0001717547-22-000046 | 10-Q | XBRL Viewer

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Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) variableInterestEntity property	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) property
Variable Interest Entity [Line Items]
Number of properties held-for-sale (in properties) \| property	0		2
Conversion of stock, conversion ratio	1
Cash equivalents	$ 0		$ 0
Loans held for sale	0		$ 0
Loss from sale of securities	0	$ (131,000)
Income tax expense (benefit)	36,000	(1,801,000)
CRE securities \| CRE Securities
Variable Interest Entity [Line Items]
Loss from sale of securities	$ 0	$ 1,000,000
Unconsolidated VIEs \| Third Party Joint Venture Partners \| Minimum
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)	5.00%		5.00%
Unconsolidated VIEs \| Third Party Joint Venture Partners \| Maximum
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)	11.00%		11.00%
Primary Beneficiary
Variable Interest Entity [Line Items]
Number of investing VIEs (in variable interest entities) \| variableInterestEntity	1

Noncontrolling Interests	3 Months Ended
Noncontrolling Interests	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Operating Partnership Noncontrolling interests include the aggregate limited liability interests in the OP, which were held by an affiliate of DigitalBridge through February 2022 which such entity was sold to an unaffiliated third party. Net income (loss) attributable to the noncontrolling interests is based on such members ownership percentage of the OP. Net income attributable to the noncontrolling interests of the OP was $0.7 million for the three months ended March 31, 2022 and net loss attributable to the noncontrolling interests of the OP was $2.0 million for the three months ended March 31, 2021. Investment Entities Noncontrolling interests in investment entities represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income attributable to noncontrolling interests in the investment entities was de minimis for the three months ended March 31, 2022 and net loss attributable to noncontrolling interests in the investment entities was $0.2 million for the three months ended March 31, 2021

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Distributions Declared

During the three months ended March 31, 2022, the Company declared the following dividend on its common stock:

Declaration Date

Record Date

Payment Date

Per Share

March 15, 2022

March 31, 2022

April 15, 2022

$0.19

Reclassification out of Accumulated Other Comprehensive Income

The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders and noncontrolling interests in the OP, net of immaterial tax effect.

Changes in Components of AOCI - Stockholders


(in thousands)	Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total














AOCI at December 31, 2021	$	17,893	$	(9,107)	$	8,786
Other comprehensive income	—		660		660


AOCI at March 31, 2022	$	17,893	$	(8,447)	$	9,446


(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total










AOCI at December 31, 2020	$	275	$	47,127	$	7,186	$	54,588
Other comprehensive income (loss) before reclassification	(1,035)		—		(7,467)		(8,502)
Amounts reclassified from AOCI	760		—		—		760
Net current period OCI	(275)		—		(7,467)		(7,742)
AOCI at March 31, 2021	$	—	$	47,127	$	(281)	$	46,846

Changes in Components of AOCI - Noncontrolling Interests in the OP


(in thousands)	Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total














AOCI at December 31, 2021	$	710	$	(872)	$	(162)
Other comprehensive income	—		16		16


AOCI at March 31, 2022	$	710	$	(856)	$	(146)


(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain (loss) on net investment hedges		Foreign currency translation loss		Total










AOCI at December 31, 2020	$	(73)	$	1,403	$	(272)	$	1,058
Other comprehensive income (loss)	98		—		(288)		(190)
Amounts reclassified from AOCI	(25)		—		—		(25)
Net current period OCI	73		—		(288)		(215)
AOCI at March 31, 2021	$	—	$	1,403	$	(560)	$	843

Changes in Components of AOCI - Noncontrolling Interests in investment entities


(in thousands)	Foreign currency translation gain (loss)		Total










AOCI at December 31, 2021	$	1,872	$	1,872
Other comprehensive income before reclassification	—		—
Amounts reclassified from AOCI	(1,872)		(1,872)
Net current period OCI	(1,872)		(1,872)
AOCI at March 31, 2022	$	—	$	—


(in thousands)	Foreign currency translation gain (loss)		Total
AOCI at December 31, 2020	$	2,193	$	2,193
Other comprehensive income (loss)	(776)		(776)
AOCI at March 31, 2021	$	1,417	$	1,417

The following table presents the details of the reclassifications from AOCI for the three months ended March 31, 2021:

(in thousands)

Component of AOCI reclassified into earnings

Three Months Ended March 31, 2021

Affected Line Item in the Consolidated Statements of Operations

Realized gain on sale of real estate securities

104

Other gain, net

Impairment of real estate securities

(967)

Other gain, net

Investments in Unconsolidated Ventures - Narrative (Details)	Mar. 31, 2022
Minimum
Schedule of Equity Method Investments [Line Items]
Investments fair value option, ownership percentage (in percentage)	1.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Investments fair value option, ownership percentage (in percentage)	15.60%

Deferred Leasing Costs and Other Intangibles (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands):


	March 31, 2022
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	77,911	$	(32,081)	$	45,830
Deferred leasing costs	28,395		(13,728)		14,667
Above-market lease values	8,359		(6,159)		2,200
	$	114,665	$	(51,968)	$	62,697
Intangible Liabilities
Below-market lease values	$	16,075	$	(10,197)	$	5,878


	December 31, 2021
	Carrying Amount		Accumulated Amortization		Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	81,869	$	(34,555)	$	47,314
Deferred leasing costs	29,863		(14,701)		15,162
Above-market lease values	10,171		(7,666)		2,505
	$	121,903	$	(56,922)	$	64,981
Intangible Liabilities
Below-market lease values	$	16,166	$	(9,942)	$	6,224

_________________________________________

(1)Excludes deferred leasing costs and intangible assets and intangible liabilities related to assets held for sale at December 31, 2021.

Schedule of Deferred Leasing Costs


	March 31, 2022
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	77,911	$	(32,081)	$	45,830
Deferred leasing costs	28,395		(13,728)		14,667
Above-market lease values	8,359		(6,159)		2,200
	$	114,665	$	(51,968)	$	62,697
Intangible Liabilities
Below-market lease values	$	16,075	$	(10,197)	$	5,878


	December 31, 2021
	Carrying Amount		Accumulated Amortization		Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	81,869	$	(34,555)	$	47,314
Deferred leasing costs	29,863		(14,701)		15,162
Above-market lease values	10,171		(7,666)		2,505
	$	121,903	$	(56,922)	$	64,981
Intangible Liabilities
Below-market lease values	$	16,166	$	(9,942)	$	6,224

_________________________________________

(1)Excludes deferred leasing costs and intangible assets and intangible liabilities related to assets held for sale at December 31, 2021.

Schedule of Deferred Costs and Other Intangible Assets and Liabilities

The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three months ended March 31, 2022 and 2021 (dollars in thousands):


	Three Months Ended March 31,
	2022		2021
Above-market lease values	$	(288)	$	(404)
Below-market lease values	330		222
Net increase (decrease) to property operating income	$	42	$	(182)

In-place lease values	$	1,602	$	1,765
Deferred leasing costs	806		620
Other intangibles	—		43
Amortization expense	$	2,408	$	2,428

Schedule of Future Amortization Expense

The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, for each of the next five years and thereafter as of March 31, 2022 (dollars in thousands):



	2022		2023		2024		2025		2026		2027 and thereafter		Total
Above-market lease values	$	763	$	578	$	451	$	272	$	93	$	43	$	2,200
Below-market lease values	(1,039)		(1,379)		(1,379)		(1,377)		(704)		—		(5,878)
Net increase (decrease) to property operating income	$	(276)	$	(801)	$	(928)	$	(1,105)	$	(611)	$	43	$	(3,678)

In-place lease values	$	4,526	$	5,275	$	4,975	$	4,290	$	3,456	$	23,308	$	45,830
Deferred leasing costs	2,225		2,536		2,229		1,823		943		4,911		14,667
Amortization expense	$	6,751	$	7,811	$	7,204	$	6,113	$	4,399	$	28,219	$	60,497

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summary of Segment Reporting

The following tables present segment reporting for the three months ended March 31, 2022 and 2021 (dollars in thousands):


	Senior and Mezzanine Loans and Preferred Equity		CRE Debt Securities		Net Leased and Other Real Estate		Corporate(1)		Total
Three Months Ended March 31, 2022
Net interest income (expense)	$	29,365	$	886	$	—	$	(866)	$	29,385
Property and other income	121		133		24,168		22		24,444
Property operating expense	—		—		(6,724)		—		(6,724)
Transaction, investment and servicing expense	(1,051)		—		(100)		27		(1,124)
Interest expense on real estate	—		—		(7,556)		—		(7,556)
Depreciation and amortization	—		—		(8,551)		(43)		(8,594)
Decrease of current expected credit loss reserve	866		—		—		—		866

Compensation and benefits	—		—		—		(8,225)		(8,225)
Operating expense	(152)		(40)		(32)		(4,125)		(4,349)

