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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-38377
BRIGHTSPIRE CAPITAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland38-4046290
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
590 Madison Avenue, 33rd Floor
New York, NY 10022
(Address of Principal Executive Offices, Including Zip Code)
(212547-2631
(Registrant’s Telephone Number, Including Area Code)
Colony Credit Real Estate, Inc.
515 S. Flower Street, 44th Floor
Los Angeles, California 90071
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.01 per shareBRSPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
As of August 4, 2021, BrightSpire Capital, Inc. had 129,759,132 shares of Class A common stock, par value $0.01 per share, outstanding


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BRIGHTSPIRE CAPITAL, INC.
FORM 10-Q
TABLE OF CONTENTS

IndexPage









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Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement.
Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company, its borrowers and tenants, the real estate market and the global economy and financial markets. The extent to which the COVID-19 pandemic impacts us, our borrowers and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, the availability and acceptance of effective vaccines, and the direct and indirect economic effects of the pandemic and containment measures, among others.
Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements:
operating costs and business disruption may be greater than expected;
the novel coronavirus pandemic, measures intended to prevent its spread and government actions to mitigate its economic impact have had and may continue to have a material adverse effect on our business, results of operations and financial condition;
we depend on borrowers and tenants for a substantial portion of our revenue and, accordingly, our revenue and our ability to make distributions to stockholders will be dependent upon the success and economic viability of such borrowers and tenants;
deterioration in the performance of the properties securing our investments (including depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations) that may cause deterioration in the performance of our investments and, potentially, principal losses to us (including, but not limited to, the Los Angeles mixed-use development loan, other hospitality loans and Dublin development financings);
the fair value of our investments may be subject to uncertainties or decrease;
our ability to realize the anticipated benefits from the internalization of management following the termination of our relationship with our former external manager;
the ability to realize substantial efficiencies as well as anticipated strategic and financial benefits, including, but not limited to expected returns on equity and/or yields on investments;
adverse impacts on our corporate revolver, including covenant compliance and borrowing base capacity;
adverse impacts on our liquidity, including margin calls on master repurchase facilities, debt service or lease payment defaults or deferrals, demands for protective advances and capital expenditures;
our real estate investments are relatively illiquid and we may not be able to vary our portfolio in response to changes in economic and other conditions, which may result in losses to us;
the timing of and ability to deploy available capital;
we have not established a minimum distribution payment level, and we cannot assure you of our ability to pay distributions in the future;
the timing of and ability to complete repurchases of our stock;
we are subject to risks associated with obtaining mortgage financing on our real estate, which could materially adversely affect our business, financial condition and results of operations and our ability to make distributions to stockholders;
the impact of legislative, regulatory and competitive changes and the actions of governmental authorities, and in particular those affecting the commercial real estate finance and mortgage industry or our business.
The foregoing list of factors is not exhaustive. We urge you to carefully review the disclosures we make concerning risks in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, the section entitled “Risk Factors” in our Form 10-Q for the quarter ended June 30, 2021 herein and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein.
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We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. The Company is under no duty to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.

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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share and Per Share Data)
June 30, 2021 (Unaudited)December 31, 2020
Assets
Cash and cash equivalents$210,182 $474,817 
Restricted cash81,837 65,213 
Loans and preferred equity held for investment2,852,935 2,220,688 
Allowance for loan losses(42,152)(37,191)
Loans and preferred equity held for investment, net2,810,783 2,183,497 
Real estate securities, available for sale, at fair value4,045 10,389 
Real estate, net811,966 839,257 
Investments in unconsolidated ventures ($4,876 and $6,883 at fair value, respectively)
313,424 373,364 
Receivables, net110,698 37,375 
Deferred leasing costs and intangible assets, net70,419 75,700 
Assets held for sale27,615 323,356 
Other assets88,699 60,900 
Mortgage loans held in securitization trusts, at fair value912,115 1,768,069 
Total assets$5,441,783 $6,211,937 
Liabilities
Securitization bonds payable, net$836,234 $835,153 
Mortgage and other notes payable, net764,522 1,022,757 
Credit facilities1,002,789 535,224 
Due to related party (Note 10) 10,060 
Accrued and other liabilities84,939 96,578 
Intangible liabilities, net6,934 7,657 
Liabilities related to assets held for sale 323 
Escrow deposits payable67,472 36,973 
Dividends payable18,597  
Mortgage obligations issued by securitization trusts, at fair value872,605 1,708,534 
Total liabilities3,654,092 4,253,259 
Commitments and contingencies (Note 16)
Equity
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
  
