Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)

7812d34866b1110d.pdf

p1 · table 1 · Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	BRSP	New York Stock Exchange

p2 · table 2 · BRIGHTSPIRE CAPITAL, INC.

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Index		Page
Part I.	Financial Information	3
Item 1.	Financial Statements	3
	Consolidated Balance Sheets (unaudited) as of June 30, 2026 and December 31, 2025	3
	Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2026, and 2025	5
	Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2026 and 2025	6
	Consolidated Statements of Equity (unaudited) for the three and six months ended June 30, 2026 and 2025	7
	Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2026 and 2025	9
	Notes to Consolidated Financial Statements (unaudited)	11
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	77
Item 4.	Controls and Procedures	79
Part II.	Other Information	80
Item 1.	Legal Proceedings	80
Item 1A.	Risk Factors	80
Item 2.	Unregistered Sales of Equity and Use of Proceeds	80
Item 3.	Defaults Upon Senior Securities	80
Item 4.	Mine Safety Disclosures	80
Item 5.	Other Information	80
Item 6.	Exhibits	81
Signatures

p4 · table 3 · BRIGHTSPIRE CAPITAL, INC. CONSOLIDATED BALANCE SHEETS

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Item	June 30, 2026	December 31, 2025
Assets
Cash and cash equivalents	$ 68,157	$ 66,789
Restricted cash	101,563	107,046
Loans and preferred equity held for investment	2,893,663	2,678,315
Current expected credit loss reserve	(98,658)	(87,401)
Loans and preferred equity held for investment, net	2,795,005	2,590,914
Real estate, net	450,338	679,779
Receivables, net	51,368	45,591
Deferred leasing costs and intangible assets, net	4,337	27,646
Assets held for sale	248,418	—
Other assets	28,547	47,065
Total assets	$ 3,747,733	$ 3,564,830
Liabilities
Securitization bonds payable, net	$ 1,407,850	$ 977,082
Mortgage and other notes payable, net	211,604	414,060
Credit facilities	926,225	1,078,098
Accrued and other liabilities	54,527	64,098
Liabilities related to assets held for sale	200,000	—
Escrow deposits payable	76,261	82,511
Dividends payable	21,885	20,576
Total liabilities	2,898,352	2,636,425
Commitments and contingencies (Note 12)
Equity
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	—	—
Common stock, $0.01 par value per share
Class A, 950,000,000 shares authorized, 126,789,991 and 128,627,246 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1,268	1,286
Additional paid-in capital	2,845,471	2,863,377
Accumulated deficit	(1,983,759)	(1,926,231)
Total stockholders’ equity	862,980	938,432
Noncontrolling interests in investment entities	(13,599)	(10,027)
Total equity	849,381	928,405
Total liabilities and equity	$ 3,747,733	$ 3,564,830

p5 · table 4 · BRIGHTSPIRE CAPITAL, INC.

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	June 30, 2026	December 31, 2025
Assets
Cash and cash equivalents	$ 1,795	$ 1,461
Restricted cash	12,876	9,149
Loans and preferred equity held for investment, net	1,616,299	1,151,496
Real estate, net	141,430	149,343
Receivables, net	19,356	16,053
Deferred leasing costs and intangible assets, net	3,764	3,544
Other assets	22,239	23,970
Total assets	$ 1,817,759	$ 1,355,016
Liabilities
Securitization bonds payable, net	$ 1,407,850	$ 977,082
Mortgage and other notes payable, net	95,417	96,348
Credit facilities	45,145	45,145
Accrued and other liabilities	10,669	8,074
Escrow deposits payable	3,980	3,354
Total liabilities	$ 1,563,061	$ 1,130,003

p6 · table 5 · BRIGHTSPIRE CAPITAL, INC.

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Line Item	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net interest income
Interest income	$ 52,077	$ 48,663	$ 101,592	$ 96,749
Interest expense	(34,848)	(31,935)	(68,241)	(64,146)
Net interest income	17,229	16,728	33,351	32,603
Property and other income
Property operating income	30,432	35,668	63,086	62,526
Other income	1,039	1,593	4,010	4,211
Total property and other income	31,471	37,261	67,096	66,737
Expenses
Property operating expense	18,511	16,650	38,589	26,616
Transaction, investment and servicing expense	1,507	562	2,339	1,192
Interest expense on real estate	5,121	6,765	10,213	13,330
Depreciation and amortization	8,187	10,607	16,814	21,159
Increase of current expected credit loss reserve	13,502	582	15,247	346
Impairment of operating real estate	9,270	51,127	9,270	51,127
Compensation and benefits (including $3,443, $2,913, $6,361 and $7,126 of equity-based compensation expense, respectively)	8,989	8,194	18,045	18,623
Operating expense	3,158	2,976	6,253	6,191
Total expenses	68,245	97,463	116,770	138,584
Other income
Other loss, net	(27)	(3,362)	(31)	(3,603)
Loss before equity in earnings of unconsolidated ventures and income taxes	(19,572)	(46,836)	(16,354)	(42,847)
Equity in earnings (loss) of unconsolidated ventures	(602)	—	(602)	—
Income tax benefit (expense)	(10)	21,664	(104)	21,382
Net loss	(20,184)	(25,172)	(17,060)	(21,465)
Net loss attributable to noncontrolling interests in investment entities	1,850	2,054	3,572	3,688
Net loss attributable to BrightSpire Capital, Inc. common stockholders	$ (18,334)	$ (23,118)	$ (13,488)	$ (17,777)
Net loss per common share - basic (Note 14)	$ (0.15)	$ (0.19)	$ (0.12)	$ (0.15)
Net loss per common share - diluted (Note 14)	$ (0.15)	$ (0.19)	$ (0.12)	$ (0.15)
Weighted average shares of common stock outstanding - basic (Note 14)	126,710	127,247	126,324	127,165
Weighted average shares of common stock outstanding - diluted (Note 14)	126,710	127,247	126,324	127,165

p7 · table 6 · BRIGHTSPIRE CAPITAL, INC.

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	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net loss	$ (20,184)	$ (25,172)	$ (17,060)	$ (21,465)
Other comprehensive income (loss)
Reclassification of net investment hedges to other gain (loss)	—	(18,603)	—	(18,603)
Foreign currency translation gain	—	23,109	—	24,940
Total other comprehensive income	—	4,506	—	6,337
Comprehensive loss	(20,184)	(20,666)	(17,060)	(15,128)
Comprehensive loss attributable to noncontrolling interests:
Investment entities	1,850	2,054	3,572	3,688
Comprehensive loss attributable to common stockholders	$ (18,334)	$ (18,612)	$ (13,488)	$ (11,440)

p8 · table 7 · BRIGHTSPIRE CAPITAL, INC.

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Description	Common Stock Class A Shares	Common Stock Class A Amount	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interests in Investment Entities	Total Equity
Balance as of December 31, 2024	129,685	$ 1,297	$ 2,865,341	$ (1,812,083)	$ (6,337)	$ 1,048,218	$ (2,407)	$ 1,045,811
Issuance and amortization of equity-based compensation	1,619	$ 16	$ 4,197	$ —	$ —	$ 4,213	$ —	$ 4,213
Other comprehensive income	—	—	—	—	1,831	1,831	—	1,831
Dividends and distributions declared ($0.16 per share)	—	—	—	(20,802)	—	(20,802)	—	(20,802)
Shares canceled for tax withholding on vested stock awards	(646)	(6)	(3,872)	—	—	(3,878)	—	(3,878)
Net income (loss)	—	—	—	5,342	—	5,342	(1,634)	3,708
Balance as of March 31, 2025	130,658	$ 1,307	$ 2,865,666	$ (1,827,543)	$ (4,506)	$ 1,034,924	$ (4,041)	$ 1,030,883
Issuance and amortization of equity-based compensation	93	$ 1	$ 2,912	$ —	$ —	$ 2,913	$ —	$ 2,913
Repurchase of common stock	(757)	(8)	(4,000)	—	—	(4,008)	—	(4,008)
Other comprehensive income	—	—	—	—	4,506	4,506	—	4,506
Dividends and distributions declared ($0.16 per share)	—	—	—	(20,862)	—	(20,862)	—	(20,862)
Net loss	—	—	—	(23,118)	—	(23,118)	(2,054)	(25,172)
Balance as of June 30, 2025	129,994	$ 1,300	$ 2,864,578	$ (1,871,523)	$ —	$ 994,355	$ (6,095)	$ 988,260

p9 · table 8 · BRIGHTSPIRE CAPITAL, INC.

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	Common Stock Class A Shares	Common Stock Class A Amount	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Total Stockholders' Equity	Noncontrolling Interests in Investment Entities	Total Equity
Balance as of December 31, 2025	128,627	$ 1,286	$ 2,863,377	$ (1,926,231)	$ 938,432	$ (10,027)	$ 928,405
Issuance and amortization of equity-based compensation	2,511	$ 26	$ 2,892	$ —	$ 2,918	$ —	$ 2,918
Dividends and distributions declared ($0.16 per share)	—	—	—	(23,487)	(23,487)	—	(23,487)
Shares canceled for tax withholding on vested stock awards	(860)	(9)	(4,781)	—	(4,790)	—	(4,790)
Net income (loss)	—	—	—	4,845	4,845	(1,722)	3,123
Balance as of March 31, 2026	130,278	$ 1,303	$ 2,861,488	$ (1,944,873)	$ 917,918	$ (11,749)	$ 906,169
Issuance and amortization of equity-based compensation	88	$ 1	$ 3,442	$ —	$ 3,443	$ —	$ 3,443
Repurchase of common stock	(3,576)	(36)	(19,459)	—	(19,495)	—	(19,495)
Dividends and distributions declared ($0.16 per share)	—	—	—	(20,552)	(20,552)	—	(20,552)
Net loss	—	—	—	(18,334)	(18,334)	(1,850)	(20,184)
Balance as of June 30, 2026	126,790	$ 1,268	$ 2,845,471	$ (1,983,759)	$ 862,980	$ (13,599)	$ 849,381

p10 · table 9 · BRIGHTSPIRE CAPITAL, INC.

