Review queue — flagged extraction decisions

Each section shows one table with flagged decisions: the table as printed, the extraction output with the flagged cells highlighted — red where the page contradicts the output (defect), gold where the output could not be verified against the page (unverified), green where the extraction added a conventional label the page does not print (total_label_added / header_label_added) — and the reasoning recorded for each. Printed text that reached no output cell is listed as 'header_text_dropped'.

7812d34866b1110d-p2-t1: BRIGHTSPIRE CAPITAL, INC. FORM 10-Q TABLE OF CONTENTS

As printed (page 2)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (9,1) defect 'Management's Discussion and Analysis of Financial Condition and Results of Operations': The image shows the printed text 'Management's Discussion and Analysis of Financial Condition and Results of Operations' at this position.

7812d34866b1110d-p4-t1: BRIGHTSPIRE CAPITAL, INC. CONSOLIDATED BALANCE SHEETS

As printed (page 4)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (24,0) defect 'Stockholders' equity': The image shows 'Stockholders' equity' printed as a section header in bold text on the page.
• (30,0) defect 'Total stockholders' equity': The image shows 'Total stockholders' equity' printed on the page as a row label.

7812d34866b1110d-p6-t1: BRIGHTSPIRE CAPITAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS

As printed (page 6)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,0) unverified 'Line Item': The image shows no printed text in the top-left header cell; the first column contains row labels like 'Net interest income' and 'Interest income' but the header row itself is blank at this position.

7812d34866b1110d-p8-t1: BRIGHTSPIRE CAPITAL, INC.

As printed (page 8)

Extraction output (red = defect, gold = unverified, green = added label)

	Common Stock Class A	Common Stock Class A		Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interests in Investment Entities	Total Equity
	Shares	Amount	Additional Paid-in Capital
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

Flagged decisions

• (table) header_text_dropped 'Stockholders’': printed above the table's first value row but carried into no output cell.

7812d34866b1110d-p9-t1: BRIGHTSPIRE CAPITAL, INC.

As printed (page 9)

Extraction output (red = defect, gold = unverified, green = added label)

Description	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

Flagged decisions

• (0,0) header_label_added 'Description': The image shows a table with a multi-level header structure where the leftmost column contains row labels (like 'Balance as of December 31, 2025') with no printed header text above them.
• (0,5) defect 'Total Stockholders' Equity': The image clearly prints 'Total Stockholders' Equity' as a header in the column structure above the data rows.
• (table) header_text_dropped 'Stockholders’': printed above the table's first value row but carried into no output cell.

7812d34866b1110d-p23-t1: Activity relating to the Company's loans and preferred equity held for investment, net was as follows

As printed (page 23)

Extraction output (red = defect, gold = unverified, green = added label)

Item	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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a header row containing 'Balance at January 1' and other row labels in the leftmost column, with no printed header text above that column.
• (table) header_text_dropped 'Carrying Value': printed above the table's first value row but carried into no output cell.

7812d34866b1110d-p24-t1: Nonaccrual and Past Due Loans

As printed (page 24)

Extraction output (red = defect, gold = unverified, green = added label)

	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

Flagged decisions

• (table) header_text_dropped '_________________________________________': printed above the table's first value row but carried into no output cell.

7812d34866b1110d-p25-t1: Current Expected Credit Loss Reserve

As printed (page 25)

Extraction output (red = defect, gold = unverified, green = added label)

Item	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

Flagged decisions

• (0,0) header_label_added 'Item': The page shows no header row above the first data row; the table begins directly with 'CECL reserve at December 31, 2025' as the first row label.
• (0,1) unverified 'Amount': The page shows no header row above the first data row; the table begins directly with data and no column heading is printed at this position.

7812d34866b1110d-p26-t1: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

As printed (page 26)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (table) header_text_dropped 'Year of Origination': printed above the table's first value row but carried into no output cell.

7812d34866b1110d-p31-t1: Deferred Leasing Costs and Intangible Assets / Intangible Liabilities

As printed (page 31)

Extraction output (red = defect, gold = unverified, green = added label)

	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

Flagged decisions

• (5,0) total_label_added 'Total': The image shows a row with totals ($ 81,044, $ (53,398), $ 27,646) that sums the three line items above it, but the first column at this row position is blank with no printed label.