Common stock, $0.01 par value per share
Class A, 950,000,000 shares authorized, 129,759,132 and 128,564,930 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
1,298 1,286 
Additional paid-in capital2,851,916 2,844,023 
Accumulated deficit(1,377,412)(1,234,224)
Accumulated other comprehensive income48,812 54,588 
Total stockholders’ equity1,524,614 1,665,673 
Noncontrolling interests in investment entities227,380 253,225 
Noncontrolling interests in the Operating Partnership35,697 39,780 
Total equity1,787,691 1,958,678 
Total liabilities and equity$5,441,783 $6,211,937 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).

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BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands)

The following table presents assets and liabilities of securitization trusts and certain real estate properties that have noncontrolling interests as variable interest entities for which the Company is determined to be the primary beneficiary.
June 30, 2021 (Unaudited)December 31, 2020
Assets
Cash and cash equivalents$10,228 $19,248 
Restricted cash11,296 15,397 
Loans and preferred equity held for investment, net929,192 919,681 
Real estate, net408,214 413,057 
Investments in unconsolidated ventures194,475 252,384 
Receivables, net88,182 25,127 
Deferred leasing costs and intangible assets, net48,098 52,240 
Other assets21,922 21,984 
Mortgage loans held in securitization trusts, at fair value908,764 1,768,069 
Total assets$2,620,371 $3,487,187 
Liabilities
Securitization bonds payable, net$836,234 $835,153 
Mortgage and other notes payable, net377,918 399,337 
Accrued and other liabilities80,904 98,576 
Intangible liabilities, net6,934 7,657 
Escrow deposits payable3,677 3,591 
Mortgage obligations issued by securitization trusts, at fair value869,254 1,708,534 
Total liabilities$2,174,921 $3,052,848 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net interest income
Interest income$37,921 $39,508 $72,295 $85,612 
Interest expense(12,993)(16,745)(25,488)(37,489)
Interest income on mortgage loans held in securitization trusts11,390 20,539 31,079 41,094 
Interest expense on mortgage obligations issued by securitization trusts(10,111)(18,364)(27,447)(36,423)
Net interest income26,207 24,938 50,439 52,794 
Property and other income
Property operating income24,799 43,722 50,521 96,235 
Other income (loss)1,110 (8,360)1,155 1,049 
Total property and other income25,909 35,362 51,676 97,284 
Expenses
Management fee expense2,338 7,206 9,596 15,152 
Property operating expense6,758 16,311 14,869 38,842 
Transaction, investment and servicing expense644 2,907 2,932 6,041 
Interest expense on real estate7,777 11,818 16,410 24,896 
Depreciation and amortization9,994 14,020 19,533 31,996 
Provision for loan losses1,200 (51)4,425 69,881 
Impairment of operating real estate 25,935  30,061 
Administrative expense (including $5,443, $1,549, $9,705 and $1,891 of equity-based compensation expense, respectively)
14,053 6,751 26,648 13,789 
Restructuring charges150  109,321  
Total expenses42,914 84,897 203,734 230,658 
Other income (loss)
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net19,516 (8,975)28,154 (28,427)
Realized loss on mortgage loans and obligations held in securitization trusts, net(19,516) (19,516) 
Other gain (loss), net836 (119,633)9,203 (139,795)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes10,038 (153,205)(83,778)(248,802)
Equity in earnings (loss) of unconsolidated ventures(33,788)(85,277)(36,266)(68,110)
Income tax benefit (expense)134 (2,102)1,935 (3,813)
Net loss(23,616)(240,584)(118,109)(320,725)
Net loss attributable to noncontrolling interests:
Investment entities3,459 8,107 3,685 7,584 
Operating Partnership437 5,418 2,390 7,310 
Net loss attributable to BrightSpire Capital, Inc. common stockholders$(19,720)$(227,059)$(112,034)$(305,831)
Net loss per common share - basic and diluted (Note 18)
$(0.15)$(1.77)$(0.87)$(2.38)
Weighted average shares of common stock outstanding - basic and diluted (Note 18)
128,298 128,539 128,297 128,513 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).