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	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Cash flows from operating activities:
Net loss	$ (17,060)	$ (21,465)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in (earnings) losses of unconsolidated ventures	602	—
Depreciation and amortization	16,814	21,159
Straight-line rental income	(223)	(530)
Origination fees received, net of discount accretion and fee amortization	3,521	(816)
Amortization of deferred financing costs	5,109	4,275
Paid-in-kind interest added to loan principal	(1,005)	(1,048)
Designated hedges and foreign currency translation reclassified to earnings	—	3,362
Realized loss on sale of real estate	29	245
Increase of current expected credit loss reserve	15,247	346
Impairment of operating real estate	9,270	51,127
Amortization of equity-based compensation	6,361	7,126
Non-cash adjustments	54	(50)
Deferred income tax (benefit) expense	94	(21,781)
Changes in assets and liabilities:
Receivables, net	(5,521)	(3,812)
Deferred costs and other assets	10,838	(3,298)
Other liabilities	(3,789)	(6,913)
Net cash provided by operating activities	40,341	27,927
Cash flows from investing activities:
Acquisition, origination and funding of loans and preferred equity held for investment, net	(559,455)	(210,652)
Repayment on loans held for investment	292,980	146,419
Proceeds from sale of real estate	25,812	5,184
Cash and restricted cash received related to consolidation of loans held for investment and real estate owned	2,433	4,653
Cash and restricted cash relinquished in deconsolidation of subsidiaries	(706)	—
Acquisition of and additions to real estate and related intangibles	(2,129)	(8,389)
Change in escrow deposits payable	(6,250)	(5,384)
Net cash used in investing activities	(247,315)	(68,169)
Cash flows from financing activities:
Distributions paid on common stock	(42,733)	(41,550)
Shares canceled for tax withholding on vested stock awards	(4,791)	(3,878)
Repurchase of common stock	(19,495)	(4,008)
Repayment of mortgage notes	(2,768)	(2,957)
Borrowings from master repurchase and credit facilities	936,953	116,224
Repayment of master repurchase and credit facilities	(1,088,825)	(111,678)
Borrowing from securitization bonds	833,237	—
Repayment of securitization bonds	(398,215)	(105,965)
Payment of deferred financing costs	(10,504)	(4,780)
Net cash provided by (used in) financing activities	202,859	(158,592)
Effect of exchange rates on cash, cash equivalents and restricted cash	—	(180)
Net decrease in cash, cash equivalents and restricted cash	(4,115)	(199,014)
Cash, cash equivalents and restricted cash - beginning of period	173,835	450,696
Cash, cash equivalents and restricted cash - end of period	$ 169,720	$ 251,682

p11 · table 10 · BRIGHTSPIRE CAPITAL, INC.

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	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Beginning of the period
Cash and cash equivalents	$ 66,789	$ 302,173
Restricted cash	107,046	148,523
Total cash, cash equivalents and restricted cash, beginning of period	$ 173,835	$ 450,696
End of the period
Cash and cash equivalents	$ 68,157	$ 154,283
Restricted cash	101,563	97,399
Total cash, cash equivalents and restricted cash, end of period	$ 169,720	$ 251,682

p11 · table 11 · Supplemental disclosure of cash flow information / non-cash investing and financing activities

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	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 73,174	$ 76,369
Income taxes paid (refunded)	(10,166)	1,884
Supplemental disclosure of non-cash investing and financing activities:
Deconsolidation of assets following foreclosure (refer to Note 4)	$ (7,885)	$ (194,665)
Deconsolidation of liabilities following foreclosure (refer to Note 4)	5,829	168,699
Accrual of distribution payable	21,885	20,862
Assets transferred to held for sale	248,418	34,284
Liabilities related to assets transferred to held for sale	(200,000)	—
Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate	(2,267)	(9,597)
Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate	443	10,742
Assumption of real estate and consolidation of VIE (refer to Note 4)	44,791	166,918

p13 · table 12 · Unconsolidated VIEs - Preferred Equity Investments

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	Fixed Preferred Return (2)	Maximum Exposure to Loss (3)	Carrying Value	Commitment
Preferred Equity Investments 6 pack (1)	14 %	$172.3 million	$11.9 million	$14.5 million
Preferred Equity Investments 7-10	15-20%	$112.3 million	$4.3 million	$7.5 million

p16 · table 13 · Real Estate Assets - Depreciation Terms

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Real Estate Assets	Term
Building (fee interest)	28 to 47 years
Building leasehold interests	Lesser of remaining term of the lease or remaining life of the building
Building improvements	Lesser of the useful life or remaining life of the building
Land improvements	1 to 15 years
Tenant improvements	Lesser of the useful life or remaining term of the lease
Furniture, fixtures and equipment	2 to 9 years

p22 · table 14 · 3. Loans and Preferred Equity Held for Investment, net

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	June 30, 2026 Unpaid Principal Balance	June 30, 2026 Carrying Value	June 30, 2026 Weighted Average Coupon(1)	June 30, 2026 Weighted Average of Contractual Maturity(2)	June 30, 2026 Weighted Average Maturity in Years(3)	December 31, 2025 Unpaid Principal Balance	December 31, 2025 Carrying Value	December 31, 2025 Weighted Average Coupon(1)	December 31, 2025 Weighted Average of Contractual Maturity(2)	December 31, 2025 Weighted Average Maturity in Years(3)
Variable rate
Senior loans	$ 1,211,175	$ 1,209,789	7.1 %	1.0	2.0	$ 1,422,235	$ 1,420,199	6.9 %	1.2	2.6
Securitized loans(4)	1,630,000	1,625,278	6.7 %	1.3	2.7	1,172,999	1,173,495	7.0 %	0.7	1.3
	2,841,175	2,835,067				2,595,234	2,593,694
Fixed rate
Senior loans	27,337	27,337	20.0 %	0.0 (5)	0.2	24,139	24,139	20.0 %	0.1	0.4
Mezzanine loans	15,105	15,105	— %	0.6	0.6	49,069	49,069	8.4 %	0.1	1.1
Preferred equity interests	16,154	16,154	14.4 %	0.5	0.5	11,467	11,413	14.3 %	0.4	1.0
	58,596	58,596				84,675	84,621
Loans and preferred equity held for investment	2,899,771	2,893,663				2,679,909	2,678,315
CECL reserve	—	(98,658)				—	(87,401)
Loans and preferred equity held for investment, net	$ 2,899,771	$ 2,795,005	7.0 %	1.1	2.3	$ 2,679,909	$ 2,590,914	7.1 %	0.9	2.0

p23 · table 15 · Activity relating to the Company's loans and preferred equity held for investment, net was as follows (dollars in thousands):

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	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Balance at January 1	$ 2,590,914	$ 2,352,993
Acquisitions/originations/additional funding (1)	559,455	210,652
Loan maturities/principal repayments (1)	(292,980)	(146,419)
(Increase) decrease of CECL reserve (2)	(14,883)	86
Discount accretion and fee amortization, net	(3,306)	1,032
Capitalized interest, net of repayments	1,005	1,048
Transfer to Real Estate, net (3)(4)	(45,200)	(165,876)
Charge-off of CECL reserve-transfer to Real Estate, net (3)(4)	—	2,332
Charge-off of loan held for investment (5)(6)	(3,626)	(27,366)
Charge-off of CECL reserve-other (5)(6)	3,626	27,366
Balance at June 30	$ 2,795,005	$ 2,255,848

p24 · table 16 · Nonaccrual and Past Due Loans

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	Current or Less Than 30 Days Past Due	30-59 Days Past Due (1)	60-89 Days Past Due	90 Days or More Past Due (2)(3)	Total Loans
June 30, 2026	$ 2,821,918	$ 56,640	$ —	$ 15,105	$ 2,893,663
December 31, 2025	2,641,623	—	—	36,692	2,678,315

p25 · table 17 · Current Expected Credit Loss Reserve

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Description	Amount
CECL reserve at December 31, 2025	$ 87,401
Decrease in general CECL reserve(1)	(2,085)
Increase in specific CECL reserve(2)	2,639
Charge-off of CECL reserve - other(2)	(2,639)
CECL reserve at March 31, 2026	$ 85,316
Increase in general CECL reserve(1)	$ 13,342
Increase in specific CECL reserve(2)	987
Charge-offs of CECL reserve - other(2)	(987)
CECL reserve at June 30, 2026	$ 98,658
CECL reserve at December 31, 2024	$ 165,932
Decrease in general CECL reserve(1)	(9,524)
Increase in specific CECL reserve(2)	9,174
Charge-offs of CECL reserve - other(2)	(9,174)
Charge-offs of CECL reserve - transfer to Real Estate, net and Real Estate Held for Sale(3)	(1,043)
CECL reserve at March 31, 2025	$ 155,365
Decrease in general CECL reserve	$ (18,798)
Increase in specific CECL reserve(2)	19,482
Charge-offs of CECL reserve - other(2)	(18,192)
Charge-offs of CECL reserve - transfer to Real Estate, net and Real Estate Held for Sale(4)	(1,290)
CECL reserve at June 30, 2025	$ 136,567

p26 · table 18 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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Risk Rankings	2026	2025	2024	2023	2022 and earlier	Total
Senior loans
3	$ 530,876	$ 656,780	$ 83,129	$ —	$ 1,458,783	$ 2,729,568
4	—	—	—	—	132,836	132,836
Total Senior loans	530,876	656,780	83,129	—	1,591,619	2,862,404
Mezzanine loans
3	—	—	—	15,105	—	15,105
Total Mezzanine loans	—	—	—	15,105	—	15,105
Preferred Equity
3	633	12,455	—	—	—	13,088
4	—	3,066	—	—	—	3,066
Total Preferred Equity	633	15,521	—	—	—	16,154
Total Loans and preferred equity held for investment	$ 531,509	$ 672,301	$ 83,129	$ 15,105	$ 1,591,619	$ 2,893,663
Current period gross write-offs	$ —	$ —	$ —	$ —	$ 3,626	$ 3,626

p26 · table 19 · Risk Rankings

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Risk Rankings	2025	2024	2023	2022	2021 and earlier	Total
Senior loans
3	$ 723,723	$ 79,019	$ —	$ 630,338	$ 965,963	$ 2,399,043
4	—	—	—	—	65,123	65,123
5	—	—	—	88,880	64,787	153,667
Total Senior loans	723,723	79,019	—	719,218	1,095,873	2,617,833
Mezzanine loans
3	—	—	14,692	34,377	—	49,069
Total Mezzanine loans	—	—	14,692	34,377	—	49,069
Preferred Equity
3	10,327	—	—	—	—	10,327
4	1,086	—	—	—	—	1,086
Total Preferred Equity	11,413	—	—	—	—	11,413
Total Loans and preferred equity held for investment	$ 735,136	$ 79,019	$ 14,692	$ 753,595	$ 1,095,873	$ 2,678,315
Current period gross write-offs (1)	$ —	$ —	$ —	$ 25,137	$ 77,307	$ 102,444

p27 · table 20 · 4. Real Estate, net

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	June 30, 2026	December 31, 2025
Land and improvements	$ 11,955	$ 78,805
Buildings, building leaseholds, and improvements	96,972	287,767
Tenant improvements	7,910	13,781
Subtotal	$ 116,837	$ 380,353
Less: Accumulated depreciation	(34,920)	(86,871)
Net lease portfolio, net	$ 81,917	$ 293,482

p27 · table 21 · The following table presents the Company's portfolio of other real estate, net as of June 30, 2026 and December 31, 2025

