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'.

a1f4c1a98875fd77-p3-t1: Managed commercial real estate credit REIT

As printed (page 3)

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

Diversified Portfolio		Liquidity & Capitalization		Financial Results
$3.9B	$2.9B	$131M	$45M	$0.13
Total At-Share Assets (Undepreciated)	Total Loan Portfolio (106 Total Loans)	Total Liquidity(2)	Total Unrestricted Cash (or $0.35 per share)(3)	Q2'26 Adjusted Distributable Earnings Per Share*
98%	$27M	$86M	$1.4B	$0.16	12.2%
Floating-Rate Loan Portfolio	Average Loan Size	Corporate Revolver Availability + Approved & Undrawn Borrowings Under our Credit Facilities(3)	Master Repurchase Facilities Availability(3)	Q2'26 Quarterly Dividend Per Share	Annualized Dividend Yield(6)
84%	7.2%	2.7x	5.50%	$1.0B	$8.10
<$50M Loan Size (Based on Carrying Value)	W.A. Unlevered All-in Yield(1) W.A. Cash Coupon 3.3%	Debt-to-Equity Ratio(4)	W.A. All-in Cost of Financing(5)	Undepreciated Book Value**	Undepreciated Book Value Per Share**

Flagged decisions

• (2,4) defect 'Q2'26 Adjusted Distributable Earnings Per Share*': The image shows '$0.13' as the value with 'Q2'26 Adjusted Distributable Earnings Per Share*' printed below it as the label.
• (4,4) defect 'Q2'26 Quarterly Dividend Per Share': The image shows '$0.16' as the value with 'Q2'26 Quarterly Dividend Per Share' printed below it as the label.

a1f4c1a98875fd77-p6-t1: FINANCIAL OVERVIEW

As printed (page 6)

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

Key Financial Metrics		Capital Structure
GAAP Net Loss ($M)	($18.3)	Total capitalization $3.8B: Securitization bonds payable (non-recourse) 37%, Stockholders' equity (undepreciated) 27%, Master repurchase facilities (limited recourse) 23%, Mortgage debt (non-recourse) 10%, Corporate revolving credit facility (recourse) 2%, Other debt (non-recourse) 1%
Per Share	($0.15)
Distributable Earnings ($M)	$15.8
Per Share	$0.12
Adjusted Distributable Earnings ($M)	$16.8
Per Share	$0.13
Total At-Share Assets ($B) (Undepreciated)	$3.9
Total Debt Outstanding (UPB) ($B)	$2.8
Debt-to-Equity(4)	2.7x
Book Value (GAAP) ($B)	$0.9
Per Share	$6.81
Book Value (Undepreciated) ($B)	$1.0
Per Share	$8.10
CECL Reserve (General) ($M)	$99.7
Per Share / Basis Points ("BPS")(7)	$0.79 / 327 bps
CECL Reserve (Specific) ($M)	--
Per Share	--
Undepreciated Book Value Per Share Bridge	3/31/26 Undepreciated BVPS	Share Repurchases	Change in CECL Reserve	RE Impairment *	Earnings less Dividends & Other **	6/30/26 Undepreciated BVPS
Value	$8.24 / $8.30	$0.08	($0.11)	($0.07)	($0.03)	$8.10 / $8.05 / $7.80 / $7.55 / $7.30

Flagged decisions

• (15,0) defect 'Per Share / Basis Points ("BPS")(7)': The image shows 'Per Share / Basis Points ("BPS")(7)' printed on the page as a row label in the Key Financial Metrics table, with the value $0.79 / 327 bps to its right.

a1f4c1a98875fd77-p8-t1: Key Metrics

As printed (page 8)

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

Key Metrics	Q2'26	YTD Q3'26(3)	YTD 2026(3)
Total number of loans	10	7	24
Total committed capital	$319M	$295M	$892M
Average loan size (committed capital)	$32M	$42M	$37M
W.A. cash coupon	S+2.54%	S+2.46%	S+2.53%
% Floating rate (senior loans)	100%	100%	100%

Flagged decisions

• (0,1) defect 'Q2'26': The image shows 'Q2'26' printed as a column header in the table.
• (0,2) defect 'YTD Q3'26(3)': The image shows 'YTD Q3'26(3)' printed as a column header in the table.
• (table) header_text_dropped 'Property Type': printed above the table's first value row but carried into no output cell.

