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"text": "APRIL 28, 2026\nBRIGHTSPIRE\nCAPITAL\nSUPPLEMENTAL FINANCIAL REPORT\nFIRST QUARTER 2026\n[VISUAL_TEXT]\n",
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"text": "CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING\nSTATEMENTS\n",
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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,\nprojections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can\nidentify forward-looking statements by the use of forward-looking terminology such as \"may,\" \"will,\" \"should,\" \"expects,\" \"intends,\" \"plans,\" \"anticipates,\" \"believes,\"\n\"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\nand which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many\nof 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\nuncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements: operating costs and business disruption may\nbe 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\nfiscal 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\nservice on outstanding indebtedness; borrowers' abilities to manage and stabilize properties; deterioration in the performance of the properties securing our\ninvestments (including the impact of higher interest expense, depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment\nobligations, population shifts and migration, reduced demand for office, multifamily, hospitality or retail space) that may cause deterioration in the performance of our\ninvestments and, potentially, principal losses to us; the fair value of the Company's investments may be subject to uncertainties (including impacts associated with\ninflationary trends, the volatility of interest rates and credit spreads, increased market volatility affecting commercial real estate businesses and public securities); the\nCompany's use of leverage and interest rate mismatches between the Company's assets and borrowings could hinder its ability to make distributions and may\nsignificantly impact its liquidity position; the timing of and ability to generate additional liquidity and deploy available liquidity, including in senior mortgage loans;\nwhether the Company will achieve its anticipated Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as\nadjusted) 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,\nincluding covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on\nmaster repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance\ncertain 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\ncapital; 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,\ntax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and\nmortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. The\nforegoing 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\n10-K for the fiscal year ended December 31, 2025, as well as in BrightSpire Capital's other filings with the Securities and Exchange Commission.\n",
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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\nCapital 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\nrevised expectations, and BrightSpire Capital does not intend to do so.\n",
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""
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"$3.8B
Total At-Share Assets
(Undepreciated)",
"$2.7B
Total Loan Portfolio
(100 Total Loans)"
],
[
"97%
Floating-Rate
Loan Portfolio",
"$27M
Average Loan Size"
],
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"83%
<$50M Loan Size
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W.A. Unlevered
All-in Yield(1)
W.A. Cash Coupon 3.4%"
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Total Liquidity(2)",
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Total Unrestricted Cash
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Earnings Per Share*",
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"text": "COMPANY HIGHLIGHTS\n",
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"text": "BrightSpire Capital, Inc. (\"BRSP\" or the \"Company\") is a large publicly-traded, diversified and internally-\nmanaged commercial real estate credit REIT\n",
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"text": "Liquidity & Capitalization",
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"text": "[LOGO] BRIGHTSPIRE\n[LOGO] CAPITAL\n",
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"text": "- Refer to the Appendix for a definition and reconciliation to GAAP net income (loss)\n- Refer to the Appendix for a definition and reconciliation to GAAP net book value\nAs of March 31, 2026, unless otherwise stated; at BRSP share\nSee footnotes in the appendix\n",
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"FINANCIAL RESULTS",
"\u2022 GAAP Net Income of $4.8 million and $0.03 per share
\u2022 Distributable Earnings of $15.6 million and $0.12 per share
\u2022 Adjusted Distributable Earnings of $18.2 million and $0.14 per share
\u2022 Declared and paid a dividend of $0.16 per share for Q1'26, 10.6% yield on current share price(6)
\u2022 GAAP net book value of $7.05 per share and undepreciated book value of $8.24 per share"
],
[
"LIQUIDITY & CAPITALIZATION",
"\u2022 $206 million of available liquidity ($58 million of unrestricted cash, $120 million of revolver capacity and $28 million of approved and undrawn borrowings available on our credit facilities)(3)
\u2022 Closed a $955 million CLO with an 87.25% advance rate and S+1.69% cost of funds (pre-transaction costs); includes $98 million of available ramp-up proceeds (fully utilized) and a 2.5-year reinvestment period
\u2022 Entered into a new $250 million master repurchase facility agreement"
],
[
"NET DEPLOYMENT ACTIVITY",
"\u2022 $110 million and $394 million of positive net deployment during Q1'26 and year-to-date(3), respectively*
\u2022 Q1'26 committed $279 million of capital across 7 new senior loans
\u2022 Subsequent to Q1'26, committed $316 million of capital across 10 new senior loans closed or in-execution(3)
\u2022 Q1'26 received $169 million of repayment proceeds across 6 loans
\u2022 Subsequent to Q1'26, received $32 million of repayment proceeds across 1 loan(3)"
]
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"text": "SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE\n",
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"text": "* Net deployment represents total committed capital less repayment proceeds\nAs of March 31, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding\nSee footnotes in the appendix\n",
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"text": "SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE (CONT'D)\n",
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"text": "LOAN\nPORTFOLIO\n- $2.7 billion loan portfolio with an average loan size of $27 million and W.A. unlevered yield of 7.2%\n- Multifamily represents 69% of the loan portfolio\n- W.A. risk ranking of 3.1 (vs. 3.1 as of Q4'25)\n- Total CECL reserve of $87 million or $0.67 per share (no specific CECL reserve on balance sheet as of Q1'26)\n- $166 million of watch list loans or 6% of the loan portfolio (vs. $220 million or 8% as of Q4'25)\n- One risk rank 5 office loan and one risk rank 5 industrial loan repaid totaling $42 million in Q1'26\n- Foreclosed on one risk rank 5 multifamily loan totaling $45 million in Q1'26\n- Activity subsequent to Q1'26:\n- One risk rank 5 multifamily loan repaid totaling $32 million\n- Two risk rank 5 multifamily loans totaling $67 million are under contract to be sold with an expected\nrepayment concurrent with sale closing in Q2'26\n- Watchlist loans anticipated to decline by ~59% from $166 million to $67 million as a result of the above\nactivity (see pg. 14 for additional detail)\n",