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	June 30, 2026	December 31, 2025
Land and improvements	$ 123,467	$ 127,614
Buildings, building leaseholds, and improvements	250,072	262,451
Tenant improvements	19,641	18,097
Furniture, fixtures and equipment	14,727	13,938
Construction-in-progress	8,165	7,972
Subtotal	$ 416,072	$ 430,072
Less: Accumulated depreciation	(47,651)	(43,775)
Other portfolio, net	$ 368,421	$ 386,297

p27 · table 22 · Property Operating Income

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	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Lease revenues
Minimum lease revenue	$ 16,882	$ 24,251	$ 34,286	$ 48,121
Variable lease revenue	806	2,921	1,672	5,968
	$ 17,688	$ 27,172	$ 35,958	$ 54,089
Hotel operating income	12,747	8,498	27,120	8,498
Total property operating income (1)	$ 30,435	$ 35,670	$ 63,078	$ 62,587

p28 · table 23 · Real Estate Acquisitions

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Acquisition Date	Property Type and Location	Number of Buildings/Units(1)	Purchase Price	Land and Improvements(2)	Building and Improvements(2)	Furniture and Fixtures(2)	Lease Intangible Assets(2)	Other Assets	Lease Intangible Liabilities(2)	Other Liabilities
Six Months Ended June 30, 2026
January 2026	Multifamily - Texas(3)	624	$ 45,400	$ 13,486	$ 25,944	$ 1,235	$ 4,126	$ 2,876	$ —	$ (2,267)
Year Ended December 31, 2025
September 2025	Office - Oregon(3)	8	21,100	10,913	5,105	—	4,567	1,849	(298)	(1,036)
July 2025	Multifamily/Pre-dev - California(3)(4)	n/a	39,760	39,760	—	—	—	—	—	—
May 2025	Hotel - California(3)	541	139,126	36,166	91,719	10,197	80	10,034	—	(9,070)
February 2025	Multifamily - Arizona(5)	285	31,965	9,007	21,051	270	1,456	708	—	(527)
			$ 277,351	$ 109,332	$ 143,819	$ 11,702	$ 10,229	$ 15,467	$ (298)	$ (12,900)

p30 · table 24 · The following table summarizes the Company's assets held for sale related to real estate

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	June 30, 2026
Assets
Land and improvements	$ 75,800
Buildings, building leaseholds, and improvements	201,040
Tenant improvements	5,551
Furniture, fixtures and equipment	236
Subtotal	282,627
Less: Accumulated depreciation	(56,035)
Total real estate, net	$ 226,592
Deferred leasing costs and intangible assets, net	$ 21,826
Total assets held for sale	$ 248,418
Liabilities
Mortgage and other notes payable, net	$ 200,000
Total liabilities related to assets held for sale	$ 200,000

p30 · table 25 · 5. Deferred Leasing Costs and Other Intangibles

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	Carrying Amount	Accumulated Amortization	Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$ 23,905	$ (23,248)	$ 657
Deferred leasing costs	12,884	(9,286)	3,598
Above-market lease values	7,324	(7,242)	82
	$ 44,113	$ (39,776)	$ 4,337

p31 · table 26 · Deferred Leasing Costs and Intangible Assets / Intangible Liabilities

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	Carrying Amount	Accumulated Amortization	Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$ 52,028	$ (32,762)	$ 19,266
Deferred leasing costs	20,499	(12,836)	7,663
Above-market lease values	8,517	(7,800)	717
Total	$ 81,044	$ (53,398)	$ 27,646
Intangible Liabilities
Below-market lease values	$ 776	$ (387)	$ 389

p31 · table 27 · Amortization of Deferred Leasing Costs, Intangible Assets and Intangible Liabilities

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	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Above-market lease values	$ (3)	$ (297)	$ (6)	$ (679)
Below-market lease values	—	296	2	619
Net decrease to property operating income	$ (3)	$ (1)	$ (4)	$ (60)
In-place lease values	$ 2,285	$ 2,558	$ 4,575	$ 5,398
Deferred leasing costs	318	610	640	1,236
Amortization expense	$ 2,603	$ 3,168	$ 5,215	$ 6,634

p31 · table 28 · 6. Restricted Cash, Other Assets and Accrued and Other Liabilities

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	June 30, 2026	December 31, 2025
Restricted cash:
Borrower escrow deposits	$ 76,262	$ 82,511
Capital expenditure reserves	8,597	7,668
Real estate escrow reserves	7,379	8,288
Working capital and other reserves	6,951	6,637
Tenant lockboxes	2,374	1,942
Total	$ 101,563	$ 107,046

p31 · table 29 · Other Assets

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	June 30, 2026	December 31, 2025
Other assets:
Right-of-use lease asset	$ 12,476	$ 19,833
Deferred financing costs, net - credit facilities	6,877	5,716
Prepaid expenses and other	5,891	7,154
Tax receivable and deferred tax assets	1,880	12,247
Investments in unconsolidated ventures at fair value	1,423	2,115
Total	$ 28,547	$ 47,065

p32 · table 30 · Accrued and Other Liabilities

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	June 30, 2026	December 31, 2025
Accrued and other liabilities:
Accounts payable, accrued expenses and other liabilities	$ 24,826	$ 25,962
Operating lease liability	12,913	20,703
Prepaid rent and unearned revenue	9,002	9,664
Interest payable	6,119	6,239
Unfunded CECL loan allowance	1,037	669
Tenant security deposits	630	861
Total	$ 54,527	$ 64,098

p33 · table 31 · 7. Debt

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	Capacity ($)	Recourse vs. Non-Recourse	Final Maturity	Contractual Interest Rate	June 30, 2026 Principal Amount	June 30, 2026 Carrying Value	December 31, 2025 Principal Amount	December 31, 2025 Carrying Value
Securitization bonds payable, net
BRSP 2026-FL3		Non-recourse	Aug-43	SOFR + 1.69%	$ 833,237	$ 827,804	$ —	$ —
BRSP 2024-FL2		Non-recourse	Aug-37	SOFR + 2.47%	583,875	580,046	583,875	578,879
BRSP 2021-FL1		Non-recourse			—	—	398,215	398,203
Subtotal securitization bonds payable, net					1,417,112	1,407,850	982,090	977,082
Mortgage and other notes payable, net
Net lease 1		Non-recourse	Sep-33	4.77%	200,000	199,122	200,000	199,068
Net lease 3		Non-recourse	Aug-26	4.08%	27,585	27,576	27,958	27,928
Net lease 4		Non-recourse	Oct-27	4.45%	20,398	20,398	20,730	20,730
Net lease 5		Non-recourse	Nov-26	4.45%	15,993	15,959	16,222	16,153
Net lease 5		Non-recourse	Mar-28	7.25%	10,700	10,263	10,800	10,362
Net lease 6		Non-recourse	Nov-26	4.45%	6,354	6,341	6,445	6,418
Net lease 8		Non-recourse	Nov-26	4.45%	2,945	2,937	2,987	2,975
Other real estate 1		Non-recourse	Dec-28	4.47%	95,967	95,417	97,082	96,348
Loan 1		Non-recourse	Jul-28	5.50%	33,591	33,591	34,078	34,078
Subtotal mortgage and other notes payable, net					413,533	411,604	416,302	414,060
Bank credit facility
Bank credit facility	$ 120,000	Recourse	Dec-28	SOFR + 2.25%	70,000	70,000	—	—
Subtotal bank credit facility					70,000	70,000	—	—
Master repurchase facilities
Bank 1	600,000	Limited Recourse	Oct-28	SOFR + 2.26%	309,227	309,227	433,642	433,642
Bank 2	600,000	Limited Recourse	Apr-30	n/a	—	—	135,550	135,550
Bank 3	500,000	Limited Recourse	June-30	SOFR + 1.74%	230,839	230,839	427,899	427,899
Bank 4	400,000	Limited Recourse	Nov-29	SOFR + 1.49%	175,143	175,143	81,007	81,007
Bank 5	250,000	Limited Recourse	Mar-31	SOFR + 2.00%	141,016	141,016	—	—
Subtotal master repurchase facilities	$ 2,350,000				856,225	856,225	1,078,098	1,078,098
Subtotal credit facilities					926,225	926,225	1,078,098	1,078,098
Total					$ 2,756,870	$ 2,745,679	$ 2,476,490	$ 2,469,240

p34 · table 32 · Future Minimum Principal Payments

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	Total	Securitization Bonds Payable, Net	Mortgage and Other Notes Payable, Net	Credit Facilities
Remainder of 2026 (1)	$ 53,414	$ —	$ 53,414	$ —
2027	20,309	—	20,309	—
2028	519,037	—	139,810	379,227
2029	175,143	—	—	175,143
2030	230,839	—	—	230,839
2031 and thereafter	1,758,128	1,417,112	200,000	141,016
Total	$ 2,756,870	$ 1,417,112	$ 413,533	$ 926,225

p38 · table 33 · Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation, with the following assumptions.

