Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)
Left: the page cropped around the table with its final boundary (content_region, the corrected end of the table) drawn; the crop extends a little below so any footnotes sit visibly outside the box. Right: the final corrected markdown. One row per table.
a1f4c1a98875fd77.pdf
27 tables
p3 · table 1 · Managed commercial real estate credit REIT
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| 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 |
| <$50M Loan Size (Based on Carrying Value) | W.A. Unlevered All-in Yield(1) W.A. Cash Coupon 3.3% | Debt-to-Equity Ratio(4) | W.A. All-in Cost of Financing(5) | Undepreciated Book Value** | Undepreciated Book Value Per Share** |
p6 · table 2 · FINANCIAL OVERVIEW
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| Key Financial Metrics | | Capital Structure | | | | |
|---|
| GAAP Net Loss ($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 |
p7 · table 3 · Portfolio Overview
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| (At BRSP share) | Investment count | Carrying value | Net carrying value | Per share |
|---|
| Loan portfolio | 106 | $ 2,894 | $ 671 | $ 5.29 |
| General CECL reserves | | (100) | (100) | (0.79) |
| Loan portfolio, net of general CECL reserves | 106 | 2,794 | 571 | 4.51 |
| Net lease | 6 | 305 | 21 | 0.17 |
| Other real estate | 7 | 394 | 218 | 1.72 |
| CRE debt securities(8) | 1 | 1 | 1 | 0.01 |
| Total investment portfolio | 120 | $ 3,494 | $ 812 | $ 6.41 |
| Plus: cash & net assets(9) | | 263 | 51 | 0.40 |
| Total - GAAP | | $ 3,757 | $ 863 | $ 6.81 |
| Plus: accumulated D&A(10) | | 191 | 191 | 1.51 |
| Less: non-GAAP impariment of real estate(11) | | (27) | (27) | (0.21) |
| Total - Undepreciated | | $ 3,922 | $ 1,027 | $ 8.10 |
p8 · table 4 · Key Metrics
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| 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% |
p10 · table 5 · LOAN PORTFOLIO DIVERSIFICATION
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| (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 | | | | | | |
p11 · table 6 · LOAN PORTFOLIO SUMMARY
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| (At BRSP share) | Number of investments | Carrying value | % of carrying value | Net carrying value | W.A. unlevered all-in yield(1) | W.A. extended term (years)(13) |
|---|
| Floating rate | | | | | | |
| Senior mortgage loans | 94 | $ 2,835,067 | 98% | $ 612,312 | 7.0% | 2.4 |
| Total / W.A. floating rate | 94 | 2,835,067 | 98% | 612,312 | 7.0% | 2.4 |
| Fixed rate | | | | | | |
| Senior mortgage loans | 1 | 27,337 | 1% | 27,337 | 20.0% | 0.2 |
| Mezzanine loans | 1 | 15,105 | < 1% | 15,105 | -- | 0.6 |
| Preferred equity | 10 | 16,154 | < 1% | 16,154 | 14.9% | 0.5 |
| Total / W.A. fixed rate | 12 | 58,596 | 2% | 58,596 | 13.4% | 0.4 |
| Total / W.A. | 106 | $ 2,893,663 | 100% | $ 670,908 | 7.2% | 2.3 |
| General CECL reserves | | (99,695) | | (99,695) | | |
| Total / W.A. – Net of general CECL reserves | | $ 2,793,968 | | $ 571,213 | | |
p14 · table 7 · Watchlist Roll Forward
units=$ in millions. As of June 30, 2026, unless otherwise stated; at BRSP share · flavor=stream · camelot_accuracy=97.5 · llm_corrected=True
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| 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%) |
p15 · table 8 · LOAN PORTFOLIO WATCH LIST LOANS (Q2'26)
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| 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 |
p16 · table 9 · NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY
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| (At BRSP share) | Number of investments | BRSP ownership % | Rentable square feet ("RSF") / Units / Keys | Carrying value (Undep.) | Net carrying value (Undep.) | % of net carrying value (Undep.) | Q2'26 NOI (at BRSP share) | W.A. % leased at end of period(17) | W.A. remaining lease term (years)(18) |
|---|
| Net lease real estate ("NNN") | | | | | | | | | |
| Industrial | 1 | 100% | 2,787 RSF | $ 292,156 | $ 92,156 | 24% | $ 5,037 | 100% | 12.1 |
| Office | 2 | 100% | 522 RSF | 94,004 | 46,021 | 12% | 1,759 | 100% | 2.7 |
| Retail* | 3 | 100% | 368 RSF | 42,462 | 4,730 | 1% | 898 | 100% | 3.1 |
| Total / W.A. - NNN | 6 | 100% | 3,677 RSF | $ 428,623 | $ 142,907 | 37% | $ 7,694 | 100% | 9.2 |
| Other real estate ("Other RE")** | | | | | | | | | |
| Hotel | 1 | 100% | 541 Keys | $ 143,916 | $ 143,916 | 37% | $ 1,379 | 71% | n/a |
| Multifamily | 5 | 100% | 1,699 Units | 186,241 | 102,069 | 26% | 405 | 76% | n/a |
| Office | 1 | 95% | 848 RSF | 88,041 | -- | -- | 2,324 | 80% | 3.4 |
| Total / W.A. – Other RE | 7 | 99% | n/a | $ 418,198 | $ 245,984 | 63% | $ 4,107 | 75% | 3.4 |
| Total / W.A. | 13 | 99% | n/a | $ 846,821 | $ 388,891 | 100% | $ 11,801 | 88% | 8.2 |
p17 · table 10 · REAL ESTATE OWNED MIGRATION
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| 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%) | |
p18 · table 11 · REAL ESTATE OWNED (Q2'26)
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| Investment | San Jose, CA (Other RE 1) | Dallas, TX (Other RE 3) | Santa Clara, CA (Other RE 4) | Arlington, TX (Other RE 5) | Fort Worth, TX (Other RE 6)* | Mesa, AZ (Other RE 7)* |
|---|
| Acquisition Date | May 2025 | January 2026 | July 2025 | July 2024 | November 2024 | February 2025 |
| Collateral | Hotel / 541 Keys | Multifamily / 624 Units | Multifamily (Pre-development) | Multifamily / 436 Units | Multifamily / 354 Units | Multifamily / 285 Units |
| Collateral Basis | $266k / Key | $72k / Unit | n/a | $89k / Unit | $105k / Unit | $88k / Unit |
| Undepreciated Carrying Value | $144M | $45M | $40M | $39M | $37M | $25M |
| Outstanding Debt | -- | -- | $34M | $26M | $5M | $19M |
| Undepreciated Net Carrying Value | $144M | $45M | $6M | $14M | $32M | $6M |
| W.A. % Leased(17) | 71% | 58% | n/a | 74% | 90% | 93% |
p19 · table 12 · SELECT NNN ASSETS (Q2'26)
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| Investment | Tracy, CA & Tolleson, AZ (Net lease 1)* | Aurora, CO (Net lease 2)** | Indianapolis, IN (Net lease 3) |
|---|
| Acquisition Date | August 2018 | July 2006 | June 2006 |
| Collateral | Industrial / 2,787k RSF | Office / 184k RSF | Office / 338k RSF |
| Collateral Basis | $105 / RSF | $299 / RSF | $115 / RSF |
| Undepreciated Carrying Value | $292M | $55M | $39M |
| Outstanding Debt | $200M | $28M | $20M |
| Undepreciated Net Carrying Value | $92M | $27M | $19M |
| W.A. % Leased(17) | 100% | 100% | 100% |
| W.A. Lease Term (Yrs.)(18) | 12.1 | 1.4 | 4.5 |
| Final Debt Maturity | September 2033 | August 2026 | October 2027 |
| All-in COF | 4.77% | 4.08% | 4.45% |
p20 · table 13 · Key Financial Metrics / Capital Structure
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| 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 |
p21 · table 14 · CAPITALIZATION SUMMARY
units=(none) · flavor=stream · camelot_accuracy=97.3 · llm_corrected=True
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| (At BRSP share) | Recourse vs. non-recourse(20) | W.A. extended maturity(21) | W.A. contractual interest rate(21) | W.A. all-in COF(5) | Outstanding debt (UPB) |