Other gain (loss), net	(129)		—		10,369		48		10,288
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	29,020		979		11,574		(13,162)		28,411
Equity in earnings (loss) of unconsolidated ventures	25		—		—		—		25
Income tax benefit (expense)	63		—		(99)		—		(36)
Net income (loss)	$	29,108	$	979	$	11,475	$	(13,162)	$	28,400


	Senior and Mezzanine Loans and Preferred Equity		CRE Debt Securities		Net Leased and Other Real Estate		Corporate(1)		Total
Three Months Ended March 31, 2021
Net interest income (expense)	$	22,919	$	2,353	$	—	$	(1,040)	$	24,232
Property and other income	(1)		53		25,796		(81)		25,767
Management fee expense	—		—		—		(7,258)		(7,258)
Property operating expense	—		—		(8,111)		—		(8,111)
Transaction, investment and servicing expense	(689)		(167)		(114)		(1,318)		(2,288)
Interest expense on real estate	—		—		(8,633)		—		(8,633)
Depreciation and amortization	—		—		(9,539)		—		(9,539)
Increase of current expected credit loss reserve	(3,225)		—		—		—		(3,225)
Compensation and benefits	—		—		—		(6,786)		(6,786)
Operating expense	(248)		(780)		(31)		(4,750)		(5,809)
Restructuring Charges	—		—		—		(109,171)		(109,171)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	—		8,638		—		—		8,638

Other gain (loss), net	—		(859)		9,226		—		8,367
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	18,756		9,238		8,594		(130,404)		(93,816)
Equity in earnings (loss) of unconsolidated ventures	(2,400)		(78)		—		—		(2,478)
Income tax benefit	—		1,777		24		—		1,801
Net income (loss)	$	16,356	$	10,937	$	8,618	$	(130,404)	$	(94,493)

_________________________________________

(1)Includes income earned from CRE securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost.

Summary of Total Assets by Segment

The following table presents total assets by segment as of March 31, 2022 and December 31, 2021 (dollars in thousands):


Total Assets	Senior and Mezzanine Loans and Preferred Equity(1)		CRE Debt Securities(2)		Net Leased and Other Real Estate		Corporate(3)		Total
March 31, 2022	$	3,867,427	$	780,635	$	922,488	$	230,063	$	5,800,613
December 31, 2021	3,589,325		840,215		963,369		245,460		5,638,369

_________________________________________

(1)Includes investments in unconsolidated ventures totaling $16.2 million as of March 31, 2022 and December 31, 2021.

(2)Includes PE Investments totaling $4.4 million as of March 31, 2022 and December 31, 2021.

(3)Includes cash, unallocated receivables, deferred costs and other assets, net and the elimination of the subordinate tranches of a securitization trust in consolidation.

Schedule of Revenue by Geographic Areas

Geography information on total income and long lived assets are presented as follows (dollars in thousands):


	Three Months Ended March 31,
	2022		2021
Total income by geography:
United States	$	73,445	$	70,951
Europe	4,969		6,401

Total(1)	$	78,414	$	77,352

Schedule of Long-lived Assets by Geographic Areas


	March 31, 2022		December 31, 2021
Long-lived assets by geography:
United States	$	548,749	$	553,368
Europe	295,577		294,824
Total(2)	$	844,326	$	848,192

_________________________________________

(1)Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures.

(2)Long-lived assets are comprised of real estate and real estate related intangible assets, and excludes financial instruments and assets held for sale.

Real Estate, net and Real Estate Held for Sale

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Real Estate, net and Real Estate Held for Sale

The following table presents the Company’s net lease portfolio, net, as of March 31, 2022, and December 31, 2021 (dollars in thousands):


	March 31, 2022		December 31, 2021
Land and improvements	$	135,139	$	134,453
Buildings, building leaseholds, and improvements	533,814		530,815
Tenant improvements	18,654		17,944
Construction-in-progress	660		660
Subtotal	$	688,267	$	683,872
Less: Accumulated depreciation	(76,366)		(70,861)

Net lease portfolio, net	$	611,901	$	613,011

The following table presents the Company’s portfolio of other real estate as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022		December 31, 2021
Land and improvements	$	29,583	$	29,582
Buildings, building leaseholds, and improvements	152,186		152,180
Tenant improvements	17,239		17,303
Furniture, fixtures and equipment	135		135
Construction-in-progress	1,414		460
Subtotal	$	200,557	$	199,660
Less: Accumulated depreciation	(30,829)		(29,460)

Other portfolio, net	$	169,728	$	170,200

For the three months ended March 31, 2022 and 2021, the Company had no single property with rental and other income equal to or greater than 10.0% of total revenue of the Company.

At December 31, 2021, the Company held one foreclosed property which was included in other real estate assets held for sale with a carrying value of $33.5 million.

Depreciation Expense

Depreciation expense on real estate was $6.1 million and $6.9 million for the three months ended March 31, 2022, and 2021, respectively.

Property Operating Income

For the three months ended March 31, 2022 and 2021, the components of property operating income were as follows (dollars in thousands):


	Three Months Ended March 31,
	2022		2021
Lease revenues(1)
Minimum lease revenue	$	19,734	$	22,409
Variable lease revenue	2,826		2,780
	$	22,560	$	25,189
Hotel operating income	1,566		701
	$	24,126	$	25,890

_________________________________________

(1)Excludes net amortization expense related to above and below-market leases of $0.3 million and income of $0.3 million for the three months ended March 31, 2022, respectively. Excludes net amortization expense related to above market leases of $0.4 million and below-market leases of $0.2 million for the three months ended March 31, 2021, respectively.

Minimum Future Rents

Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable

lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of March 31, 2022 (dollars in thousands):


Remainder of 2022	$	57,019
2023	71,616
2024	66,926
2025	60,569
2026	54,092
2027 and thereafter	371,190
Total	$	681,412

The rental properties owned at March 31, 2022 are leased under noncancellable operating leases with current expirations ranging from 2022 to 2038, with certain tenant renewal rights. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases and others provide for increases based on the consumer price index.

Commitments and Contractual Obligations

Ground Lease Obligation

In connection with real estate acquisitions, the Company assumed certain noncancellable operating ground leases as lessee or sublessee with expiration dates through 2050. Rents on certain ground leases are paid directly by the tenants. Ground rent expense for the three months ended March 31, 2022 and 2021 was $0.8 million, and $0.8 million, respectively.

Refer to Note 16, “Commitments and Contingencies” for the details of future minimum rental payments on noncancellable ground lease on real estate as of March 31, 2022.

Real Estate Held for Sale

The following table summarizes the Company’s assets held for sale at December 31, 2021 (dollars in thousands):


	December 31, 2021
Assets
Real estate, net	$	44,229
Deferred leasing costs and intangible assets, net	116
Total assets held for sale	$	44,345

As of March 31, 2022, the Company held no properties as held for sale. As of December 31, 2021, the Company held one net lease property and one hotel as held for sale.

There were no assets held for sale that constituted discontinued operations as of December 31, 2021.

Real Estate Sales

During the three months ended March 31, 2022, the Company completed the sale of one net lease property for a gross sales price of $19.6 million which resulted in a $7.6 million gain on sale, which is included in other gain, net on the consolidated statement of operations. The Company also sold one hotel property for a gross sales price of $36.0 million which resulted in a $2.9 million gain on sale, which is included in other gain, net on the consolidated statement of operations.

During the three months ended March 31, 2021, the Company completed the sale of an industrial portfolio for a total gross sales price of $335.0 million and a total net gain of $11.8 million.

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

The following table presents debt as of March 31, 2022 and December 31, 2021 (dollars in thousands):


							March 31, 2022				December 31, 2021
	Capacity ($)		Recourse vs. Non-Recourse(1)	Final Maturity	Contractual Interest Rate		Principal Amount(2)		Carrying Value(2)		Principal Amount(2)		Carrying Value(2)

Securitization bonds payable, net
CLNC 2019-FL1(3)			Non-recourse	Aug-35	SOFR(4) + 1.61%		$	799,687	$	796,669	$	840,423	$	836,812
BRSP 2021-FL1(3)			Non-recourse	Aug-38	LIBOR + 1.49%		670,000		664,671		670,000		664,087
Subtotal securitization bonds payable, net							1,469,687		1,461,340		1,510,423		1,500,899

Mortgage and other notes payable, net
Net lease 6			Non-recourse	Oct-27	4.45%		22,976		22,976		23,117		23,117
Net lease 5			Non-recourse	Nov-26	4.45%		3,264		3,202		3,282		3,216
Net lease 4			Non-recourse	Nov-26	4.45%		7,043		6,907		7,081		6,939
Net lease 3(5)			Non-recourse	Jan-22	6.00%		—		—		11,867		11,807
Net lease 6			Non-recourse	Jul-23	LIBOR + 2.15%		791		775		908		889
Net lease 5			Non-recourse	Aug-26	4.08%		30,530		30,342		30,639		30,442
Net lease 1(6)			Non-recourse	Nov-26	4.45%		17,725		17,385		17,823		17,465
Net lease 1(7)			Non-recourse	Mar-28	4.38%		11,707		11,270		11,769		11,332