a1f4c1a98875fd77-p10-t1: LOAN PORTFOLIO DIVERSIFICATION

As printed (page 10)

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

(At BRSP share)	Number of investments	Average investment size	Carrying value	% of carrying value	W	SW	NE	SE	MW
Multifamily	78	$ 26	$ 2,014	70%	27%	28%	2%	10%	3%
Office	19	31	581	20%	7%	7%	5%	1%	--
Mixed-use & Other	6	37	223	8%	2%	--	5%	--	--
Industrial	2	26	51	2%	--	1%	--	--	1%
Hotel	1	24	24	<1%	--	--	--	--	1%
Total	106	$ 27	$ 2,894	100%	36%	36%	12%	11%	5%
General CECL reserves			(100)
Total – Net of general CECL reserves			$ 2,794

Flagged decisions

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

a1f4c1a98875fd77-p14-t1: Watchlist Roll Forward

As printed (page 14)

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

Q1'26 Investment	Q1'26 Carrying value	Intra-Period Activity	Q2'26 Investment	Q2'26 Carrying value	Pro Forma Activity	Pro Forma* Investment	Pro Forma* Carrying value
Dallas, TX Office / RR4	$43		Dallas, TX Office / RR4 (Loans 82 & 96)	$44		Dallas, TX Office / RR4 (Loans 82 & 96)	$44
Austin, TX Multifamily / RR4	$24		Austin, TX Multifamily / RR4 (Loans 43 & 77)	$24		Austin, TX Multifamily / RR4 (Loans 43 & 77)	$24
		Downgraded from RR3	Las Vegas, NV Multifamily / RR4 (Loan 2)	$57		Las Vegas, NV Multifamily / RR4 (Loan 2)	$57
		Downgraded from RR3	Denver, CO Office / RR4 (Loan 95)	$11	Repayment (Post Property Sale)
Austin, TX Multifamily / RR5	$36	Repaid Q2
Las Vegas, NV Multifamily / RR5	$32	Repaid Q2
Dallas, TX Multifamily / RR5	$31	Repaid Q2
Total Watchlist	$166		Total Watchlist	$136		Total Watchlist	$125
			% Change vs. Q1'26	(18%)		% Change vs. Q1'26	(25%)

Flagged decisions

• (table) header_text_dropped 'Q1’26': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'Q2’26': printed above the table's first value row but carried into no output cell.

a1f4c1a98875fd77-p15-t1: LOAN PORTFOLIO WATCH LIST LOANS (Q2'26)

As printed (page 15)

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

Investment	Las Vegas, NV Senior Loan (Loan 2)	Austin, TX Senior Loan (Loans 43 & 77)*	Dallas, TX Senior Loan (Loan 82 & 96)**	Denver, CO Senior Loan (Loan 95)
Risk Ranking (Q2'26 / Q1'26)	4 / 3	4 / 4	4 / 4	4 / 3
Investment Type	Floating-Rate Senior Loan	Floating-Rate Senior Loan	Floating-Rate Senior Loan	Floating-Rate Senior Loan
Origination Date / Transaction Type	May 2022 / Acquisition	November 2021 / Acquisition	November 2021 / Refinancing	October 2020 / Acquisition
Collateral	Multifamily / 240 Units	Multifamily / 150 Units	Office / 328k RSF	Office / 115k RSF
Carrying Value	$57M	$24M	$44M	$11M
Loan Basis	$238k / Unit	$160k / Unit	$134 / RSF	$96 / RSF
Cash Coupon	SOFR + 2.0%	SOFR + 3.4%	SOFR + 4.0%	SOFR + 3.7%
Extended Maturity Date(13)	June 2027	November 2026	December 2026	November 2026

Flagged decisions

• (1,0) defect 'Risk Ranking (Q2'26 / Q1'26)': The image shows the text 'Risk Ranking (Q2'26 / Q1'26)' printed in the first data row's leftmost cell.

a1f4c1a98875fd77-p17-t1: REAL ESTATE OWNED MIGRATION

As printed (page 17)