|---|
| Corporate debt | | | | | |
| Corporate revolving credit facility | Recourse | Dec-28 | S + 2.25% | 5.90% | $ 70,000 |
| Investment-level debt | | | | | |
| Securitization bonds payable (2026-FL3) | Non-recourse | Aug-43 | S + 1.69% | 5.34% | 833,237 |
| Securitization bonds payable (2024-FL2) | Non-recourse | Aug-37 | S + 2.47% | 6.12% | 583,875 |
| Master repurchase facilities | Limited recourse | Oct-29 | S + 1.92% | 5.57% | 856,225 |
| Mortgage debt – net lease (fixed) | Non-recourse | Sep-31 | 4.74% | 4.74% | 283,975 |
| Mortgage debt – other real estate (fixed) | Non-recourse | Dec-28 | 4.47% | 4.47% | 91,169 |
| Other debt | Non-recourse | Jul-28 | 5.50% | 5.50% | 33,591 |
| Total / W.A. debt (BRSP share) | | Oct-35 | | 5.50% | $ 2,752,072 |
| Book value | | | | | Book value |
| Stockholders' equity | | | | | $ 862,980 |
| GAAP net book value (BRSP share) | | | | | 862,980 |
| Accumulated depreciation and amortization | | | | | 191,236 |
| Non-GAAP impairment of real estate | | | | | (26,736) |
| Undepreciated book value (BRSP share) | | | | | 1,027,480 |
| Total capitalization (undepreciated) | | | | | $ 3,779,552 |
p27 · table 15 · Investment Detail
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| (At BRSP share) | Investment Type | Origination date | City, State | Carrying value | Coupon type | Cash coupon | Unlevered all-in yield(1) | Extended maturity date(13) | LTV | Q2'26 Risk ranking | Q1'26 Risk ranking |
|---|
| Multifamily | | | | | | | | | | | |
| Loan 1 | Senior | Dec-25 | Los Angeles, CA | $ 70 | Floating | S+2.4% | 6.3% | Jan-31 | 76% | 3 | 3 |
| Loan 2 | Senior | May-22 | Las Vegas, NV | 57 | Floating | S+2.0% | 5.7% | Jun-27 | 74% | 4 | 3 |
| Loan 3 | Senior | Dec-25 | St. Louis, MO | 53 | Floating | S+2.5% | 6.6% | Jan-31 | 68% | 3 | 3 |
| Loan 4 | Senior | May-21 | Las Vegas, NV | 48 | Floating | S+3.0% | 6.6% | Jun-28 | 80% | 3 | 3 |
| Loan 5 | Senior | May-26 | Cypress, TX | 47 | Floating | S+2.3% | 6.4% | Jun-31 | 75% | 3 | n/a |
| Loan 6 | Senior | Mar-26 | San Diego, CA | 47 | Floating | S+2.4% | 6.5% | Apr-31 | 65% | 3 | 3 |
| Loan 7 | Senior | Mar-26 | Sunnyvale, CA | 46 | Floating | S+2.4% | 6.3% | Apr-31 | 68% | 3 | 3 |
| Loan 8 | Senior | Jan-26 | San Bernadino, CA | 42 | Floating | S+2.7% | 6.7% | Feb-31 | 71% | 3 | 3 |
| Loan 9 | Senior | Jul-21 | Jersey City, NJ | 42 | Floating | S+3.1% | 6.8% | Aug-26 | 66% | 3 | 3 |
| Loan 10 | Senior | Nov-25 | Mesa, AZ | 41 | Floating | S+2.6% | 6.6% | Nov-30 | 68% | 3 | 3 |
| Subtotal / W.A. top 10 multifamily | | | | $ 492 | | 2.5% | 6.4% | Jan-30 | n/a | 3.1 | n/a |
| Loan 11 | Senior | Mar-22 | Louisville, KY | $ 41 | Floating | S+2.8% | 6.5% | Apr-27 | 72% | 3 | 3 |
| Loan 12 | Senior | Dec-25 | Madison, AL | 41 | Floating | S+2.5% | 6.5% | Jan-31 | 75% | 3 | 3 |
| Loan 13 | Senior | Jul-21 | Dallas, TX | 40 | Floating | S+3.2% | 6.9% | Aug-26 | 77% | 3 | 3 |
| Loan 14 | Senior | Mar-22 | Long Beach, CA | 40 | Floating | S+3.4% | 7.3% | Apr-27 | 74% | 3 | 3 |
| Loan 15 | Senior | Jan-26 | Tucson, AZ | 40 | Floating | S+2.6% | 6.5% | Jan-31 | 74% | 3 | 3 |
| Loan 16 | Senior | Jul-22 | Irving, TX | 38 | Floating | S+3.6% | 7.3% | Aug-27 | 73% | 3 | 3 |
| Loan 17 | Senior | Dec-20 | Austin, TX | 37 | Floating | S+3.1% | 6.8% | Jan-29 | 54% | 3 | 3 |
| Loan 18 | Senior | Jan-22 | Los Angeles, CA | 37 | Floating | S+3.4% | 7.0% | Feb-27 | 65% | 3 | 3 |
| Loan 19 | Senior | May-26 | Las Vegas, NV | 35 | Floating | S+2.4% | 6.5% | Jun-31 | 61% | 3 | n/a |
| Loan 20 | Senior | May-26 | Tucson, AZ | 34 | Floating | S+2.5% | 6.6% | Jun-31 | 70% | 3 | n/a |