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"text": "REO ASSETS\n- 6 REO assets totaling $336 million (includes one hotel REO assets totaling $143 million or 43% of REO)\n- Sold one REO office property for ~$26 million of net proceeds in Q1'26\n- Acquired one multifamily property through foreclosure totaling $45 million in Q1'26\n- Activity subsequent to Q1'26:\n- Sales process underway for two REO multifamily properties totaling $69 million, which are expected to\nbe under contract and sold in Q3'26\n- REO assets anticipated to decline by ~20% from $336 million to $267 million as a result of the above\nactivity (see pg. 17 for additional detail)\n",
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"text": "As of March 31, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding\nSee footnotes in the appendix\n",
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{
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},
{
"text": "Percentage",
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"footnotes": []
}
],
[
{
"text": "Securitization bonds payable (non-recourse)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "39%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Stockholders' equity (undepreciated)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "29%",
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"footnotes": []
}
],
[
{
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"provenance": "unclassified",
"footnotes": []
},
{
"text": "21%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Mortgage debt (non-recourse)",
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"footnotes": []
},
{
"text": "10%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Other debt (non-recourse)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
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}
]
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}
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{
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"description": "The chart is a waterfall or bridge chart illustrating the change in Undepreciated Book Value Per Share (BVPS) from 12/31/25 to 3/31/26. The starting value is $8.44. Three negative adjustments are shown as floating bars: Equity-based Compensation ($0.16), Change in CECL Reserve & Other ($0.02), and Earnings less Dividends ($0.02). The final value is $8.24. The y-axis ranges from $7.25 to $8.50.",
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}
],
[
{
"text": "12/31/25 Undepreciated BVPS",
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},
{
"text": "$8.44",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Equity-based Compensation*",
"provenance": "unclassified",
"footnotes": [
{
"marker": "*",
"text": "Primarily related to equity grants as part of our annual stock compensation program"
}
]
},
{
"text": "($0.16)",
"provenance": "unclassified",
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}
],
[
{
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"footnotes": [
{
"marker": "**",
"text": "Other includes non-GAAP impairment of real estate and other OCI adjustments"
}
]
},
{
"text": "($0.02)",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Earnings less Dividends",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "($0.02)",
"provenance": "unclassified",
"footnotes": []
}
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"description": "The chart displays origination values across four periods: Q3'25, Q4'25, Q1'26, and YTD Q2'26. The chart uses blue vertical bars to represent the values for each quarter. Q3'25 is at $144, Q4'25 is at $416, and Q1'26 is at $279. The final bar for YTD Q2'26 totals $316, which is further subdivided into two sections: an 'In-execution' portion of $283 and a 'Closed' portion of $33.",
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}
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},
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"text": "$ in millions. As of March 31, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding",
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}
]
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"kind": "chart",
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}
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"text": "West",
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},
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"footnotes": []
}
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{
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}
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{
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"footnotes": []
},
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"footnotes": []
}
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{
"text": "Midwest",
"provenance": "unclassified",
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},
{
"text": "4%",
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"footnotes": []
}
]
]
}
],
"footnotes": [],
"node_id": "figure-2"
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{
"page": 8,
"kind": "chart",
"description": "A donut chart titled 'Acquisition vs. Refinance' illustrating the distribution between two categories. The chart displays two segments: a dark blue segment representing 'Acquisition' at 57%, and a lighter blue segment representing 'Refinance' at 43%. A legend to the right of the chart indicates the color coding: dark blue for 'Acquisition' and light blue for 'Refinance'.",
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"text": "Acquisition",
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},
{
"text": "57%",
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}
],
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{
"text": "Refinance",
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},
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"text": "43%",
"provenance": "unclassified",
"footnotes": []
}
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}
],
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"17"
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[
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[
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"100%"
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"figures": [
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"kind": "chart",
"description": "The figure displays two donut charts side-by-side, representing 'Investment Type' and 'Property Type'.",
"box": {
"left": 0.41264,
"top": 0.12682,
"right": 0.97195,
"bottom": 0.56667
},
"values": [
{
"rows": [
[
{
"text": "Investment Type",
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},
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"text": "Percentage",
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}
],
[
{
"text": "Senior mortgage loans",
"provenance": "unclassified",
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},
{
"text": "98%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Mezzanine loans",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Preferred equity",
"provenance": "unclassified",
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},
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"footnotes": []
}
]
]
},
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"rows": [
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}
],
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{
"text": "Multifamily",
"provenance": "unclassified",
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},
{
"text": "69%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Office",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "21%",
"provenance": "unclassified",
"footnotes": []
}
],
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{
"text": "Mixed-use & Other",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "8%",
"provenance": "unclassified",
"footnotes": []
}
],
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{
"text": "Industrial",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
}
],
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{
"text": "Hotel",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
