        "box": [
          601.5064760000002,
          168.08274360000007,
          691.6458454500006,
          175.25459360000008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Receivables, net",
        "box": [
          35.39881050000031,
          179.0085448000001,
          98.58235040000037,
          186.1803948000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               50,506",
        "box": [
          501.50917600000025,
          179.0085448000001,
          590.0010489500003,
          186.1803948000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                45,591",
        "box": [
          603.1457760000002,
          179.0085448000001,
          691.7171549999999,
          186.1803948000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred leasing costs and intangible assets, net",
        "box": [
          35.398810500000195,
          189.93434600000012,
          223.75356085,
          197.10619600000012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                28,144",
        "box": [
          500.9600105000002,
          189.93434600000012,
          589.86170845,
          197.10619600000012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                27,646",
        "box": [
          602.0474450000002,
          189.93434600000012,
          691.6376489500003,
          197.10619600000012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          35.398810500000195,
          200.86014720000014,
          84.4827311000002,
          208.03199720000015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               44,205",
        "box": [
          500.9600105000002,
          200.86014720000014,
          590.0805550000006,
          208.03199720000015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                47,065",
        "box": [
          601.5064760000001,
          200.86014720000014,
          691.7228925500001,
          208.03199720000015
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          25.563010500000132,
          211.78594840000017,
          71.9986419500001,
          219.0710768512822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                        3,647,848",
        "box": [
          500.41084500000017,
          211.78594840000017,
          589.2223814500001,
          219.0710768512822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                        3,564,830",
        "box": [
          602.0474450000002,
          211.78594840000017,
          691.3565090000006,
          219.0710768512822
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          25.071004594871795,
          223.82801999999998,
          64.11074655,
          231.11314845128203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization bonds payable, net",
        "box": [
          35.4227,
          234.75652000000002,
          164.74789664999994,
          241.92837000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                         1,406,860",
        "box": [
          499.8937655,
          234.75652000000002,
          590.2929640000006,
          241.92837000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           977,082",
        "box": [
          601.5303655,
          234.75652000000002,
          691.6287524500002,
          241.92837000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage and other notes payable, net",
        "box": [
          35.42270000000008,
          245.68232120000005,
          189.34887174999997,
          252.85417120000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               412,814",
        "box": [
          499.89376550000003,
          245.68232120000005,
          589.8864175999996,
          252.85417120000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              414,060",
        "box": [
          601.5303655,
          245.68232120000005,
          691.9402194500005,
          252.85417120000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit facilities",
        "box": [
          35.42270000000008,
          256.60812240000007,
          92.69656340000013,
          263.7799724000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               772,327",
        "box": [
          499.8937655000002,
          256.60812240000007,
          590.2495225500004,
          263.7799724000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           1,078,098",
        "box": [
          603.1696655000002,
          256.60812240000007,
          691.81399335,
          263.7799724000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued and other liabilities",
        "box": [
          35.42270000000019,
          267.5339236000001,
          141.33459440000024,
          274.7057736000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                60,621",
        "box": [
          501.53306550000025,
          267.5339236000001,
          590.1044445000007,
          274.7057736000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                63,709",
        "box": [
          602.0795310000002,
          267.5339236000001,
          691.6615384500006,
          274.7057736000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Escrow deposits payable",
        "box": [
          35.430896500000244,
          278.4597248000001,
          132.5848306500003,
          285.63157480000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                66,878",
        "box": [
          500.99209650000023,
          278.4597248000001,
          590.1749344000006,
          285.63157480000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 82,511",
        "box": [
          603.1696655000003,
          278.4597248000001,
          691.74350345,
          285.63157480000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividends payable",
        "box": [
          35.422700000000304,
          289.3855260000001,
          107.98631450000035,
          296.5573760000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 22,179",
        "box": [
          500.43473450000033,
          289.3855260000001,
          590.0192009000002,
          296.5573760000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                20,576",
        "box": [
          602.0713345000003,
          289.3855260000001,
          691.6590795000003,
          296.5573760000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          25.58690000000024,
          300.31132720000005,
          82.42388995000023,
          307.5964556512821
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           2,741,679",
        "box": [
          501.52486900000025,
          300.31132720000005,
          589.6700300000003,
          307.5964556512821
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          2,636,425",
        "box": [
          603.1614690000004,
          300.31132720000005,
          691.2525331,
          307.5964556512821
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Commitments and contingencies",
        "box": [
          25.5787035000003,
          311.2371284000001,
          151.14580490000023,
          318.4089784000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          25.071104594871795,
          321.63912,
          51.474302499999986,
          328.92424845128204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity",
        "box": [
          25.587,
          332.56772,
          104.75453454999999,
          339.85284845128206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 ",
        "box": [
          35.4216,
          343.49522,
          487.8167620500003,
          350.66706999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and December 31, 2025, respectively",
        "box": [
          35.4216,
          354.42382,
          175.67437045000023,
          361.59567000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                    -",
        "box": [
          501.5306,
          348.95952,
          580.10798,
          356.13137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                    -",
        "box": [
          603.1677,
          348.95952,
          681.7449799999999,
          356.13137
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, $0.01 par value per share",
        "box": [
          35.42646549999995,
          365.35231999999996,
          192.6812358999999,
          372.52417
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Class A, 950,000,000 shares authorized, 130,278,065 and 128,627,246 shares issued and outstanding as of March 31, ",
        "box": [
          45.2574,
          376.28102,
          484.53324415000037,
          383.45286999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 and December 31, 2025, respectively",
        "box": [
          45.2574,
          387.20962,
          205.7309359500003,
          394.38147000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                  1,303",
        "box": [
          501.5305,
          381.74532,
          590.0253384499999,
          388.91717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   1,286",
        "box": [
          601.5282,
          381.74532,
          691.6594729499999,
          388.91717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          35.4216,
          398.13811999999996,
          134.40581260000008,
          405.30997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           2,861,488",
        "box": [
          501.5305,
          398.13811999999996,
          590.1681640999997,
          405.30997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           2,863,377",
        "box": [
          603.1675,
          398.13811999999996,
          691.8714557500006,
          405.30997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated deficit",
        "box": [
          35.4216,
          409.06672000000003,
          111.71134340000006,
          416.23857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          (1,944,873)",
        "box": [
          501.5305,
          409.06672000000003,
          592.2265118000004,
          416.23857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           (1,926,231)",
        "box": [
          603.1675,
          409.06672000000003,
          693.8615659500005,
          416.23857
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total stockholders' equity",
        "box": [
          45.2574,
          419.99532,
          143.4285198,
          427.16717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                917,918",
        "box": [
          499.8912,
          419.99532,
          590.1668313499997,
          427.16717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              938,432",
        "box": [
          601.5283,
          419.99532,
          691.6125463500002,
          427.16717
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Noncontrolling interests in investment entities",
        "box": [
          35.420634500000006,
          430.9211212,
          206.9061681999998,
          438.09297119999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                (11,749)",
        "box": [
          501.53100000000006,
          430.9211212,
          592.2285510999997,
          438.09297119999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               (10,027)",
        "box": [
          603.1676000000001,
          430.9211212,
          693.8676100499999,
          438.09297119999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total equity",
        "box": [
          25.584834500000056,
          441.8469224,
          71.29589535000007,
          449.0187724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              906,169",
        "box": [
          501.52280350000007,
          441.8469224,
          590.0113978500005,
          449.0187724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             928,405",
        "box": [
          603.1594035,
          441.8469224,
          691.7357004,
          449.0187724
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities and equity",
        "box": [
          25.576638000000003,
          452.77272359999995,
          126.082121,
          460.05785205128205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                        3,647,848",
        "box": [
          500.42447250000004,
          452.77272359999995,
          589.2360089499999,
          460.05785205128205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                        3,564,830",
        "box": [
          602.0610725000001,
          452.77272359999995,
          691.3701365000006,
          460.05785205128205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.0,
          494.3333333333333,
          158.0,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99993
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          96.66666666666667,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.9913
      }
    ]
  },
  {
    "page_no": 32,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "32",
        "box": [
          690.2424,
          513.4501,
          700.9294799999999,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In thousands, except per share data; as of March 31, 2026, unless otherwise stated; unaudited",
        "box": [
          172.9483,
          496.1007,
          473.9035719999998,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CONSOLIDATED STATEMENT OF OPERATIONS",
        "box": [
          31.265,
          35.00199999999995,
          515.4434239999996,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31,",
        "box": [
          484.0444,
          79.36070000000001,
          597.8519824200009,
          86.53348153846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026",
        "box": [
          486.8271,
          89.9357,
          504.64279746,
          97.10848153846155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          576.9829056,
          89.9357,
          594.7582540599999,
          97.10848153846155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          25.226691702564104,
          101.06670000000003,
          101.01800986000005,
          108.23948153846158
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          37.422,
          112.476,
          94.72726376000004,
          119.53724999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                            49,515",
        "box": [
          457.6084162000001,
          111.64479,
          535.1519313800001,
          118.70603999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           48,086",
        "box": [
          547.4898486000001,
          111.64479,
          625.5110959399998,
          118.70603999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          37.422000000000025,
          123.61259999999999,
          98.89773640000007,
          130.67384999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             (33,394)",