| Subtotal / W.A. top 20 multifamily | | | | $ 875 | | 2.7% | 6.6% | Jul-29 | n/a | 3.1 | n/a |
| Loan 21 | Senior | Jul-21 | Phoenix, AZ | $ 33 | Floating | S+3.4% | 7.0% | Aug-26 | 75% | 3 | 3 |
| Loan 22 | Senior | Feb-25 | Las Vegas, NV | 33 | Floating | S+3.4% | 7.5% | Mar-30 | 59% | 3 | 3 |
| Loan 23 | Senior | Dec-25 | Jackson, TN | 33 | Floating | S+3.0% | 7.0% | Jan-31 | 62% | 3 | 3 |
| Loan 24 | Senior | Oct-25 | New Braunfels, TX | 32 | Floating | S+2.6% | 6.7% | Nov-30 | 68% | 3 | 3 |
| Loan 25 | Senior | Apr-21 | Las Vegas, NV | 32 | Floating | S+3.2% | 6.9% | May-27 | 76% | 3 | 3 |
| Loan 26 | Senior | Feb-22 | Long Beach, CA | 31 | Floating | S+3.4% | 7.3% | Mar-27 | 67% | 3 | 3 |
| Loan 27 | Senior | Apr-22 | Mesa, AZ | 30 | Floating | S+3.4% | 7.0% | May-27 | 75% | 3 | 3 |
| Loan 28 | Senior | Feb-25 | Las Vegas, NV | 30 | Floating | S+2.7% | 6.8% | Mar-30 | 70% | 3 | 3 |
| Loan 29 | Senior | Sep-25 | Nashville, TN | 29 | Floating | S+2.6% | 6.6% | Oct-30 | 68% | 3 | 3 |
| Loan 30 | Senior | Aug-21 | Glendale, AZ | 29 | Floating | S+3.3% | 6.9% | Mar-27 | 75% | 3 | 3 |
| Loan 31 | Senior | Apr-26 | Raleigh, NC | 29 | Floating | S+2.8% | 6.8% | May-31 | 72% | 3 | n/a |
| Loan 32 | Senior | May-26 | Austin, TX | 28 | Floating | S+2.6% | 6.5% | May-31 | 74% | 3 | n/a |
| Loan 33 | Senior | Sep-25 | Nashville, TN | 28 | Floating | S+2.7% | 6.8% | Oct-30 | 65% | 3 | 3 |
| Loan 34 | Senior | Jan-26 | Costa Mesa, CA | 28 | Floating | S+2.4% | 6.5% | Feb-31 | 63% | 3 | 3 |
| Loan 35 | Senior | May-21 | Houston, TX | 28 | Floating | S+3.1% | 6.8% | Jul-26 | 67% | 3 | 3 |
| Loan 36 | Senior | Apr-26 | Birmingham, AL | 28 | Floating | S+2.8% | 6.9% | May-31 | 67% | 3 | n/a |
| Loan 37 | Senior | Dec-21 | Phoenix, AZ | 26 | Floating | S+3.6% | 7.3% | Jan-27 | 75% | 3 | 3 |
| Loan 38 | Senior | Jul-22 | Irving, TX | 25 | Floating | S+3.6% | 7.3% | Aug-27 | 72% | 3 | 3 |
| Loan 39 | Senior | Feb-25 | Denver, CO | 25 | Floating | S+3.3% | 7.4% | Mar-28 | 68% | 3 | 3 |
p28 · table 16 · Investment Detail (Cont'd)
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| (At BRSP share) | Investment Type | Origination date | City, State | Carrying value | Coupon type | Cash coupon | Unlevered all-in yield(1) | Extended maturity date(13) | LTV | Q2'26 Risk ranking | Q1'26 Risk ranking | |
|---|
| Multifamily (cont'd) | | | | | | | | | | | | |
| Loan 40 | Senior | Mar-22 | Glendale, AZ | 25 | Floating | S+3.5% | 7.1% | Mar-27 | 73% | 3 | 3 | |
| Loan 41 | Senior | Nov-25 | Santa Rosa, CA | 25 | Floating | S+2.8% | 6.8% | Dec-30 | 74% | 3 | 3 | |
| Loan 42 | Senior | Mar-22 | Phoenix, AZ | 24 | Floating | S+3.7% | 7.3% | Apr-27 | 75% | 3 | 3 | |
| Loan 43 | Senior | Nov-21 | Austin, TX | 24 | Floating | S+3.4% | 7.0% | Nov-26 | 71% | 4 | 4 | |
| Loan 44 | Senior | Dec-24 | Seattle, WA | 23 | Floating | S+2.8% | 6.9% | Jan-30 | 65% | 3 | 3 | |
| Loan 45 | Senior | Jun-21 | Phoenix, AZ | 22 | Floating | S+3.3% | 6.9% | Jul-26 | 75% | 3 | 3 | |
| Loan 46 | Senior | Aug-25 | Dallas, TX | 22 | Floating | S+3.0% | 7.1% | Sep-30 | 59% | 3 | 3 | |
| Loan 47 | Senior | May-26 | Dallas, TX | 22 | Floating | S+2.4% | 6.4% | May-31 | 69% | 3 | n/a | |
| Loan 48 | Senior | Jul-21 | Aurora, CO | 21 | Floating | S+3.2% | 6.9% | Jul-28 | 73% | 3 | 3 | |
| Loan 49 | Senior | Dec-25 | Shakopee, MN | 21 | Floating | S+2.5% | 6.6% | Jan-31 | 65% | 3 | 3 | |
| Loan 50 | Senior | Jan-22 | Austin, TX | 20 | Floating | S+3.4% | 7.0% | Feb-27 | 75% | 3 | 3 | |
| Loan 51 | Senior | Dec-21 | Gresham, OR | 20 | Floating | S+2.8% | 6.4% | Jul-28 | 74% | 3 | 3 | |