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"page": 9,
"kind": "chart",
"description": "A donut chart illustrating the distribution of loan sizes. The chart is divided into four segments: 58% for the $25M-$50M range (the largest segment), 25% for the <$25M range, 14% for the $51M-$75M range, and 3% for the >$75M range.",
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}
],
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},
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"footnotes": []
}
],
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},
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}
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},
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"footnotes": []
}
],
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},
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"footnotes": []
}
]
]
}
],
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},
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}
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},
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"provenance": "unclassified",
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}
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"text": "3/31/2026 Loan Portfolio",
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}
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"marker": "",
"text": "$ in millions, unless otherwise stated; as of March 31, 2026, unless otherwise stated; at BRSP share",
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},
{
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"text": "See footnotes in the appendix",
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"text": "Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves\n$ in millions, unless otherwise stated; as of March 31, 2026, unless otherwise stated; at BRSP share\nSee footnotes in the appendix\n",
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"kind": "chart",
"description": "The figure presents a comprehensive financial breakdown of collateral investments, featuring a main data table, a stacked bar chart illustrating collateral type migration, and a geographic map highlighting regional exposure.\n\nBelow the table, the figure includes two additional components: A stacked bar chart titled 'Collateral Type Migration' showing the composition percentages of collateral types (Multifamily, Office, Mixed-use & Other, Hotel, Industrial) across Q1'25, Q4'25, and Q1'26. A map titled 'Region' showing the United States with circles indicating regional exposure percentages: West (38%), Southwest (35%), Northeast (12%), Southeast (10%), and Midwest (5%).",
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"rows": [
[
{
"text": "(At BRSP share)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Number of investments",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Average investment size",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Carrying value",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "% of carrying value",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "W",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "SW",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "NE",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "SE",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "MW",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Multifamily",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "73",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$ 26",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$ 1,877",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "69%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "28%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "28%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "9%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "3%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Office",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "19",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "30",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "577",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "21%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "8%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "7%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "5%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Mixed-use & Other",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "37",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "220",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "8%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "2%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "6%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Industrial",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "32",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "32",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Hotel",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "24",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "24",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "--",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "1%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Total",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "100",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$ 27",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$ 2,730",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "100%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "38%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "35%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "12%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "10%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "5%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "General CECL reserves",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "(87)",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Total \u2013 Net of general CECL reserves",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$ 2,643",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "",
"provenance": "unclassified",
"footnotes": []
}
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{
"marker": "",
"text": "Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves",
"sources": [
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],
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"placed": false
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{
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"text": "$ in millions; as of March 31, 2026; at BRSP share",
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"placed": false
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term (years)(13)"
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"--",
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"text": "$ in thousands; as of March 31, 2026; at BRSP share\nSee footnotes in the appendix\n",
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{
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{
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{
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{
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{
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{
"text": "133",
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},
{
"text": "2",
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[
{
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},
{
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{
"text": "50",
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"footnotes": [
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"text": "Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves",
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{
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{
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{
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{
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{