Net lease 2(8)			Non-recourse	Jun-25	3.91%		183,744		186,350		181,504		184,078
Net lease 3			Non-recourse	Sep-33	4.77%		200,000		198,712		200,000		198,689





Other real estate 1			Non-recourse	Oct-24	4.47%		104,614		104,928		105,090		105,452
Other real estate 3			Non-recourse	Jan-25	4.30%		71,982		71,577		72,359		71,922

Other real estate 6(9)			Non-recourse	Apr-24	LIBOR + 2.95%		—		—		30,000		29,859
Loan 9(10)			Non-recourse	Jun-24	LIBOR + 3.00%		65,377		65,377		65,377		65,376
Subtotal mortgage and other notes payable, net							719,753		719,801		760,816		760,583

Bank credit facility
Bank credit facility	$	165,000	Recourse	Jan-27 (11)	SOFR + 2.25%		—		—		—		—
Subtotal bank credit facility							—		—		—		—

Master repurchase facilities
Bank 1 facility 3	$	400,000	Limited Recourse(12)	Apr-26(13)	LIBOR/SOFR + 1.89%	(14)	126,015		126,015		109,915		109,915

Bank 3 facility 3	600,000		Limited Recourse(12)	Apr-23(15)	LIBOR/SOFR + 1.94%	(14)	371,044		371,044		157,409		157,409
Bank 7 facility 1	500,000		Limited Recourse(12)	Apr-25(16)	LIBOR/SOFR + 1.76%	(14)	382,497		382,497		358,181		358,181
Bank 8 facility 1	250,000		Limited Recourse(12)	Jun-23(17)	LIBOR/SOFR + 2.18%	(14)	158,503		158,503		177,519		177,519
Bank 9 facility 1	300,000		(18)	May-26(19)	LIBOR/SOFR + 1.73%	(14)	161,730		161,730		102,098		102,098
Subtotal master repurchase facilities	$	2,050,000					1,199,789		1,199,789		905,122		905,122











Subtotal credit facilities							1,199,789		1,199,789		905,122		905,122

Total							$	3,389,229	$	3,380,930	$	3,176,361	$	3,166,604

_________________________________________

(1)Subject to customary non-recourse carveouts.

(2)Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable.

(3)The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two to three years.

(4)As of June 17, 2021, the benchmark index interest rate was converted from the one-month London Interbank Offered Rates (“LIBOR”) to Compounded Secured Overnight Financing Rate (“SOFR”), plus a benchmark adjustment of 11.448 basis points. As of February 19, 2022, the benchmark index interest rate was converted from Compounded SOFR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement.

(5)During the three months ended March 31, 2022, the property was sold and the mortgage payable was repaid in full.

(6)Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property.

(7)Represents a mortgage note collateralized by three properties.

(8)As of March 31, 2022, the outstanding principal of the mortgage payable was NOK 1.6 billion, which translated to $186.4 million.

(9)During the three months ended March 31, 2022, the property was sold and the mortgage payable was repaid in full.

(10)The current maturity of the note payable is June 2022, with two one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.

(11)On January 28, 2022, the Company, through its subsidiaries, including the OP, entered into an Amended and Restated Credit Agreement. Refer to Bank Credit Facility within this note for more details.

(12)Recourse solely with respect to 25.0% of the financed amount.

(13)The current maturity date is April 2023, with three one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

(14)Represents the weighted average spread as of March 31, 2022. The contractual interest rate depends upon asset type and characteristics and ranges from one-month LIBOR or SOFR plus 1.50% to 2.70%.

(15)The current maturity date is April 2023, with no extension currently available at the option of the Company.

(16)The current maturity date is April 2024, with a one-year extension available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

(17)The current maturity date is June 2022, with a one-year extension available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

(18)Recourse is either 25.0% or 50.0% depending on loan metrics.

(19)The current maturity date is May 2024, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments at March 31, 2022 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands):


	Total		Securitization Bonds Payable, Net		Mortgage Notes Payable, Net		Credit Facilities
Remaining 2022	$	1,886	$	—	$	1,886	$	—
2023	532,114		—		2,566		529,548
2024	172,210		—		172,210		—
2025	640,498		—		258,002		382,496
2026	342,341		—		54,596		287,745
2027 and thereafter	1,700,180		1,469,687		230,493		—
Total	$	3,389,229	$	1,469,687	$	719,753	$	1,199,789

Bank Credit Facility

The Company uses bank credit facilities (including term loans and revolving facilities) to finance the business. These financings may be collateralized or non-collateralized and may involve one or more lenders. Credit facilities typically have maturities ranging from two to five years and may accrue interest at either fixed or floating rates.

On January 28, 2022, the OP (together with certain subsidiaries of the OP from time to time party thereto as borrowers, collectively, the “Borrowers”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the several lenders from time to time party thereto (the “Lenders”), pursuant to which the Lenders agreed to provide a revolving credit facility in the aggregate principal amount of up to $165.0 million, of which up to $25.0 million is available as letters of credit. Loans under the Credit Agreement may be advanced in U.S. dollars and certain foreign currencies, including euros, pounds sterling and swiss francs.

The Credit Agreement amended and restated the OP’s prior $300.0 million revolving credit facility that would have matured on February 1, 2022.

The Credit Agreement also includes an option for the Borrowers to increase the maximum available principal amount to up to $300.0 million, subject to one or more new or existing Lenders agreeing to provide such additional loan commitments and satisfaction of other customary conditions.

Advances under the Credit Agreement accrue interest at a per annum rate equal to, at the applicable Borrower’s election, either (x) an adjusted SOFR rate plus a margin of 2.25%, or (y) a base rate equal to the highest of (i) the Wall Street Journal’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted SOFR rate plus 1.00%, plus a margin of 1.25%. An unused commitment fee at a rate of 0.25% or 0.35%, per annum, depending on the amount of facility utilization, applies to un-utilized borrowing capacity under the Credit Agreement. Amounts owed under the Credit Agreement may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings with respect to which a SOFR rate election is in effect.

The maximum amount available for borrowing at any time under the Credit Agreement is limited to a borrowing base valuation of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value. As of March 31, 2022, the borrowing base valuation is sufficient to permit borrowings of up to the entire $165.0 million commitment. If any borrowing is outstanding for more than 180 days after its initial draw, the borrowing base valuation will be reduced by 50% until all outstanding borrowings are repaid in full. The ability to borrow new amounts under the Credit Agreement terminates on January 31, 2026, at which time the OP may, at its election and by written notice to the Administrative Agent, extend the termination date for two additional terms of six months each, subject to the terms and conditions in the Credit Agreement, resulting in a latest termination date of January 31, 2027.

The obligations of the Borrowers under the Credit Agreement are guaranteed pursuant to a Guarantee and Collateral Agreement by substantially all material wholly owned subsidiaries of the OP (the “Guarantors”) in favor of the Administrative Agent (the “Guarantee and Collateral Agreement”) and, subject to certain exceptions, secured by a pledge of substantially all equity interests owned by the Borrowers and the Guarantors, as well as by a security interest in deposit accounts of the Borrowers and the Guarantors in which the proceeds of investment asset distributions are maintained.

The Credit Agreement contains various affirmative and negative covenants, including, among other things, the obligation of the Company to maintain REIT status and be listed on the New York Stock Exchange, and limitations on debt, liens and restricted payments. In addition, the Credit Agreement includes the following financial covenants applicable to the OP and its consolidated subsidiaries: (a) minimum consolidated tangible net worth of the OP to be greater than or equal to the sum of (i) $1,112,000,000 and (ii) 70% of the net cash proceeds received by the OP from any offering of its common equity after September 30, 2021 and of the net cash proceeds from any offering by the Company of its common equity to the extent such proceeds are contributed to the OP, excluding any such proceeds that are contributed to the OP within ninety (90) days of receipt and applied to acquire capital stock of the OP; (b) the OP’s ratio of EBITDA plus lease expenses to fixed charges for any period of four (4) consecutive fiscal quarters to be not less than 1.50 to 1.00; (c) the OP’s minimum interest coverage ratio to be not less than 3.00 to 1.00; and (d) the OP’s ratio of consolidated total debt to consolidated total assets to be not more than 0.80 to 1.00. The Credit Agreement also includes customary events of default, including, among other things, failure to make payments when due, breach of covenants or representations, cross default to material indebtedness, material judgment defaults, bankruptcy matters involving any Borrower or any Guarantor and certain change of control events. The occurrence of an event of default will limit the ability of the OP and its subsidiaries to make distributions and may result in the termination of the credit facility, acceleration of repayment obligations and the exercise of remedies by the Lenders with respect to the collateral.

Securitization Financing Transactions

Securitization bonds payable, net represent debt issued by securitization vehicles consolidated by the Company. Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the loans.

