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ategicPortfolioMember2021-09-300001717547brsp:NetLeaseFiveMemberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseFourMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseFourMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseThreeMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseThreeMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseSixMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseSixMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseSixMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2020-12-310001717547brsp:NetLeaseFiveMemberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinCorePortfolioMember2021-09-300001717547brsp:NetLeaseFiveMemberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinCorePortfolioMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseOneMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseOneMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyPropertiesinLegacyNonStrategicPortfolioMemberbrsp:NetLeaseOneMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyPropertiesinLegacyNonStrategicPortfolioMemberbrsp:NetLeaseOneMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseOneMemberbrsp:CollateralizedbyOnePropertyinCorePortfolioMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:NetLeaseOneMemberbrsp:CollateralizedbyOnePropertyinCorePortfolioMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinCorePortfolioMemberbrsp:NetLeaseTwoMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinCorePortfolioMemberbrsp:NetLeaseTwoMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinCorePortfolioMemberbrsp:NetLeaseThreeMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinCorePortfolioMemberbrsp:NetLeaseThreeMember2020-12-310001717547brsp:OtherRealEstate1Memberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2021-09-300001717547brsp:OtherRealEstate1Memberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2020-12-310001717547brsp:OtherRealEstate3Memberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2021-09-300001717547brsp:OtherRealEstate3Memberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2020-12-310001717547brsp:OtherRealEstate6Memberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001717547brsp:OtherRealEstate6Memberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2021-09-300001717547brsp:OtherRealEstate6Memberbrsp:MortgageandOtherNotesPayableNetMemberbrsp:CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:Loan9Memberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:Loan9Member2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMemberbrsp:Loan9Member2020-12-310001717547brsp:MortgageandOtherNotesPayableNetMember2021-09-300001717547brsp:MortgageandOtherNotesPayableNetMember2020-12-310001717547us-gaap:LineOfCreditMemberbrsp:BankCreditFacilityMember2021-09-300001717547us-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-09-300001717547brsp:BankCreditFacilityMemberus-gaap:LineOfCreditMemberbrsp:BankCreditFacilityMember2021-09-300001717547brsp:BankCreditFacilityMemberus-gaap:LineOfCreditMemberbrsp:BankCreditFacilityMember2020-12-310001717547brsp:BankCreditFacilityMemberus-gaap:Line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Table of Contents
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 September 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)

(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 November 2, 2021, BrightSpire Capital, Inc. had 129,764,822 shares of Class A common stock, par value $0.01 per share, outstanding