7812d34866b1110d-p33-t1: 7. Debt

As printed (page 33)

Extraction output (red = defect, gold = unverified, green = added label)

Item	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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no header text above the first column of data items; the table begins directly with row labels like 'Securitization bonds payable, net'.
• (0,2) defect 'Recourse vs. Non-Recourse': The image prints 'Recourse vs. Non-Recourse' as a column header in the top row of the table.
• (table) header_text_dropped '(5)(6)': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped '(10)': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped '(11) (12)': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped '(11) (14)': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped '(15) (16)': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped '(11) (17)': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped '(11) (18)': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped '_________________________________________': printed above the table's first value row but carried into no output cell.

7812d34866b1110d-p39-t1: Restricted Stock and PSU Activity

As printed (page 39)

Extraction output (red = defect, gold = unverified, green = added label)

Item	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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a multi-level header structure where the leftmost column contains row labels (like 'Unvested shares at December 31, 2024', 'Granted', 'Vested') with no printed header text above them.

7812d34866b1110d-p42-t1: Ground Lease Expense

As printed (page 42)

Extraction output (red = defect, gold = unverified, green = added label)

	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

Flagged decisions

• (4,0) total_label_added 'Total': The image shows a row with a double underline beneath the values (730, 804, 1,519, 1,598) but no printed label in the first column at this position.

7812d34866b1110d-p43-t1: Notes to Consolidated Financial Statements (Continued)

As printed (page 43)

Extraction output (red = defect, gold = unverified, green = added label)

	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

Flagged decisions

• (table) header_text_dropped 'thousands):': printed above the table's first value row but carried into no output cell.

7812d34866b1110d-p44-t2: Three Months Ended June 30, 2025 - Segment Results

As printed (page 44)

Extraction output (red = defect, gold = unverified, green = added label)

Item	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)

Flagged decisions

• (0,0) header_label_added 'Item': The image shows the first column header position is blank—no text is printed there, only the row label 'Three Months Ended June 30, 2025' appears below in the first column.

7812d34866b1110d-p45-t1: Six Months Ended June 30, 2026 - Segment Results

As printed (page 45)

Extraction output (red = defect, gold = unverified, green = added label)

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)

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text in the header position above the leftmost column of row labels; the first column contains item names like 'Interest income', 'Interest expense', etc., but no header is printed above them.

7812d34866b1110d-p45-t2: Six Months Ended June 30, 2025

As printed (page 45)

Extraction output (red = defect, gold = unverified, green = added label)

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)

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a blank space at the top-left of the table, with no printed text in the header position above the row labels.

7812d34866b1110d-p53-t1: Senior and Mezzanine Loans and Preferred Equity

As printed (page 53)

Extraction output (red = defect, gold = unverified, green = added label)

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 %
Total	106	$ 2,862,404	$ 15,105	$ 16,154	$ 2,893,663	100.0 %
Weighted average risk ranking						3.0

Flagged decisions

• (3,0) defect 'Total': The image shows a row with a light blue background containing the number 106 in the first column, followed by financial data across the row, with no visible text label in the leftmost position of this row.

7812d34866b1110d-p53-t3: Carrying value (at BRSP share)(1)

As printed (page 53)

Extraction output (red = defect, gold = unverified, green = added label)

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 %

Flagged decisions

• (0,0) defect 'Region': The image shows 'Region' printed as the first column header in the table.
• (0,1) defect 'Count': The image shows 'Count' printed as a column header in the table.
• (0,2) defect 'Senior loans': The image shows 'Senior loans' printed as a column header in the table.
• (0,3) defect 'Mezzanine loans': The image shows 'Mezzanine loans' printed as a column header in the table.
• (0,4) defect 'Preferred equity': The image shows 'Preferred equity' printed as a column header in the table.

7812d34866b1110d-p57-t1: Loan schedule (Multifamily/Office loans)

As printed (page 57)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,1) defect 'Origination Date': The header row shows 'Origination' printed above the date values.
• (0,7) defect 'Unlevered all-in yield(3)': The header row shows 'Unlevered all-in yield(3)' printed above the yield values.
• (0,9) defect 'Loan-to-value(4)': The header row shows 'Loan-to-value(4)' printed above the LTV values.
• (1,0) defect 'Loan 75(6) Preferred': The first data row shows 'Loan 75(6)' in the loan type column with 'Preferred' in the adjacent column.
• (2,0) defect 'Loan 76(6) Preferred': The second data row shows 'Loan 76(6)' in the loan type column with 'Preferred' in the adjacent column.
• (3,0) defect 'Loan 77(7) Preferred': The third data row shows 'Loan 77(7)' in the loan type column with 'Preferred' in the adjacent column.
• (4,0) defect 'Loan 78(7) Preferred': The fourth data row shows 'Loan 78(7)' in the loan type column with 'Preferred' in the adjacent column.
• (22,0) defect 'Loan 93(8) Mezzanine': The last row shows 'Loan 93(8)' in the loan type column with 'Mezzanine' in the adjacent column.