CLNC 2019-FL1

In October 2019, the Company executed a securitization transaction, through wholly-owned subsidiaries, CLNC 2019-FL1, Ltd. and CLNC 2019-FL1, LLC (collectively, “CLNC 2019-FL1”), which resulted in the sale of $840.0 million of investment grade notes. As of March 31, 2022, the securitization reflects an advance rate of 82.8% at a weighted average cost of funds of Adjusted Term SOFR plus 1.61% (before transaction expenses) and is collateralized by a pool of 24 senior loan investments.

On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that LIBOR tenors relevant to CLNC 2019-FL1 would cease to be published or no longer be representative after June 30, 2023. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event. As of June 17, 2021, the benchmark index interest rate was converted from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points with a lookback period equal to the number of calendar days in the applicable Interest Accrual Period plus two SOFR business days, conforming with the indenture agreement and recommendations from the ARRC. Compounded SOFR for any interest accrual period shall be the “30-Day Average SOFR” as published by the Federal Reserve Bank of New York on each benchmark determination date.

As of February 19, 2022, the benchmark index interest rate was converted from Compounded SOFR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement. Term SOFR for any interest accrual period shall be the one month CME Term SOFR Reference Rate as published by the CME Group Benchmark Administration on each benchmark determination date.

CLNC 2019-FL1 included a two-year reinvestment feature that allowed the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments or repurchases of loans held in CLNC 2019-FL1, subject to the satisfaction of certain conditions set forth in the indenture. The reinvestment period for CLNC 2019-FL1 expired on October 19, 2021. During the three months ended March 31, 2022, two loans held in CLNC 2019-FL1 were repaid, totaling $54.4 million. Additionally, subsequent to March 31, 2022, two loans held in CLNC 2019-FL1 were repaid, totaling $44.9 million. The proceeds from the four loan payoffs were used to amortize the securitization bonds in accordance with the securitization priority of payments.

Additionally, CLNC 2019-FL1 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. While the Company continues to closely monitor all loan investments contributed to CLNC 2019-FL1, a deterioration in the performance of an underlying loan could negatively impact its liquidity position.

BRSP 2021-FL1

In July 2021, the Company executed a securitization transaction through wholly-owned subsidiaries, BRSP 2021-FL1, Ltd. and BRSP 2021-FL1, LLC (collectively, “BRSP 2021-FL1”), which resulted in the sale of $670 million of investment grade notes. The securitization reflects an advance rate of 83.75% at a weighted costs of funds of LIBOR plus 1.49% (before transaction costs), and is collateralized by a pool of 33 senior loan investments.

BRSP 2021-FL1 includes a two-year reinvestment feature that allows the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments or repurchases of loans held in BRSP 2021-FL1, subject to the satisfaction of certain conditions set forth in the indenture. In addition to existing eligible loans available for reinvestment, the continued origination of securitization eligible loans is required to ensure that we reinvest the available proceeds within BRSP 2021-FL1.

Additionally, BRSP 2021-FL1 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. We will continue to closely monitor all loan investments contributed to BRSP 2021-FL1, a deterioration in the performance of an underlying loan could negatively impact our liquidity position.

As of March 31, 2022, the Company had $1.7 billion carrying value of CRE debt investments and other assets financed with $1.5 billion of securitization bonds payable, net. As of December 31, 2021, the Company had $1.8 billion carrying value of CRE debt investments financed with $1.5 billion of securitization bonds payable, net.

Master Repurchase Facilities

As of March 31, 2022, the Company, through subsidiaries, had entered into repurchase agreements with multiple global financial institutions to provide an aggregate principal amount of up to $2.1 billion to finance the origination of first mortgage loans and senior loan participations secured by CRE debt investments (“Master Repurchase Facilities”). The Company agreed to guarantee certain obligations under the Master Repurchase Facilities, which contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. The Master Repurchase Facilities act as revolving loan facilities that can be paid down as assets are repaid or sold and re-drawn upon for

new investments. As of March 31, 2022, the Company was in compliance with all of its financial covenants under the Master Repurchase Facilities.

As of March 31, 2022, the Company had $1.6 billion carrying value of CRE debt investments financed with $1.2 billion under the master repurchase facilities. As of December 31, 2021, the Company had $1.2 billion carrying value of CRE debt investments financed with $905.1 million under the master repurchase facilities.

During the first quarter of 2022, the Company entered into amendments under its five Master Repurchase Facilities and/or associated guarantees to reduce the minimum tangible net worth covenant requirement from $1.35 billion to $1.11 billion.

Additionally, during the first quarter of 2022, the Company entered into amendments under four of its Master Repurchase Facilities to expand the eligibility criteria to allow for loans indexed to SOFR, and to allow for borrowings under those facilities indexed to SOFR.

CMBS Credit Facilities

As of March 31, 2022, the Company had entered into eight master repurchase agreements (collectively the “CMBS Credit Facilities”) to finance CMBS investments. The CMBS Credit Facilities are on a recourse basis and contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. The CMBS Credit Facilities were undrawn as of March 31, 2022 and December 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Equity-Based Compensation - Summary of Awards Granted or Vested (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)	1,754,094
Vested (in shares)	(500,462)
Unvested shares at end of period (in shares)	1,253,632
Restricted Stock
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)	1,482,094
Vested (in shares)	(500,462)
Unvested shares at end of period (in shares)	981,632
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Shares at beginning of period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 12.35
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	9.14
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share) \| $ / shares	$ 11.54
PSUs
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)	272,000
Vested (in shares)	0
Unvested shares at end of period (in shares)	272,000
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Shares at beginning of period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 11.96
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	0
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share) \| $ / shares	$ 11.96

Equity-Based Compensation - Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Expected volatility	86.60%
Risk free rate	0.10%
Expected dividend yield	0.00%

Restricted Cash, Other Assets and Accrued and Other Liabilities

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Restricted Cash, Other Assets and Accrued and Other Liabilities

The following table presents a summary of restricted cash as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022		December 31, 2021
Restricted cash:
Borrower escrow deposits	$	70,004	$	73,344
Capital expenditure reserves	9,426		8,921
Real estate escrow reserves	2,541		2,025
Working capital and other reserves	2,271		2,310
Tenant lockboxes	250		241

Total	$	84,492	$	86,841

The following table presents a summary of other assets as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022		December 31, 2021
Other assets:
Right-of-use lease asset	$	27,475	$	24,970
Tax receivable and deferred tax assets	26,194		26,194
Prepaid expenses	4,375		5,069
Deferred financing costs, net - credit facilities	3,136		2,113
Other	2,246		2,141
Derivative asset	1,105		1,373
Total	$	64,531	$	61,860

The following table presents a summary of accrued and other liabilities as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022		December 31, 2021
Accrued and other liabilities:
Current and deferred tax liability	$	35,335	$	34,612
Operating lease liability	27,822		25,205
Accounts payable, accrued expenses and other liabilities	14,530		20,168
Interest payable	13,214		11,076
Prepaid rent and unearned revenue	11,504		7,669
Unfunded CECL Loan Allowance	909		432
Tenant security deposits	409		424
Other	208		228
Total	$	103,931	$	99,814

Deferred Leasing Costs and Other Intangibles - Schedule of Amortization of Deferred Leasing Costs, Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Below-market lease values
2022	$ (1,039)
2023	(1,379)
2024	(1,379)
2025	(1,377)
2026	(704)
2027 and thereafter	0
Net Carrying Amount	(5,878)	$ (6,224)
Deferred leasing costs
2022	2,225
2023	2,536
2024	2,229
2025	1,823
2026	943
2027 and thereafter	4,911
Total	14,667	15,162
Net increase (decrease) to property operating income
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2022	(276)
2023	(801)
2024	(928)
2025	(1,105)
2026	(611)
2027 and thereafter	43
Total	(3,678)
Amortization expense
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2022	6,751
2023	7,811
2024	7,204
2025	6,113
2026	4,399
2027 and thereafter	28,219
Total	60,497
Above-market lease values
Above-market and In-place lease values
2022	763
2023	578
2024	451
2025	272
2026	93
2027 and thereafter	43
Total	2,200	2,505
In-place lease values
Above-market and In-place lease values
2022	4,526
2023	5,275
2024	4,975
2025	4,290
2026	3,456
2027 and thereafter	23,308
Total	$ 45,830	$ 47,314

