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 "markdown": "CAPITALIZATION HIGHLIGHTS\n\n\nDiversified capital structure of primarily non-recourse debt and a 2.4x debt-to-equity ratio. Embedded\ncapacity under existing financing facilities including an undrawn $120M corporate revolver and $1.6B of\nrepurchase facilities availability\n\n\n<table>\n<tr><td colspan=\"2\">Key Financial Metrics</td></tr>\n<tr><td>$3.7B</td><td>Total capitalization<br>(excluding cash)</td></tr>\n<tr><td>$2.6B</td><td>Total outstanding debt</td></tr>\n<tr><td>$120M</td><td>Corporate revolving credit facility availability<br>As of April 24, 2026</td></tr>\n<tr><td>$1.6B</td><td>Master repurchase facilities availability<br>As of April 24, 2026</td></tr>\n<tr><td>2.4x</td><td>Debt-to-equity ratio<sup>(4)</sup></td></tr>\n<tr><td>68%</td><td>Debt-to-asset ratio<sup>(19)</sup></td></tr>\n<tr><td>5.55%</td><td>Blended all-in cost of financing<sup>(5)</sup></td></tr>\n</table>\n\n<figure type=\"CHART\">\n\n<description>A donut chart titled 'Capital Structure' visualizing the composition of a $3.7B total capitalization. The chart is divided into five segments of varying sizes and colors.</description><table><thead><tr><th>Category</th><th>Percentage</th></tr></thead><tbody><tr><td>Securitization bonds payable (non-recourse)</td><td>39%</td></tr><tr><td>Stockholders' equity (undepreciated)</td><td>29%</td></tr><tr><td>Master repurchase facilities (limited recourse)</td><td>21%</td></tr><tr><td>Mortgage debt (non-recourse)</td><td>10%</td></tr><tr><td>Other debt (non-recourse)</td><td>1%</td></tr></tbody></table></figure>\n\n[LOGO] BRIGHTSPIRE\n[LOGO] CAPITAL\n\n\nAs of March 31, 2026, unless otherwise stated; at BRSP share\nSee footnotes in the appendix\n\n\n20\n\n<!-- doc_id=parse-01m3czvw8c19h1fkms9s61axza -->",
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