| Loan 52 | Senior | Aug-21 | La Mesa, CA | 20 | Floating | S+2.8% | 6.4% | Aug-28 | 70% | 3 | 3 | |
| Loan 53 | Senior | Oct-24 | Garland, TX | 20 | Floating | S+3.7% | 7.6% | Nov-29 | 70% | 3 | 3 | |
| Loan 54 | Senior | Sep-21 | Bellevue, WA | 19 | Floating | S+3.4% | 7.1% | Sep-26 | 64% | 3 | 3 | |
| Loan 55 | Senior | Jul-21 | Salt Lake City, UT | 19 | Floating | S+2.8% | 6.4% | Aug-28 | 73% | 3 | 3 | |
| Loan 56 | Senior | Nov-25 | Whittier, CA | 18 | Floating | S+2.5% | 6.6% | Dec-30 | 59% | 3 | 3 | |
| Loan 57 | Senior | Oct-25 | Huntsville, AL | 18 | Floating | S+2.8% | 6.9% | Nov-30 | 55% | 3 | 3 | |
| Loan 58 | Senior | May-22 | Charlotte, NC | 17 | Floating | S+3.5% | 7.2% | May-28 | 61% | 3 | 3 | |
| Loan 59 | Senior | Sep-25 | Glendale, AZ | 17 | Floating | S+2.6% | 6.6% | Oct-30 | 73% | 3 | 3 | |
| Loan 60 | Senior | Jun-26 | Phoenix, AZ | 16 | Floating | S+2.9% | 7.0% | Jul-31 | 73% | 3 | n/a | |
| Loan 61 | Senior | Jan-25 | Lebanon, TN | 16 | Floating | S+3.6% | 7.3% | Feb-30 | 71% | 3 | 3 | |
| Loan 62 | Senior | May-26 | San Francisco, CA | 16 | Floating | S+2.6% | 6.7% | Jun-31 | 64% | 3 | n/a | |
| Loan 63 | Senior | Sep-25 | Mobile, AL | 16 | Floating | S+2.8% | 6.8% | Oct-30 | 73% | 3 | 3 | |
| Loan 64 | Senior | May-25 | Dallas, TX | 14 | Floating | S+2.9% | 7.0% | May-30 | 65% | 3 | 3 | |
| Loan 65 | Senior | Aug-25 | Phoenix, AZ | 14 | Floating | S+2.7% | 6.7% | Sep-30 | 75% | 3 | 3 | |
| Loan 66 | Senior | Jul-25 | Northridge, CA | 13 | Floating | S+3.3% | 7.4% | Jul-30 | 74% | 3 | 3 | |
| Loan 67 | Senior | Nov-24 | Garland, TX | 13 | Floating | S+3.5% | 7.4% | Dec-29 | 63% | 3 | 3 | |
| Loan 68 | Senior | Nov-25 | Hoboken, NJ | 12 | Floating | S+2.4% | 6.5% | Dec-30 | 61% | 3 | 3 | |
| Loan 69 | Senior | Mar-22 | Glendale, AZ | 12 | Floating | S+3.5% | 7.1% | Mar-27 | 73% | 3 | 3 | |
| Loan 70 | Senior | Dec-25 | Mesa, AZ | 11 | Floating | S+2.8% | 6.8% | Jan-31 | 70% | 3 | 3 | |
| Loan 71 | Preferred | May-25 | Phoenix, AZ | 2 | Fixed | n/a | 15.0% | Apr-27 | n/a | 3 | 3 | |
| Loan 72 | Preferred | May-25 | Mesa, AZ | 2 | Fixed | n/a | 15.0% | May-27 | n/a | 3 | 3 | |
| Loan 73 | Preferred | May-25 | Glendale, AZ | 2 | Fixed | n/a | 14.0% | Mar-27 | n/a | 3 | 3 | |
| Loan 74 | Preferred | May-25 | Phoenix, AZ | 2 | Fixed | n/a | 14.0% | Jan-27 | n/a | 3 | 3 | |
| Loan 75 | Preferred | May-25 | Phoenix, AZ | 2 | Fixed | n/a | 15.0% | Aug-26 | n/a | 3 | 3 | |
| Loan 76 | Preferred | May-25 | Phoenix, AZ | 2 | Fixed | n/a | 15.0% | Jul-26 | n/a | 3 | 3 | |
| Loan 77 | Preferred | Dec-25 | Austin, TX | 1 | Fixed | n/a | 15.0% | Nov-26 | n/a | 4 | 4 | |
| Loan 78 | Preferred | Feb-26 | Austin, TX | 1 | Fixed | n/a | 15.0% | Feb-27 | n/a | 3 | 3 | |
| Total / W.A. multifamily loans | | | | $ 2,014 | | | 2.9% | 6.8% | May-29 | n/a | 3.0 | n/a |
p29 · table 17 · Loan Portfolio (Cont'd)
units=$ in millions; as of June 30, 2026, unless otherwise stated; at BRSP share · flavor=stream · camelot_accuracy=98.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Investment Type | Origination date | City, State | Carrying value | Coupon type | Cash coupon | Unlevered all-in yield(1) | Extended maturity date(13) | LTV | Q2'26 Risk ranking | Q1'26 Risk ranking | | |
|---|
| Office | | | | | | | | | | | | |
| Loan 79 | Senior | Jan-21 | Phoenix, AZ | $ 77 | Floating | S+3.7% | 7.3% | Aug-26 | 70% | 3 | 3 | |
| Loan 80 | Senior | Aug-18 | San Jose, CA | 74 | Floating | S+4.9% | 8.5% | Feb-27 | 69% | 3 | 3 | |
| Loan 81 | Senior | Feb-19 | Baltimore, MD | 59 | Floating | S+3.6% | 7.3% | Feb-27 | 74% | 3 | 3 | |