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	2026 Grant	2025 Grant	2024 Grant
Expected volatility(1)	30.5 %	35.7 %	35.6 %
Risk free rate(2)	4.0 %	4.0 %	4.3 %
Expected dividend yield(3)	—	—	—

p39 · table 34 · The table below summarizes the Company's awards granted, forfeited or vested under the 2022 Plan during the six months ended June 30, 2026 and 2025:

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	Number of Shares Restricted Stock	Number of Shares PSUs	Number of Shares Total	Weighted Average Grant Date Fair Value Restricted Stock	Weighted Average Grant Date Fair Value PSUs
Unvested shares at December 31, 2024	2,742,917	918,434	3,661,351	$ 6.92	$ 8.60
Granted	1,618,509	542,789	2,161,298	5.97	6.78
Vested	(1,428,999)	—	(1,428,999)	7.21	—
Unvested shares at March 31, 2025	2,932,427	1,461,223	4,393,650	6.25	7.93
Granted	92,940	—	92,940	5.27	—
Vested	(79,495)	—	(79,495)	5.27	—
Unvested shares at June 30, 2025	2,945,872	1,461,223	4,407,095	6.25	7.93
Unvested shares at December 31, 2025	2,865,399	1,461,223	4,326,622	$ 6.27	$ 7.93
Granted	1,907,157	588,839	2,495,996	5.61	7.08
Vested	(1,222,270)	(384,378)	(1,606,648)	6.50	9.69
Unvested shares at March 31, 2026	3,550,286	1,665,684	5,215,970	5.83	7.22
Granted	88,340	—	88,340	5.70	—
Vested	(92,940)	—	(92,940)	5.38	—
Unvested shares at June 30, 2026	3,545,686	1,665,684	5,211,370	5.84	7.22

p39 · table 35 · Dividends

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Declaration Date	Record Date	Payment Date	Per Share
March 16, 2026	March 31, 2026	April 15, 2026	$0.16
June 15, 2026	June 30, 2026	July 15, 2026	$0.16
March 17, 2025	March 31, 2025	April 15, 2025	$0.16
June 16, 2025	June 30, 2025	July 14, 2025	$0.16

p40 · table 36 · Changes in Components of AOCI - Stockholders

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(dollars in thousands)	Unrealized gain on net investment hedges	Foreign currency translation gain (loss)	Total
AOCI at December 31, 2024	$ 18,603	$ (24,940)	$ (6,337)
Other comprehensive gain	—	1,831	1,831
AOCI at March 31, 2025	$ 18,603	$ (23,109)	$ (4,506)
Other comprehensive income before reclassification	—	1,144	1,144
Amounts reclassified from AOCI	(18,603)	21,965	3,362
Net OCI activity	(18,603)	23,109	4,506
AOCI at June 30, 2025	$ —	$ —	$ —

p41 · table 37 · Financial Assets and Liabilities - Principal, Carrying Value and Fair Value

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	June 30, 2026 Principal Amount	June 30, 2026 Carrying Value	June 30, 2026 Fair Value	December 31, 2025 Principal Amount	December 31, 2025 Carrying Value	December 31, 2025 Fair Value
Financial assets:(1)
Loans and preferred equity held for investment, net(2)(3)	$ 2,899,771	$ 2,893,663	$ 2,850,477	$ 2,679,909	$ 2,678,315	$ 2,657,083
Financial liabilities:(1)
Securitization bonds payable, net	$ 1,417,112	$ 1,407,850	$ 1,417,112	$ 982,090	$ 977,082	$ 982,090
Mortgage and other notes payable, net	413,533	411,604	391,006	416,302	414,060	394,819
Credit facilities	926,225	926,225	926,225	1,078,098	1,078,098	1,078,098

p42 · table 38 · Ground Lease Expense

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	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Operating lease expense:
Minimum lease expense	$ 730	$ 804	$ 1,519	$ 1,598
Variable lease expense	—	—	—	—
Total	$ 730	$ 804	$ 1,519	$ 1,598

p43 · table 39 · Lease Expense

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	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Corporate Offices
Operating lease expense:
Fixed lease expense	$ 331	$ 327	$ 659	$ 651
Variable lease expense	—	—	—	—
	$ 331	$ 327	$ 659	$ 651

p44 · table 40 · Three Months Ended June 30, 2026

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	Senior and Mezzanine Loans and Preferred Equity	Net Leased and Other Real Estate	Corporate and Other	Total
Three Months Ended June 30, 2026
Interest income	$ 52,104	$ (27)	$ —	$ 52,077
Interest expense	(34,318)	(13)	(517)	(34,848)
Property and other income	54	30,585	832	31,471
Property operating expense	—	(18,511)	—	(18,511)
Transaction, investment and servicing expense	(909)	(79)	(519)	(1,507)
Interest expense on real estate	—	(5,121)	—	(5,121)
Depreciation and amortization	—	(8,154)	(33)	(8,187)
Increase of current expected credit loss reserve	(13,502)	—	—	(13,502)
Impairment of operating real estate	—	(9,270)	—	(9,270)
Compensation and benefits	—	—	(8,989)	(8,989)
Operating expense	18	—	(3,176)	(3,158)
Other loss, net	—	(27)	—	(27)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	3,447	(10,617)	(12,402)	(19,572)
Equity in earnings (loss) of unconsolidated ventures	—	—	(602)	(602)
Income tax expense	(2)	—	(8)	(10)
Net income (loss)	$ 3,445	$ (10,617)	$ (13,012)	$ (20,184)

p44 · table 41 · Segment Results

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	Senior and Mezzanine Loans and Preferred Equity	Net Leased and Other Real Estate	Corporate and Other	Total
Three Months Ended June 30, 2025
Interest income	$ 48,581	$ 14	$ 68	$ 48,663
Interest expense	(31,563)	(68)	(304)	(31,935)
Property and other income	—	35,754	1,507	37,261
Property operating expense	—	(16,650)	—	(16,650)
Transaction, investment and servicing expense	(330)	(14)	(218)	(562)
Interest expense on real estate	—	(6,765)	—	(6,765)
Depreciation and amortization	—	(10,575)	(32)	(10,607)
Increase of current expected credit loss reserve	(582)	—	—	(582)
Impairment of operating real estate	—	(51,127)	—	(51,127)
Compensation and benefits	—	—	(8,194)	(8,194)
Operating expense	(2)	(1)	(2,973)	(2,976)
Other gain (loss), net	55	(3,429)	12	(3,362)
Income (loss) before income taxes	16,159	(52,861)	(10,134)	(46,836)
Income tax benefit (expense)	(106)	21,770	—	21,664
Net income (loss)	$ 16,053	$ (31,091)	$ (10,134)	$ (25,172)

p45 · table 42 · Segment Results

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Item	Senior and Mezzanine Loans and Preferred Equity	Net Leased and Other Real Estate	Corporate and Other	Total
Six Months Ended June 30, 2026
Interest income	$ 101,619	$ (27)	$ —	$ 101,592
Interest expense	(66,891)	(25)	(1,325)	(68,241)
Property and other income	—	63,278	3,818	67,096
Property operating expense	—	(38,589)	—	(38,589)
Transaction, investment and servicing expense	(1,566)	(109)	(664)	(2,339)
Interest expense on real estate	—	(10,213)	—	(10,213)
Depreciation and amortization	—	(16,748)	(66)	(16,814)
Increase of current expected credit loss reserve	(15,247)	—	—	(15,247)
Impairment of operating real estate	—	(9,270)	—	(9,270)
Compensation and benefits	—	—	(18,045)	(18,045)
Operating expense	29	(2)	(6,280)	(6,253)
Other loss, net	—	(31)	—	(31)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	17,944	(11,736)	(22,562)	(16,354)
Equity in earnings (loss) of unconsolidated ventures	—	—	(602)	(602)
Income tax expense	(3)	—	(101)	(104)
Net income (loss)	$ 17,941	$ (11,736)	$ (23,265)	$ (17,060)

p45 · table 43 · Six Months Ended June 30, 2025

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Item	Senior and Mezzanine Loans and Preferred Equity	Net Leased and Other Real Estate	Corporate and Other	Total
Six Months Ended June 30, 2025
Interest income	$ 96,572	$ 42	$ 135	$ 96,749
Interest expense	(63,407)	(135)	(604)	(64,146)
Property and other income	—	62,674	4,063	66,737
Property operating expense	—	(26,616)	—	(26,616)
Transaction, investment and servicing expense	(839)	(50)	(303)	(1,192)
Interest expense on real estate	—	(13,330)	—	(13,330)
Depreciation and amortization	—	(21,094)	(65)	(21,159)
Increase of current expected credit loss reserve	(346)	—	—	(346)
Impairment of operating real estate	—	(51,127)	—	(51,127)
Compensation and benefits	—	—	(18,623)	(18,623)
Operating expense	—	(2)	(6,189)	(6,191)
Other gain (loss), net	55	(3,670)	12	(3,603)
Income (loss) before income taxes	32,035	(53,308)	(21,574)	(42,847)
Income tax benefit (expense)	(134)	21,516	—	21,382
Net income (loss)	$ 31,901	$ (31,792)	$ (21,574)	$ (21,465)

p46 · table 44 · Total Assets by Segment

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Total Assets	Senior and Mezzanine Loans and Preferred Equity	Net Leased and Other Real Estate	Corporate and Other(1)	Total
June 30, 2026	$ 2,892,192	$ 789,681	$ 65,860	$ 3,747,733
December 31, 2025	2,689,862	800,394	74,574	3,564,830

p46 · table 45 · Geography

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	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Total income by geography:
United States	$ 83,548	$ 81,155	$ 168,688	$ 153,989
Norway	—	4,769	—	9,497
Total (1)	$ 83,548	$ 85,924	$ 168,688	$ 163,486

p46 · table 46 · 14. Earnings Per Share

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	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net loss	$ (20,184)	$ (25,172)	$ (17,060)	$ (21,465)
Net loss attributable to noncontrolling interests:
Investment Entities	1,850	2,054	3,572	3,688
Net loss attributable to BrightSpire Capital, Inc. common stockholders	$ (18,334)	$ (23,118)	$ (13,488)	$ (17,777)
Numerator:
Dividends allocated to participating securities (non-vested shares)	$ (568)	$ (471)	$ (1,135)	$ (940)
Net loss attributable to common stockholders	$ (18,902)	$ (23,589)	$ (14,623)	$ (18,717)
Denominator:
Weighted average shares outstanding - basic (1)	126,710	127,247	126,324	127,165
Weighted average shares outstanding - diluted (2)	126,710	127,247	126,324	127,165
Net loss per common share - basic	$ (0.15)	$ (0.19)	$ (0.12)	$ (0.15)
Net loss per common share - diluted	$ (0.15)	$ (0.19)	$ (0.12)	$ (0.15)

p52 · table 47 · As of June 30, 2026, our portfolio consisted of the following investments