Debt - Narrative (Details)		1 Months Ended			3 Months Ended
Debt - Narrative (Details)	Jan. 28, 2022 USD ($)	May 05, 2022 USD ($) loan	Jul. 31, 2021 USD ($) loan	Oct. 31, 2019 USD ($) loan	Mar. 31, 2022 USD ($) loan agreement	Sep. 30, 2021	Dec. 31, 2021 USD ($)	Jun. 17, 2021	Apr. 04, 2021 USD ($)
Debt Instrument [Line Items]
Principal amount					$ 3,389,229,000		$ 3,176,361,000
Carrying amount					$ 3,389,229,000
Investment grade notes
Debt Instrument [Line Items]
Sale of notes			$ 670,000,000	$ 840,000,000
Advance rate			83.75%	82.80%
Number of loans (in loans) \| loan			33	24
Reinvestment period				2 years
Number of loan investments removed (in loans) \| loan					2
Debt repaid					$ 54,400,000
Investment grade notes \| Subsequent event
Debt Instrument [Line Items]
Number of loan investments removed (in loans) \| loan		2
Debt repaid		$ 44,900,000
Investment grade notes \| LIBOR
Debt Instrument [Line Items]
Weighted average cost of funds percentage			1.49%
Investment grade notes \| SOFR
Debt Instrument [Line Items]
Benchmark adjustment								0.11448%
Additional lookback period					2 days
Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 2,100,000,000
Master repurchase facilities
Debt Instrument [Line Items]
Number of master repurchase agreements (in agreements) \| agreement					5
Amendments to expand eligibility criteria for loans indexed to SOFR (in agreements) \| agreement					4
CMBS credit facilities \| Real estate securities, available for sale
Debt Instrument [Line Items]
Number of master repurchase agreements (in agreements) \| agreement					8
Master repurchase facilities
Debt Instrument [Line Items]
Principal amount					$ 1,199,789,000		905,122,000
Carrying amount					$ 1,199,789,000
Master repurchase facilities \| Minimum
Debt Instrument [Line Items]
Initial debt term (in years)					2 years
Master repurchase facilities \| Maximum
Debt Instrument [Line Items]
Initial debt term (in years)					5 years
Master repurchase facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Debt covenant, minimum tangible net worth					$ 1,110,000,000		1,350,000,000
Master repurchase facilities \| Revolving credit facility \| Bank 9
Debt Instrument [Line Items]
Maturity date extension						2 years 6 months
Master repurchase facilities \| Revolving credit facility \| Credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 165,000,000								$ 300,000,000
Borrowing capacity, increase to maximum available principal amount	$ 300,000,000
Maximum amount of base value available for borrowing					50.00%
Number of additional terms (in terms)	2
Length of potential extension terms	6 years
Tangible net worth					$ 1,112,000,000
Percentage of net cash proceeds from offering					0.70
EBITDA plus lease expenses to fixed charges					1.50
Minimum interest coverage ratio					3.00
Maximum leverage ratio					0.80
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| Minimum
Debt Instrument [Line Items]
Unused amount, commitment fee percentage					0.25%
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| Maximum
Debt Instrument [Line Items]
Unused amount, commitment fee percentage					0.35%
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| Federal funds rate \| Option two
Debt Instrument [Line Items]
Interest rate margin (in percentage)					0.50%
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| SOFR \| Option one
Debt Instrument [Line Items]
Interest rate margin (in percentage)					2.25%
Master repurchase facilities \| Revolving credit facility \| Credit agreement \| SOFR \| Option two
Debt Instrument [Line Items]
Interest rate margin (in percentage)					1.00%
Margin on basis spread on variable rate					0.0125
Master repurchase facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 2,050,000,000
Principal amount					1,199,789,000		905,122,000
Carrying amount					1,200,000,000		905,100,000
Master repurchase facilities \| Master repurchase facilities \| Senior loan
Debt Instrument [Line Items]
Carrying value served as collateral					1,600,000,000		1,200,000,000
Securitization bonds payable, net
Debt Instrument [Line Items]
Principal amount					1,469,687,000		1,510,423,000
Carrying amount					1,469,687,000
Securitization bonds payable, net \| Senior loan
Debt Instrument [Line Items]
Carrying value served as collateral					$ 1,700,000,000		1,800,000,000
Securitization bonds payable, net \| Minimum
Debt Instrument [Line Items]
Initial debt term (in years)					2 years
Securitization bonds payable, net \| Maximum
Debt Instrument [Line Items]
Initial debt term (in years)					3 years
Securitization bonds payable, net \| Investment grade notes
Debt Instrument [Line Items]
Principal amount					$ 670,000,000		$ 670,000,000
Securitization bonds payable, net \| Investment grade notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)					1.49%
Securitization bonds payable, net \| Investment grade notes \| SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)					1.61%
Letters of Credit \| Revolving credit facility \| Credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000

Real Estate, net and Real Estate Held for Sale (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Schedule of Operating Real Estate Properties

The following table presents the Company’s net lease portfolio, net, as of March 31, 2022, and December 31, 2021 (dollars in thousands):


	March 31, 2022		December 31, 2021
Land and improvements	$	135,139	$	134,453
Buildings, building leaseholds, and improvements	533,814		530,815
Tenant improvements	18,654		17,944
Construction-in-progress	660		660
Subtotal	$	688,267	$	683,872
Less: Accumulated depreciation	(76,366)		(70,861)

Net lease portfolio, net	$	611,901	$	613,011

The following table presents the Company’s portfolio of other real estate as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022		December 31, 2021
Land and improvements	$	29,583	$	29,582
Buildings, building leaseholds, and improvements	152,186		152,180
Tenant improvements	17,239		17,303
Furniture, fixtures and equipment	135		135
Construction-in-progress	1,414		460
Subtotal	$	200,557	$	199,660
Less: Accumulated depreciation	(30,829)		(29,460)

Other portfolio, net	$	169,728	$	170,200

Property Operating Income

For the three months ended March 31, 2022 and 2021, the components of property operating income were as follows (dollars in thousands):


	Three Months Ended March 31,
	2022		2021
Lease revenues(1)
Minimum lease revenue	$	19,734	$	22,409
Variable lease revenue	2,826		2,780
	$	22,560	$	25,189
Hotel operating income	1,566		701
	$	24,126	$	25,890

_________________________________________

Schedule of Future Minimum Rental Income under Non-cancellable Operating Leases

The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable

lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of March 31, 2022 (dollars in thousands):


Remainder of 2022	$	57,019
2023	71,616
2024	66,926
2025	60,569
2026	54,092
2027 and thereafter	371,190
Total	$	681,412

Schedule of Operating Real Estate Held for Sale

The following table summarizes the Company’s assets held for sale at December 31, 2021 (dollars in thousands):


	December 31, 2021
Assets
Real estate, net	$	44,229
Deferred leasing costs and intangible assets, net	116
Total assets held for sale	$	44,345

Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

The Company presents its business within the following business segments:

•Senior and Mezzanine Loans and Preferred Equity—CRE debt investments including senior mortgage loans, mezzanine loans, and preferred equity interests as well as participations in such loans. The segment also includes ADC loan arrangements accounted for as equity method investments.

•Net Leased and Other Real Estate—direct investments in CRE with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. It also includes other real estate, currently consisting of three investments with direct ownership in commercial real estate with an emphasis on properties with stable cash flow.

•CRE Debt Securities—investments currently consisting of BBB and some BB rated CMBS (including Non-Investment Grade “B-pieces” of a CMBS securitization pool), or CRE CLOs (including the junior tranches thereof, collateralized by pools of CRE debt investments). It also includes a sub-portfolio of private equity funds.

•Corporate—includes corporate-level asset management and other fees including operating expenses, compensation and benefits and restructuring charges.

The Company primarily generates revenue from net interest income on the loan, preferred equity and securities portfolios, rental and other income from its net leased and multi-tenant office assets, as well as equity in earnings of unconsolidated ventures. CRE debt securities include the Company’s investment in the subordinate tranches of the securitization trusts which are eliminated in consolidation. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage.

The following tables present segment reporting for the three months ended March 31, 2022 and 2021 (dollars in thousands):


	Senior and Mezzanine Loans and Preferred Equity		CRE Debt Securities		Net Leased and Other Real Estate		Corporate(1)		Total
Three Months Ended March 31, 2022
Net interest income (expense)	$	29,365	$	886	$	—	$	(866)	$	29,385
Property and other income	121		133		24,168		22		24,444
Property operating expense	—		—		(6,724)		—		(6,724)
Transaction, investment and servicing expense	(1,051)		—		(100)		27		(1,124)
Interest expense on real estate	—		—		(7,556)		—		(7,556)
Depreciation and amortization	—		—		(8,551)		(43)		(8,594)
Decrease of current expected credit loss reserve	866		—		—		—		866

Compensation and benefits	—		—		—		(8,225)		(8,225)
Operating expense	(152)		(40)		(32)		(4,125)		(4,349)

Other gain (loss), net	(129)		—		10,369		48		10,288
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	29,020		979		11,574		(13,162)		28,411
Equity in earnings (loss) of unconsolidated ventures	25		—		—		—		25
Income tax benefit (expense)	63		—		(99)		—		(36)
Net income (loss)	$	29,108	$	979	$	11,475	$	(13,162)	$	28,400


	Senior and Mezzanine Loans and Preferred Equity		CRE Debt Securities		Net Leased and Other Real Estate		Corporate(1)		Total
Three Months Ended March 31, 2021
Net interest income (expense)	$	22,919	$	2,353	$	—	$	(1,040)	$	24,232
Property and other income	(1)		53		25,796		(81)		25,767
Management fee expense	—		—		—		(7,258)		(7,258)
Property operating expense	—		—		(8,111)		—		(8,111)
Transaction, investment and servicing expense	(689)		(167)		(114)		(1,318)		(2,288)
Interest expense on real estate	—		—		(8,633)		—		(8,633)
Depreciation and amortization	—		—		(9,539)		—		(9,539)
Increase of current expected credit loss reserve	(3,225)		—		—		—		(3,225)
Compensation and benefits	—		—		—		(6,786)		(6,786)
Operating expense	(248)		(780)		(31)		(4,750)		(5,809)
Restructuring Charges	—		—		—		(109,171)		(109,171)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	—		8,638		—		—		8,638