        "box": [
          457.0516000000001,
          122.78138999999999,
          537.3824240999999,
          129.84263999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               (32,211)",
        "box": [
          546.6505894000001,
          122.78138999999999,
          627.5438785599998,
          129.84263999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          49.1070704,
          134.74919999999997,
          121.43507384000007,
          141.81044999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 16,121",
        "box": [
          456.21234080000005,
          133.91798999999997,
          535.2059990399999,
          140.97923999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               15,875",
        "box": [
          546.9249626000001,
          133.91798999999997,
          625.3045090600004,
          140.97923999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property and other income",
        "box": [
          25.225791702564102,
          156.72160000000002,
          127.7346037000001,
          163.89438153846157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property operating income",
        "box": [
          37.421,
          168.1309,
          136.74894028,
          175.19214999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              32,654",
        "box": [
          457.05060000000003,
          167.29969,
          535.1937013199998,
          174.36093999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              26,858",
        "box": [
          547.2064056,
          167.29969,
          625.3704884,
          174.36093999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          37.42099999999999,
          179.26749999999998,
          87.77090314000002,
          186.32874999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 2,971",
        "box": [
          457.88178939999995,
          178.43628999999999,
          535.2009641399999,
          185.49753999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 2,618",
        "box": [
          547.4807787999998,
          178.43628999999999,
          625.3656465199998,
          185.49753999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total property and other income",
        "box": [
          49.09800059999975,
          190.40409999999997,
          169.5696238599997,
          197.46534999999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              35,625",
        "box": [
          457.3169033999998,
          189.57288999999997,
          535.1364057399996,
          196.63413999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              29,476",
        "box": [
          547.7551519999998,
          189.57288999999997,
          625.4955702999997,
          196.63413999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          25.224391702564102,
          212.37650000000002,
          62.53002668,
          219.54928153846157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property operating expense",
        "box": [
          37.4196,
          223.7858,
          140.92446876,
          230.84704999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              20,078",
        "box": [
          456.2099408,
          222.95459,
          535.2165107199997,
          230.01583999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 9,966",
        "box": [
          546.3657464,
          222.95459,
          625.4933633199998,
          230.01583999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction, investment and servicing expense",
        "box": [
          37.41153019999996,
          234.92239999999998,
          209.91560989999994,
          241.98364999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                    832",
        "box": [
          456.201871,
          234.09118999999998,
          535.2915598599999,
          241.15243999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                    629",
        "box": [
          546.6401196,
          234.09118999999998,
          625.4925563399999,
          241.15243999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense on real estate",
        "box": [
          37.411530200000016,
          246.05899999999997,
          152.2948169600001,
          253.12024999999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 5,091",
        "box": [
          456.4843140000001,
          245.22778999999997,
          535.19552924,
          252.28903999999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                6,565",
        "box": [
          547.7618218000001,
          245.22778999999997,
          625.2972671800001,
          252.28903999999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          37.41960000000006,
          257.19559999999996,
          151.29012686,
          264.25684999999993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 8,627",
        "box": [
          456.2099408000001,
          256.36438999999996,
          535.29720872,
          263.42563999999993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              10,552",
        "box": [
          548.036195,
          256.36438999999996,
          625.4651190199999,
          263.42563999999993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase (decrease) of current expected credit loss reserve",
        "box": [
          37.41153019999996,
          268.33219999999994,
          253.56838602000013,
          275.3934499999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 1,746",
        "box": [
          457.31550339999995,
          267.50098999999994,
          535.33755772,
          274.5622399999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                  (235)",
        "box": [
          548.0361949999999,
          267.50098999999994,
          627.5390576199998,
          274.5622399999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits (including $2,918 and $4,213 of equity-based compensation ",
        "box": [
          37.422,
          278.6066,
          361.6843175600003,
          285.66785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expense, respectively)",
        "box": [
          37.422,
          288.90391999999997,
          119.41843082000007,
          295.96517
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                9,056",
        "box": [
          457.0555782,
          283.61560000000003,
          535.3471638399999,
          290.67685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              10,429",
        "box": [
          548.0425732,
          283.61560000000003,
          625.5102322599995,
          290.67685
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expense",
        "box": [
          37.41790839999993,
          300.02998,
          108.64438413999993,
          307.09123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                3,095",
        "box": [
          457.04750839999997,
          299.19876999999997,
          535.1397699799999,
          306.26002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 3,214",
        "box": [
          547.2033139999999,
          299.19876999999997,
          625.3472222999998,
          306.26002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          49.102978799999846,
          311.16658,
          105.35190573999989,
          318.22783000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              48,525",
        "box": [
          456.20824919999984,
          310.33537,
          535.1389629999999,
          317.39662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              41,120",
        "box": [
          546.3640547999998,
          310.33537,
          625.4714972199998,
          317.39662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          25.2259917025641,
          333.1485,
          78.76725730000001,
          340.32128153846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other loss, net",
        "box": [
          37.4212,
          344.5578,
          90.52936078000003,
          351.61905
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                       (4)",
        "box": [
          456.2196106,
          343.72659,
          537.39292182,
          350.78783999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   (241)",
        "box": [
          547.2066056,
          343.72659,
          627.5487274199999,
          350.78783999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income before income taxes",
        "box": [
          25.728059799999983,
          355.41195,
          132.42211352000004,
          362.58473153846154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 3,217",
        "box": [
          456.768357,
          354.85512,
          535.0212075999999,
          362.02790153846155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               3,990",
        "box": [
          548.037795,
          354.85512,
          625.19799468,
          362.02790153846155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax expense",
        "box": [
          37.4131301999999,
          366.82293000000004,
          112.52360067999999,
          373.88418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                    (94)",
        "box": [
          457.8739195999999,
          365.99172,
          537.3775891999998,
          373.05297
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                  (282)",
        "box": [
          548.037795,
          365.99172,
          627.5382366799997,
          373.05297
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income",
        "box": [
          25.72805979999987,
          377.67708000000005,
          68.53108597999987,
          384.8498615384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                3,123",
        "box": [
          458.1644323999999,
          377.12025000000006,
          534.9074234199999,
          384.2930315384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                3,708",
        "box": [
          546.6578592,
          377.12025000000006,
          625.2609391199999,
          384.2930315384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss attributable to noncontrolling interests in investment entities",
        "box": [
          37.42926979999993,
          389.08806000000004,
          290.96382526,
          396.14931
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 1,722",
        "box": [
          457.89005919999994,
          388.25685000000004,
          535.3109134199998,
          395.3181000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 1,634",
        "box": [
          547.2146754,
          388.25685000000004,
          625.3561627599998,
          395.3181000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to BrightSpire Capital, Inc. common stockholders",
        "box": [
          25.736129600000027,
          399.38538000000005,
          301.00830532000043,
          406.5581615384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                            4,845",
        "box": [
          456.5020536000001,
          399.38538000000005,
          534.9372816800003,
          406.5581615384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                            5,342",
        "box": [
          546.6659290000001,
          399.38538000000005,
          625.2464134800003,
          406.5581615384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income per common share - basic",
        "box": [
          25.74419940000007,
          421.65051000000005,
          169.4746002200001,
          428.8232915384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                              0.03",
        "box": [
          456.50205360000007,
          421.65051000000005,
          534.92356302,
          428.8232915384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                              0.04",
        "box": [
          546.6578592000001,
          421.65051000000005,
          625.0874384199999,
          428.8232915384616
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income per common share - diluted",
        "box": [
          25.736129600000027,
          432.77904000000007,
          176.01113822000008,
          439.95182153846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                              0.03",
        "box": [
          456.49398380000014,
          432.77904000000007,
          534.91549322,
          439.95182153846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                              0.04",
        "box": [
          546.6497894000001,
          432.77904000000007,
          625.07936862,
          439.95182153846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average shares of common stock outstanding - basic",
        "box": [
          25.728059800000096,
          455.04417000000007,
          265.4721340400003,
          462.21695153846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            125,934",
        "box": [
          456.49398380000014,
          455.04417000000007,
          534.9106513400001,
          462.21695153846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           127,082",
        "box": [
          546.6578592000001,
          455.04417000000007,
          625.24076462,
          462.21695153846156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average shares of common stock outstanding - diluted",
        "box": [
          25.736129600000027,
          466.1727000000001,
          272.0474070800003,
          473.34548153846157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             128,921",
        "box": [
          456.4939838,
          466.1727000000001,
          535.02604948,
          473.34548153846157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            129,860",
        "box": [
          546.6497894,
          466.1727000000001,
          625.2020295799999,
          473.34548153846157
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.0,
          494.3333333333333,
          158.0,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99993
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          96.66666666666667,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.9913
      }
    ]
  },
  {
    "page_no": 33,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "33",
        "box": [
          690.1224,
          513.4501,
          700.9489199999998,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in thousands; as of March 31, 2026; unaudited",
        "box": [
          172.9483,
          496.1007,
          323.783332,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT",
        "box": [
          31.265,
          35.00199999999995,
          659.2123880000001,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended March 31, 2026",
        "box": [
          468.7408,
          110.76670000000001,
          603.8443269999991,