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	Count(1)	Carrying value (Consolidated)	Carrying value (at BRSP share)(2)	Net carrying value (Consolidated)(3)	Net carrying value (at BRSP share)(4)
Our Portfolio
Senior loans	95	$ 2,862,404	$ 2,862,404	$ 639,649	$ 639,649
Mezzanine loans	1	15,105	15,105	15,105	15,105
Preferred equity	10	16,154	16,154	16,154	16,154
Subtotal	106	2,893,663	2,893,663	670,908	670,908
Net leased real estate	6	305,193	305,193	21,219	21,219
Other real estate	7	397,900	393,585	217,759	218,243
Private equity interests	1	1,414	1,414	1,414	1,414
Total	120	$ 3,598,170	$ 3,593,855	$ 911,300	$ 911,784

p53 · table 48 · Senior and Mezzanine Loans and Preferred Equity

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Risk Ranking	Count	Senior loans	Mezzanine loans	Preferred equity	Total	% of Total
3	100	$ 2,729,568	$ 15,105	$ 13,088	$ 2,757,761	95.3 %
4(2)	6	132,836	—	3,066	135,902	4.7 %
	106	$ 2,862,404	$ 15,105	$ 16,154	$ 2,893,663	100.0 %
Weighted average risk ranking						3.0

p53 · table 49 · Carrying value (at BRSP share)

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Collateral property type	Count	Senior loans	Mezzanine loans	Preferred equity	Total	% of Total
Multifamily	78	$ 2,000,669	$ —	$ 13,404	$ 2,014,073	69.6 %
Office	19	563,204	15,105	2,750	581,059	20.1 %
Other (Mixed-use) (2)	6	222,617	—	—	222,617	7.7 %
Industrial	2	51,456	—	—	51,456	1.8 %
Hotel	1	24,458	—	—	24,458	0.8 %
Total	106	$ 2,862,404	$ 15,105	$ 16,154	$ 2,893,663	100.0 %

p53 · table 50 · Carrying value (at BRSP share)

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Region	Count	Senior loans	Mezzanine loans	Preferred equity	Total	% of Total
US West	35	$ 1,051,708	$ —	$ 591	$ 1,052,299	36.4 %
US Southwest	46	1,031,646	—	15,563	1,047,209	36.2 %
US Northeast	9	326,750	15,105	—	341,855	11.8 %
US Southeast	12	321,840	—	—	321,840	11.1 %
US Midwest	4	130,460	—	—	130,460	4.5 %
Total	106	$ 2,862,404	$ 15,105	$ 16,154	$ 2,893,663	100.0 %

p54 · table 51 · Asset Level Detail

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Loan Type	Origination Date	City, State	Carrying value(1)	Principal balance	Coupon type	Cash Coupon(2)	Unlevered all-in yield(3)	Extended maturity date	Loan-to-value(4)	Q2 Risk ranking(5)
Multifamily
Senior	12/12/2025	Los Angeles, CA	$ 70,200	$ 70,800	Floating	2.4%	6.3%	1/9/2031	76%	3
Senior	5/17/2022	Las Vegas, NV	56,643	54,865	Floating	2.0%	5.7%	6/9/2027	74%	4
Senior	12/10/2025	St. Louis, MO	52,595	53,000	Floating	2.5%	6.6%	1/9/2031	68%	3
Senior	5/26/2021	Las Vegas, NV	48,225	47,380	Floating	3.0%	6.6%	6/9/2028	80%	3
Senior	5/29/2026	Cypress, TX	47,067	47,579	Floating	2.3%	6.4%	6/9/2031	75%	3
Senior	3/17/2026	San Diego, CA	46,581	47,000	Floating	2.4%	6.5%	4/9/2031	65%	3
Senior	3/16/2026	Sunnyvale, CA	45,630	46,094	Floating	2.4%	6.3%	4/9/2031	68%	3
Senior	1/8/2026	San Bernadino, CA	41,928	42,300	Floating	2.7%	6.7%	2/9/2031	71%	3
Senior	7/15/2021	Jersey City, NJ	41,886	41,779	Floating	3.1%	6.8%	8/9/2026	66%	3
Senior	11/6/2025	Mesa, AZ	41,468	41,839	Floating	2.6%	6.6%	11/9/2030	68%	3
Subtotal top 10 multifamily			$ 492,223	$ 492,636	17% of total loans
Senior	3/31/2022	Louisville, KY	$ 41,206	$ 41,095	Floating	2.8%	6.5%	4/9/2027	72%	3
Senior	12/30/2025	Madison, AL	41,142	41,500	Floating	2.5%	6.5%	1/9/2031	75%	3
Senior	7/15/2021	Dallas, TX	40,338	40,338	Floating	3.2%	6.9%	8/9/2026	77%	3
Senior	3/31/2022	Long Beach, CA	40,139	40,114	Floating	3.4%	7.3%	4/9/2027	74%	3
Senior	1/8/2026	Tucson, AZ	39,634	40,047	Floating	2.6%	6.5%	1/9/2031	74%	3
Senior	7/12/2022	Irving, TX	38,466	38,379	Floating	3.6%	7.3%	8/9/2027	73%	3
Senior	12/21/2020	Austin, TX	37,000	37,000	Floating	3.1%	6.8%	1/9/2029	54%	3
Senior	1/12/2022	Los Angeles, CA	36,550	36,550	Floating	3.4%	7.0%	2/9/2027	65%	3
Senior	5/15/2026	Las Vegas, NV	34,909	35,250	Floating	2.4%	6.5%	6/9/2031	61%	3
Senior	5/21/2026	Tucson, AZ	33,782	34,177	Floating	2.5%	6.6%	6/9/2031	70%	3
Subtotal top 20 multifamily			$ 875,389	$ 877,086	30% of total loans
Senior	7/29/2021	Phoenix, AZ	$ 33,325	$ 33,325	Floating	3.4%	7.0%	8/9/2026	75%	3

p55 · table 52 · Loan Portfolio Details

before — table + bounding box

after — final markdown

	Loan Type	Origination Date	City, State	Carrying value(1)	Principal balance	Coupon type	Cash Coupon(2)	Unlevered all-in yield(3)	Extended maturity date	Loan-to-value(4)	Q2 Risk ranking(5)
Loan 22	Senior	2/20/2025	Las Vegas, NV	32,889	33,000	Floating	3.4%	7.5%	3/9/2030	59%	3
Loan 23	Senior	12/23/2025	Jackson, TN	32,717	33,000	Floating	3.0%	7.0%	1/9/2031	62%	3
Loan 24	Senior	10/14/2025	New Braunfels, TX	32,118	32,340	Floating	2.6%	6.7%	11/9/2030	68%	3
Loan 25	Senior	4/29/2021	Las Vegas, NV	31,678	31,678	Floating	3.2%	6.9%	5/9/2027	76%	3
Loan 26	Senior	2/17/2022	Long Beach, CA	31,392	31,372	Floating	3.4%	7.3%	3/9/2027	67%	3
Loan 27	Senior	4/15/2022	Mesa, AZ	30,160	30,160	Floating	3.4%	7.0%	5/9/2027	75%	3
Loan 28	Senior	2/13/2025	Las Vegas, NV	29,676	29,773	Floating	2.7%	6.8%	3/9/2030	70%	3
Loan 29	Senior	9/18/2025	Nashville, TN	29,383	29,616	Floating	2.6%	6.6%	10/9/2030	68%	3
Loan 30	Senior	8/31/2021	Glendale, AZ	28,889	28,802	Floating	3.3%	6.9%	3/9/2027	75%	3
Loan 31	Senior	4/23/2026	Raleigh, NC	28,731	29,043	Floating	2.8%	6.8%	5/9/2031	72%	3
Loan 32	Senior	5/7/2026	Austin, TX	28,096	28,416	Floating	2.6%	6.5%	5/9/2031	74%	3
Loan 33	Senior	9/26/2025	Nashville, TN	27,816	28,000	Floating	2.7%	6.8%	10/9/2030	65%	3
Loan 34	Senior	1/22/2026	Costa Mesa, CA	27,771	28,000	Floating	2.4%	6.5%	2/9/2031	63%	3
Loan 35	Senior	5/27/2021	Houston, TX	27,600	27,600	Floating	3.1%	6.8%	7/9/2026	67%	3
Loan 36	Senior	4/28/2026	Birmingham, AL	27,597	27,928	Floating	2.8%	6.9%	5/9/2031	67%	3
Loan 37	Senior	12/21/2021	Phoenix, AZ	25,596	25,596	Floating	3.6%	7.3%	1/9/2027	75%	3
Loan 38	Senior	7/12/2022	Irving, TX	25,491	25,433	Floating	3.6%	7.3%	8/9/2027	72%	3
Loan 39	Senior	2/25/2025	Denver, CO	25,416	25,416	Floating	3.3%	7.4%	3/9/2028	68%	3
Loan 40	Senior	3/8/2022	Glendale, AZ	25,046	25,046	Floating	3.5%	7.1%	3/9/2027	73%	3
Loan 41	Senior	11/4/2025	Santa Rosa, CA	24,790	25,028	Floating	2.8%	6.8%	12/9/2030	74%	3
Loan 42	Senior	3/31/2022	Phoenix, AZ	24,001	24,001	Floating	3.7%	7.3%	4/9/2027	75%	3
Loan 43	Senior	11/4/2021	Austin, TX	23,590	23,529	Floating	3.4%	7.0%	11/9/2026	71%	4
Loan 44	Senior	12/10/2024	Seattle, WA	23,282	23,346	Floating	2.8%	6.9%	1/9/2030	65%	3
Loan 45	Senior	6/22/2021	Phoenix, AZ	22,292	22,292	Floating	3.3%	6.9%	7/9/2026	75%	3
Loan 46	Senior	8/14/2025	Dallas, TX	22,158	22,309	Floating	3.0%	7.1%	9/9/2030	59%	3
Loan 47	Senior	5/8/2026	Dallas, TX	21,814	22,050	Floating	2.4%	6.4%	5/9/2031	69%	3
Loan 48	Senior	7/1/2021	Aurora, CO	21,342	21,305	Floating	3.2%	6.9%	7/9/2028	73%	3