Other gain (loss), net	—		(859)		9,226		—		8,367
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	18,756		9,238		8,594		(130,404)		(93,816)
Equity in earnings (loss) of unconsolidated ventures	(2,400)		(78)		—		—		(2,478)
Income tax benefit	—		1,777		24		—		1,801
Net income (loss)	$	16,356	$	10,937	$	8,618	$	(130,404)	$	(94,493)

_________________________________________

The following table presents total assets by segment as of March 31, 2022 and December 31, 2021 (dollars in thousands):


Total Assets	Senior and Mezzanine Loans and Preferred Equity(1)		CRE Debt Securities(2)		Net Leased and Other Real Estate		Corporate(3)		Total
March 31, 2022	$	3,867,427	$	780,635	$	922,488	$	230,063	$	5,800,613
December 31, 2021	3,589,325		840,215		963,369		245,460		5,638,369

_________________________________________

(1)Includes investments in unconsolidated ventures totaling $16.2 million as of March 31, 2022 and December 31, 2021.

(2)Includes PE Investments totaling $4.4 million as of March 31, 2022 and December 31, 2021.

(3)Includes cash, unallocated receivables, deferred costs and other assets, net and the elimination of the subordinate tranches of a securitization trust in consolidation.

Geography

Geography is generally defined as the location in which the income producing assets reside or the location in which income generating services are performed. Geography information on total income includes equity in earnings of unconsolidated ventures. Geography information on total income and long lived assets are presented as follows (dollars in thousands):


	Three Months Ended March 31,
	2022		2021
Total income by geography:
United States	$	73,445	$	70,951
Europe	4,969		6,401

Total(1)	$	78,414	$	77,352


	March 31, 2022		December 31, 2021
Long-lived assets by geography:
United States	$	548,749	$	553,368
Europe	295,577		294,824
Total(2)	$	844,326	$	848,192

_________________________________________

(1)Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures.

(2)Long-lived assets are comprised of real estate and real estate related intangible assets, and excludes financial instruments and assets held for sale.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Real Estate Securities, Available for Sale - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) loan securitizationTrust	Mar. 31, 2021 USD ($) co-investment	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Loss from sale of securities	$ 0	$ (131,000)
Gross sales price of securities sold	$ 0	5,079,000
Unrealized gains (losses) in OCI		$ (200,000)
Number of securitization trusts held (in securitization trusts) \| securitizationTrust	1
Primary beneficiary
Debt Securities, Available-for-sale [Line Items]
Mortgage loans held in trust, unpaid principal balance	$ 770,500,000		$ 783,800,000
Mortgage obligations held in trust, unpaid principal balance	$ 667,900,000		681,200,000
Number of underlying mortgage loans (in loans) \| loan	61
Weighted average coupon (in percentage)	4.90%
Weighted average loan to value ratio (in percentage)	60.50%
Difference between held and issued mortgage loans in securitization trusts	$ 36,200,000		$ 36,200,000
Real estate securities, available for sale
Debt Securities, Available-for-sale [Line Items]
Number of securities sold (in securities) \| co-investment		1
Gross sales price of securities sold		$ 5,100,000
Realized gain (loss)		100,000
Real estate securities, available for sale \| CRE Securities
Debt Securities, Available-for-sale [Line Items]
Loss from sale of securities	$ 0	$ 1,000,000

Real Estate, net and Real Estate Held for Sale - Summary of Assets And Liabilities Held for Sale (Details)	Mar. 31, 2022 property	Dec. 31, 2021 USD ($) property portfolio
Assets
Real estate, net		$ 44,229,000
Deferred leasing costs and intangible assets, net		116,000
Total assets held for sale		$ 44,345,000
Number of net lease properties held-for-sale (in properties) \| property	0	1
Assets held for sale, discontinued operations		$ 0
Hotel
Assets
Number of net lease portfolio held-for-sale (in properties) \| portfolio		1

Investments in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company’s investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows (dollars in thousands):


	March 31, 2022		December 31, 2021
Equity method investments	$	16,209	$	16,185

Investments under fair value option	4,406		4,406
Investments in Unconsolidated Ventures	$	20,615	$	20,591

Summary of Equity Method Investments

The Company’s investments accounted for under the equity method are summarized below (dollars in thousands):


	Carrying Value
Investment Description(1)	March 31, 2022		December 31, 2021

One industrial portfolio and one development project which includes a hospitality and retail renovation and condominium tower construction	$	16,209	$	16,185

_________________________________________

(1)The Company’s ownership interest in investment ventures varies and represents capital contributed to date and may not be reflective of the Company’s economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each equity method investment has been determined to be a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have the power to control through a majority of voting interest or through other arrangements.

Fair Value - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
Fair Value - Narrative (Details) $ in Thousands	Mar. 31, 2022 USD ($) measurement_input	Mar. 31, 2021 USD ($)	Dec. 31, 2021 measurement_input
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (gain) loss on mortgage loans and obligations held in securitization trusts, net \| $	$ 0	$ 8,638
Level 3 \| Recurring \| Investments in unconsolidated ventures - PE Investments \| Discount Rate \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input	0.110		0.110
Level 3 \| Recurring \| Investments in unconsolidated ventures - PE Investments \| Discount Rate \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input	0.120		0.120
Level 3 \| Recurring \| Mortgage obligations issued by securitization trusts \| Measurement Input, Yield \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	0.200		0.175
Level 3 \| Recurring \| Mortgage obligations issued by securitization trusts \| Measurement Input, Expected Term \| Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average expected maturity of CRE securities	5 years 2 months 12 days		5 years 4 months 24 days

Segment Reporting - Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Management fee expense	$ 0	$ (7,258)
Property operating expense	(6,724)	(8,111)
Transaction, investment and servicing expense	(1,124)	(2,288)
Interest expense on real estate	(7,556)	(8,633)
Depreciation and amortization	(8,594)	(9,539)
Decrease of current expected credit loss reserve	866	(3,225)
Compensation and benefits	(8,225)	(6,786)
Operating expense	4,349	5,809
Restructuring charges	0	(109,171)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	0	8,638
Other gain, net	10,288	8,367
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	28,411	(93,816)
Equity in earnings (loss) of unconsolidated ventures	25	(2,478)
Income tax benefit (expense)	(36)	1,801
Net income (loss)	28,400	(94,493)
Total Assets	5,800,613		$ 5,638,369
Equity method investments	16,209		16,185
PE Investments	4,406		4,406
Core
Segment Reporting Information [Line Items]
Net interest income (expense)	29,385	24,232
Property and other income	24,444	25,767
Management fee expense		(7,258)
Property operating expense	(6,724)	(8,111)
Transaction, investment and servicing expense	(1,124)	(2,288)
Interest expense on real estate	(7,556)	(8,633)
Depreciation and amortization	(8,594)	(9,539)
Decrease of current expected credit loss reserve	866	(3,225)
Compensation and benefits	(8,225)	(6,786)
Operating expense	4,349	5,809
Restructuring charges		(109,171)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		8,638
Other gain, net	10,288	8,367
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	28,411	(93,816)
Equity in earnings (loss) of unconsolidated ventures	25	(2,478)
Income tax benefit (expense)	(36)	1,801
Net income (loss)	28,400	(94,493)
Total Assets	5,800,613		5,638,369
Core \| Senior and Mezzanine Loans and Preferred Equity
Segment Reporting Information [Line Items]
Net interest income (expense)	29,365	22,919
Property and other income	121	(1)
Management fee expense		0
Property operating expense	0	0
Transaction, investment and servicing expense	(1,051)	(689)
Interest expense on real estate	0	0
Depreciation and amortization	0	0
Decrease of current expected credit loss reserve	866	(3,225)
Compensation and benefits	0	0
Operating expense	152	248
Restructuring charges		0
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		0
Other gain, net	(129)	0
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	29,020	18,756
Equity in earnings (loss) of unconsolidated ventures	25	(2,400)
Income tax benefit (expense)	63	0
Net income (loss)	29,108	16,356
Total Assets	3,867,427		3,589,325
Core \| CRE Debt Securities
Segment Reporting Information [Line Items]
Net interest income (expense)	886	2,353
Property and other income	133	53
Management fee expense		0
Property operating expense	0	0
Transaction, investment and servicing expense	0	(167)
Interest expense on real estate	0	0
Depreciation and amortization	0	0
Decrease of current expected credit loss reserve	0	0
Compensation and benefits	0	0
Operating expense	40	780
Restructuring charges		0
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		8,638
Other gain, net	0	(859)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	979	9,238
Equity in earnings (loss) of unconsolidated ventures	0	(78)
Income tax benefit (expense)	0	1,777
Net income (loss)	979	10,937
Total Assets	780,635		840,215
Core \| Net Leased and Other Real Estate
Segment Reporting Information [Line Items]
Net interest income (expense)	0	0
Property and other income	24,168	25,796
Management fee expense		0
Property operating expense	(6,724)	(8,111)
Transaction, investment and servicing expense	(100)	(114)
Interest expense on real estate	(7,556)	(8,633)
Depreciation and amortization	(8,551)	(9,539)
Decrease of current expected credit loss reserve	0	0
Compensation and benefits	0	0
Operating expense	32	31
Restructuring charges		0
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		0
Other gain, net	10,369	9,226
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	11,574	8,594
Equity in earnings (loss) of unconsolidated ventures	0	0
Income tax benefit (expense)	(99)	24
Net income (loss)	11,475	8,618
Total Assets	922,488		963,369
Core \| Corporate
Segment Reporting Information [Line Items]
Net interest income (expense)	(866)	(1,040)
Property and other income	22	(81)
Management fee expense		(7,258)
Property operating expense	0	0
Transaction, investment and servicing expense	27	(1,318)
Interest expense on real estate	0	0
Depreciation and amortization	(43)	0
Decrease of current expected credit loss reserve	0	0
Compensation and benefits	(8,225)	(6,786)
Operating expense	4,125	4,750
Restructuring charges		(109,171)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net		0
Other gain, net	48	0
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	(13,162)	(130,404)
Equity in earnings (loss) of unconsolidated ventures	0	0
Income tax benefit (expense)	0	0
Net income (loss)	(13,162)	$ (130,404)
Total Assets	$ 230,063		$ 245,460