          117.99281076923074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan portfolio",
        "box": [
          387.6174,
          127.0267,
          440.60548799999975,
          134.25281076923073
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net leased and ",
        "box": [
          466.5315,
          121.63620000000003,
          526.2642359999995,
          128.86231076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other real estate",
        "box": [
          463.6152,
          132.15220000000005,
          527.1820439999996,
          139.37831076923078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate and ",
        "box": [
          548.4501,
          121.63620000000003,
          606.9389459999995,
          128.86231076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "other",
        "box": [
          566.5659,
          132.15220000000005,
          586.7762669999998,
          139.37831076923078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total ",
        "box": [
          648.2194,
          132.15220000000005,
          669.7801599999998,
          139.37831076923078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          25.58579641025641,
          143.02160000000003,
          101.81083500000003,
          150.24771076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income",
        "box": [
          37.2321,
          153.7144,
          94.73884199999995,
          160.82815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       49,515",
        "box": [
          379.39941,
          153.53554000000003,
          449.0913960000001,
          160.64929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           -",
        "box": [
          460.60998,
          153.53554000000003,
          520.1541000000001,
          160.64929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           -",
        "box": [
          541.90998,
          153.53554000000003,
          601.4541,
          160.64929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       49,515",
        "box": [
          623.2994100000001,
          153.53554000000003,
          692.9913960000003,
          160.64929
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
          37.232099999999946,
          164.40535000000006,
          99.33554399999989,
          171.51910000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                       (32,574)",
        "box": [
          376.8364,
          164.23040000000003,
          451.46004400000066,
          171.34415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                (12)",
        "box": [
          460.34569999999997,
          164.23040000000003,
          532.5880669999999,
          171.34415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            (808)",
        "box": [
          542.79203,
          164.23040000000003,
          613.8823760000001,
          171.34415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                       (33,394)",
        "box": [
          624.27089,
          164.23040000000003,
          695.1978230000004,
          171.34415
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income (expense)",
        "box": [
          48.3667,
          175.09980000000002,
          159.315184,
          182.21355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         16,941 ",
        "box": [
          379.8409,
          174.92310000000003,
          453.45317200000073,
          182.03685000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                (12)",
        "box": [
          460.34569999999997,
          174.92310000000003,
          532.5880669999999,
          182.03685000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            (808)",
        "box": [
          542.79203,
          174.92310000000003,
          613.8823760000001,
          182.03685000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           16,121",
        "box": [
          623.47415,
          174.92310000000003,
          693.0482509999996,
          182.03685000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property and other income ",
        "box": [
          25.58579641025641,
          196.48530000000005,
          131.38127100000008,
          203.71141076923078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property operating income",
        "box": [
          37.2321,
          207.17800000000005,
          137.6798759999999,
          214.29175000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          379.7490000000001,
          206.99914000000007,
          438.8541000000001,
          214.11289000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        32,654",
        "box": [
          461.7563100000001,
          206.99914000000007,
          530.4531840000003,
          214.11289000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          542.349,
          206.99914000000007,
          601.4541000000002,
          214.11289000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        32,654",
        "box": [
          624.35631,
          206.99914000000007,
          693.0539970000003,
          214.11289000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          37.232099999999946,
          217.8689500000001,
          87.92590199999995,
          224.98270000000008
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               60",
        "box": [
          380.7246,
          217.6900900000001,
          449.12228999999996,
          224.8038400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                38",
        "box": [
          460.69941000000006,
          217.6900900000001,
          530.4629400000001,
          224.8038400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           2,873",
        "box": [
          541.9994100000001,
          217.6900900000001,
          611.7003389999999,
          224.8038400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            2,971",
        "box": [
          622.9498200000002,
          217.6900900000001,
          693.0499319999999,
          224.8038400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total property and other income",
        "box": [
          48.37020000000007,
          228.55990000000014,
          170.20231499999994,
          235.67365000000012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               60",
        "box": [
          380.7246000000001,
          228.38104000000016,
          449.1222900000001,
          235.49479000000014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         32,692",
        "box": [
          460.26039000000014,
          228.38104000000016,
          530.4621270000002,
          235.49479000000014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           2,873",
        "box": [
          541.9994100000001,
          228.38104000000016,
          611.7003389999999,
          235.49479000000014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        35,625",
        "box": [
          624.6246000000001,
          228.38104000000016,
          692.9962740000004,
          235.49479000000014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expenses",
        "box": [
          25.58609641025641,
          249.94890000000004,
          63.322089,
          257.17501076923077
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property operating expense",
        "box": [
          37.2324,
          260.64160000000004,
          142.28419499999995,
          267.75535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          379.74930000000006,
          260.46274000000005,
          438.85440000000006,
          267.57649000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        20,078",
        "box": [
          460.87044000000003,
          260.46274000000005,
          530.4526709999999,
          267.57649000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          542.3493,
          260.46274000000005,
          601.4544000000001,
          267.57649000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        20,078",
        "box": [
          623.4704399999999,
          260.46274000000005,
          693.0526709999997,
          267.57649000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction, investment and servicing expense",
        "box": [
          37.22426999999993,
          271.33255,
          212.170488,
          278.4463
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              657",
        "box": [
          379.4810099999999,
          271.15369000000004,
          449.1225899999999,
          278.26744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               30",
        "box": [
          462.01676999999995,
          271.15369000000004,
          530.41446,
          278.26744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              145",
        "box": [
          542.96718,
          271.15369000000004,
          611.6900700000001,
          278.26744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              832",
        "box": [
          623.12085,
          271.15369000000004,
          693.0477930000001,
          278.26744
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense on real estate",
        "box": [
          37.232399999999984,
          282.0235,
          153.595464,
          289.13725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          379.74930000000006,
          281.84464,
          438.85440000000006,
          288.95839
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           5,091",
        "box": [
          461.0493000000001,
          281.84464,
          530.4437279999997,
          288.95839
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          542.3493000000001,
          281.84464,
          601.4544000000002,
          288.95839
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           5,091",
        "box": [
          623.6493,
          281.84464,
          693.0437279999998,
          288.95839
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          37.232399999999984,
          292.71445000000006,
          152.40279299999992,
          299.82820000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          379.74930000000006,
          292.53559000000007,
          438.85440000000006,
          299.64934000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          8,594",
        "box": [
          461.84604000000013,
          292.53559000000007,
          530.4526710000004,
          299.64934000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                33",
        "box": [
          542.0891400000002,
          292.53559000000007,
          611.7063300000002,
          299.64934000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           8,627",
        "box": [
          623.2997100000002,
          292.53559000000007,
          693.0299070000003,
          299.64934000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increase of current expected credit loss reserve",
        "box": [
          37.2324000000001,
          303.40540000000004,
          214.74851100000026,
          310.5191500000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           1,746",
        "box": [
          380.6354700000001,
          303.22654000000006,
          449.0990130000002,
          310.3402900000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          461.0493000000001,
          303.22654000000006,
          520.1544000000001,
          310.3402900000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          542.3493000000001,
          303.22654000000006,
          601.4544000000002,
          310.3402900000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           1,746",
        "box": [
          624.5354700000001,
          303.22654000000006,
          692.9990129999999,
          310.3402900000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Compensation and benefits ",
        "box": [
          37.2324000000001,
          314.09635000000003,
          143.98743000000007,
          321.21010000000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          379.7493000000002,
          313.91749000000004,
          438.85440000000017,
          321.0312400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          461.0493000000002,
          313.91749000000004,
          520.1544000000002,
          321.0312400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          9,056",
        "box": [
          542.7883200000002,
          313.91749000000004,
          611.694948,
          321.0312400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          9,056",
        "box": [
          624.0883200000003,
          313.91749000000004,
          692.994948,
          321.0312400000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expense ",
        "box": [
          37.2321,
          324.97479999999996,
          111.90371099999992,
          332.08855
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                (11)",
        "box": [
          380.54789999999997,
          325.15160000000003,
          451.2862170000001,
          332.26535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   1",
        "box": [
          460.61213999999995,
          325.15160000000003,
          530.4488399999999,
          332.26535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           3,105",
        "box": [
          542.3511599999999,
          325.15160000000003,
          611.6935559999997,
          332.26535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          3,095",
        "box": [
          624.0901799999999,
          325.15160000000003,
          692.9959950000001,
          332.26535
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total expenses",
        "box": [
          48.3667,
          336.0211,
          105.25881399999994,
          343.13485000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          2,392 ",
        "box": [
          376.8364,
          335.8443,
          450.8055790000008,
          342.95805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         33,794",
        "box": [
          460.25935999999996,
          335.8443,
          530.4643490000002,
          342.95805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        12,339",
        "box": [
          541.55936,
          335.8443,
          611.7082519999996,
          342.95805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                       48,525",
        "box": [
          622.8593599999999,
          335.8443,
          692.9952440000002,
          342.95805
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          25.58579641025641,
          357.4065,
          79.37366100000001,
          364.6326107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other loss, net",
        "box": [
          37.2321,
          368.0992,
          91.01042399999994,