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{
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},
{
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{
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"description": "A bar chart titled 'CECL Reserve Overview' displays the total CECL reserve amounts across four quarters (Q2'25 to Q1'26). The chart uses a single color (blue) to represent the 'General CECL Reserve', as indicated by the legend. A note in a dashed box clarifies that there is 'No specific CECL reserve on balance sheet for Q2'25 to Q1'26'. The x-axis shows the quarters, and the y-axis is implied by the total reserve values presented above each bar.",
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}
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"text": "- Pro forma adjusted for anticipated repayments\nAbove chart based on GAAP gross carrying value and excludes the impact of CECL reserves\n$ in millions. As of March 31, 2026, unless otherwise stated; at BRSP share\n",
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[
"Investment",
"Austin, TX
Senior Loan
(Loan 18)",
"Las Vegas, NV
Mezzanine Loan
(Loan 23)*",
"Dallas, TX
Senior Loan
(Loan 26)",
"Austin, TX
Senior Loan
(Loans 40 & 72)**",
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Senior Loan
(Loan 77 & 91)***"
],
[
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Mezzanine Loan",
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Senior Loan",
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Senior Loan",
"Floating-Rate
Senior Loan"
],
[
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Acquisition",
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Construction",
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Acquisition",
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Acquisition",
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Refinancing"
],
[
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],
[
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"$32M",
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],
[
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],
[
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"SOFR + 3.3%",
"n/a",
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"text": "LOAN PORTFOLIO WATCH LIST LOANS (Q1'26)\n",
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{
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"kind": "text",
"text": "- Subsequent to March 31, 2026, Loan 23 was resolved following repayment\n- ** 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\nsenior loan only\n- *** 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\nsenior loan only\nAs of March 31, 2026, unless otherwise stated; at BRSP share. See footnotes in the appendix\n",
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"version": "dpt-3-pro-20260710",
"credits": 1.7,
"figures": [
{
"page": 16,
"kind": "chart",
"description": "The figure consists of two parts: a map of the United States on the left and a donut chart on the right. The map displays four circular data markers labeled with regions and percentages: 'West 62%', 'Southwest 18%', 'Midwest 16%', and 'Northeast 4%'. The donut chart on the right visualizes data segments with the following values: 34% (dark blue), 23% (medium blue), 21% (light blue), 17% (green), and 5% (lavender).",
"box": {
"left": 0.03073,
"top": 0.67224,
"right": 0.51,
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},
"values": [
{
"rows": [
[
{
"text": "Map Region",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Percentage",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "West",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "62%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Southwest",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "18%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Midwest",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "16%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Northeast",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "4%",
"provenance": "unclassified",
"footnotes": []
}
]
]
},
{
"rows": [
[
{
"text": "Donut Chart Segment",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "Percentage",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Segment 1",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "34%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Segment 2",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "23%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Segment 3",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "21%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Segment 4",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "17%",
"provenance": "unclassified",
"footnotes": []
}
],
[
{
"text": "Segment 5",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "5%",
"provenance": "unclassified",
"footnotes": []
}
]
]
}
],
"footnotes": [],
"node_id": "figure-0"
},
{
"page": 16,
"kind": "chart",
"description": "This figure is a donut chart illustrating the Weighted Average (W.A.) Remaining Lease Term. The chart is divided into three segments: a large dark blue segment representing '5.0+' years (57%), a medium blue segment representing '2.5 - 5.0' years (32%), and a light blue segment representing '<2.5' years (11%). A legend to the right of the chart maps the colors to these time categories.",
"box": {
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"right": 0.97213,
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},
"values": [
{
"rows": [
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{
"text": "Category",
"provenance": "unclassified",
"footnotes": []
},
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"text": "Percentage",
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"footnotes": []
}
],
[
{
"text": "5.0+",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "57%",
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"footnotes": []
}
],
[
{
"text": "2.5 - 5.0",
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"footnotes": []
},
{
"text": "32%",
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"footnotes": []
}
],
[
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"text": "<2.5",
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"footnotes": []
},
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"footnotes": []
}
]
]
}
],
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}
],
"tables": [
{
"page": 16,
"cells": [
[
"(At BRSP share)",
"Number of investments",
"BRSP ownership %",
"Rentable square feet (\"RSF\") / Units / Keys",
"Carrying value (Undep.)",
"Net carrying value (Undep.)",
"% of net carrying value (Undep.)",
"Q1'26 NOI (at BRSP share)*",
"W.A. % leased at end of period(17)",
"W.A. remaining lease term (years)(18)"
],
[
"Net lease real estate (\"NNN\")",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
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"1",
"100%",
"2,787 RSF",
"$ 292,156",
"$ 92,156",
"27%",
"$ 5,037",
"100%",
"12.4"
],
[
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"2",
"100%",
"522 RSF",
"94,004",
"45,671",
"13%",
"1,796",
"100%",
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],
[
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"4",
"100%",
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"42,462",
"4,730",
"1%",
"834",
"100%",
"3.2"
],
[
"Total / W.A. - NNN",
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"100%",
"3,777 RSF",
"$ 428,623",
"$ 142,557",
"42%",
"$ 7,666",
"100%",
"9.4"
],
[
"Other real estate (\"Other RE\")**",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Hotel",
"1",
"100%",
"541 Keys",
"$ 143,299",
"$ 87,506",
"26%",
"$ 2,450",
"72%",
"n/a"
],
[
"Office",
"1",
"95%",
"848 RSF",
"88,828",
"--",
"--",
"2,168",
"81%",
"3.4"
],
[
"Multifamily",
"5",
"100%",
"1,699 Units",
"192,660",
"108,248",
"32%",
"295",
"79%",
"n/a"
],
[
"Total / W.A. \u2013 Other RE",
"7",
"99%",
"n/a",
"$ 424,788",
"$ 195,754",
"58%",
"$ 4,913",
"77%",
"3.4"
],
[