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments under fair value option	$ 4,406	$ 4,406
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class A
Common stock, shares authorized (in shares)	950,000,000	950,000,000
Common stock, shares issued (in shares)	129,633,136	129,769,365
Common stock, shares outstanding (in shares)	129,633,136	129,769,365

Real Estate, net and Real Estate Held for Sale - Minimum Future Rents (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 57,019
2023	71,616
2024	66,926
2025	60,569
2026	54,092
2027 and thereafter	371,190
Total	$ 681,412

Summary of Significant Accounting Policies - Operating Real Estate Estimated Useful Lives (Details)	3 Months Ended
	Mar. 31, 2022
Building (fee interest) \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	28 years
Building (fee interest) \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	40 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	1 year
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years

Stockholders' Equity - Dividends (Details) - $ / shares		3 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Mar. 15, 2022	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Dividends and distributions declared per share of common stock (in dollars per share)	$ 0.19	$ 0.19	$ 0.10

Related Party Arrangements - Equity Plan Grants and Investment Activity (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jun. 30, 2020	Dec. 31, 2021	Mar. 31, 2022	Jul. 31, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Loans held for investment, net				$ 3,449,009	$ 3,725,869
Principal amount				3,176,361	3,389,229
Mortgage and other notes payable, net
Related Party Transaction [Line Items]
Principal amount				760,816	$ 719,753
Net lease 2 \| Collateralized by a property in Company's Core Portfolio \| Mortgage and other notes payable, net
Related Party Transaction [Line Items]
Fixed interest rate					3.91%
Principal amount				181,504	$ 183,744
Mixed-use project \| Core
Related Party Transaction [Line Items]
Payments of protective advances to senior mortgage lender			$ 28,500
Mixed-use project \| Core \| Senior Mezzanine Lender
Related Party Transaction [Line Items]
Investments in unconsolidated ventures				$ 97,900
Mezzanine loan \| LA hospitality, retail, and condominium
Related Party Transaction [Line Items]
Loans held for investment, net						$ 189,000
Mezzanine loan \| Investment in mezzanine loan
Related Party Transaction [Line Items]
Mezzanine loan investment		$ 60,000
Mezzanine loan		$ 180,000
Joint venture commitment							$ 101,800
Interest in joint venture (in percentage)							31.80%
Fixed interest rate							13.00%
Mezzanine loan \| Upsized mezzanine loan with affiliate
Related Party Transaction [Line Items]
Joint venture commitment						$ 101,800
Interest in joint venture (in percentage)						45.20%
Fixed interest rate						13.00%
Affiliated Entity
Related Party Transaction [Line Items]
Purchase of Class A office campus	$ 326,800
Principal amount	$ 183,700
Affiliated Entity \| July 2018 Senior Mortgage Private Bond
Related Party Transaction [Line Items]
Fixed interest rate	3.91%
Affiliated Entity \| Mezzanine loan \| Investment in mezzanine loan
Related Party Transaction [Line Items]
Interest in joint venture (in percentage)							68.20%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ 28,400	$ (94,493)
Other comprehensive income (loss)
Unrealized loss on real estate securities, available for sale	0	(200)
Foreign currency translation gain (loss)	676	(8,533)
Total other comprehensive income (loss)	676	(8,733)
Comprehensive income (loss)	29,076	(103,226)
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive income (loss) attributable to common stockholders	28,384	(100,056)
Investment entities
Net income (loss)	22	(226)
Other comprehensive income (loss)
Total other comprehensive income (loss)		(776)
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests:	(22)	1,002
Operating Partnership
Net income (loss)	654	(1,953)
Other comprehensive income (loss)
Total other comprehensive income (loss)	16	(215)
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests:	$ (670)	$ 2,168

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lending Commitments

Ground Lease Obligation

The Company’s operating leases are ground leases acquired with real estate.

At March 31, 2022 and December 31, 2021 the weighted average remaining lease term was 13.9 years for ground leases.

The following table presents ground lease expense, included in property operating expense, for the three months ended March 31, 2022 and 2021 (dollars in thousands):


	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Operating lease expense:
Minimum lease expense	$	768	$	768
Variable lease expense	—		—
	$	768	$	768

The operating lease liability for ground leases was determined using a weighted average discount rate of 5.3%. The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of March 31, 2022 (dollars in thousands):


Remainder of 2022	$	2,327
2023	3,110
2024	2,213
2025	2,148
2026	2,073
2027 and thereafter	17,254
Total lease payments	29,125
Less: Present value discount	9,391
Operating lease liability (Note 8)	$	19,734

Office Lease

During the first quarter of 2022, the Company entered into an office lease in Los Angeles. There were no office leases as of March 31, 2021.

At March 31, 2022, the weighted average remaining lease term was 6.9 years for the office leases.

For the three months ended March 31, 2022, the following table summarizes lease expense, included in operating expense (dollars in thousands):


	Three Months Ended March 31, 2022
	Corporate Offices
Operating lease expense:
Fixed lease expense	$	200

	$	200

The operating lease liability for the office leases were determined using a weighted average discount rate of 2.36%. As of March 31, 2022, the Company’s future operating lease commitments for the corporate office leases were as follows (dollars in thousands):


	Corporate Offices
Remainder of 2022(1)	$	598
2023	1,239
2024	1,293
2025	1,308
2026	1,323
2027 and thereafter	3,068
Total lease payments	8,829
Less: Present value discount	741
Operating lease liability (Note 8)	$	8,088

__________________________________________

(1)The Company entered into a Los Angeles office lease in the first quarter of 2022, with rent payments beginning in 2023.

Litigation and Claims

The Company may be involved in litigation and claims in the ordinary course of the business. As of March 31, 2022, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position, or liquidity.

Employment contracts At March 31, 2021, the Company did not employ any personnel. Instead, the Company relied on the resources of its Manager and affiliates to conduct the Company’s operations. On April 30, 2021, the Company entered into employment agreements with the Company’s Chief Executive Officer and certain of the Company’s senior management team, and in accordance with the terms of the Termination Agreement, the Company extended offers of employment to certain employees that had contributed substantially to the Company’s investment, underwriting, portfolio and asset management, loan servicing, financial reporting, treasury, legal, tax, credit, risk and compliance responsibilities employment, which have been accepted.

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2022 and 2021 consist of the following (dollars in thousands, except per share data):


	Three Months Ended March 31,
	2022		2021
Net income (loss)	$	28,400	$	(94,493)
Net (income) loss attributable to noncontrolling interests:
Investment Entities	(22)		226
Operating Partnership	(654)		1,953
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$	27,724	$	(92,314)

Numerator:
Net loss allocated to participating securities (non-vested shares)	$	(110)	$	(192)
Net income (loss) attributable to common stockholders	$	27,614	$	(92,506)

Denominator:
Weighted average shares outstanding - basic(1)	128,758		129,781
Weighted average shares outstanding - diluted	129,745		129,781

Net income (loss) per common share - basic and diluted	$	0.21	$	(0.71)

_________________________________________

(1)The outstanding shares used to calculate the weighted average basic shares outstanding exclude 981,632 and 1,924,568 of restricted stock awards as of March 31, 2022 and March 31, 2021, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income (loss) per common share

Investments in Unconsolidated Ventures

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

Summary

The Company’s investments in unconsolidated ventures represent noncontrolling equity interests in various entities, as follows (dollars in thousands):


	March 31, 2022		December 31, 2021
Equity method investments	$	16,209	$	16,185

Investments under fair value option	4,406		4,406
Investments in Unconsolidated Ventures	$	20,615	$	20,591

Equity Method Investments

Investment Ventures

Certain of the Company’s equity method investments are structured as joint ventures with one or more private funds or other investment vehicles. These investment entities are generally capitalized through equity contributions from the members, although certain investments are leveraged through various financing arrangements.

