{ "markdown": "RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL\nINFORMATION (CONT'D)\n\n\nReconciliation of GAAP net income to Distributable Earnings and Adjusted Distributable Earnings\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Three Months Ended March 31, 2026
Net income attributable to BrightSpire Capital, Inc. common stockholders$ 4,845
Net income per common share \u2013 basic & diluted$ 0.03
Adjustments:
Non-cash equity compensation expense2,918
Depreciation and amortization8,763
Net unrealized loss (gain):
General CECL reserves(889)
Loss on sales of real estate, preferred equity and investments in unconsolidated joint ventures4
Adjustments related to noncontrolling interests(73)
Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders$ 15,568
Distributable Earnings per share(24)$ 0.12
Weighted average number of common shares(24)128,921
\n\n\n\n\n\n\n\n\n\n
Three Months Ended March 31, 2026
Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders$ 15,568
Adjustments:
Specific CECL reserves2,634
Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders$ 18,202
Adjusted Distributable Earnings per share(24)$ 0.14
Weighted average number of common shares(24)128,921
\n\n[LOGO] BRIGHTSPIRE\n[LOGO] CAPITAL\n\n\nIn thousands, except per share data; as of March 31, 2026; unaudited\nSee footnotes in the appendix\n\n\n36\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": 1954 }, "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": 66 }, "box": { "xmin": 0.03571, "ymin": 0.02951, "xmax": 0.85107, "ymax": 0.1217 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 45 }, "box": { "xmin": 0.04082, "ymin": 0.0368, "xmax": 0.84487, "ymax": 0.07511 } }, { "page": 1, "range": { "start": 45, "end": 66 }, "box": { "xmin": 0.0413, "ymin": 0.07575, "xmax": 0.40493, "ymax": 0.11715 } } ], "markdown": null, 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