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

Investment (Q1'26)	Undepreciated carrying value (Q1'26)	Intra-Period Activity	Investment (Q2'26)	Undepreciated carrying value (Q2'26)	Pro Forma Activity	Investment (Pro Forma*)	Undepreciated carrying value (Pro Forma*)	2026 Plan
San Jose, CA Hotel	$143		San Jose, CA Hotel	$144		San Jose, CA Hotel	$144 / 54%	Short to medium-term hold
Dallas, TX Multifamily	$45		Dallas, TX Multifamily	$45		Dallas, TX Multifamily	$45 / 17%	Short to medium-term hold
Santa Clara, CA Multifamily (Pre-Dev)	$40		Santa Clara, CA Multifamily (Pre-Dev)	$40		Santa Clara, CA Multifamily (Pre-Dev)	$40 / 15%	Short to medium-term hold
Arlington, TX Multifamily	$39		Arlington, TX Multifamily	$39		Arlington, TX Multifamily	$39 / 15%	Short to medium-term hold
Fort Worth, TX Multifamily	$37	Under PSA**	Fort Worth, TX Multifamily	$37	Sale
Mesa, AZ Multifamily	$32	Under PSA	Mesa, AZ Multifamily	$25	Sale
Total REO	$336		Total REO	$330		Total REO	$268
			% Change vs. Q1'26	(2%)		% Change vs. Q1'26	(20%)

Flagged decisions

• (0,0) defect 'Investment (Q1'26)': The image shows a column header labeled 'Investment' under the 'Q1'26' section banner.
• (0,1) defect 'Undepreciated carrying value (Q1'26)': The image shows a column header labeled 'Undepreciated carrying value' under the 'Q1'26' section banner.
• (0,3) defect 'Investment (Q2'26)': The image shows a column header labeled 'Investment' under the 'Q2'26' section banner.
• (0,4) defect 'Undepreciated carrying value (Q2'26)': The image shows a column header labeled 'Undepreciated carrying value' under the 'Q2'26' section banner.
• (table) header_text_dropped 'Q1’26': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'Q2’26': printed above the table's first value row but carried into no output cell.

a1f4c1a98875fd77-p20-t1: Key Financial Metrics / Capital Structure

As printed (page 20)

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

Key Financial Metrics	Value	Capital Structure	Percentage
Total capitalization (excluding cash)	$3.8B	Securitization bonds payable (non-recourse)	37%
Total outstanding debt	$2.8B	Stockholders' equity (undepreciated)	27%
Corporate revolving credit facility availability (As of July 24, 2026)	$30M	Master repurchase facilities (limited recourse)	23%
Master repurchase facilities availability (As of July 24, 2026)	$1.4B	Mortgage debt (non-recourse)	10%
Debt-to-equity ratio(4)	2.7x	Corporate revolving credit facility (recourse)	2%
Debt-to-asset ratio(19)	70%	Other debt (non-recourse)	1%
Blended all-in cost of financing(5)	5.50%	Total capitalization	$3.8B

Flagged decisions

• (0,1) unverified 'Value': The image shows no printed header text at this position; the left section displays only the 'Key Financial Metrics' banner with values below it, and no column header appears above the values.
• (0,3) unverified 'Percentage': The image shows no printed header text at this position; the right section displays only the 'Capital Structure' banner with a pie chart and legend below it, and no column header appears above the percentages.

a1f4c1a98875fd77-p31-t1: CONSOLIDATED BALANCE SHEET

As printed (page 31)

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

Item	June 30, 2026 (Unaudited)	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	2,893,664	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
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

• (0,0) header_label_added 'Item': The page shows no header row above the table; the first visible row contains 'Assets' as a section label, not a column header.
• (24,0) defect 'Stockholders' equity': The page prints 'Stockholders' equity' in bold italics at this position as a section heading.
• (30,0) defect 'Total stockholders' equity': The page prints 'Total stockholders' equity' at this position as a subtotal row label.

a1f4c1a98875fd77-p32-t1: CONSOLIDATED STATEMENT OF OPERATIONS

As printed (page 32)