| Loan 82 | Senior | Nov-21 | Dallas, TX | 42 | Floating | S+4.0% | 7.6% | Dec-26 | 61% | 4 | 4 | |
| Loan 83 | Senior | May-22 | Plano, TX | 39 | Floating | S+4.3% | 7.9% | Jun-27 | 64% | 3 | 3 | |
| Loan 84 | Senior | Apr-22 | Plano, TX | 39 | Floating | S+4.1% | 7.8% | May-27 | 70% | 3 | 3 | |
| Loan 85 | Senior | Apr-22 | San Jose, CA | 32 | Floating | S+4.2% | 8.1% | Apr-27 | 70% | 3 | 3 | |
| Loan 86 | Senior | Oct-21 | Blue Bell, PA | 30 | Floating | S+3.8% | 7.4% | Apr-27 | 67% | 3 | 3 | |
| Loan 87 | Senior | Mar-22 | Blue Bell, PA | 29 | Floating | S+4.2% | 7.8% | Apr-27 | 59% | 3 | 3 | |
| Loan 88 | Senior | Feb-19 | Charlotte, NC | 27 | Floating | S+4.3% | 7.9% | Jul-26 | 56% | 3 | 3 | |
| Subtotal / W.A. top 10 office | | | | $ 447 | | | 4.1% | 7.7% | Jan-27 | n/a | 3.1 | n/a |
| Loan 89 | Senior | Dec-18 | Carlsbad, CA | 27 | Floating | S+3.9% | 7.5% | Dec-26 | 74% | 3 | 3 | |
| Loan 90 | Senior | Jul-21 | Denver, CO | 24 | Floating | S+5.0% | 8.7% | Aug-26 | 72% | 3 | 3 | |
| Loan 91 | Senior | Aug-19 | San Francisco, CA | 23 | Floating | S+2.9% | 6.6% | Sep-26 | 74% | 3 | 3 | |
| Loan 92 | Senior | Oct-21 | Burbank, CA | 18 | Floating | S+4.0% | 7.7% | Nov-26 | 65% | 3 | 3 | |
| Loan 93 * | Mezzanine | Feb-23 | Baltimore, MD | 15 | Fixed | n/a | n/a | Feb-27 | 84% – 85% | 3 | 3 | |
| Loan 94 | Senior | Nov-21 | Richardson, TX | 13 | Floating | S+4.1% | 7.8% | Dec-26 | 71% | 3 | 3 | |
| Loan 95 | Senior | Oct-20 | Denver, CO | 11 | Floating | S+3.7% | 7.4% | Nov-26 | 64% | 4 | 3 | |
| Loan 96 | Preferred | Dec-25 | Dallas, TX | 2 | Fixed | n/a | 15.0% | Dec-26 | n/a | 4 | 4 | |
| Loan 97 | Preferred | Sep-25 | San Francisco, CA | 1 | Fixed | n/a | 20.0% | Sep-26 | n/a | 3 | 3 | |
| Total / W.A. office loans | | | | $ 581 | | | 3.9% | 7.6% | Jan-27 | n/a | 3.1 | n/a |
| Mixed-use & Other | | | | | | | | | | | | |
| Loan 98 | Senior | Oct-19 | Brooklyn, NY | $ 79 | Floating | S+4.2% | 7.8% | Nov-26 | 66% | 3 | 3 | |
| Loan 99 | Senior | Jan-22 | New York, NY | 46 | Floating | S+3.5% | 7.2% | Feb-27 | 67% | 3 | 3 | |
| Loan 100 | Senior | May-22 | Brooklyn, NY | 29 | Floating | S+4.4% | 8.0% | Nov-28 | 68% | 3 | 3 | |
| Loan 101 | Senior | Apr-24 | South Pasadena, CA | 27 | Fixed | 20.0% | 20.0% | Sep-26 | 84% | 3 | 3 | |
| Loan 102 | Senior | Oct-25 | Venice, CA | 25 | Floating | S+4.8% | 8.9% | Oct-30 | 67% | 3 | 3 | |
| Loan 103 | Senior | Aug-21 | Los Angeles, CA | 16 | Floating | S+4.6% | 8.3% | Sep-26 | 66% | 3 | 3 | |
| Total / W.A. mixed-use & other loans | | | | $ 223 | | | 6.1% | 9.3% | Jul-27 | n/a | 3.0 | n/a |
| Industrial | | | | | | | | | | | | |
| Loan 104 | Senior | Mar-26 | Oklahoma City, OK | $ 32 | Floating | S+2.8% | 6.9% | Apr-31 | 56% | 3 | 3 | |
| Loan 105 | Senior | May-26 | Wilmer, TX | 19 | Floating | S+2.7% | 6.6% | May-31 | 44% | 3 | n/a | |
| Total / W.A. industrial loans | | | | $ 51 | | | 2.7% | 6.8% | Apr-31 | n/a | 3.0 | n/a |
| Hotel | | | | | | | | | | | | |
| Loan 106 | Senior | Mar-26 | Chicago, IL | $ 24 | Floating | S+3.2% | 7.3% | Apr-31 | 50% | 3 | 3 | |
| Total / W.A. hotel loans | | | | $ 24 | | | 3.2% | 7.3% | Apr-31 | n/a | 3.0 | n/a |
| Total / W.A. loan portfolio | | | | $ 2,894 | | | 3.3% | 7.2% | Oct-28 | n/a | 3.0 | n/a |
| General CECL reserves | | | | (100) | | | | | | | | |
| Total / W.A. loan portfolio, net of general CECL reserves | | | | $ 2,794 | | | | | | | | |
p30 · table 18 · Net Lease Real Estate & Other Real Estate