"Total / W.A.",
"14",
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"text": "IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL\nMEASURES AND DEFINITIONS\n",
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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\nconsider 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\ncomparing 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\nwith 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\nreasons 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\nconsider 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\ntransactions and GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations.\n",
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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,\nsuch 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\nfrom 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\npreferred 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\nincome 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\nand (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\nshall only be applied after approval by a majority of our independent directors. Distributable Earnings include specific CECL reserves.\n",
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"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-\nmarket 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\na 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\nmanagement 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\noperating 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.\n",
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"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\nGAAP 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\nour cash needs. In addition, our methodology for calculating Distributable Earnings and Adjusted Distributable Earnings may differ from methodologies employed by other companies to\ncalculate the same or similar non-GAAP supplemental financial measures, and accordingly, our reported Distributable Earnings and Adjusted Distributable Earnings may not be\ncomparable to the Distributable Earnings and Adjusted Distributable Earnings reported by other companies.\n",
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"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\naverage number of common shares.\n",
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"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\nthe 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\nadjustments 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.\nAdditionally, 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\nparent 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\ncapital 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\noperating 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\ncomponents of GAAP net income (loss) which further limits its usefulness.\n",
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"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\ncalculating NOI involves subjective judgment and discretion and may differ from the methodologies used by other companies, when calculating the same or similar supplemental financial\nmeasures and may not be comparable with other companies.\n",
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"text": "\ud83d\udd32 BRIGHTSPIRE\n\ud83d\udd32 CAPITAL\n",
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"text": "IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL\nMEASURES AND DEFINITIONS (CONT'D)\n",
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"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\ncomputes pro rata financial information by applying its economic interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests'\n(\"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\npro 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\nanalytical tool has limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company's pro rata financial information may not be\ncomparable 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\nreported under GAAP, but may be used as a supplement to financial information as reported under GAAP.\n",
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"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\nmeasure 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.\nUndepreciated book value excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities) and as of the\nquarter 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\nthat 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\nplaced 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\noffice properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can and have led to foreclosures. Cash flow sweeps\nrestrict 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\nproperties. The Company calculates undepreciated book value per share based on the total number of outstanding common shares.\n",
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"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\nreflects 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.\n",
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"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\namount 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.\n",
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"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\nvalue 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\nas 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\ncommitment 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\ncost 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\ncumulative commitment amount of our loan and loans senior to our position divided by projected total cost basis.\n",
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"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\nevaluate 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\nand 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\nof 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\nconsiderations 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-\npoint 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\nfor investment are ranked as a \"3\" and will move accordingly going forward based on the rankings which are defined as follows:\n 1. Very Low Risk\n 2. Low Risk\n 3. Medium Risk\n 4. High Risk / Potential for Loss - A loan that has a high risk of realizing a principal loss\n 5. Impaired / Loss Likely - A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss\n",
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"text": "[VISUAL_LOGO] BRIGHTSPIRE\n[VISUAL_LOGO] CAPITAL\n",
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"text": "NOTES REGARDING REPORTABLE SEGMENTS\n",
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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\nbased on how management reviews and manages its business.\n",
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"text": "***Senior and Mezzanine Loans and Preferred Equity (\"Loans & Preferred Equity Portfolio\" or \"Loan Portfolio\")***\nThe Company's Loan Portfolio may include senior mortgage loans, mezzanine loans and preferred equity interests (\"preferred equity\") as well as participations in such\nloans. The Loan Portfolio may also include acquisition, development and construction loan arrangements accounted for as equity method investments.\n- Senior mortgage loans may include junior participations in our originated senior mortgage loans for which we have syndicated the senior participations to other\ninvestors and retained the junior participations for our portfolio and contiguous mezzanine loans where we own both the senior and junior loan positions. We\nbelieve these investments are more similar to the senior mortgage loans we originate than other loan types given their credit quality and risk profile\n- Mezzanine loans may include other subordinated loans\n- Preferred equity interests may include related equity participation interests\n",