Table of Contents

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

IndexPage









Table of Contents
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, tax 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 September 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)
September 30, 2021 (Unaudited)December 31, 2020
Assets
Cash and cash equivalents$208,711 $474,817 
Restricted cash70,304 65,213 
Loans and preferred equity held for investment3,166,236 2,220,688 
Allowance for loan losses(42,730)(37,191)
Loans and preferred equity held for investment, net3,123,506 2,183,497 
Real estate securities, available for sale, at fair value3,945 10,389 
Real estate, net791,946 839,257 
Investments in unconsolidated ventures ($4,848 and $6,883 at fair value, respectively)
204,428 373,364 
Receivables, net57,789 37,375 
Deferred leasing costs and intangible assets, net67,316 75,700 
Assets held for sale44,218 323,356 
Other assets66,051 60,900 
Mortgage loans held in securitization trusts, at fair value840,341 1,768,069 
Total assets$5,478,555 $6,211,937 
Liabilities
Securitization bonds payable, net$1,500,223 $835,153 
Mortgage and other notes payable, net764,731 1,022,757 
Credit facilities558,462 535,224 
Due to related party (Note 10) 10,060 
Accrued and other liabilities92,341 96,578 
Intangible liabilities, net6,574 7,657 
Liabilities related to assets held for sale 323 
Escrow deposits payable54,866 36,973 
Dividends payable21,234  
Mortgage obligations issued by securitization trusts, at fair value800,831 1,708,534 
Total liabilities3,799,262 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 September 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 September 30, 2021 and December 31, 2020, respectively
1,298 1,286 
Additional paid-in capital2,854,626 2,844,023 
Accumulated deficit(1,468,231)(1,234,224)
Accumulated other comprehensive income44,886 54,588 
Total stockholders’ equity1,432,579 1,665,673 
Noncontrolling interests in investment entities213,243 253,225 
Noncontrolling interests in the Operating Partnership33,471 39,780 
Total equity1,679,293 1,958,678 
Total liabilities and equity$5,478,555 $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.
September 30, 2021 (Unaudited)December 31, 2020
Assets
Cash and cash equivalents$10,983 $19,248 
Restricted cash13,456 15,397 
Loans and preferred equity held for investment, net1,729,782 919,681 
Real estate, net405,108 413,057 
Investments in unconsolidated ventures199,279 252,384 
Receivables, net42,905 25,127 
Deferred leasing costs and intangible assets, net46,302 52,240 
Other assets22,697 21,984 
Mortgage loans held in securitization trusts, at fair value840,341 1,768,069 
Total assets$3,310,853 $3,487,187 
Liabilities
Securitization bonds payable, net$1,500,223 $835,153 
Mortgage and other notes payable, net377,138 399,337 
Accrued and other liabilities72,869 98,576 
Intangible liabilities, net6,574 7,657 
Escrow deposits payable5,258 3,591 
Mortgage obligations issued by securitization trusts, at fair value800,831 1,708,534 
Total liabilities$2,762,893 $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 September 30,Nine Months Ended September 30,
2021202020212020
Net interest income
Interest income$47,082 $36,391 $119,377 $122,003 
Interest expense(14,962)(13,426)(40,450)(50,915)
Interest income on mortgage loans held in securitization trusts10,806 20,462 41,885 61,556 
Interest expense on mortgage obligations issued by securitization trusts(9,508)(18,204)(36,955)(54,627)
Net interest income33,418 25,223 83,857 78,017 
Property and other income
Property operating income26,376 41,678 76,897 137,913 
Other income946 30 2,101 1,079 
Total property and other income27,322 41,708 78,998 138,992 
Expenses
Management fee expense 7,083 9,596 22,235 
Property operating expense7,266 15,277 22,135 54,119 
Transaction, investment and servicing expense1,086 1,627 4,018 7,668 
Interest expense on real estate7,968 12,205 24,378 37,101 
Depreciation and amortization8,850 14,770 28,383 46,766 
Provision for loan losses769 10,404 5,194 80,285 
Impairment of operating real estate 3,451  33,512 
Administrative expense (including $2,695, $1,376, $12,379 and $3,268 of equity-based compensation expense, respectively)
11,812 5,780 38,460 19,569 
Restructuring charges  109,321  
Total expenses37,751 70,597 241,485 301,255 
Other income (loss)
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net3,867 (13,162)32,021 (41,589)
Realized loss on mortgage loans and obligations held in securitization trusts, net(3,867) (23,383) 
Other gain (loss), net3,309 9,680 12,512 (130,115)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes26,298 (7,148)(57,480)(255,950)
Equity in earnings (loss) of unconsolidated ventures(95,977)(1,779)(132,243)(69,889)
Income tax benefit (expense)(2,065)15,357 (130)11,544 
Net income (loss)(71,744)6,430 (189,853)(314,295)
Net (income) loss attributable to noncontrolling interests:
Investment entities61 (1,222)3,746 6,362 
Operating Partnership1,626 (201)4,016 7,109 
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders$(70,057)$5,007 $(182,091)$(300,824)
Net income (loss) per common share - basic and diluted (Note 18)
$(0.54)$0.04 $(1.42)$(2.34)
Weighted average shares of common stock outstanding - basic and diluted (Note 18)
128,693 128,583 128,430 128,537 
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 September 30,Nine Months Ended September 30,
2021202020212020
Net income (loss)$(71,744)$6,430 $(189,853)$(314,295)
Other comprehensive income (loss)
Unrealized gain (loss) on real estate securities, available for sale 4,291 (200)(12,228)
Change in fair value of net investment hedges   21,764 
Foreign currency translation gain (loss)(3,900)12,656 (10,219)4,315 
Total other comprehensive income (loss)(3,900)16,947 (10,419)13,851 
Comprehensive income (loss)(75,644)23,377 (200,272)(300,444)
Comprehensive (income) loss attributable to noncontrolling interests:
Investment entities(58)(2,138)4,067 5,189 
Operating Partnership1,719 (519)4,413 7,091 
Comprehensive income (loss) attributable to common stockholders$(73,983)$20,720 $(191,792)$(288,164)

























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)—