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

Line Item	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net interest income
Interest income	$ 52,077	$ 48,663
Interest expense	(34,848)	(31,935)
Net interest income	17,229	16,728
Property and other income
Property operating income	30,432	35,668
Other income	1,039	1,593
Total property and other income	31,471	37,261
Expenses
Property operating expense	18,511	16,650
Transaction, investment and servicing expense	1,507	562
Interest expense on real estate	5,121	6,765
Depreciation and amortization	8,187	10,607
Increase of current expected credit loss reserve	13,502	582
Impairment of operating real estate	9,270	51,127
Compensation and benefits (including $3,443 and $2,913 of equity-based compensation expense, respectively)	8,989	8,194
Operating expense	3,158	2,976
Total expenses	68,245	97,463
Other income
Other loss, net	(27)	(3,362)
Loss before equity in earnings of unconsolidated ventures and income taxes	(19,572)	(46,836)
Equity in earnings (loss) of unconsolidated ventures	(602)	-
Income tax benefit (expense)	(10)	21,664
Net loss	(20,184)	(25,172)
Net loss attributable to noncontrolling interests in investment entities	1,850	2,054
Net loss attributable to BrightSpire Capital, Inc. common stockholders	$ (18,334)	$ (23,118)
Net loss per common share – basic	$ (0.15)	$ (0.19)
Net loss per common share – diluted	$ (0.15)	$ (0.19)
Weighted average shares of common stock outstanding – basic	126,710	127,247
Weighted average shares of common stock outstanding – diluted	126,710	127,247

Flagged decisions

• (0,0) unverified 'Line Item': The image shows no printed text in the leftmost column header position; the table begins directly with the period headers.

a1f4c1a98875fd77-p33-t1: CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT

As printed (page 33)

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

Item	Loan portfolio	Net leased and other real estate	Corporate and other	Total
Net interest income
Interest income	$ 52,104	$ (27)	$ -	$ 52,077
Interest expense	(34,318)	(13)	(517)	(34,848)
Net interest income (expense)	17,786	(40)	(517)	17,229
Property and other income
Property operating income	-	30,432	-	30,432
Other income	54	153	832	1,039
Total property and other income	54	30,585	832	31,471
Expenses
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
Total expenses	14,393	41,136	12,717	68,245
Other income
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 benefit (expense)	(2)	-	(8)	(10)
Net income (loss)	3,445	(10,617)	(13,012)	(20,184)
Net loss attributable to noncontrolling interests in investment entities	-	1,850	-	1,850
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$ 3,445	$ (8,767)	$ (13,012)	$ (18,334)

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 'Loan portfolio', 'Net leased and other real estate', 'Corporate and other', and 'Total' to the right.

a1f4c1a98875fd77-p35-t1: Reconciliation of GAAP net book value to undepreciated book value

As printed (page 35)

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

Item	As of June 30, 2026	As of December 31, 2025
GAAP net book value (excluding noncontrolling interests in investment entities)	$ 862,980	$ 938,432
Accumulated depreciation and amortization(10)	191,236	180,937
Non-GAAP impairment of real estate(11)	(26,736)	(33,617)
Undepreciated book value	$ 1,027,480	$ 1,085,752
GAAP net book value per share (excluding noncontrolling interests in investment entities)	$ 6.81	$ 7.30
Accumulated depreciation and amortization per share(10)	1.51	1.41
Non-GAAP impairment of real estate per share(11)	(0.21)	(0.26)
Undepreciated book value per share	$ 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 header text above the leftmost column of item labels; the table begins directly with the row labels like 'GAAP net book value (excluding noncontrolling interests in investment entities)'.

a1f4c1a98875fd77-p36-t1: Reconciliation of GAAP net loss to Distributable Earnings and Adjusted Distributable Earnings

As printed (page 36)

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

Item	Three Months Ended June 30, 2026
Net loss attributable to BrightSpire Capital, Inc. common stockholders	$ (18,334)
Net loss per common share – basic & diluted	$ (0.15)
Adjustments:
Non-cash equity compensation expense	3,443
Depreciation and amortization	8,340
Net unrealized loss (gain):
Impairment of operating real estate	9,872
General CECL reserves	12,515
Loss on sales of real estate, preferred equity and investments in unconsolidated joint ventures	25
Adjustments related to noncontrolling interests	(67)
Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders	$ 15,794
Distributable Earnings per share(24)	$ 0.12
Weighted average number of common shares(24)	130,258

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 loss attributable to BrightSpire Capital, Inc. common stockholders' but no header.