          375.21295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               -   ",
        "box": [
          384.171,
          367.9225,
          457.5198600000009,
          375.03625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 (4)",
        "box": [
          460.6107,
          367.9225,
          532.5864030000001,
          375.03625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          542.3497199999999,
          367.9225,
          601.45482,
          375.03625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 (4)",
        "box": [
          623.2107,
          367.9225,
          695.1864030000002,
          375.03625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (loss) before income taxes",
        "box": [
          26.0975,
          378.79200000000003,
          154.6490600000001,
          386.01811076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                       14,609 ",
        "box": [
          380.3712,
          378.88030000000003,
          453.44689200000056,
          386.10641076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          (1,118)",
        "box": [
          462.37851,
          378.88030000000003,
          532.5591089999996,
          386.10641076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                       (10,274)",
        "box": [
          542.62161,
          378.88030000000003,
          613.8680520000003,
          386.10641076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           3,217",
        "box": [
          623.65332,
          378.88030000000003,
          692.6770199999997,
          386.10641076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax expense",
        "box": [
          37.2321,
          389.4847,
          113.03134199999994,
          396.59845
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 (1)",
        "box": [
          377.3666,
          389.308,
          451.46260700000084,
          396.42175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          461.05260000000004,
          389.308,
          520.1577000000001,
          396.42175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               (93)",
        "box": [
          542.00301,
          389.308,
          613.8957870000003,
          396.42175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               (94)",
        "box": [
          622.94529,
          389.308,
          695.1860310000001,
          396.42175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss)",
        "box": [
          26.0975,
          400.17740000000003,
          90.35945900000003,
          407.40351076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                       14,608 ",
        "box": [
          380.2828,
          400.17740000000003,
          453.4503610000006,
          407.40351076923076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          (1,118)",
        "box": [
          462.3781,
          400.1775,
          532.5586989999996,
          407.4036107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                       (10,367)",
        "box": [
          542.7025,
          400.1775,
          613.8611379999995,
          407.4036107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                           3,123",
        "box": [
          623.20576,
          400.1775,
          692.6766099999998,
          407.4036107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss attributable to noncontrolling interests in investment entities",
        "box": [
          37.2321,
          410.8701,
          293.1441750000001,
          417.98384999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                               -   ",
        "box": [
          384.171,
          410.6934,
          457.5198600000009,
          417.80715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            1,722",
        "box": [
          460.4339,
          410.6934,
          530.4510859999997,
          417.80715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             -",
        "box": [
          542.35178,
          410.6934,
          601.4568800000001,
          417.80715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            1,722",
        "box": [
          623.0338999999999,
          410.6934,
          693.0510859999996,
          417.80715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders",
        "box": [
          26.0975,
          421.6513,
          326.072549,
          428.8774107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                      14,608",
        "box": [
          379.31461,
          421.6513,
          448.79115100000007,
          428.8774107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           604",
        "box": [
          460.61460999999997,
          421.6513,
          530.1041590000001,
          428.8774107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     (10,367)",
        "box": [
          541.9146099999999,
          421.6513,
          613.8699879999995,
          428.8774107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                      4,845",
        "box": [
          623.21461,
          421.6513,
          692.7082240000002,
          428.8774107692308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.0,
          494.3333333333333,
          158.0,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99993
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          96.66666666666667,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.9913
      }
    ]
  },
  {
    "page_no": 34,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "34",
        "box": [
          689.7625,
          513.4501,
          700.9376199999999,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026",
        "box": [
          510.2248,
          108.7151,
          594.9356915200004,
          116.70737405128205
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Consolidated",
        "box": [
          426.9003,
          123.10309999999998,
          484.08248967000026,
          131.09537405128202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NCI (22)",
        "box": [
          540.1982399999999,
          121.00491,
          564.8174221999999,
          131.09537405128202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At BRSP share",
        "box": [
          615.1298,
          123.10309999999998,
          674.3117882300003,
          131.09537405128202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(23)",
        "box": [
          674.476,
          121.00491,
          684.1093222,
          126.33312232820509
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          26.4629,
          135.09250000000003,
          54.029367830000005,
          143.08477405128207
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans and preferred equity held for investment, net",
        "box": [
          37.25318,
          147.07883600000002,
          253.45172602999972,
          154.94683600000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   2,644,756",
        "box": [
          413.11459999999994,
          147.07883600000002,
          497.61148430000014,
          154.94683600000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                            -",
        "box": [
          512.0255,
          147.07883600000002,
          583.8438053,
          154.94683600000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   2,644,756",
        "box": [
          607.3396399999999,
          147.07883600000002,
          691.8365243000001,
          154.94683600000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate, net",
        "box": [
          37.25317999999993,
          159.06517200000002,
          104.77155871999986,
          166.933172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        690,961",
        "box": [
          414.9129799999999,
          159.06517200000002,
          497.68881463999986,
          166.933172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            4,189",
        "box": [
          512.0255,
          159.06517200000002,
          594.7150123999999,
          166.933172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        686,772",
        "box": [
          609.1380200000001,
          159.06517200000002,
          691.7969599400001,
          166.933172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred leasing costs and intangible assets, net",
        "box": [
          37.25318000000016,
          171.051508,
          243.88704200000032,
          178.919508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          28,144",
        "box": [
          414.3105227000001,
          171.051508,
          497.45232767000005,
          178.919508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 171",
        "box": [
          510.2181281000001,
          171.051508,
          594.80762897,
          178.919508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          27,973",
        "box": [
          609.1290281000001,
          171.051508,
          691.8302299700001,
          178.919508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Cash, restricted cash, receivables and other assets",
        "box": [
          37.2441881000002,
          183.037844,
          253.57491506000034,
          190.905844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        283,987",
        "box": [
          414.30153080000014,
          183.037844,
          497.8326850400001,
          190.905844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         (12,029)",
        "box": [
          512.0165081000001,
          183.037844,
          597.1248416,
          190.905844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        296,016",
        "box": [
          609.1290281000001,
          183.037844,
          691.82123807,
          190.905844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total assets",
        "box": [
          26.453908100000262,
          194.43070799999998,
          77.39571917000028,
          202.42298205128202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  3,647,848",
        "box": [
          413.70806540000024,
          195.03317199999998,
          496.75095947,
          203.02544605128202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       (7,669)",
        "box": [
          510.82058540000025,
          195.03317199999998,
          596.8973465300002,
          203.02544605128202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  3,655,517",
        "box": [
          607.9331054000003,
          195.03317199999998,
          691.4588645000003,
          203.02544605128202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities",
        "box": [
          26.453908100000262,
          219.014836,
          66.61802783000023,
          227.00711005128204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization bonds payable, net",
        "box": [
          37.24418810000026,
          231.001172,
          179.11928549000027,
          238.869172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   1,406,860",
        "box": [
          413.6990735000002,
          231.001172,
          497.8902332000001,
          238.869172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                            -",
        "box": [
          512.0075162000002,
          231.001172,
          583.8258215000002,
          238.869172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   1,406,860",
        "box": [
          607.9151216000001,
          231.001172,
          692.1062812999999,
          238.869172
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage and other notes payable, net",
        "box": [
          37.22620430000018,
          242.987508,
          206.08959035000026,
          250.855508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         412,814",
        "box": [
          413.6900816000001,
          242.987508,
          497.4262511600004,
          250.855508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            3,927",
        "box": [
          511.40505890000003,
          242.987508,
          594.9308179999999,
          250.855508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        408,887",
        "box": [
          607.3126643,
          242.987508,
          692.0406404299999,
          250.855508
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Credit facilities",
        "box": [
          37.22620430000006,
          254.97384399999999,
          100.05800474000002,
          262.841844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         772,327",
        "box": [
          413.0876243,
          254.97384399999999,
          497.82459233,
          262.841844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              -",
        "box": [
          511.9985243,
          254.97384399999999,
          583.8168296,
          262.841844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         772,327",
        "box": [
          607.3126642999999,
          254.97384399999999,
          692.04963233,
          262.841844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other liabilities, escrow deposits payable and dividends payable",
        "box": [
          37.2531,
          266.9756,
          312.33150642000015,
          274.8436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         149,678",
        "box": [
          413.11451999999997,
          266.9756,
          497.7615690299999,
          274.8436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                153",
        "box": [
          510.22704,
          266.9756,
          594.7149324,
          274.8436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                        149,525",
        "box": [
          609.1379400000001,
          266.9756,
          691.9209681599998,
          274.8436
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities",
        "box": [
          26.4629,
          278.9649,
          88.81543217000002,
          286.95717405128204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  2,741,679",
        "box": [
          413.71705729999996,
          278.9649,
          497.22483259999996,
          286.95717405128204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       4,080",
        "box": [
          510.8295773,
          278.9649,
          594.4245740299999,
          286.95717405128204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   2,737,599",
        "box": [
          607.9420973,
          278.9649,
          691.4480742200002,
          286.95717405128204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total equity ",
        "box": [
          26.4629,
          302.94370000000004,
          79.06821256999994,
          310.8117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     906,169",
        "box": [
          413.11459999999994,
          302.94370000000004,