p56 · table 53 · Loan Portfolio Detail

before — table + bounding box

after — final markdown

Loan Type	Origination Date	City, State	Carrying value(1)	Principal balance	Coupon type	Cash Coupon(2)	Unlevered all-in yield(3)	Extended maturity date	Loan-to-value(4)	Q2 Risk ranking(5)
Loan 49	Senior	12/19/2025	Shakopee, MN	21,334	21,500	Floating	2.5%	6.6%	1/9/2031	65%	3
Loan 50	Senior	1/12/2022	Austin, TX	20,276	20,276	Floating	3.4%	7.0%	2/9/2027	75%	3
Loan 51	Senior	12/21/2021	Gresham, OR	20,235	20,235	Floating	2.8%	6.4%	7/9/2028	74%	3
Loan 52	Senior	8/6/2021	La Mesa, CA	19,787	19,787	Floating	2.8%	6.4%	8/9/2028	70%	3
Loan 53	Senior	10/18/2024	Garland, TX	19,782	19,920	Floating	3.7%	7.6%	11/9/2029	70%	3
Loan 54	Senior	9/1/2021	Bellevue, WA	19,308	19,308	Floating	3.4%	7.1%	9/9/2026	64%	3
Loan 55	Senior	7/14/2021	Salt Lake City, UT	18,830	18,783	Floating	2.8%	6.4%	8/9/2028	73%	3
Loan 56	Senior	11/20/2025	Whittier, CA	17,684	17,815	Floating	2.5%	6.6%	12/9/2030	59%	3
Loan 57	Senior	10/23/2025	Huntsville, AL	17,571	17,700	Floating	2.8%	6.9%	11/9/2030	55%	3
Loan 58	Senior	5/5/2022	Charlotte, NC	17,250	17,250	Floating	3.5%	7.2%	5/9/2028	61%	3
Loan 59	Senior	9/16/2025	Glendale, AZ	16,981	17,118	Floating	2.6%	6.6%	10/9/2030	73%	3
Loan 60	Senior	6/25/2026	Phoenix, AZ	15,759	15,932	Floating	2.9%	7.0%	7/9/2031	73%	3
Loan 61	Senior	1/10/2025	Lebanon, TN	15,750	15,750	Floating	3.6%	7.3%	2/9/2030	71%	3
Loan 62	Senior	5/27/2026	San Francisco, CA	15,664	15,900	Floating	2.6%	6.7%	6/9/2031	64%	3
Loan 63	Senior	9/18/2025	Mobile, AL	15,592	15,716	Floating	2.8%	6.8%	10/9/2030	73%	3
Loan 64	Senior	5/5/2025	Dallas, TX	13,682	13,750	Floating	2.9%	7.0%	5/9/2030	65%	3
Loan 65	Senior	8/19/2025	Phoenix, AZ	13,666	13,771	Floating	2.7%	6.7%	9/9/2030	75%	3
Loan 66	Senior	7/3/2025	Northridge, CA	13,179	13,250	Floating	3.3%	7.4%	7/3/2030	74%	3
Loan 67	Senior	11/22/2024	Garland, TX	12,728	12,809	Floating	3.5%	7.4%	12/9/2029	63%	3
Loan 68	Senior	11/20/2025	Hoboken, NJ	12,408	12,500	Floating	2.4%	6.5%	12/9/2030	61%	3
Loan 69	Senior	3/8/2022	Glendale, AZ	11,664	11,664	Floating	3.5%	7.1%	3/9/2027	73%	3
Loan 70	Senior	12/19/2025	Mesa, AZ	11,494	11,605	Floating	2.8%	6.8%	1/9/2031	70%	3
Loan 71(6)	Preferred	5/9/2025	Phoenix, AZ	2,267	2,267	Fixed	n/a(6)	15.0%	4/9/2027	n/a	3
Loan 72(6)	Preferred	5/9/2025	Mesa, AZ	2,247	2,247	Fixed	n/a(6)	15.0%	5/9/2027	n/a	3
Loan 73(6)	Preferred	5/9/2025	Glendale, AZ	2,150	2,150	Fixed	n/a(6)	14.0%	3/9/2027	n/a	3
Loan 74(6)	Preferred	5/9/2025	Phoenix, AZ	1,849	1,849	Fixed	n/a(6)	14.0%	1/9/2027	n/a	3

p57 · table 54 · Loan portfolio - Multifamily/Office loans

before — table + bounding box

after — final markdown

Loan Type	Loan Type	Origination Date	City, State	Carrying value(1)	Principal balance	Coupon type	Cash Coupon(2)	Unlevered all-in yield(3)	Extended maturity date	Loan-to-value(4)	Q2 Risk ranking(5)
Loan 75(6)	Preferred	5/9/2025	Phoenix, AZ	1,771	1,771	Fixed	n/a(6)	15.0%	8/9/2026	n/a	3
Loan 76(6)	Preferred	5/9/2025	Phoenix, AZ	1,580	1,580	Fixed	n/a(6)	15.0%	7/9/2026	n/a	3
Loan 77(7)	Preferred	12/23/2025	Austin, TX	907	907	Fixed	n/a(7)	15.0%	11/9/2026	n/a	4
Loan 78(7)	Preferred	2/18/2026	Austin, TX	633	633	Fixed	n/a(7)	15.0%	2/9/2027	n/a	3
Total/Weighted average multifamily loans				$ 2,014,073	$ 2,020,233	70% of total loans	2.9%	6.8%	2.9 years		3.0
Office
Loan 79	Senior	1/19/2021	Phoenix, AZ	$ 77,400	$ 76,997	Floating	3.7%	7.3%	8/9/2026	70%	3
Loan 80	Senior	8/28/2018	San Jose, CA	73,571	73,571	Floating	4.9%	8.5%	2/28/2027	69%	3
Loan 81	Senior	2/13/2019	Baltimore, MD	58,606	58,606	Floating	3.6%	7.3%	2/9/2027	74%	3
Loan 82	Senior	11/17/2021	Dallas, TX	41,533	41,533	Floating	4.0%	7.6%	12/9/2026	61%	4
Loan 83	Senior	5/23/2022	Plano, TX	38,633	38,524	Floating	4.3%	7.9%	6/9/2027	64%	3
Loan 84	Senior	4/27/2022	Plano, TX	38,542	38,438	Floating	4.1%	7.8%	5/9/2027	70%	3
Loan 85	Senior	4/7/2022	San Jose, CA	32,413	32,406	Floating	4.2%	8.1%	4/9/2027	70%	3
Loan 86	Senior	10/21/2021	Blue Bell, PA	30,123	30,123	Floating	3.8%	7.4%	4/9/2027	67%	3
Loan 87	Senior	3/31/2022	Blue Bell, PA	29,406	29,406	Floating	4.2%	7.8%	4/9/2027	59%	3
Loan 88	Senior	2/26/2019	Charlotte, NC	27,084	27,084	Floating	4.3%	7.9%	7/9/2026	56%	3
Subtotal top 10 office loans				$ 447,311	$ 446,688	15% of total loans
Loan 89	Senior	12/7/2018	Carlsbad, CA	26,698	26,320	Floating	3.9%	7.5%	12/9/2026	74%	3
Loan 90	Senior	7/30/2021	Denver, CO	23,828	23,828	Floating	5.0%	8.7%	8/9/2026	72%	3
Loan 91	Senior	8/27/2019	San Francisco, CA	22,716	22,716	Floating	2.9%	6.6%	9/9/2026	74%	3
Loan 92	Senior	10/13/2021	Burbank, CA	18,216	18,216	Floating	4.0%	7.7%	11/9/2026	65%	3
Loan 93(8)	Mezzanine	2/13/2023	Baltimore, MD	15,105	15,105	n/a(8)	n/a(8)	n/a(8)	2/9/2027	84% - 85%	3

