{ "markdown": "COMPANY HIGHLIGHTS\n\n\nBrightSpire Capital, Inc. (\"BRSP\" or the \"Company\") is a large publicly-traded, diversified and internally-\nmanaged commercial real estate credit REIT\n\n\n\n\n\n\n\n
Diversified Portfolio
$3.8B
Total At-Share Assets
(Undepreciated)		$2.7B
Total Loan Portfolio
(100 Total Loans)
97%
Floating-Rate
Loan Portfolio		$27M
Average Loan Size
83%
<$50M Loan Size
(Based on Carrying Value)		7.2%
W.A. Unlevered
All-in Yield(1)
W.A. Cash Coupon 3.4%
\n\nLiquidity & Capitalization\n\n\n\n\n\n
$206M
Total Liquidity(2)		$58M
Total Unrestricted Cash
(or $0.45 per share)(3)
$120M
Fully Undrawn
Corporate Revolver(3)		$1.6B
Master Repurchase
Facilities Availability(3)
2.4x
Debt-to-Equity Ratio(4)		5.55%
W.A. All-in
Cost of Financing(5)
\n\n\n\n\n\n\n
Financial Results
$0.14
Q1'26 Adjusted Distributable
Earnings Per Share*
$0.16
Q1'26 Quarterly
Dividend Per Share		10.6%
Annualized
Dividend Yield(6)
$1.1B
Undepreciated
Book Value**		$8.24
Undepreciated
Book Value Per Share**
\n\n[LOGO] BRIGHTSPIRE\n[LOGO] CAPITAL\n\n\n- 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\n\n3\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 1778 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 19 }, "box": { "xmin": 0.03527, "ymin": 0.0508, "xmax": 0.39788, "ymax": 0.10398 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 19 }, "box": { "xmin": 0.04035, "ymin": 0.05832, "xmax": 0.39201, "ymax": 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