{ "markdown": "FINANCIAL OVERVIEW\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Key Financial Metrics
GAAP Net Income ($M)$4.8
Per Share$0.03
Distributable Earnings ($M)$15.6
Per Share$0.12
Adjusted Distributable Earnings ($M)$18.2
Per Share$0.14
Total At-Share Assets ($B)
(Undepreciated)		$3.8
Total Debt Outstanding (UPB) ($B)$2.6
Debt-to-Equity(4)2.4x
Book Value (GAAP) ($B)$0.9
Per Share$7.05
Book Value (Undepreciated) ($B)
Per Share		$1.1
$8.24
CECL Reserve (General) ($M)
Per Share / Basis Points (\"BPS\")(7)		$87.2
$0.67 / 306 bps
CECL Reserve (Specific) ($M)
Per Share		--
--
\n\n
\n\nA donut chart titled 'Capital Structure' displaying the breakdown of a total capitalization of $3.7B. The chart is divided into five segments, each color-coded to correspond with the legend on the right.
CategoryPercentage
Securitization bonds payable (non-recourse)39%
Stockholders' equity (undepreciated)29%
Master repurchase facilities (limited recourse)21%
Mortgage debt (non-recourse)10%
Other debt (non-recourse)1%
\n\n
Undepreciated Book Value Per Share Bridge \n\nThe 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.
CategoryValue
12/31/25 Undepreciated BVPS$8.44
Equity-based Compensation*($0.16)
Change in CECL Reserve & Other**($0.02)
Earnings less Dividends($0.02)
3/31/26 Undepreciated BVPS$8.24
\n\n[VISUAL_SYMBOL] BRIGHTSPIRE\n[VISUAL_SYMBOL] CAPITAL\n\n\n- Primarily related to equity grants as part of our annual stock compensation program\n- Other includes non-GAAP impairment of real estate and other OCI adjustments\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\n6\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": 2883 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "marginalia", "id": "marginalia-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 19 }, "box": { "xmin": 0.03588, "ymin": 0.05157, "xmax": 0.37411, "ymax": 0.10284 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 19 }, 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