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 the text 'Q2'26 Adjusted Distributable Earnings Per Share*' printed below the $0.13 value in the Financial Results section.
• (4,4) defect 'Q2'26 Quarterly Dividend Per Share': The image shows the text 'Q2'26 Quarterly Dividend Per Share' printed below the $0.16 value in the Financial Results section.

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)
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 capitalization $3.8B: Securitization bonds payable (non-recourse) 37%, Stockholders' equity (undepreciated) 27%, Master repurchase facilities (limited recourse) 23%, Mortgage debt (non-recourse) 10%, Corporate revolving credit facility (recourse) 2%, Other debt (non-recourse) 1%
Total Debt Outstanding (UPB) ($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	--
3/31/26 Undepreciated BVPS	Share Repurchases	Change in CECL Reserve	RE Impairment*	Earnings less Dividends & Other**	6/30/26 Undepreciated BVPS
$8.24	$0.08	($0.11)	($0.07)	($0.03)	$8.10

Flagged decisions

• (7,2) unverified '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%': The image shows a pie chart with a legend on the right side of the Capital Structure section; the legend lists the capital structure components with percentages (Securitization bonds payable 37%, Stockholders' equity 27%, Master repurchase facilities 23%, Mortgage debt 10%, Corporate revolving credit facility 2%, Other debt 1%), and the chart center displays 'Total capitalization $3.8B'.
• (15,0) unverified 'Per Share / Basis Points ("BPS")(7)': The image shows the text 'Per Share / Basis Points ("BPS")(7)' printed as a row label in the Key Financial Metrics table, below the 'CECL Reserve (General) ($M)' row.

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: LOAN PORTFOLIO WATCH LIST MIGRATION

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 / % Change vs. Q1'26 (2%)		Total REO	$268 / % Change vs. Q1'26 (20%)

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-p20-t1: capacity under existing financing facilities including $30M of corporate revolver availability and $1.4B of repurchase facilities availability(3)

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

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 table on the page begins with column headers 'June 30, 2026 (Unaudited)' and 'December 31, 2025' but shows no printed header text above the leftmost column containing item names.
• (24,0) defect 'Stockholders' equity': The page prints 'Stockholders' equity' in italics as a section header/label at this position in the table.
• (30,0) defect 'Total stockholders' equity': The page prints 'Total stockholders' equity' as a row label at this position in the table.

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 first column header position; the table begins directly with the period headers.

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.