{ "markdown": "SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE (CONT'D)\n\n\nLOAN\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\n\nREO 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\n\n[LOGO] BRIGHTSPIRE\n[LOGO] CAPITAL\n\n\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\n\n5\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": 1838 }, "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": 52 }, "box": { "xmin": 0.03533, "ymin": 0.05065, "xmax": 0.97167, "ymax": 0.10536 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 52 }, "box": { "xmin": 0.03819, "ymin": 0.05436, "xmax": 0.96766, "ymax": 0.10174 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-1", "span": null, "grounding": { "page": 1, "range": { "start": 54, "end": 1064 }, "box": { "xmin": 0.0245, "ymin": 0.12303, "xmax": 0.97298, "ymax": 0.60884 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 54, "end": 59 }, "box": { "xmin": 0.0481, "ymin": 0.34388, "xmax": 0.09996, "ymax": 0.36853 } }, { "page": 1, "range": { "start": 59, "end": 69 }, "box": { "xmin": 0.04769, "ymin": 0.36807, "xmax": 0.14522, "ymax": 0.39394 } }, { "page": 1, "range": { "start": 69, "end": 173 }, "box": { "xmin": 0.20336, "ymin": 0.14157, "xmax": 0.88252, "ymax": 0.17268 } }, { "page": 1, "range": { "start": 173, "end": 224 }, "box": { "xmin": 0.22002, "ymin": 0.18089, "xmax": 0.56023, "ymax": 0.2093 } }, { "page": 1, "range": { "start": 224, "end": 273 }, "box": { "xmin": 0.22081, "ymin": 0.21831, "xmax": 0.52215, "ymax": 0.24678 } }, { "page": 1, "range": { "start": 273, "end": 384 }, "box": { "xmin": 0.21984, "ymin": 0.25496, "xmax": 0.95838, "ymax": 0.28398 } }, { "page": 1, "range": { "start": 384, "end": 484 }, "box": { "xmin": 0.2038, "ymin": 0.29874, "xmax": 0.83228, "ymax": 0.32773 } }, { "page": 1, "range": { "start": 484, "end": 587 }, "box": { "xmin": 0.22003, "ymin": 0.3372, "xmax": 0.87508, "ymax": 0.36511 } }, { "page": 1, "range": { "start": 587, "end": 666 }, "box": { "xmin": 0.21978, "ymin": 0.3755, "xmax": 0.73282, "ymax": 0.40368 } }, { "page": 1, "range": { "start": 666, "end": 698 }, "box": { "xmin": 0.22029, "ymin": 0.41345, "xmax": 0.44092, "ymax": 0.44112 } }, { "page": 1, "range": { "start": 698, "end": 761 }, "box": { "xmin": 0.23053, "ymin": 0.45102, "xmax": 0.63933, "ymax": 0.47882 } }, { "page": 1, "range": { "start": 761, "end": 865 }, "box": { "xmin": 0.23027, "ymin": 0.48874, "xmax": 0.9628, "ymax": 0.51351 } }, { "page": 1, "range": { "start": 865, "end": 913 }, "box": { "xmin": 0.24918, "ymin": 0.51367, "xmax": 0.57714, "ymax": 0.53642 } }, { "page": 1, "range": { "start": 913, "end": 1020 }, "box": { "xmin": 0.2307, "ymin": 0.54767, "xmax": 0.96279, "ymax": 0.57153 } }, { "page": 1, "range": { "start": 1020, "end": 1064 }, "box": { "xmin": 0.24961, "ymin": 0.57156, "xmax": 0.52143, "ymax": 0.59572 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-2", "span": null, "grounding": { "page": 1, "range": { "start": 1066, "end": 1660 }, "box": { "xmin": 0.02407, "ymin": 0.61075, "xmax": 0.97161, "ymax": 0.89647 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 1066, "end": 1077 }, "box": { "xmin": 0.04695, "ymin": 0.73754, "xmax": 0.15197, "ymax": 0.76651 } }, { "page": 1, "range": { "start": 1077, "end": 1182 }, "box": { "xmin": 0.2034, "ymin": 0.6217, "xmax": 0.89679, "ymax": 0.65146 } }, { "page": 1, "range": { "start": 1182, "end": 1255 }, "box": { "xmin": 0.21973, "ymin": 0.65956, "xmax": 0.70776, "ymax": 0.68843 } }, { "page": 1, "range": { "start": 1255, "end": 1341 }, "box": { "xmin": 0.21957, "ymin": 0.69881, "xmax": 0.79053, "ymax": 0.72736 } }, { "page": 1, "range": { "start": 1341, "end": 1373 }, "box": { "xmin": 0.22006, "ymin": 0.7364, "xmax": 0.44052, "ymax": 0.76462 } }, { "page": 1, "range": { "start": 1373, "end": 1477 }, "box": { "xmin": 0.23097, "ymin": 0.77589, "xmax": 0.95444, "ymax": 0.79923 } }, { "page": 1, "range": { "start": 1477, "end": 1513 }, "box": { "xmin": 0.24877, "ymin": 0.79904, "xmax": 0.49749, "ymax": 0.82076 } }, { "page": 1, "range": { "start": 1513, "end": 1616 }, "box": { "xmin": 0.23039, "ymin": 0.83391, "xmax": 0.95455, "ymax": 0.85732 } }, { "page": 1, "range": { "start": 1616, "end": 1660 }, "box": { "xmin": 0.24938, "ymin": 0.85734, "xmax": 0.51935, "ymax": 0.88032 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "logo", "id": "logo-0", "span": null, "grounding": { "page": 1, "range": { "start": 1662, "end": 1696 }, "box": { "xmin": 0.02149, "ymin": 0.9112, "xmax": 0.22025, "ymax": 0.96968 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 1662, "end": 1681 }, "box": { "xmin": 0.02739, "ymin": 0.91754, "xmax": 0.21607, "ymax": 0.94444 } }, { "page": 1, "range": { "start": 1681, "end": 1696 }, "box": { "xmin": 0.02748, "ymin": 0.93999, "xmax": 0.13551, "ymax": 0.96236 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-3", "span": null, "grounding": { "page": 1, "range": { "start": 1698, "end": 1832 }, "box": { "xmin": 0.23458, "ymin": 0.91063, "xmax": 0.70782, "ymax": 0.95031 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 1698, "end": 1802 }, "box": { "xmin": 0.23883, "ymin": 0.91437, "xmax": 0.70276, "ymax": 0.93158 } }, { "page": 1, "range": { "start": 1802, "end": 1832 }, "box": { "xmin": 0.23901, "ymin": 0.93094, "xmax": 0.37807, "ymax": 0.94663 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "marginalia", "id": "marginalia-0", "span": null, "grounding": { "page": 1, "range": { "start": 1834, "end": 1836 }, "box": { "xmin": 0.95994, "ymin": 0.94356, "xmax": 0.97975, "ymax": 0.97067 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 1834, "end": 1836 }, "box": { "xmin": 0.96454, "ymin": 0.94826, "xmax": 0.97459, "ymax": 0.96535 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null } ] } ] }, "grounding": null, "metadata": { "req_id": null, "job_id": "parse-01m3czv0pkws4e5b4pzr763vh0", "model_version": "dpt-3-pro-20260710", "page_count": 1, "markdown_chars": null, "output_markdown_chars": 1885, "range_units": "unicode_codepoints", "openapi_spec": "https://api.ade.landing.ai/openapi.json", "failed_pages": [], "duration_ms": 8619, "billing": { "service_tier": "standard", "total_credits": 1.0 } } }