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"text": "***Net Leased Real Estate and Other Real Estate (\"Net Lease and Other Real Estate\")***\nThe 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\nlease basis, where such tenants are generally responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real\nestate taxes. Other Real Estate investments includes direct ownership in commercial real estate, with an emphasis on properties with stable cash flow. Net lease and\nother real estate includes deferred leasing costs and other net intangibles. Other real estate currently consists of one investment with direct ownership in commercial\nreal estate, four additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure and two properties that we consolidate as the primary\nbeneficiary of the VIEs.\n",
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"text": "*Corporate and Other*\nThe Corporate segment includes corporate-level asset management and other fees including operating expenses, compensation and benefits and other fees including\nexpenses 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\ninterest (\"Private Equity Interest\" or \"PE Interest\").\n",
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"kind": "text",
"text": "INVESTMENT DETAIL\n",
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"kind": "text",
"text": "Loan Portfolio",
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"text": "[LOGO] BRIGHTSPIRE\n[LOGO] CAPITAL\n",
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"text": "- * Subsequent to March 31, 2026, Loan 23 was resolved\n- ** Loans that are on non-accrual status\n$ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share\nSee footnotes in the appendix\n",
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"(At BRSP share)",
"Investment Type",
"Origination date",
"City, State",
"Carrying value",
"Coupon type",
"Cash coupon",
"Unlevered all-in yield(1)",
"Extended maturity date(13)",
"LTV",
"Q1'26 Risk ranking",
"Q4'25 Risk ranking"
],
[
"Loan 39",
"Senior",
"Mar-22",
"Phoenix, AZ",
"24",
"Floating",
"S+3.7%",
"7.3%",
"Apr-27",
"75%",
"3",
"3"
],
[
"Loan 40",
"Senior",
"Nov-21",
"Austin, TX",
"24",
"Floating",
"S+3.4%",
"7.0%",
"Nov-26",
"71%",
"4",
"4"
],
[
"Loan 41",
"Senior",
"Dec-24",
"Seattle, WA",
"23",
"Floating",
"S+2.8%",
"6.9%",
"Jan-30",
"65%",
"3",
"3"
],
[
"Loan 42",
"Senior",
"Jan-25",
"Lebanon, TN",
"23",
"Floating",
"S+3.4%",
"7.0%",
"Feb-30",
"71%",
"3",
"3"
],
[
"Loan 43",
"Senior",
"Jun-21",
"Phoenix, AZ",
"22",
"Floating",
"S+3.3%",
"6.9%",
"Jul-26",
"75%",
"3",
"3"
],
[
"Loan 44",
"Senior",
"Jul-21",
"Aurora, CO",
"21",
"Floating",
"S+3.2%",
"6.9%",
"Jul-26",
"73%",
"3",
"3"
],
[
"Loan 45",
"Senior",
"Dec-25",
"Minneapolis, MN",
"21",
"Floating",
"S+2.5%",
"6.7%",
"Jan-31",
"65%",
"3",
"3"
],
[
"Loan 46",
"Senior",
"Aug-25",
"Dallas, TX",
"21",
"Floating",
"S+3.0%",
"7.1%",
"Sep-30",
"59%",
"3",
"3"
],
[
"Loan 47",
"Senior",
"Jan-22",
"Austin, TX",
"20",
"Floating",
"S+3.4%",
"7.0%",
"Feb-27",
"75%",
"3",
"3"
],
[
"Loan 48",
"Senior",
"Dec-21",
"Gresham, OR",
"20",
"Floating",
"S+2.8%",
"6.4%",
"Jul-28",
"74%",
"3",
"3"
],
[
"Loan 49",
"Senior",
"Aug-21",
"La Mesa, CA",
"20",
"Floating",
"S+2.8%",
"6.4%",
"Aug-28",
"70%",
"3",
"3"
],
[
"Loan 50",
"Senior",
"Oct-24",
"Garland, TX",
"20",
"Floating",
"S+3.7%",
"7.6%",
"Nov-29",
"70%",
"3",
"3"
],
[
"Loan 51",
"Senior",
"Sep-21",
"Bellevue, WA",
"19",
"Floating",
"S+3.4%",
"7.1%",
"Sep-26",
"64%",
"3",
"3"
],
[
"Loan 52",
"Senior",
"Jul-21",
"Salt Lake City, UT",
"19",
"Floating",
"S+2.8%",
"6.4%",
"Aug-28",
"73%",
"3",
"3"
],
[
"Loan 53",
"Senior",
"May-22",
"Charlotte, NC",
"18",
"Floating",
"S+3.5%",
"7.2%",
"May-27",
"61%",
"3",
"3"
],
[
"Loan 54",
"Senior",
"Nov-25",
"Los Angeles, CA",
"18",
"Floating",
"S+2.5%",
"6.7%",
"Dec-30",
"59%",
"3",
"3"
],
[
"Loan 55",
"Senior",
"Jun-21",
"Phoenix, AZ",
"18",
"Floating",
"S+3.2%",
"6.9%",
"Jul-26",
"75%",
"3",
"3"
],
[
"Loan 56",
"Senior",
"Oct-25",
"Huntsville, AL",
"18",
"Floating",
"S+2.8%",
"7.0%",
"Nov-30",
"55%",
"3",
"3"
],
[
"Loan 57",
"Senior",
"Sep-25",
"Glendale, AZ",
"17",
"Floating",
"S+2.6%",
"6.6%",
"Oct-30",
"73%",
"3",
"3"
],
[
"Loan 58",
"Senior",
"Sep-25",
"Mobile, AL",
"14",
"Floating",
"S+2.8%",
"6.8%",
"Oct-30",
"73%",
"3",
"3"
],
[
"Loan 59",
"Senior",
"May-25",
"Dallas, TX",
"14",
"Floating",
"S+2.9%",
"7.1%",
"May-30",
"65%",
"3",
"3"
],
[
"Loan 60",
"Senior",
"Aug-25",
"Phoenix, AZ",
"14",
"Floating",
"S+2.7%",
"6.7%",
"Sep-30",
"75%",
"3",
"3"
],
[
"Loan 61",
"Senior",
"Jul-25",
"Northridge, CA",
"13",
"Floating",
"S+3.3%",
"7.4%",
"Jul-30",
"74%",
"3",
"3"
],
[
"Loan 62",
"Senior",
"Nov-24",
"Garland, TX",
"13",
"Floating",
"S+3.5%",
"7.4%",
"Dec-29",
"63%",
"3",
"3"
],
[
"Loan 63",
"Senior",
"Nov-25",
"Hoboken, NJ",
"12",
"Floating",
"S+2.4%",
"6.6%",
"Dec-30",
"61%",
"3",
"3"
],
[
"Loan 64",
"Senior",
"Mar-22",
"Glendale, AZ",
"12",
"Floating",
"S+3.5%",
"7.1%",
"Mar-27",
"73%",
"3",
"3"
],
[
"Loan 65",
"Senior",
"Dec-25",
"Mesa, AZ",
"11",
"Floating",
"S+2.8%",
"6.8%",
"Jan-31",
"70%",
"3",
"3"
],
[
"Loan 66",
"Preferred",
"May-25",
"Glendale, AZ",
"2",
"Fixed",
"n/a",
"14.0%",
"Mar-27",
"n/a",
"3",
"3"
],
[
"Loan 67",
"Preferred",
"May-25",
"Mesa, AZ",
"2",
"Fixed",
"n/a",
"15.0%",
"May-27",
"n/a",
"3",
"3"
],
[
"Loan 68",
"Preferred",
"May-25",
"Phoenix, AZ",
"2",
"Fixed",
"n/a",
"15.0%",
"Apr-27",
"n/a",
"3",
"3"
],
[
"Loan 69",
"Preferred",
"May-25",
"Phoenix, AZ",
"2",
"Fixed",
"n/a",
"14.0%",
"Jan-27",
"n/a",
"3",
"3"
],
[
"Loan 70",
"Preferred",
"May-25",
"Phoenix, AZ",
"2",
"Fixed",
"n/a",
"15.0%",
"Aug-26",
"n/a",
"3",
"3"
],
[
"Loan 71",
"Preferred",
"May-25",
"Phoenix, AZ",
"2",
"Fixed",
"n/a",
"15.0%",
"Jul-26",
"n/a",
"3",
"3"
],
[
"Loan 72",
"Preferred",
"Dec-25",
"Austin, TX",
"1",
"Fixed",
"n/a",
"15.0%",
"Nov-26",
"n/a",
"4",
"4"
],
[
"Loan 73",
"Preferred",
"Feb-26",
"Austin, TX",
"1",
"Fixed",
"n/a",
"15.0%",
"Feb-27",
"n/a",
"3",
"3"
],
[
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"",
"",
"",
"$ 1,877",
"",
"2.9%",
"6.8%",
"Dec-28",
"n/a",
"3.1",
"n/a"
]
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"text": "INVESTMENT DETAIL (CONT'D)\n",
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"kind": "text",
"text": "Loan Portfolio (Cont'd)",
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"text": "$ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share\nSee footnotes in the appendix\n",
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"cells": [
[
"(At BRSP share)",
"Investment Type",
"Origination date",
"City, State",
"Carrying value",
"Coupon
type",
"Cash
coupon",
"Unlevered
all-in yield(1)",
"Extended
maturity date(13)",
"LTV",
"Q1'26 Risk ranking",
"Q4'25 Risk ranking"
],
[
"Office",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Loan 74",
"Senior",
"Jan-21",
"Phoenix, AZ",
"$ 74",
"Floating",
"S+3.7%",
"7.3%",
"Aug-26",
"70%",
"3",
"3"
],
[
"Loan 75",
"Senior",
"Aug-18",
"San Jose, CA",
"74",
"Floating",
"S+4.9%",
"8.5%",
"Feb-27",
"69%",
"3",
"3"
],
[
"Loan 76",
"Senior",
"Feb-19",
"Baltimore, MD",
"59",
"Floating",
"S+3.6%",
"7.3%",
"Feb-27",
"74%",
"3",
"3"
],
[
"Loan 77",
"Senior",
"Nov-21",
"Dallas, TX",
"42",
"Floating",
"S+4.0%",
"7.6%",
"Dec-26",
"61%",
"4",
"4"
],
[
"Loan 78",
"Senior",
"May-22",
"Plano, TX",
"39",
"Floating",
"S+4.3%",
"7.9%",
"Jun-27",
"64%",
"3",
"3"
],
[
"Loan 79",
"Senior",
"Apr-22",
"Plano, TX",
"39",
"Floating",
"S+4.1%",
"7.8%",
"May-27",
"70%",
"3",
"3"
],
[
"Loan 80",
"Senior",
"Apr-22",
"San Jose, CA",
"32",
"Floating",
"S+4.2%",
"7.8%",
"Apr-27",
"70%",
"3",
"3"
],
[
"Loan 81",
"Senior",
"Oct-21",
"Blue Bell, PA",
"30",
"Floating",
"S+3.8%",
"7.4%",
"Apr-26",
"67%",
"3",
"3"
],
[
"Loan 82",
"Senior",
"Mar-22",
"Blue Bell, PA",
"29",
"Floating",
"S+4.2%",
"7.8%",
"Apr-26",
"59%",
"3",
"3"
],
[
"Loan 83",
"Senior",
"Feb-19",
"Charlotte, NC",
"27",
"Floating",
"S+4.3%",
"7.9%",
"Jul-26",
"56%",
"3",