units=$ in millions; rentable square feet in thousands; as of June 30, 2026; at BRSP share · flavor=stream · camelot_accuracy=93.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| (At BRSP share) | Collateral type | City, State | Undepreciated carrying value | Undepreciated net carrying value | Q2'26 NOI | SL Rent* Receivable | # of properties | Rentable square feet ("RSF") / Units / Keys | W.A. % leased(17) | W.A. lease term (yrs)(18) | Final debt maturity | All-in COF |
|---|
| Net lease real estate | | | | | | | | | | | | |
| Net lease 1 | Industrial | Various - U.S. | $ 292 | $ 92 | $ 5.0 | $ 14.2 | 2 | 2,787 RSF | 100% | 12.1 | Sep-33 | 4.77% |
| Net lease 2 | Office | Aurora, CO | 55 | 27 | 1.0 | 0.3 | 1 | 184 RSF | 100% | 1.4 | Aug-26 | 4.08% |
| Net lease 3 | Office | Indianapolis, IN | 39 | 19 | 0.7 | 0.6 | 1 | 338 RSF | 100% | 4.5 | Oct-27 | 4.45% |
| Net lease 4** | Retail | Various - U.S. | 28 | -- | 0.6 | 0.1 | 6 | 270 RSF | 100% | 3.2 | Nov-26 & Mar-28 | 5.57% |
| Net lease 5 | Retail | Keene, NH | 7 | -- | 0.1 | 0.0 | 1 | 45 RSF | 100% | 2.6 | Nov-26 | 4.45% |
| Net lease 6 | Retail | South Portland, ME | 5 | 5 | 0.2 | 0.1 | 1 | 53 RSF | 100% | 5.6 | n/a | -- |
| Net lease 7** | Retail | Fort Wayne, IN | 3 | -- | 0.0 | -- | -- | n/a | n/a | n/a | Nov-26 | 4.45% |
| Total / W.A. net lease real estate | | | $ 429 | $ 143 | $ 7.7 | $ 15.2 | 12 | 3,677 RSF | 100% | 9.2 | n/a | n/a |
| Other real estate | | | | | | | | | | | | |
| Other RE 1 | Hotel | San Jose, CA | $ 144 | $ 144 | $ 1.4 | $ -- | 1 | 541 Keys | 71% | n/a | n/a | -- |
| Other RE 2 | Office | Creve Coeur, MO | 88 | -- | 2.3 | 2.8 | 7 | 848 RSF | 80% | 3.4 | Dec-28 | 4.47% |
| Other RE 3 | Multifamily | Dallas, TX | 45 | 45 | 0.0 | -- | 1 | 624 Units | 58% | n/a | n/a | -- |
| Other RE 4 *** | Multifamily (Pre-Dev) | Santa Clara, CA | 40 | 6 | (0.4) | -- | 1 | n/a | n/a | n/a | Jul-28 | 5.50% |
| Other RE 5 | Multifamily | Arlington, TX | 39 | 14 | 0.0 | -- | 1 | 436 Units | 74% | n/a | n/a | 6.30% |
| Other RE 6 | Multifamily | Fort Worth, TX | 37 | 32 | 0.3 | -- | 1 | 354 Units | 90% | n/a | n/a | 6.30% |
| Other RE 7 | Multifamily | Mesa, AZ | 25 | 6 | 0.5 | -- | 1 | 285 Units | 93% | n/a | n/a | 6.30% |
| Total / W.A. other real estate | | | $ 418 | $ 246 | $ 4.1 | $ 2.8 | 13 | n/a | 75% | 3.4 | n/a | n/a |
| Total / W.A. net lease real estate and other real estate | | | $ 847 | $ 389 | $ 11.8 | $ 18.1 | 25 | n/a | 88% | 8.2 | n/a | n/a |
p31 · table 19 · CONSOLIDATED BALANCE SHEET
units=(none) · flavor=stream · camelot_accuracy=93.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
p32 · table 20 · CONSOLIDATED STATEMENT OF OPERATIONS
units=(none) · flavor=stream · camelot_accuracy=89.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
p33 · table 21 · CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT
units=(none) · flavor=stream · camelot_accuracy=88.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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) |
p34 · table 22 · Reconciliation of consolidated balance sheet to at share balance sheet
units=In thousands, except per share data; as of June 30, 2026; unaudited; per share data may differ due to rounding · flavor=stream · camelot_accuracy=99.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Consolidated | NCI(22) | At BRSP share(23) |
|---|
| Assets | | | |
| Loans and preferred equity held for investment, net | $ 2,795,005 | $ - | $ 2,795,005 |
| Real estate, net | 450,338 | 4,126 | 446,212 |
| Deferred leasing costs and intangible assets, net | 4,337 | 188 | 4,149 |
| Assets held for sale | 248,418 | - | 248,418 |
| Cash, restricted cash, receivables and other assets | 249,635 | (13,792) | 263,427 |