          497.6015932099999,
          310.8117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       (11,749)",
        "box": [
          510.2271199999999,
          302.94370000000004,
          597.1374302599995,
          310.8117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                        917,918",
        "box": [
          607.3396399999999,
          302.94370000000004,
          691.9884874099996,
          310.8117
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liabilities and equity",
        "box": [
          26.4629,
          325.7235,
          136.7215778,
          333.71577405128204
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  3,647,848",
        "box": [
          413.71705729999996,
          326.919436,
          496.7599513699997,
          334.91171005128206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       (7,669)",
        "box": [
          510.8295773,
          326.919436,
          596.9063384299999,
          334.91171005128206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  3,655,517",
        "box": [
          607.9420973,
          326.919436,
          691.4678564000001,
          334.91171005128206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total common shares",
        "box": [
          26.4629,
          338.91179999999997,
          116.27309800999994,
          346.7798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         130,278",
        "box": [
          413.11459999999994,
          338.91179999999997,
          497.76704416999985,
          346.7798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         130,278",
        "box": [
          510.2271199999999,
          338.91179999999997,
          594.8795641699998,
          346.7798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                         130,278",
        "box": [
          607.3396399999998,
          338.91179999999997,
          691.9920841699995,
          346.7798
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP net book value per share",
        "box": [
          26.4629,
          350.90110000000004,
          157.02798556999994,
          358.7691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           6.96",
        "box": [
          413.1146,
          350.90110000000004,
          497.60249239999996,
          358.7691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           (0.09)",
        "box": [
          510.22712,
          350.90110000000004,
          597.1428253999998,
          358.7691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           7.05",
        "box": [
          607.33964,
          350.90110000000004,
          691.92374573,
          358.7691
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated depreciation and amortization",
        "box": [
          26.4629,
          377.2778,
          213.1509294200001,
          385.1458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10)",
        "box": [
          212.8941,
          375.17961,
          221.68218360000003,
          380.42497249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                       189,555",
        "box": [
          413.1155773,
          376.0788,
          497.68799356000017,
          383.9468
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                         2,778",
        "box": [
          510.22809729999994,
          376.0788,
          594.8868358,
          383.9468
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                      186,777",
        "box": [
          607.3406173,
          376.0788,
          692.0775853299999,
          383.9468
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated depreciation and amortization per share",
        "box": [
          26.4629,
          391.06550000000004,
          255.35890802000017,
          398.9335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10)",
        "box": [
          255.4556,
          388.96741,
          264.24368360000005,
          394.2127725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             1.46",
        "box": [
          413.11543730000005,
          390.4661,
          497.60602726999997,
          398.33410000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                            0.02",
        "box": [
          510.22795730000007,
          390.4661,
          594.6798821,
          398.33410000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             1.43",
        "box": [
          607.3404773000001,
          390.4661,
          691.83106727,
          398.33410000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP impairment of real estate",
        "box": [
          26.4629,
          418.6411,
          180.99139907000009,
          426.5091
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11)",
        "box": [
          181.1228,
          416.54291,
          188.11250360000003,
          421.7882725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                      (33,310)",
        "box": [
          413.1154973,
          417.4421,
          500.01951323,
          425.31010000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                          (1,598)",
        "box": [
          510.2280173,
          417.4421,
          597.1356299899996,
          425.31010000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                         (31,712)",
        "box": [
          607.3405373,
          417.4421,
          694.2535451299997,
          425.31010000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP impairment of real estate",
        "box": [
          26.4629,
          432.4288,
          180.99139907000009,
          440.2968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11)",
        "box": [
          181.1228,
          430.33071,
          188.11250360000003,
          435.5760725
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           (0.26)",
        "box": [
          413.1094627,
          431.8294,
          500.0278656699999,
          439.6974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                          (0.01)",
        "box": [
          510.22198269999996,
          431.8294,
          597.1376880999997,
          439.6974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           (0.24)",
        "box": [
          607.3345026999999,
          431.8294,
          694.2502080999997,
          439.6974
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated book value",
        "box": [
          26.4629,
          457.6065,
          139.03879042999995,
          465.4745
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    1,062,414",
        "box": [
          413.11459999999994,
          457.6065,
          497.45052929000025,
          465.4745
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                      (10,569)",
        "box": [
          510.2271199999999,
          457.6065,
          597.1347326899995,
          465.4745
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    1,072,983",
        "box": [
          607.3396399999999,
          457.6065,
          691.8374234900001,
          465.4745
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated book value per share",
        "box": [
          26.46289999999999,
          468.999364,
          181.61363855,
          476.867364
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             8.15",
        "box": [
          413.11459999999994,
          469.601828,
          497.69870572999986,
          477.469828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                           (0.08)",
        "box": [
          510.2271199999999,
          469.601828,
          597.1428253999997,
          477.469828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                            8.24",
        "box": [
          607.3396399999999,
          469.601828,
          691.6809644299998,
          477.469828
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciliation of consolidated balance sheet to at share balance sheet",
        "box": [
          30.5689,
          85.73680000000002,
          463.30459600000074,
          97.25591384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In thousands, except per share data; as of March 31, 2026; unaudited; per share data may differ due to rounding",
        "box": [
          172.9483,
          496.1007,
          534.1493319999993,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.94830000000002,
          503.65926,
          270.21778000000023,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL ",
        "box": [
          31.265,
          23.001999999999953,
          612.6253999999997,
          40.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NFORMATION",
        "box": [
          31.2650000000001,
          44.60511999999994,
          180.95578400000002,
          62.14011999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.0,
          494.6666666666667,
          158.0,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          52.666666666666664,
          509.6666666666667,
          96.66666666666667,
          518.6666666666666
        ],
        "from_ocr": true,
        "confidence": 0.9742
      }
    ]
  },
  {
    "page_no": 35,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "35",
        "box": [
          690.1224,
          513.4501,
          700.9787999999999,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026",
        "box": [
          455.4575,
          125.54963000000004,
          546.5801879999999,
          134.14639088205132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
          577.331,
          125.54963000000004,
          687.7493582500005,
          134.14639088205132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP net book value (excluding noncontrolling interests in investment entities)",
        "box": [
          26.6444,
          142.95933000000002,
          376.16599099999956,
          151.4224175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                 917,918",
        "box": [
          441.9138425,
          142.95933000000002,
          560.0537575,
          151.4224175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                               938,432",
        "box": [
          573.4598424999999,
          142.95933000000002,
          691.37729,
          151.4224175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated depreciation and amortization",
        "box": [
          38.2513,
          161.01393000000002,
          239.0698105000001,
          169.4770175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10)",
        "box": [
          238.794,
          158.75703,
          248.24720779999996,
          164.3991175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                    186,777",
        "box": [
          441.91915750000004,
          159.72413,
          560.1528957499999,
          168.18721749999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                  180,937",
        "box": [
          573.4651575,
          159.72413,
          691.6853542499999,
          168.18721749999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP impairment of real estate",
        "box": [
          38.2513,
          177.77893,
          204.47611425000014,
          186.24201749999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11)",
        "box": [
          204.618,
          175.52193,
          212.13671779999993,
          181.1640175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                     (31,712)",
        "box": [
          441.91264250000006,
          176.48913,
          562.4871257500002,
          184.95221749999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   (33,617)",
        "box": [
          573.4586425000001,
          176.48913,
          694.0302240000003,
          184.95221749999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated book value",
        "box": [
          26.6444,
          193.25423,
          147.74119825,
          201.71731749999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             1,072,983",
        "box": [
          441.92351499999995,
          193.25423,
          559.8999647499996,
          201.71731749999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             1,085,752",
        "box": [
          573.4695149999999,
          193.25423,
          691.381159,
          201.71731749999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP net book value per share (excluding noncontrolling interests in investment entities)",
        "box": [
          26.65407249999987,
          226.78740069999998,
          421.966245749999,
          235.25048819999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                       7.05",
        "box": [
          441.9235149999998,
          226.78740069999998,
          559.9928207499999,
          235.25048819999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                       7.30",
        "box": [
          573.4695149999998,
          226.78740069999998,
          691.7641899999999,
          235.25048819999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated depreciation and amortization per share",
        "box": [
          38.2513,
          244.83883000000003,
          284.4725255,
          253.3019175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(10)",
        "box": [
          284.5771,
          242.58193,
          294.0303078,
          248.2240175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                        1.43",
        "box": [
          441.9191575000001,
          243.54913,
          559.8878692500001,
          252.01221749999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                          1.41",
        "box": [
          573.4651575,
          243.54913,
          691.53059425,
          252.01221749999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP impairment of real estate per share",
        "box": [
          38.2513,
          261.60383,
          250.2599257499998,
          270.0669175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11)",
        "box": [
          250.401,
          259.34693,
          257.9197178,
          264.9890175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                      (0.24)",
        "box": [
          441.91589999999997,
          260.31413000000003,
          562.4932850000001,
          268.7772175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                      (0.26)",
        "box": [
          573.4619,
          260.31413000000003,
          694.0421867500002,
          268.7772175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Undepreciated book value per share",
        "box": [
          26.6444,
          277.07923,
          193.537584,
          285.54231749999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                     8.24",