"3"
],
[
"Subtotal / W.A. top 10 office",
"",
"",
"",
"$ 444",
"",
"4.1%",
"7.7%",
"Dec-26",
"n/a",
"3.1",
"n/a"
],
[
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Loan 84",
"Senior",
"Dec-18",
"Carlsbad, CA",
"27",
"Floating",
"S+3.9%",
"7.5%",
"Dec-26",
"74%",
"3",
"3"
],
[
"Loan 85",
"Senior",
"Jul-21",
"Denver, CO",
"24",
"Floating",
"S+5.0%",
"8.7%",
"Aug-26",
"72%",
"3",
"3"
],
[
"Loan 86",
"Senior",
"Aug-19",
"San Francisco, CA",
"23",
"Floating",
"S+2.9%",
"6.6%",
"Sep-26",
"74%",
"3",
"3"
],
[
"Loan 87",
"Senior",
"Oct-21",
"Burbank, CA",
"18",
"Floating",
"S+4.0%",
"7.7%",
"Nov-26",
"65%",
"3",
"3"
],
[
"Loan 88 *",
"Mezzanine",
"Feb-23",
"Baltimore, MD",
"15",
"Fixed",
"n/a",
"n/a",
"Feb-27",
"84% - 85",
"% 3",
"3"
],
[
"Loan 89",
"Senior",
"Nov-21",
"Richardson, TX",
"13",
"Floating",
"S+4.1%",
"7.8%",
"Dec-26",
"71%",
"3",
"3"
],
[
"Loan 90",
"Senior",
"Oct-20",
"Denver, CO",
"11",
"Floating",
"S+3.7%",
"7.4%",
"Nov-26",
"64%",
"3",
"3"
],
[
"Loan 91",
"Preferred",
"Dec-25",
"Dallas, TX",
"2",
"Fixed",
"n/a",
"15.0%",
"Dec-26",
"n/a",
"4",
"4"
],
[
"Loan 92",
"Preferred",
"Sep-25",
"San Francisco, CA",
"0",
"Fixed",
"n/a",
"20.0%",
"Sep-26",
"n/a",
"3",
"3"
],
[
"Total / W.A. office loans",
"",
"",
"",
"$ 577",
"",
"3.9%",
"7.6%",
"Nov-26",
"n/a",
"3.1",
"n/a"
],
[
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Mixed-use & Other",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Loan 93",
"Senior",
"Oct-19",
"Brooklyn, NY",
"$ 79",
"Floating",
"S+4.2%",
"7.8%",
"Nov-26",
"66%",
"3",
"3"
],
[
"Loan 94",
"Senior",
"Jan-22",
"New York, NY",
"46",
"Floating",
"S+3.5%",
"7.2%",
"Feb-27",
"67%",
"3",
"3"
],
[
"Loan 95",
"Senior",
"May-22",
"Brooklyn, NY",
"29",
"Floating",
"S+4.4%",
"8.0%",
"May-27",
"68%",
"3",
"3"
],
[
"Loan 96",
"Senior",
"Apr-24",
"South Pasadena, CA",
"26",
"Fixed",
"20.0%",
"20.0%",
"Jun-26",
"84%",
"3",
"3"
],
[
"Loan 97",
"Senior",
"Oct-25",
"Venice, CA",
"24",
"Floating",
"S+4.8%",
"8.9%",
"Oct-30",
"67%",
"3",
"3"
],
[
"Loan 98",
"Senior",
"Aug-21",
"Los Angeles, CA",
"16",
"Floating",
"S+4.6%",
"8.3%",
"Sep-26",
"66%",
"3",
"3"
],
[
"Total / W.A. mixed-use & other loans",
"",
"",
"",
"$ 220",
"",
"6.0%",
"9.3%",
"May-27",
"n/a",
"3.0",
"n/a"
],
[
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Industrial",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Loan 99",
"Senior",
"Mar-26",
"Oklahoma City, OK",
"$ 32",
"Floating",
"S+2.8%",
"6.9%",
"Apr-31",
"56%",
"3",
"n/a"
],
[
"Total / W.A. industrial loans",
"",
"",
"",
"$ 32",
"",
"2.8%",
"6.9%",
"Apr-31",
"n/a",
"3.0",
"n/a"
],
[
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Hotel",
"",
"For more information on the S20, S30 and S40, please visit our website at www.stiebel-eltron.com.",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Loan 100",
"Senior",
"Mar-26",
"Chicago, IL",
"$ 24",
"Floating",
"S+3.2%",
"7.4%",
"Apr-31",
"50%",
"3",
"n/a"
],
[
"Total / W.A. hotel loans",
"",
"",
"",
"$ 24",
"",
"3.2%",
"7.4%",
"Apr-31",
"n/a",
"3.0",
"n/a"
],
[
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Total / W.A. loan portfolio",
"",
"",
"",
"$ 2,730",
"",
"3.4%",
"7.2%",
"May-28",
"n/a",
"3.1",
"n/a"
],
[
"General CECL reserves",
"",
"",
"",
"(87)",
"",
"",
"",
"",
"",
"",
""
],
[
"Total / W.A. loan portfolio, net of general CECL reserves",
"",
"",
"",
"$ 2,643",
"",
"",
"",
"",
"",
"",
""
]
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"text": "INVESTMENT DETAIL (CONT'D)\n",
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"kind": "text",
"text": "Loan Portfolio (Cont'd)",
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"text": "[VISUAL_LOGO] BRIGHTSPIRE\n[VISUAL_LOGO] CAPITAL\n",
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"kind": "text",
"text": "- Loans that are on non-accrual status\n$ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share\nSee footnotes in the appendix\n",
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"",
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type",
"",
"Undepreciated
carrying value",
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net carrying
value",
"Q1'26",
"SL Rent**
Receivable",
"# of
properties",
"Rentable square
feet (\"RSF\") /
Units / Keys",
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% leased(17)",
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term (yrs)(18)",
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maturity",
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COF"
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"",
"",
"NOI*",
"",
"",
"",
"",
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"",
""
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"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
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"Various - U.S.",
"$ 292",
"$ 92",
"$ 5.0",
"$ 14.0",
"2",
"2,787 RSF",
"100%",
"12.4",
"Sep-33",
"4.77%"
],
[
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"Aurora, CO",
"55",
"27",
"1.1",
"0.3",
"1",
"184 RSF",
"100%",
"1.7",
"Aug-26",
"4.08%"
],
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"Indianapolis, IN",
"39",
"19",
"0.7",
"0.6",
"1",
"338 RSF",
"100%",
"4.8",
"Oct-27",
"4.45%"
],
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"Retail",
"Various - U.S.",
"28",
"--",
"0.4",
"0.0",
"7",
"320 RSF",
"100%",
"2.7",
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Mar-28",
"5.57%"
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"Retail",
"Keene, NH",
"7",
"--",
"0.1",
"0.0",
"1",
"45 RSF",
"100%",
"2.8",
"Nov-26",
"4.45%"
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"Retail",
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"5",
"5",
"0.2",
"0.1",
"1",
"53 RSF",
"100%",
"5.8",
"n/a",
"--"
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"Retail",
"Fort Wayne, IN",
"3",
"--",
"0.1",
"--",
"1",
"50 RSF",
"100%",
"4.4",
"Nov-26",
"4.45%"
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"",
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"$ 143",
"$ 7.7",
"$ 15.1",
"14",
"3,777 RSF",
"100%",
"9.4",
"n/a",
"n/a"
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"",
"",
"",
"",
"",
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"",
"",
"",
"",
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""
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"",
"",
"",
"",
"",
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"",
"",
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""
],
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"$ 143",
"$ 88",
"$ 2.5",
"$ --",
"1",
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"72%",
"n/a",
"n/a",
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[
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"89",
"--",
"2.2",
"3.0",
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"848 RSF",
"81%",
"3.4",
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"4.47%"
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[
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"Dallas, TX",
"45",
"45",
"(0.1)",
"--",
"1",
"624 Units",
"70%",
"n/a",
"n/a",
"--"
],
[
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"",
"Santa Clara, CA",
"40",
"6",
"(0.3)",
"--",
"1",
"n/a",
"n/a",
"n/a",
"Jul-28",
"5.50%"
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[
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"Multifamily",
"Arlington, TX",
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"14",
"0.1",
"--",
"1",
"436 Units",
"69%",
"n/a",
"n/a",
"6.31%"
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"37",
"32",
"0.2",
"--",
"1",
"354 Units",
"90%",
"n/a",
"n/a",
"6.31%"
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"Mesa, AZ",
"32",
"13",
"0.5",
"--",
"1",
"285 Units",
"92%",
"n/a",
"n/a",
"6.31%"
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[
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"",
"",
"$ 425",
"$ 196",
"$ 4.9",
"$ 3.0",
"13",
"n/a",
"77%",
"3.4",
"n/a",
"n/a"
],
[
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"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