7812d34866b1110d-p58-t1: Loan Portfolio Detail

As printed (page 58)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,7) defect 'Unlevered all-in yield(3)': The header row shows 'Unlevered all-in yield(3)' printed across the top of the eighth column.
• (0,9) defect 'Loan-to-value(4)': The header row shows 'Loan-to-value(4)' printed across the top of the tenth column.

7812d34866b1110d-p60-t1: The following table provides asset-level detail of our net leased and other real estate as of June 30, 2026:

As printed (page 60)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,3) defect 'Rentable square feet ("RSF") / units/keys': The image shows 'Rentable square feet ("RSF") / units/keys' printed as a column header in the table.
• (14,1) defect 'Multifamily/Pre-dev': The image shows 'Multifamily/Pre-dev' printed in the collateral type column for Other real estate 4.

7812d34866b1110d-p61-t1: Results of Operations

As printed (page 61)

Extraction output (red = defect, gold = unverified, green = added label)

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)%

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text or header label in the leftmost column position at the top of the table; the first column contains row labels like 'Net interest income' and 'Interest income' but no header is printed above them.
• (0,3) defect 'Q2 '26 vs Q1 '26 Change': The image prints 'Q2 '26 vs Q1 '26 Change' as a header spanning the third data column in the table.

7812d34866b1110d-p68-t1: Distributable Earnings

As printed (page 68)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text or header label in the leftmost column position at the top of the table; the table begins directly with row labels like 'Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders'.

7812d34866b1110d-p69-t1: The following table calculates our GAAP book value per share and Undepreciated Book Value per share

As printed (page 69)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text in the top-left header position above the row labels; the table begins with column headers 'June 30, 2026' and 'December 31, 2025' to the right, with the leftmost column containing row labels but no header.

7812d34866b1110d-p71-t1: Debt-to-Equity Ratio

As printed (page 71)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (table) header_text_dropped '_________________________________________': printed above the table's first value row but carried into no output cell.

7812d34866b1110d-p75-t1: Payments Due by Period

As printed (page 75)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Total	Less than a Year	1-3 Years	3-5 Years	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	—
Subtotal	$ 3,075,941	$ 1,410,149	$ 1,406,135	$ 37,635	$ 222,022
Lending commitments(5)	145,503
Total	$ 3,221,444

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a header row containing column labels, and the first column header position is blank—no text is printed there.

7812d34866b1110d-p82-t1: EXHIBIT INDEX

As printed (page 82)

Extraction output (red = defect, gold = unverified, green = added label)

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)

Flagged decisions

• (1,1) defect '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': The image shows printed text describing an Agreement for Purchase and Sale of Real Estate dated June 12, 2026, with details about the parties and incorporation by reference.
• (2,1) defect '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)': The image shows printed text describing Articles of Amendment and Restatement of BrightSpire Capital, Inc., with incorporation by reference details.
• (3,1) defect '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)': The image shows printed text describing Fifth Amended and Restated Bylaws of BrightSpire Capital, Inc., with incorporation by reference details.
• (4,1) defect '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")': The image shows printed text describing the Twelfth Omnibus Amendment to Transaction Documents dated June 30, 2026, with details about the parties involved.
• (5,1) defect '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': The image shows printed text describing the Second Amendment to the BrightSpire Capital, Inc. 2022 Equity Incentive Plan, effective May 13, 2026.
• (6,1) defect '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': The image shows printed text describing the First Amendment to the Second Amended Employment Agreement by and between Michael Mazzei and BrightSpire Capital US, LLC, dated May 19, 2026.

7812d34866b1110d-p192-t1: Term Sheet Definitions (Seller, Purchase Date, etc.)

As printed (page 192)

Extraction output (red = defect, gold = unverified, green = added label)

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

Flagged decisions

• (1,1) defect '[__________],[_______]/[See Schedule 2]': The image shows two blank underscored fields separated by a comma and period, followed by a forward slash and '[See Schedule 2]' text: [__________],[__________]/[See Schedule 2]