        "box": [
          441.92351500000007,
          277.07923,
          559.7316632500002,
          285.54231749999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                     8.44",
        "box": [
          573.469515,
          277.07923,
          691.2834667500001,
          285.54231749999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total outstanding shares - Class A common stock",
        "box": [
          26.654072499999984,
          293.84097929999996,
          251.98656700000018,
          302.3040668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   130,278",
        "box": [
          443.21963,
          293.84097929999996,
          560.0760042500001,
          302.3040668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   128,627",
        "box": [
          575.4136874999999,
          293.84097929999996,
          691.7022859999997,
          302.3040668
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of March 31, 2026",
        "box": [
          455.4575,
          331.88783,
          546.5801879999999,
          340.4845908820513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of December 31, 2025",
        "box": [
          577.331,
          331.88783,
          687.7493582500005,
          340.4845908820513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment attributable to BrightSpire Capital, Inc.",
        "box": [
          26.6444,
          348.65283,
          257.1884375000001,
          357.1159175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                          -",
        "box": [
          441.9138425,
          346.71841000000006,
          559.7926,
          355.18149750000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                   61,620",
        "box": [
          573.4598424999999,
          346.71841000000006,
          691.74774675,
          355.18149750000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
          26.080765,
          365.41753,
          86.58195925000001,
          373.88061749999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current year non-GAAP impairment of real estate",
        "box": [
          26.645,
          382.18253000000004,
          250.90384699999984,
          390.6456175
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                      (1,905)",
        "box": [
          441.9144425,
          380.24811,
          562.4889257500001,
          388.7111975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 (100,961)",
        "box": [
          573.4604425,
          380.24811,
          694.0349257500001,
          388.7111975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP impairment as of prior fiscal year-end",
        "box": [
          26.644999999999982,
          398.94427930000006,
          248.19071075000025,
          407.40736680000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                    33,617",
        "box": [
          441.924115,
          397.0098593,
          560.1423772500001,
          405.47294680000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                  134,578",
        "box": [
          573.4701150000001,
          397.0098593,
          691.6061610000002,
          405.47294680000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Impairment attributable to BrightSpire Capital, Inc.",
        "box": [
          26.65467250000006,
          415.7060286,
          257.1987100000001,
          424.16911610000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                         -",
        "box": [
          441.92411500000003,
          413.77160860000004,
          548.1958725000001,
          422.23469610000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                    (61,620)",
        "box": [
          573.470115,
          413.77160860000004,
          694.0378275000002,
          422.23469610000006
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-GAAP impairment of real estate",
        "box": [
          32.458172500000046,
          431.82941930000004,
          198.68298675000017,
          440.29250680000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                   31,712",
        "box": [
          441.9337875,
          430.54303000000004,
          559.8473660000001,
          439.0061175000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                                  33,617",
        "box": [
          573.4797875,
          430.54303000000004,
          691.69611525,
          439.0061175000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL ",
        "box": [
          31.265,
          23.001999999999953,
          612.6253999999997,
          40.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NFORMATION (CONT'D)",
        "box": [
          31.2650000000001,
          44.60511999999994,
          288.07960399999996,
          62.14011999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciliation of GAAP net book value to undepreciated book value",
        "box": [
          30.5689,
          85.73680000000002,
          443.27880400000043,
          97.25591384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In thousands, except per share data; as of March 31, 2026; unaudited; per share data may differ due to rounding",
        "box": [
          172.9483,
          496.1007,
          534.1493319999993,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.94830000000002,
          503.65926,
          270.21778000000023,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 36,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "36",
        "box": [
          690.0024,
          513.4501,
          700.9085999999999,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciliation of GAAP net income to Distributable Earnings and Adjusted Distributable Earnings",
        "box": [
          30.5689,
          85.37919999999997,
          616.4101480000005,
          96.89831384615383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "In thousands, except per share data; as of March 31, 2026; unaudited",
        "box": [
          172.9483,
          496.1007,
          394.71129999999994,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.94830000000002,
          503.65926,
          270.21778000000023,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL ",
        "box": [
          31.265,
          23.001999999999953,
          612.6253999999997,
          40.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NFORMATION (CONT'D)",
        "box": [
          31.2650000000001,
          44.60511999999994,
          288.07960399999996,
          62.14011999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          597.5387,
          118.79517000000004,
          693.1870127599999,
          127.4255282974359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          611.1322799999999,
          131.73846670000006,
          677.3495210899991,
          140.36882499743592
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to BrightSpire Capital, Inc. common stockholders",
        "box": [
          25.9582,
          151.16157000000004,
          357.28423503999966,
          159.6577325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                          4,845",
        "box": [
          598.8305000000001,
          151.16157000000004,
          690.8104881000004,
          159.6577325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income per common share - basic & diluted",
        "box": [
          25.958200000000147,
          164.10486670000006,
          243.80502920000012,
          172.60102920000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                            0.03",
        "box": [
          599.4713402000002,
          164.10486670000006,
          690.7133911000003,
          172.60102920000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
          25.391695000000002,
          177.05457,
          86.12557400999998,
          185.55073249999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash equity compensation expense",
        "box": [
          37.6098,
          190.00117,
          221.28139811000008,
          198.49733249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             2,918",
        "box": [
          599.4810098999999,
          190.00117,
          690.8910386100001,
          198.49733249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          37.60979999999995,
          202.94446670000002,
          177.6741644399999,
          211.4406292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                             8,763",
        "box": [
          598.1799100999999,
          202.94446670000002,
          690.7172349799998,
          211.4406292
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net unrealized loss (gain):",
        "box": [
          37.60979999999995,
          215.88776340000004,
          152.48428972999992,
          224.3839259
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL reserves",
        "box": [
          49.26143999999995,
          228.83106010000006,
          152.71538058999997,
          237.32722260000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                              (889)",
        "box": [
          600.1218501000001,
          228.83106010000006,
          693.3262313700001,
          237.32722260000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on sales of real estate, preferred equity and investments in unconsolidated joint ventures",
        "box": [
          49.26144000000011,
          241.77435680000008,
          475.1104335699995,
          250.27051930000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                   4",
        "box": [
          599.4810099,
          241.77435680000008,
          690.5579959,
          250.27051930000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments related to noncontrolling interests",
        "box": [
          37.609800000000064,
          254.7176535000001,
          248.52293243000003,
          263.21381600000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                 (73)",
        "box": [
          598.1799101,
          254.7176535000001,
          693.3349700999999,
          263.21381600000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders",
        "box": [
          25.9582,
          267.68057000000005,
          405.82982212999957,
          276.1767325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                         15,568",
        "box": [
          599.4713402000001,
          267.68057000000005,
          690.8774850300002,
          276.1767325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings per share",
        "box": [
          25.9582,
          283.86377,
          171.4794158400001,
          292.3599325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24)",
        "box": [
          171.6044,
          281.59809,
          182.38875119999997,
          287.2622275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             0.12",
        "box": [
          599.4841899,
          283.21647,
          690.67089551,
          291.7126325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average number of common shares (24)",
        "box": [
          25.9582,
          298.42869,
          246.47315119999996,
          309.1904325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          128,921",
        "box": [
          598.83362,
          300.04697,
          690.8097242200001,
          308.54313249999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          597.5387,
          331.76607,
          693.1870127599999,
          340.3964282974359
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          611.1322799999999,
          344.7093667,
          677.3495210899991,
          353.33972499743584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders",
        "box": [
          25.9582,
          364.13247,
          405.82982212999957,
          372.6286325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                         15,568",
        "box": [
          599.4713402000001,
          364.13247,
          690.8774850300002,
          372.6286325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
          25.391795000000002,
          377.07897,
          86.12567400999997,
          385.5751325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL reserves",
        "box": [
          37.6099,
          390.02557,
          140.41523263000002,
          398.5217325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                            2,634",
        "box": [
          599.4811099,
          390.02557,
          690.5483861999999,
          398.5217325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders",
        "box": [
          25.9582,
          402.97217,
          448.61076032999927,
          411.4683325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                         18,202",
        "box": [
          598.8305,
          402.97217,
          690.6716393900001,
          411.4683325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjusted Distributable Earnings per share",
        "box": [
          25.9582,
          419.15537,
          214.2118055400001,
          427.6515325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(24)",
        "box": [
          214.3273,
          416.88969,
          225.11165119999998,
          422.5538275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             0.14",
        "box": [
          598.8369899,
          418.50797,
          690.55772901,
          427.00413249999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average number of common shares (24)",
        "box": [
          25.9582,
          433.72019,
          246.4730512,
          444.4820325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                          128,921",
        "box": [
          598.83362,
          435.33857,
          690.8097242200001,
          443.8347325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 37,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "37",
        "box": [
          690.6024,
          513.4501,
          700.8811199999999,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Three Months Ended ",
        "box": [
          594.2446,
          121.56606,
          686.4342968800005,
          129.88470894358977
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          607.3467,
          134.04485999999997,
          671.16954442,
          142.36350894358975
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to BrightSpire Capital, Inc. common stockholders",
        "box": [
          25.8645,
          149.64355999999998,
          345.20987951999996,
          157.83285999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                               4,845",
        "box": [
          589.8773,
          149.01956,
          691.0127440000001,