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"",
"$ 853",
"$ 338",
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"$ 18.1",
"27",
"n/a",
"89%",
"8.4",
"n/a",
"n/a"
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"text": "- Q1'26 NOI excludes approximately ($0.1)M of NOI related to the sale of the Long Island City, NY office property, which was sold during the first quarter of 2026\n- Represents straight line rent receivable as of March 31, 2026. This is included in \"Receivables, net\" on our consolidated balance sheet\n- *** Related to construction / development project\n$ in millions; rentable square feet in thousands; as of March 31, 2026; at BRSP share\nSee footnotes in the appendix\n3\n",
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[
"",
"As of March 31, 2026",
"",
""
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[
"",
"Consolidated",
"NCI(22)",
"At BRSP share(23)"
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[
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"",
"",
""
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[
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"$ 2,644,756",
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[
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"690,961",
"4,189",
"686,772"
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[
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"28,144",
"171",
"27,973"
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[
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"296,016"
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[
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[
"",
"",
"",
""
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[
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"",
"",
""
],
[
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[
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"3,927",
"408,887"
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[
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"772,327"
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[
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"153",
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[
"",
"",
"",
""
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[
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[
"",
"",
"",
""
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[
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[
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"130,278",
"130,278",
"130,278"
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[
"GAAP net book value per share",
"$ 6.96",
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[
"---",
"",
"",
""
],
[
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[
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"",
"",
""
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[
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[
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"",
"",
""
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[
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"text": "Reconciliation of GAAP net income to NOI\n",
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"text": "$ in thousands; as of March 31, 2026; unaudited\nSee footnotes in the appendix\n",
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"text": "FOOTNOTES\n",
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"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,\nunlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate or benchmark floor as of March 31, 2026\nIncludes unrestricted cash, availability under the corporate revolving credit facility and $28 million of approved and undrawn borrowings available on our credit facilities as of\nApril 24, 2026\nAs of April 24, 2026\nDebt-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\ndepreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate; stockholders' equity excludes noncontrolling\ninterests in investment entities\nFor 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\namortization of financing costs\nBased on annualized Q1'26 quarterly dividend of $0.16/share and BRSP closing share price of $6.06 as of April 24, 2026\nReflects 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\nIncludes one private equity secondary interest for approximately $2 million\nIncludes cash, restricted cash, net receivables, other assets, accrued and other liabilities, escrow deposits payable and dividends payable\nRepresents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities\nReflects non-GAAP impairment of real estate related to six properties; refer to page 25 for additional disclosure on undepreciated book value\nRepresents 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\nRepresents 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\nvalue at BRSP share as of March 31, 2026\nRepresents loan fundings related to the existing loan portfolio as of March 31, 2026\nDuring 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\nconsolidated balance sheets\nOther 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\nRepresents the percent leased as of March 31, 2026 and is weighted by undepreciated carrying value; excludes one multifamily property related to a\nconstruction/development project\nBased 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\nundepreciated carrying value; excludes multifamily and hotel property types\nDebt-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\namortization on real estate investments and including the impact of non-GAAP impairment of real estate\nSubject to customary non-recourse carve-outs\nW.A. calculation based on outstanding debt (UPB)\nRepresents interests in assets held by third party partners\nRepresents the proportionate share attributed to BRSP based on BRSP's ownership percentage by asset\nThe Company calculates Distributable Earnings (Loss) and Adjusted Distributable Earnings per share, which are non-GAAP financial measures, based on a weighted average\nnumber of common shares\nNet (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\ncorporate and other business segments\n",
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"text": "COMPANY INFORMATION\n",
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"text": "BrightSpire Capital (NYSE: BRSP) is internally managed and one of the largest publicly traded\ncommercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing\na diversified portfolio consisting primarily of CRE debt investments predominantly in the United\nStates. CRE debt investments primarily consist of first mortgage loans, which we expect to be the\nprimary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed\nas a REIT for U.S. federal income tax purposes. For additional information regarding the Company\nand its management and business, please refer to www.brightspire.com.\n",
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"text": "HEADQUARTERS \nNew York \n590 Madison Avenue \n33rd Floor \nNew York, NY 10022 \n212-547-2631 ",
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"text": "STOCK & TRANSFER AGENT \nEQ (Equiniti Trust Company, LLC) \n800-937-5449 \nhelpast@equiniti.com ",
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"text": "ANALYST COVERAGE \n\nBTIG \nThomas Catherwood \n212-738-6140 \n\nBarclays \nTerry Ma \n212-526-7965 \n\nCitizens JMP Securities \nChris Muller \n212-906-3559 \n\nRaymond James \nGabe Poggi \n571-227-9641 ",
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"text": "BofA Securities\nEric Dray\n646-855-5780\nJones Research\nJason Weaver\n646-454-2710\nAlliance Global Partners\nGaurav Mehta\n646-908-3825\nB. Riley Securities\nTimothy D'Agostino\n646-885-5406",
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"text": "INVESTOR RELATIONS\nADDO Investor Relations\nAnne McGuinness\n310-829-5400\nbrsp@addo.com",
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