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BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in Thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net loss$(23,616)$(240,584)$(118,109)$(320,725)
Other comprehensive income (loss)
Unrealized gain (loss) on real estate securities, available for sale 58,510 (200)(16,519)
Change in fair value of net investment hedges   21,764 
Foreign currency translation gain (loss)2,213 11,097 (6,319)(8,339)
Total other comprehensive income (loss)2,213 69,607 (6,519)(3,094)
Comprehensive loss(21,403)(170,977)(124,628)(323,819)
Comprehensive (income) loss attributable to noncontrolling interests:
Investment entities3,123 7,850 4,125 7,327 
Operating Partnership526 4,014 2,694 7,608 
Comprehensive loss attributable to common stockholders$(17,754)$(159,113)$(117,809)$(308,884)

























The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(in Thousands)
(Unaudited)

Common StockAdditional
Paid-in
Capital
Retained
Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Income
Total
Stockholders’
Equity
Noncontrolling Interests in Investment EntitiesNoncontrolling Interests in the Operating PartnershipTotal
Equity
Class A
SharesAmount
Balance as of December 31, 2019128,539 $1,285 $2,909,181 $(819,738)$28,294 $2,119,022 $31,631 $50,697 $2,201,350 
Distributions— — — — — — (11,013)— (11,013)
Issuance and amortization of equity-based compensation— — 342 — — 342 — — 342 
Other comprehensive income— — — — (70,999)(70,999)— (1,702)(72,701)
Dividends and distributions declared ($0.30 per share)
— — — (38,541)— (38,541)— (922)(39,463)
Shares canceled for tax withholding on vested stock awards(173)(1)(1,686)— — (1,687)— — (1,687)
Reallocation of equity— — (41)— — (41)— 41 — 
Costs of noncontrolling equity— — — — — — — — — 
Investment by JV partner in consolidated JV and equity reallocation related to that partner's return (see Note 2)— — — — — — — — — 
Effect of CECL Adoption (see Note 2)
— — — (22,644)— (22,644)— (542)(23,186)
Net income (loss)— — — (78,772)— (78,772)523 (1,892)(80,141)
Balance as of March 31, 2020128,366 $1,284 $2,907,796 $(959,695)$(42,705)$1,906,680 $21,141 $45,680 $1,973,501 
Contributions— — — — — — 200,467 — 200,467 
Distributions— — — — — — (3,156)— (3,156)
Issuance and amortization of equity-based compensation237 2 1,547 — — 1,549 — — 1,549 
Other comprehensive income— — — — 67,946 67,946 257 1,404 69,607 
Dividends and distributions declared ($0.10 per share)
— — — — — — — — — 
Shares canceled for tax withholding on vested stock awards(20)— (81)— — (81)— — (81)
Reallocation of equity— — 1,777 — — 1,777 — (1,777)— 
Costs of noncontrolling equity— — (466)— — (466)— — (466)
Investments by JV partner in consolidated JV and equity reallocation to that partner's return (see Note 2)— — (70,439)— — (70,439)70,439 — — 
Net income (loss)— — — (227,059)— (227,059)(8,107)(5,418)(240,584)
Balance as of June 30, 2020128,583 $1,286 $2,840,134 $(1,186,754)$25,241 $1,679,907 $281,041 $39,889 $2,000,837 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).






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BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(in Thousands)
(Unaudited)

Common StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive IncomeTotal Stockholders’ EquityNoncontrolling Interests in Investment EntitiesNoncontrolling Interest in the Operating PartnershipTotal Equity
Class A
SharesAmount
Balance as of December 31, 2020128,565 $1,286 $2,844,023 $(1,234,224)$54,588 $1,665,673 $253,225 $39,780 $1,958,678 
Contributions— — — — — — 1,384 — 1,384 
Distributions— — — — — — (10,794)— (10,794)
Issuance and amortization of equity-based compensation1,420 14 4,248