          157.20886000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
          25.3186875,
          162.12225999999998,
          83.85638937999998,
          170.31156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to non-net leased and other real estate portfolios",
        "box": [
          37.0949,
          177.09706,
          364.5560574399996,
          185.28636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(25)",
        "box": [
          364.6465,
          174.91332,
          374.41693059999994,
          180.372795
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                (4,218) ",
        "box": [
          589.8774000000001,
          175.84906,
          693.2964810200003,
          184.03836
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss attributable to noncontrolling interests in investment entities",
        "box": [
          37.0949,
          189.57596,
          336.47651399999995,
          197.76526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                  (1,722)",
        "box": [
          588.6295,
          189.57585999999998,
          693.43411244,
          197.76526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization of above- and below-market lease intangibles",
        "box": [
          37.099126200000114,
          202.05167359999996,
          301.53666365999993,
          210.24097359999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                       (12)",
        "box": [
          588.0024738000001,
          202.05167359999996,
          693.4364614000002,
          210.24097359999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest expense",
        "box": [
          37.08976760000019,
          214.52748719999994,
          128.0366424000001,
          222.71678719999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                        12",
        "box": [
          588.0024738000002,
          214.52748719999994,
          690.8628464000002,
          222.71678719999994
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense on real estate",
        "box": [
          37.0897676000003,
          227.00330079999992,
          174.2129106600003,
          235.19260079999992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                  5,091",
        "box": [
          589.8741938000002,
          227.00330079999992,
          691.0060329800002,
          235.19260079999992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          37.08976760000019,
          239.4791143999999,
          95.5838251800002,
          247.6684143999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                      (38)",
        "box": [
          588.6201414000002,
          239.4791143999999,
          693.4271028,
          247.6684143999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transaction, investment and servicing expense",
        "box": [
          37.0897676000003,
          251.95492799999988,
          241.5733058799999,
          260.1442279999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                       29",
        "box": [
          588.6201414000003,
          251.95492799999988,
          690.9096394000003,
          260.1442279999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          37.089767600000414,
          264.43074159999986,
          172.09038018000044,
          272.62004159999987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                  8,594",
        "box": [
          588.0024738000004,
          264.43074159999986,
          690.75428664,
          272.62004159999987
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating expense",
        "box": [
          37.08976760000053,
          276.90655519999984,
          122.42990514000057,
          285.09585519999985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                         3",
        "box": [
          588.6201414000004,
          276.90655519999984,
          690.9096394000004,
          285.09585519999985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other gain on investments, net",
        "box": [
          37.08976760000053,
          289.3823687999999,
          170.98887296000044,
          297.5716687999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                       (19)",
        "box": [
          587.9931152000005,
          289.3823687999999,
          693.4280386600005,
          297.5716687999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NOI attributable to noncontrolling interest in investment entities",
        "box": [
          37.0804090000006,
          301.85818239999986,
          313.3734209400006,
          310.04748239999986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                                     (122)",
        "box": [
          587.9931152000006,
          301.85818239999986,
          693.4177442000006,
          310.04748239999986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total NOI attributable to BrightSpire Capital, Inc. common stockholders",
        "box": [
          25.850089000000708,
          314.3339959999999,
          336.4601512800006,
          322.52329599999985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                             12,443",
        "box": [
          587.9931152000007,
          314.3339959999999,
          690.903088380001,
          322.52329599999985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciliation of GAAP net income to NOI",
        "box": [
          30.5689,
          85.73680000000002,
          282.8275240000001,
          97.25591384615387
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in thousands; as of March 31, 2026; unaudited",
        "box": [
          172.9483,
          496.1007,
          323.7909879999998,
          502.1907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "See footnotes in the appendix",
        "box": [
          172.9483,
          503.65926,
          270.21778000000023,
          509.74926
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL ",
        "box": [
          31.265,
          23.001999999999953,
          612.6253999999997,
          40.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "I NFORMATION (CONT'D)",
        "box": [
          31.2650000000001,
          44.60511999999994,
          288.07960399999996,
          62.14011999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.333333333333336,
          494.6666666666667,
          157.66666666666666,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          97.0,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99159
      }
    ]
  },
  {
    "page_no": 38,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "38",
        "box": [
          689.8824,
          513.4501,
          700.9379999999999,
          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.",
        "box": [
          30.4825,
          81.94839999999999,
          35.08942000000001,
          88.98339999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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, ",
        "box": [
          48.4825,
          81.94839999999999,
          690.6212199999997,
          88.98339999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate or benchmark floor as of March 31, 2026",
        "box": [
          48.41013999999973,
          91.54816,
          528.9528999999995,
          98.58315999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.",
        "box": [
          30.4825,
          103.1884,
          36.528580000000005,
          110.22339999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes unrestricted cash, availability under the corporate revolving credit facility and $28 million of approved and undrawn borrowings available on our credit facilities as of ",
        "box": [
          48.4825,
          103.1884,
          690.7659400000001,
          110.22339999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "April 24, 2026",
        "box": [
          48.55486000000019,
          112.78816,
          96.85114000000021,
          119.82315999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.",
        "box": [
          30.4825,
          124.42840000000001,
          36.64918000000001,
          131.46339999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of April 24, 2026",
        "box": [
          48.4825,
          124.42840000000001,
          116.82250000000003,
          131.46339999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.",
        "box": [
          30.4825,
          135.9484,
          37.01098,
          142.98339999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
          48.4825,
          135.9484,
          690.7257400000002,
          142.98339999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate; stockholders' equity excludes noncontrolling ",
        "box": [
          48.514660000000276,
          145.54816,
          690.7096600000003,
          152.58315999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interests in investment entities",
        "box": [
          48.4985800000004,
          155.14792,
          158.95290400000042,
          162.18291999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.",
        "box": [
          30.4825,
          166.78840000000002,
          36.64918,
          173.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For  W.A.  calculations,  assumes  the  applicable  floating  benchmark  rate  or  benchmark  floor  as  of  March  31,  2026  and  is  weighted  on  outstanding  debt  (UPB);  excludes ",
        "box": [
          48.4825,
          166.78840000000002,
          690.7337799999995,
          173.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization of financing costs",
        "box": [
          48.52269999999953,
          176.38816000000003,
          162.09895599999956,
          183.42316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.",
        "box": [
          30.4825,
          188.02840000000003,
          36.64918000000001,
          195.0634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on annualized Q1'26 quarterly dividend of $0.16/share and BRSP closing share price of $6.06 as of April 24, 2026",
        "box": [
          48.4825,
          188.02840000000003,
          480.19833999999986,
          195.0634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.",
        "box": [
          30.4825,
          199.54840000000002,
          36.29542000000001,
          206.58339999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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",
        "box": [
          48.4825,
          199.54840000000002,
          685.7417440000002,
          206.58339999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.",
        "box": [
          30.4825,
          211.18830000000003,
          36.769780000000004,
          218.2233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes one private equity secondary interest for approximately $2 million",
        "box": [
          48.4825,
          211.18830000000003,
          321.42441999999994,
          218.2233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.",
        "box": [
          30.4825,
          222.8284,
          36.64918000000001,
          229.86339999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes cash, restricted cash, net receivables, other assets, accrued and other liabilities, escrow deposits payable and dividends payable",
        "box": [
          48.4825,
          222.8284,
          555.7695159999996,
          229.86339999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.",
        "box": [
          30.4825,
          234.34840000000003,
          40.08226,
          241.3834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities",
        "box": [
          48.4825,
          234.34840000000003,
          549.1799320000006,
          241.3834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.",
        "box": [
          30.4825,
          245.9884,
          37.84714000000002,
          253.02339999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects non-GAAP impairment of real estate related to six properties; refer to page 25 for additional disclosure on undepreciated book value",
        "box": [
          48.4825,
          245.9884,
          567.618868,
          253.02339999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.",
        "box": [
          30.4825,
          257.6284,
          39.238060000000004,
          264.66339999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 March 31, 2026",
        "box": [
          48.4825,
          257.6284,
          642.0917799999999,
          264.66339999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.",
        "box": [
          30.4825,
          269.14840000000004,
          39.37474000000002,
          276.1834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
          48.4825,
          269.14840000000004,
          690.7579000000001,
          276.1834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value at BRSP share as of March 31, 2026",
        "box": [
          48.54682000000014,
          278.74816000000004,
          197.90590000000012,
          285.78316000000007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.",
        "box": [
          30.4825,
          290.38840000000005,
          39.76066000000001,
          297.4234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents loan fundings related to the existing loan portfolio as of March 31, 2026",
        "box": [
          48.4825,
          290.38840000000005,
          350.8267,
          297.4234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15.",
        "box": [
          30.4825,
          302.02840000000003,
          39.35866,
          309.0634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "During the first quarter of 2026, the Company acquired legal title to one multifamily property through foreclosure, which is included in real estate, net on the Company's ",
        "box": [
          48.4825,
          302.02840000000003,
          690.65338,
          309.0634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "consolidated balance sheets",
        "box": [
          48.442300000000046,
          311.62816,
          155.53510000000009,
          318.66316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.",
        "box": [
          30.4825,
          323.14840000000004,
          39.37474000000002,
          330.1834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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",
        "box": [
          48.4825,
          323.14840000000004,
          667.4000920000002,
          330.1834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.",
        "box": [
          30.4825,
          334.7884,
          39.05314000000001,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents ",
        "box": [
          48.4825,
          334.7884,
          91.64926,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the ",