| Total assets | $ 3,747,733 | $ (9,478) | $ 3,757,211 |
| Liabilities | | | |
| Securitization bonds payable, net | $ 1,407,850 | $ - | $ 1,407,850 |
| Mortgage and other notes payable, net | 211,604 | 3,905 | 207,699 |
| Credit facilities | 926,225 | - | 926,225 |
| Liabilities related to assets held for sale | 200,000 | - | 200,000 |
| Other liabilities, escrow deposits payable and dividends payable | 152,673 | 216 | 152,457 |
| Total liabilities | $ 2,898,352 | $ 4,121 | $ 2,894,231 |
| Total equity | $ 849,381 | $ (13,599) | $ 862,980 |
| Total liabilities and equity | $ 3,747,733 | $ (9,478) | $ 3,757,211 |
| Total common shares | 126,790 | 126,790 | 126,790 |
| GAAP net book value per share | $ 6.70 | $ (0.11) | $ 6.81 |
| Accumulated depreciation and amortization(10) | $ 194,081 | $ 2,845 | $ 191,236 |
| Accumulated depreciation and amortization per share(10) | $ 1.53 | $ 0.02 | $ 1.51 |
| Non-GAAP impairment of real estate(11) | $ (28,450) | $ (1,714) | $ (26,736) |
| Non-GAAP impairment of real estate(11) | $ (0.22) | $ (0.01) | $ (0.21) |
| Undepreciated book value | $ 1,015,012 | $ (12,468) | $ 1,027,480 |
| Undepreciated book value per share | $ 8.01 | $ (0.10) | $ 8.10 |
p35 · table 23 · Reconciliation of GAAP net book value to undepreciated book value
units=(none) · flavor=stream · camelot_accuracy=94.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
p35 · table 24 · Impairment attributable to BrightSpire Capital, Inc.
units=(none) · flavor=stream · camelot_accuracy=90.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| As of June 30, 2026 | As of December 31, 2025 |
|---|
| Impairment attributable to BrightSpire Capital, Inc. | $ 9,270 | $ 61,620 |
| Adjustments: | | |
| Current year non-GAAP impairment of 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 |
p36 · table 25 · Reconciliation of GAAP net loss to Distributable Earnings and Adjusted Distributable Earnings
units=(none) · flavor=stream · camelot_accuracy=99.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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 |
p36 · table 26 · Distributable Earnings to Adjusted Distributable Earnings reconciliation
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended June 30, 2026 |
|---|
| Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders | $ 15,794 |
| Adjustments: | |
| Specific CECL reserves | 987 |
| Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders | $ 16,781 |
| Adjusted Distributable Earnings per share(24) | $ 0.13 |
| Weighted average number of common shares(24) | 130,258 |
p37 · table 27 · Reconciliation of GAAP net loss to NOI
units=(none) · flavor=stream · camelot_accuracy=84.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended June 30, 2026 |
|---|
| Net loss attributable to BrightSpire Capital, Inc. common stockholders | $ (18,334) |
| Adjustments: | |
| Net loss attributable to non-net leased and other real estate portfolios(25) | 9,567 |
| Net loss attributable to noncontrolling interests in investment entities | (1,850) |
| Amortization of above- and below-market lease intangibles | 3 |
| Net interest expense | 39 |
| Interest expense on real estate | 5,121 |
| Other income | (153) |
| Transaction, investment and servicing expense | 79 |
| Depreciation and amortization | 8,154 |
| Impairment of operating real estate | 9,270 |
| Operating expense | 1 |
| Other loss on investments, net | 27 |
| NOI attributable to noncontrolling interest in investment entities | (123) |
| Total NOI attributable to BrightSpire Capital, Inc. common stockholders | $ 11,801 |