p58 · table 55 · Our Portfolio

before — table + bounding box

after — final markdown

Loan Type	Origination Date	City, State	Carrying value(1)	Principal balance	Coupon type	Cash Coupon(2)	Unlevered all-in yield(3)	Extended maturity date	Loan-to-value(4)	Q2 Risk ranking(5)
Loan 94	Senior	11/10/2021	Richardson, TX	13,362	13,320	Floating	4.1%	7.8%	12/9/2026	71%	3
Loan 95	Senior	10/29/2020	Denver, CO	11,073	11,073	Floating	3.7%	7.4%	11/9/2026	64%	4
Loan 96(9)	Preferred	12/12/2025	Dallas, TX	2,159	2,159	Fixed	n/a(9)	15.0%	12/9/2026	n/a	4
Loan 97(10)	Preferred	9/9/2025	San Francisco, CA	591	591	Fixed	n/a(10)	20.0%	9/9/2026	n/a	3
Total/Weighted average office loans				$ 581,059	$ 580,016	20% of total loans	3.9%	7.6%	0.5 years		3.1
Other (Mixed-use)
Loan 98	Senior	10/24/2019	Brooklyn, NY	$ 79,308	$ 79,308	Floating	4.2%	7.8%	11/9/2026	66%	3
Loan 99	Senior	1/13/2022	New York, NY	46,090	46,090	Floating	3.5%	7.2%	2/9/2027	67%	3
Loan 100	Senior	5/3/2022	Brooklyn, NY	28,923	28,923	Floating	4.4%	8.0%	11/9/2028	68%	3
Loan 101	Senior	4/3/2024	South Pasadena, CA	27,337	27,337	Fixed	20.0%	20.0%	9/9/2026	84%	3
Loan 102	Senior	10/8/2025	Venice, CA	25,071	25,253	Floating	4.8%	8.9%	10/9/2030	67%	3
Loan 103	Senior	8/31/2021	Los Angeles, CA	15,888	15,888	Floating	4.6%	8.3%	9/9/2026	66%	3
Total/Weighted average other (mixed-use) loans				$ 222,617	$ 222,799		6.1%	9.3%	1.1 years		3.0
Industrial
Loan 104	Senior	3/25/2026	Oklahoma City, OK	$ 32,073	$ 32,398	Floating	2.8%	6.9%	4/9/2031	56%	3
Loan 105	Senior	5/4/2026	Wilmer, TX	$ 19,383	$ 19,625	Floating	2.7%	6.6%	5/9/2031	44%	3
Total/Weighted average industrial loans				$ 51,456	$ 52,023		2.7%	6.8%	4.8 years		3.0
Hotel
Loan 106	Senior	3/12/2026	Chicago, IL	$ 24,458	$ 24,700	Floating	3.2%	7.3%	4/9/2031	50%	3
Total/Weighted average hotel loans				$ 24,458	$ 24,700		3.2%	7.3%	4.8 years		3.0
Total/Weighted average senior and mezzanine loans and preferred equity - Our Portfolio				$ 2,893,663	$ 2,899,771		3.3%	7.2%	2.3 years		3.0

p59 · table 56 · Net Leased and Other Real Estate Investments

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after — final markdown

	Count(1)	Carrying Value(2)	NOI for the three months ended June 30, 2026(3)
Net leased real estate	6	$ 305,193	$ 7,694
Other real estate	7	393,585	4,107
Total/Weighted average net leased and other real estate	13	$ 698,778	$ 11,801

p60 · table 57 · The following table provides asset-level detail of our net leased and other real estate as of June 30, 2026:

before — table + bounding box

after — final markdown

Collateral type	City, State	Number of properties	Rentable square feet ("RSF") / units/keys	Weighted average % leased	Weighted average lease term (yrs)	Undepreciated net book value	SL Rent Receivable	Principal amount of debt	Final debt maturity date
Net leased real estate
Net lease 1	Industrial	Various - U.S.	2	2,787,343 RSF	100%	12.1	$ 92,156	$ 14,201	$ 200,000	Sep-33
Net lease 2	Office	Aurora, CO	1	183,529 RSF	100%	1.4	27,034	257	27,585	Aug-26
Net lease 3	Office	Indianapolis, IN	1	338,000 RSF	100%	4.5	18,987	595	20,398	Oct-27
Net lease 4	Retail	Various - U.S.	6	269,600 RSF	100%	3.2	—	51	26,693	Nov-26 & Mar-28
Net lease 5	Retail	Keene, NH	1	45,471 RSF	100%	2.6	—	30	6,354	Nov-26
Net lease 6	Retail	South Portland, ME	1	52,900 RSF	100%	5.6	4,730	101	—	—
Net lease 7	n/a	n/a	—	n/a	n/a	n/a	—	—	2,945	Nov-26
Total/Weighted average net leased real estate			12	3,676,843 RSF	100%	9.6	$ 142,907	$ 15,235	$ 283,975
Other real estate
Other real estate 1	Hotel	San Jose, CA	1	541 Keys	71%	n/a	$ 143,916	$ —	$ —	—
Other real estate 2	Office	Creve Coeur, MO	7	847,604 RSF	80%	3.4	—	2,848	91,169	Dec-28
Other real estate 3	Multifamily	Dallas, TX	1	624 Units	58%	n/a	44,791	—	—	—
Other real estate 4	Multifamily/Pre-dev	Santa Clara, CA	1	n/a	n/a	n/a	6,169	—	33,591	Jul-28
Other real estate 5	Multifamily	Arlington, TX	1	436 Units	74%	n/a	39,383	—	—	—
Other real estate 6	Multifamily	Fort Worth, TX	1	354 Units	90%	n/a	37,022	—	—	—
Other real estate 7	Multifamily	Mesa, AZ	1	285 Units	93%	n/a	25,285	—	—	—
Total/Weighted average other real estate			13	n/a	75%	3.4	$ 296,566	$ 2,848	$ 124,760
Total net leased and other real estate			25

p61 · table 58 · Results of Operations

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after — final markdown

Item	Three Months Ended June 30, 2026	Three Months Ended March 31, 2026	Q2 '26 vs Q1 '26 Change	Increase (Decrease) %
Net interest income
Interest income	$ 52,077	$ 49,515	$ 2,562	5.2 %
Interest expense	(34,848)	(33,394)	(1,454)	4.4 %
Net interest income	17,229	16,121	1,108	6.9 %
Property and other income
Property operating income	30,432	32,654	(2,222)	(6.8)%
Other income	1,039	2,971	(1,932)	(65.0)%
Total property and other income	31,471	35,625	(4,154)	(11.7)%
Expenses
Property operating expense	18,511	20,078	(1,567)	(7.8)%
Transaction, investment and servicing expense	1,507	832	675	81.1 %
Interest expense on real estate	5,121	5,091	30	0.6 %
Depreciation and amortization	8,187	8,627	(440)	(5.1)%
Increase of current expected credit loss reserve	13,502	1,746	11,756	673.3 %
Impairment of operating real estate	9,270	—	9,270	100.0 %
Compensation and benefits	8,989	9,056	(67)	(0.7)%
Operating expense	3,158	3,095	63	2.0 %
Total expenses	68,245	48,525	19,720	40.6 %
Other income
Other loss, net	(27)	(4)	(23)	575.0 %
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(19,572)	3,217	(22,789)	(708.4)%
Equity in earnings (loss) of unconsolidated ventures	(602)	—	(602)	(100.0)%
Income tax expense	(10)	(94)	84	(89.4)%
Net income (loss)	$ (20,184)	$ 3,123	$ (23,307)	(746.3)%

p64 · table 59 · Portfolio Results of Operations

before — table + bounding box

after — final markdown

Item	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025	YTD 2026 vs YTD 2025 Amount	YTD 2026 vs YTD 2025 %
Net interest income
Interest income	$ 101,592	$ 96,749	$ 4,843	5.0 %
Interest expense	(68,241)	(64,146)	(4,095)	6.4 %
Net interest income	33,351	32,603	748	2.3 %
Property and other income
Property operating income	63,086	62,526	560	0.9 %
Other income	4,010	4,211	(201)	(4.8)%
Total property and other income	67,096	66,737	359	0.5 %
Expenses
Property operating expense	38,589	26,616	11,973	45.0 %
Transaction, investment and servicing expense	2,339	1,192	1,147	96.2 %
Interest expense on real estate	10,213	13,330	(3,117)	(23.4)%
Depreciation and amortization	16,814	21,159	(4,345)	(20.5)%
Increase of CECL reserve	15,247	346	14,901	4306.6 %
Impairment of operating real estate	9,270	51,127	(41,857)	(81.9)%
Compensation and benefits	18,045	18,623	(578)	(3.1)%
Operating expense	6,253	6,191	62	1.0 %
Total expenses	116,770	138,584	(21,814)	(15.7)%
Other income
Other loss, net	(31)	(3,603)	3,572	(99.1)%
Loss before equity in earnings of unconsolidated ventures and income taxes	(16,354)	(42,847)	26,493	(61.8)%
Equity in earnings (loss) of unconsolidated ventures	(602)	—	(602)	(100.0)%
Income tax benefit (expense)	(104)	21,382	(21,486)	(100.5)%
Net loss	$ (17,060)	$ (21,465)	$ 4,405	(20.5)%

p67 · table 60 · Reconciliation of Net Income to Distributable Earnings and Adjusted Distributable Earnings

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	Three Months Ended June 30, 2026	Three Months Ended March 31, 2026
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$ (18,334)	$ 4,845
Net income (loss) per common share - basic	$ (0.15)	$ 0.03
Net income (loss) per common share - diluted	$ (0.15)	$ 0.03
Adjustments:
Non-cash equity compensation expense	3,443	2,918
Depreciation and amortization	8,340	8,763
Net unrealized loss (gain):
Impairment of operating real estate, net and unconsolidated ventures	9,872	—
General CECL reserves	12,515	(889)
Loss on sales of real estate, preferred equity and investments in unconsolidated joint ventures	25	4
Adjustments related to noncontrolling interests	(67)	(73)
Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders	$ 15,794	$ 15,568
Distributable Earnings per share (1)	$ 0.12	$ 0.12
Adjustments:
Specific CECL reserves	$ 987	$ 2,634
Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders	$ 16,781	$ 18,202
Adjusted Distributable Earnings per share (1)	$ 0.13	$ 0.14
Weighted average number of shares of Class A common stock (1)	130,258	128,921

p68 · table 61 · Distributable Earnings / Adjusted Distributable Earnings

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Item	Three Months Ended June 30, 2025	Three Months Ended March 31, 2025
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$ (23,118)	$ 5,342
Net income (loss) per common share - basic	$ (0.19)	$ 0.04
Net income (loss) per common share - diluted	$ (0.19)	$ 0.04
Adjustments:
Non-cash equity compensation expense	2,913	4,213
Depreciation and amortization	10,676	10,748
Net unrealized loss (gain):
Impairment of operating real estate, net of associated income tax benefit	28,820	—
Other unrealized loss on investments	3,361	2
General CECL reserves	(18,900)	(9,018)
Loss on sales of real estate, preferred equity and investments in unconsolidated joint ventures	—	239
Adjustments related to noncontrolling interests	(358)	(172)
Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders	$ 3,394	$ 11,354
Distributable Earnings per share (1)	$ 0.03	$ 0.09
Adjustments:
Specific CECL reserves	$ 19,482	$ 8,782
Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders	$ 22,876	$ 20,136
Adjusted Distributable Earnings per share (1)	$ 0.18	$ 0.16
Weighted average number of shares of Class A common stock (1)	130,186	129,860

p69 · table 62 · The following table calculates our GAAP book value per share and Undepreciated Book Value per share