        "box": [
          95.99889999999999,
          334.7884,
          110.12518,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "percent ",
        "box": [
          114.47482,
          334.7884,
          145.281688,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "leased ",
        "box": [
          149.63374,
          334.7884,
          176.36674,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as ",
        "box": [
          180.71638000000002,
          334.7884,
          191.48998,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of ",
        "box": [
          195.83962000000002,
          334.7884,
          205.28662000000003,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March ",
        "box": [
          209.51566000000003,
          334.7884,
          234.44770000000003,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "31, ",
        "box": [
          238.79734000000005,
          334.7884,
          249.69154000000003,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2026 ",
        "box": [
          254.04118000000005,
          334.7884,
          273.81154000000004,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and ",
        "box": [
          278.16118000000006,
          334.7884,
          294.93262000000004,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is ",
        "box": [
          299.28226000000006,
          334.7884,
          306.57454000000007,
          341.8234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted ",
        "box": [
          310.80358000000007,
          334.7884,
          347.73130000000003,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by ",
        "box": [
          352.08094000000006,
          334.7884,
          363.32890000000003,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "undepreciated ",
        "box": [
          367.67854000000005,
          334.7884,
          424.52938000000006,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "carrying ",
        "box": [
          428.8790200000001,
          334.7884,
          460.7656600000001,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "value; ",
        "box": [
          465.1153000000001,
          334.7884,
          489.0905800000001,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excludes ",
        "box": [
          493.4402200000001,
          334.7884,
          528.0926200000001,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "one ",
        "box": [
          532.3216600000002,
          334.7884,
          548.3695000000001,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "multifamily ",
        "box": [
          552.7191400000002,
          334.7884,
          593.9723800000002,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "property ",
        "box": [
          598.3220200000002,
          334.7884,
          632.2508200000002,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "related ",
        "box": [
          636.6004600000002,
          334.7884,
          665.2469800000002,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to ",
        "box": [
          669.5966200000003,
          334.7884,
          679.4054200000003,
          341.8234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "a ",
        "box": [
          683.6344600000003,
          334.7884,
          690.6855400000003,
          341.8234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "construction/development project",
        "box": [
          48.47446000000036,
          344.38816,
          176.04996400000033,
          351.42316000000005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.",
        "box": [
          30.4825,
          356.02840000000003,
          39.51946000000002,
          363.0634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on in-place leases (defined as occupied and paying leases) as of March 31, 2026 and assumes that no renewal options are exercised. W.A. calculation based on ",
        "box": [
          48.4825,
          356.02840000000003,
          690.6775,
          363.0634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "undepreciated carrying value; excludes multifamily and hotel property types",
        "box": [
          48.466420000000085,
          365.62816,
          328.9683520000001,
          372.66316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.",
        "box": [
          30.4825,
          377.14840000000004,
          39.37474000000002,
          384.1834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
          48.4825,
          377.14840000000004,
          690.6292599999999,
          384.1834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "amortization on real estate investments and including the impact of non-GAAP impairment of real estate",
        "box": [
          48.41818000000001,
          386.74816,
          433.6427199999999,
          393.78316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.",
        "box": [
          30.4825,
          398.38840000000005,
          41.56966,
          405.4234
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Subject to customary non-recourse carve-outs",
        "box": [
          48.4825,
          398.38840000000005,
          222.05002000000005,
          405.4234
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21.",
        "box": [
          30.4825,
          410.02840000000003,
          39.238060000000004,
          417.0634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. calculation based on outstanding debt (UPB)",
        "box": [
          48.4825,
          410.02840000000003,
          233.26903599999994,
          417.0634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22.",
        "box": [
          30.4825,
          421.5484,
          40.72546,
          428.5834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents interests in assets held by third party partners",
        "box": [
          48.4825,
          421.5484,
          259.38456400000007,
          428.5834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23.",
        "box": [
          30.4825,
          433.1884,
          40.765660000000004,
          440.22339999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents the proportionate share attributed to BRSP based on BRSP's ownership percentage by asset",
        "box": [
          48.4825,
          433.1884,
          432.7454559999998,
          440.22339999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24.",
        "box": [
          30.4825,
          444.8284,
          41.16766,
          451.8634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company calculates Distributable Earnings (Loss) and Adjusted Distributable Earnings per share, which are non-GAAP financial measures, based on a weighted average ",
        "box": [
          48.4825,
          444.8284,
          690.7498600000001,
          451.8634
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "number of common shares",
        "box": [
          48.5387800000002,
          454.42816,
          146.03423200000023,
          461.46316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25.",
        "box": [
          30.4825,
          465.9484,
          40.84606,
          472.9834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "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 ",
        "box": [
          48.4825,
          465.9484,
          690.6855399999998,
          472.9834
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "corporate and other business segments",
        "box": [
          48.47445999999991,
          475.54816,
          195.04848399999992,
          482.58316
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FOOTNOTES",
        "box": [
          31.265,
          35.00199999999995,
          162.55705999999995,
          52.53699999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BRIGHTSPIRE",
        "box": [
          51.0,
          494.6666666666667,
          158.0,
          511.6666666666667
        ],
        "from_ocr": true,
        "confidence": 0.99994
      },
      {
        "text": "CAPITAL",
        "box": [
          53.0,
          509.6666666666667,
          96.66666666666667,
          518.3333333333334
        ],
        "from_ocr": true,
        "confidence": 0.99638
      }
    ]
  },
  {
    "page_no": 39,
    "width": 720.0,
    "height": 540.0,
    "cells": [
      {
        "text": "39",
        "box": [
          690.0024,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "COMPANY INFORMATION",
        "box": [
          24.4615,
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          302.18584000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          689.31,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39",
        "box": [
          690.0024,
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          522.3027523076923
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BrightSpire  Capital  (NYSE:  BRSP)  is  internally  managed  and  one  of  the  largest  publicly  traded ",
        "box": [
          29.7937,
          98.334,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing ",
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      {
        "text": "a  diversified  portfolio  consisting  primarily  of  CRE  debt  investments  predominantly  in  the  United ",
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      {
        "text": "States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the ",
        "box": [
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      {
        "text": "primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed ",
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      {
        "text": "as a REIT for U.S. federal income tax purposes. For additional information regarding the Company ",
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      {
        "text": "and its management and business, please refer to www.brightspire.com.",
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      {
        "text": "HEADQUARTERS",
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      {
        "text": "New York",
        "box": [
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      {
        "text": "590 Madison Avenue ",
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      {
        "text": "33rd Floor",
        "box": [
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      {
        "text": "New York, NY 10022 ",
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      {
        "text": "212-547-2631",
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      {
        "text": "STOCK & TRANSFER AGENT",
        "box": [
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        "confidence": 1.0
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      {
        "text": "EQ (Equiniti Trust Company, LLC)",
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      {
        "text": "800-937-5449",
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      {
        "text": "helpast@equiniti.com",
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      {
        "text": "INVESTOR RELATIONS",
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      {
        "text": "ADDO Investor Relations",
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        "confidence": 1.0
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      {
        "text": "Anne McGuinness",
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      {
        "text": "310-829-5400",
        "box": [
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        "from_ocr": false,
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      {
        "text": "brsp@addo.com",
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        "confidence": 1.0
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      {
        "text": "BofA Securities",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Eric Dray",
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        "confidence": 1.0
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      {
        "text": "646-855-5780",
        "box": [
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      {
        "text": "Jones Research",
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        "confidence": 1.0
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      {
        "text": "Jason Weaver",
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      {
        "text": "646-454-2710",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Alliance Global Partners",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Gaurav Mehta",
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      {
        "text": "646-908-3825",
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        "from_ocr": false,
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      {
        "text": "B. Riley Securities",
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      {
        "text": "Timothy D'Agostino",
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        "text": "646-885-5406",
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        "text": "WWW.BRIGHTSPIRE.COM",
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        "text": "NYSE: BRSP",
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      {
        "text": "ANALYST COVERAGE",
        "box": [
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      {
        "text": "BTIG",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Thomas Catherwood",
        "box": [
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        "confidence": 1.0
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      {
        "text": "212-738-6140",
        "box": [
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      {
        "text": "Barclays",
        "box": [
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      {
        "text": "Terry Ma",
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        "text": "212-526-7965",
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      {
        "text": "Citizens JMP Securities",
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        "text": "Chris Muller",
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        "text": "212-906-3559",
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      {
        "text": "Raymond James",
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        "from_ocr": false,
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      {
        "text": "Gabe Poggi",
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      {
        "text": "571-227-9641",
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        "text": "BRIGHTSPIRE",
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      {
        "text": "CAP I T A L",
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      {
        "text": "THANK YOU",
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