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Item	June 30, 2026	December 31, 2025
Stockholders’ equity excluding noncontrolling interests in investment entities	$ 862,980	$ 938,432
Accumulated depreciation and amortization	191,236	180,937
Non-GAAP impairment of real estate	(26,736)	(33,617)
Undepreciated Book Value	$ 1,027,480	$ 1,085,752
GAAP book value per share	$ 6.81	$ 7.30
Accumulated depreciation and amortization per share	1.51	1.41
Non-GAAP impairment of real estate	(0.21)	(0.26)
Undepreciated Book Value per share(1)	$ 8.10	$ 8.44
Total outstanding shares - Class A common stock	126,790	128,627

p69 · table 63 · Non-GAAP impairment of real estate reconciliation

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	June 30, 2026	December 31, 2025
Impairment attributable to BrightSpire Capital, Inc.	$ 9,270	$ 61,620
Adjustments:
Current year non-GAAP impairment of operating real estate	(6,881)	(100,961)
Non-GAAP impairment as of prior fiscal year-end	33,617	134,578
Impairment attributable to BrightSpire Capital, Inc.	(9,270)	(61,620)
Non-GAAP impairment of real estate	$ 26,736	$ 33,617
NOI

p70 · table 64 · The following tables present a reconciliation of net income on our net leased and other real estate portfolios attributable to our common stockholders to NOI attributable to our common stockholders

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	Three Months Ended June 30, 2026	Three Months Ended March 31, 2026
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$ (18,334)	$ 4,845
Adjustments:
Net (income) loss attributable to non-net leased and other real estate portfolios(1)	9,567	(4,218)
Net loss attributable to noncontrolling interests in investment entities	(1,850)	(1,722)
Amortization of above-and below-market lease intangibles	3	(12)
Net interest expense	39	12
Interest expense on real estate	5,121	5,091
Other income	(153)	(38)
Transaction, investment and servicing expense	79	29
Depreciation and amortization	8,154	8,594
Impairment of operating real estate	9,270	—
Operating expense	1	3
Other (gain) loss on investments, net	27	(19)
NOI attributable to noncontrolling interest in investment entities	(123)	(122)
Total NOI attributable to BrightSpire Capital, Inc. common stockholders	$ 11,801	$ 12,443

p70 · table 65 · Reconciliation of Net Income to NOI - Three Months Ended June 30, 2025 and March 31, 2025

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	Three Months Ended June 30, 2025	Three Months Ended March 31, 2025
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$ (23,118)	$ 5,342
Adjustments:
Net (income) loss attributable to non-net leased and other real estate portfolios(1)	(5,917)	(6,287)
Net loss attributable to noncontrolling interests in investment entities	(2,054)	(1,634)
Amortization of above- and below-market lease intangibles	1	59
Net interest expense	53	39
Interest expense on real estate	6,765	7,940
Other income	(86)	(34)
Transaction, investment and servicing expense	14	38
Depreciation and amortization	10,575	10,519
Impairment of operating real estate	51,127	—
Operating expense	1	1
Other loss on investments, net	3,428	742
Income tax (benefit) expense	(21,770)	254
NOI attributable to noncontrolling interest in investment entities	(277)	(267)
Total NOI, at share	$ 18,742	$ 16,712

p71 · table 66 · Debt-to-Equity Ratio

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	June 30, 2026	December 31, 2025
Debt-to-equity ratio(1)(2)	3.1x	2.6x

p73 · table 67 · Master Repurchase Facilities and Bank Credit Facility

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	Maximum Facility Size	Current Borrowings	Weighted Average Final Maturity (Years)	Weighted Average Interest Rate (1)
Master Repurchase Facilities
Bank 1	$ 600,000	$ 309,227	2.3	SOFR + 2.26%
Bank 2	600,000	—	3.8	n/a
Bank 3	500,000	230,839	3.9	SOFR + 1.74%
Bank 4	400,000	175,143	3.3	SOFR + 1.49%
Bank 5	250,000	141,016	4.7	SOFR + 2.00%
Total Master Repurchase Facilities	2,350,000	856,225
Bank Credit Facility	120,000	70,000	2.4	SOFR + 2.25%
Total Facilities	$ 2,470,000	$ 926,225

p73 · table 68 · Quarterly Average UPB, End of Period UPB and Maximum UPB

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Quarter Ended	Quarterly Average UPB	End of Period UPB	Maximum UPB at Any Month-End
June 30, 2026	$ 814,276	$ 856,225	$ 926,225
March 31, 2026	925,213	772,327	1,190,049
December 31, 2025	928,385	1,078,098	1,078,098
September 30, 2025	784,202	778,671	823,583
June 30, 2025	761,613	789,729	791,532
March 31, 2025	759,339	733,494	818,603

p75 · table 69 · Contractual Obligations and Commitments

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	Payments Due by Period Total	Payments Due by Period Less than a Year	Payments Due by Period 1-3 Years	Payments Due by Period 3-5 Years	Payments Due by Period More than 5 Years
Bank credit facility(1)	$ 78,263	$ 4,132	$ 74,131	$ —	$ —
Secured debt(2)	1,423,371	624,427	558,689	19,080	221,175
Securitization bonds payable(3)	1,560,013	778,225	766,361	15,427	—
Ground lease obligations(4)	10,561	2,169	4,707	2,838	847
Office leases	3,733	1,196	2,247	290	—
	$ 3,075,941	$ 1,410,149	$ 1,406,135	$ 37,635	$ 222,022
Lending commitments(5)	145,503
Total	$ 3,221,444

p75 · table 70 · Cash Flows

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Cash flow provided by (used in):	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025	Change
Operating activities	$ 40,341	$ 27,927	$ 12,414
Investing activities	(247,315)	(68,169)	(179,146)
Financing activities	202,859	(158,592)	361,451

p81 · table 71 · Purchases of Equity Securities by Issuer

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Period	Total number of shares purchased	Average price paid per share	Total number of shares purchased as part of publicly announced plans or programs	Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs (1)
April 1 - 30, 2026	—	$ —	$ —	$ —
May 1 - 31, 2026	—	—	—	—
June 1 - 30, 2026 (2)	3,576	5.47	3,576	30,453
Total	3,576	$ 5.47	3,576	$ 30,453

p82 · table 72 · EXHIBIT INDEX

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Exhibit Number	Description of Exhibit
2.1	Agreement for Purchase and Sale of Real Estate, dated June 12, 2026, by and among ALTOAZ001 LLC and ALTRCA001 LLC, the Purchasers, and CLNC NNN Alberts AZ, LLC and CLNC NNN Alberts CA, LLC, the Sellers (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K (No.001-38377) filed on June 12, 2026
3.1	Articles of Amendment and Restatement of BrightSpire Capital, Inc., as amended (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q (No. 001-38377) for the quarter ended June 30, 2021 filed on August 5, 2021)
3.2	Fifth Amended and Restated Bylaws of BrightSpire Capital, Inc., as amended (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q (No. 001-38377) for the quarter ended March 31, 2023 filed on May 3, 2023)
10.1*	Twelfth Omnibus Amendment to Transaction Documents, dated as of June 30, 2026, among BrightSpire Capital Operating Company, LLC (formerly known as Credit RE Operating Company, LLC, Guarantor), BrightSpire Credit 1, LLC (formerly known as CLNC Credit 1, LLC, "Credit 1"), BrightSpire Credit 2, LLC, (formerly known as CLNC Credit 2, LLC, "Credit 2"; together with Credit 1, collectively, "Seller") and Morgan Stanley Bank, N.A. a national banking association ("Buyer")
10.2†	Second Amendment to the BrightSpire Capital, Inc. 2022 Equity Incentive Plan, effective as of May 13, 2026 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (No. 001-38377) filed on May 13, 2026
10.3†	First Amendment to the Second Amended Employment Agreement by and between Michael Mazzei and BrightSpire Capital US, LLC, dated as of May 19, 2026 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (No. 001-38377) filed on May 19, 2026
31.1*	Certification by the Chief Executive Officer pursuant to 17 CFR 240.13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification by the Chief Financial Officer pursuant to 17 CFR 240.13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification by the Chief Executive Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification by the Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

p188 · table 73 · SCHEDULE 1

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LTV	Maximum Purchase Percentage
Less than or equal to 60%	80%
Greater than 60% but less than or equal to 65%	80%
Greater than 65% but less than or equal to 70%	80%
Greater than 70% but less than or equal to 75%	80%
Greater than 75% but less than or equal to 80%	75%-80%

p192 · table 74 · Transaction terms (Seller, Purchase Date, Purchased Asset, etc.)

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Seller:	[SELLER ENTITY]
Purchase Date:	[__________],[_______]/[See Schedule 2]
Purchased Asset:	As identified on attached Schedule 1
Aggregate Principal Amount:	$[__________]/[See Schedule 2]
Remaining Future Advance Amount (if any):	$[__________]/[See Schedule 2]
Repurchase Date:
Initial Purchase Price:	[__________],[_______]
Pricing Rate:	$[__________]/[See Schedule 2]
Purchase Percentage:
Maximum Purchase Percentage:	Term SOFR + [__]%
Maximum Asset Exposure Threshold:	[__]%
	[__]%
	[__]%2

p198 · table 75 · [SCHEDULE 2 TO CONFIRMATION STATEMENT]

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Purchase Date	Initial / Future Advance Purchase Price	Remaining Future Advance Amount	Aggregate Principal Amount
[________], [_____]	$[________]	$[________]	$[________]
[________], [_____]	$[________]	$[________]	$[________]
[________], [_____]	$[________]	$[________]	$[________]
Total:	$[________]	$[________]	$[________]