The assets of the equity method investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of the Company nor the other investors for the obligations of these investment entities. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance as of March 31, 2022 and December 31, 2021, respectively.

The Company’s investments accounted for under the equity method are summarized below (dollars in thousands):


	Carrying Value
Investment Description(1)	March 31, 2022		December 31, 2021

One industrial portfolio and one development project which includes a hospitality and retail renovation and condominium tower construction	$	16,209	$	16,185

_________________________________________

Under the fair value option, loans and preferred equity investments are measured each reporting period based on their exit values in an orderly transaction. Fair value adjustments recorded on each of these investments is included in equity in earnings of unconsolidated ventures on the Company’s consolidated statements of operations.

Investments under Fair Value Option

Private Funds

The Company elected to account for its limited partnership interests in PE Investments under the fair value option, which interests range from 1.0% to 15.6% respectively, for the three months ended March 31, 2022. The Company records equity in earnings for these investments based on a change in fair value of its share of projected future cash flows.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2022 and 2021 consist of the following (dollars in thousands, except per share data):


	Three Months Ended March 31,
	2022		2021
Net income (loss)	$	28,400	$	(94,493)
Net (income) loss attributable to noncontrolling interests:
Investment Entities	(22)		226
Operating Partnership	(654)		1,953
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$	27,724	$	(92,314)

Numerator:
Net loss allocated to participating securities (non-vested shares)	$	(110)	$	(192)
Net income (loss) attributable to common stockholders	$	27,614	$	(92,506)

Denominator:
Weighted average shares outstanding - basic(1)	128,758		129,781
Weighted average shares outstanding - diluted	129,745		129,781

Net income (loss) per common share - basic and diluted	$	0.21	$	(0.71)

_________________________________________

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 246,070	$ 259,722
Restricted cash	84,492	86,841
Loans held for investment	3,759,873	3,485,607
Current expected credit loss reserve	(34,004)	(36,598)
Loans held for investment, net	3,725,869	3,449,009
Real estate, net	781,629	783,211
Investments in unconsolidated ventures	20,615	20,591
Receivables, net	60,131	54,499
Deferred leasing costs and intangible assets, net	62,697	64,981
Assets held for sale	0	44,345
Other assets	64,531	61,860
Mortgage loans held in securitization trusts, at fair value	754,579	813,310
Total assets	5,800,613	5,638,369
Liabilities
Securitization bonds payable, net	1,461,340	1,500,899
Mortgage and other notes payable, net	719,801	760,583
Credit facilities	1,199,789	905,122
Accrued and other liabilities	103,931	99,814
Intangible liabilities, net	5,878	6,224
Escrow deposits payable	70,004	73,344
Dividends payable	25,525	23,912
Mortgage obligations issued by securitization trusts, at fair value	718,425	777,156
Total liabilities	4,304,693	4,147,054
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0	0
Common stock	1,296	1,298
Additional paid-in capital	2,856,635	2,855,766
Accumulated deficit	(1,407,495)	(1,410,562)
Accumulated other comprehensive income	9,446	8,786
Total stockholders’ equity	1,459,882	1,455,288
Noncontrolling interests in investment entities	1,384	1,472
Noncontrolling interests in the Operating Partnership	34,654	34,555
Total equity	1,495,920	1,491,315
Total liabilities and equity	5,800,613	5,638,369
Primary beneficiary
Assets
Cash and cash equivalents	5,527	6,720
Restricted cash	10,193	9,658
Loans held for investment, net	1,716,090	1,781,522
Real estate, net	169,728	170,201
Investments in unconsolidated ventures	16,200	16,200
Receivables, net	37,922	12,808
Deferred leasing costs and intangible assets, net	14,036	15,105
Other assets	21,808	21,901
Mortgage loans held in securitization trusts, at fair value	754,579	813,310
Total assets	2,746,083	2,847,425
Liabilities
Securitization bonds payable, net	1,461,340	1,500,899
Mortgage and other notes payable, net	176,506	177,373
Accrued and other liabilities	7,624	6,768
Intangible liabilities, net	5,878	6,224
Escrow deposits payable	2,476	3,484
Mortgage obligations issued by securitization trusts, at fair value	718,425	777,156
Total liabilities	$ 2,372,249	$ 2,471,904

Segment Reporting - Total Income and Long-lived Assets by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total income by geography	$ 78,414	$ 77,352
Long-lived assets by geography	844,326		$ 848,192
United States
Segment Reporting Information [Line Items]
Total income by geography	73,445	70,951
Long-lived assets by geography	548,749		553,368
Europe
Segment Reporting Information [Line Items]
Total income by geography	4,969	$ 6,401
Long-lived assets by geography	$ 295,577		$ 294,824

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Narrative (Details)	3 Months Ended
Stockholders' Equity - Narrative (Details)	Mar. 31, 2022 loan $ / shares shares	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Investment grade notes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of loan investments removed (in loans) \| loan	2
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	950,000,000	950,000,000

Real Estate, net and Real Estate Held for Sale - Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease revenues
Minimum lease revenue	$ 19,734	$ 22,409
Variable lease revenue	2,826	2,780
Total lease revenues	22,560	25,189
Hotel operating income	1,566	701
Property operating income	24,126	25,890
Below-market lease values	330	222
Above-market lease values
Lease revenues
Amortization of above-market values	$ 288	$ 404

Subsequent Events - Narrative (Details) - Subsequent event $ / shares in Units, $ in Millions	1 Months Ended
	May 05, 2022 USD ($) loan shares	Apr. 30, 2022 $ / shares
Subsequent Event [Line Items]
Quarterly cash dividend (in dollars per share) \| $ / shares		$ 0.19
Granted (in shares) \| shares	1,456,366
Senior Mortgage Loans
Subsequent Event [Line Items]
Number of loans originated (in loans) \| loan	6
Commitment to lend	$ 177.2
Initial funding per loan	$ 27.3
Senior Mortgage Loans \| SOFR
Subsequent Event [Line Items]
Weighted average spread	3.86%

Loans Held for Investment, net (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Loans and Preferred Equity Held for Investment, net

The following table provides a summary of the Company’s loans held for investment, net (dollars in thousands):


	March 31, 2022							December 31, 2021
	Unpaid Principal Balance		Carrying Value		Weighted Average Coupon(1)		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value		Weighted Average Coupon(1)		Weighted Average Maturity in Years





Variable rate
Senior loans	$	1,906,808	$	1,893,583	4.5	%	3.9	$	1,576,439	$	1,564,940	4.6	%	3.7
Securitized loans(2)	1,740,299		1,736,398		4.3	%	3.4	1,806,583		1,803,042		4.2	%	3.5
Mezzanine loans	12,000		12,120		11.5	%	0.4	12,000		12,120		11.5	%	0.7

	3,659,107		3,642,101					3,395,022		3,380,102
Fixed rate
Mezzanine loans	117,994		117,772		12.4	%	2.9	105,636		105,505		12.4	%	3.0
	117,994		117,772					105,636		105,505
Loans held for investment	3,777,101		3,759,873					3,500,658		3,485,607

CECL reserve	NA		(34,004)					NA		(36,598)
Loans held for investment, net	$	3,777,101	$	3,725,869				$	3,500,658	$	3,449,009

_________________________________________

(1)Calculated based on contractual interest rate.

(2)Represents loans transferred into securitization trusts that are consolidated by the Company.

Schedule of Mortgage Loans on Real Estate

Activity relating to the Company’s loans held for investment, net was as follows (dollars in thousands):


	Carrying Value
Balance at January 1, 2022	$	3,449,009
Acquisitions/originations/additional funding	498,195
Loan maturities/principal repayments	(227,897)

Discount accretion/premium amortization	2,999
Capitalized interest	969
(Increase) decrease of CECL reserve(1)	1,343


Charge-off	1,251
Balance at March 31, 2022	$	3,725,869

_________________________________________

(1)Excludes $0.5 million as of March 31, 2022, determined by the Company’s PD/LGD model for unfunded commitments reported on the consolidated statement of operations, with a corresponding offset to other liabilities recorded on the Company’s consolidated balance sheets.

Aging Summary of Loans

The following table provides an aging summary of loans held for investment at carrying values before CECL reserve (dollars in thousands):


	Current or Less Than 30 Days Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Loans
March 31, 2022	$	3,759,873	$	—	$	—	$	—	$	3,759,873
December 31, 2021	3,485,607		—		—		—		3,485,607

Allowance for Loan Losses

The following table provides details on the changes in CECL reserves (dollars in thousands):


	March 31, 2022		December 31, 2021
CECL reserve at beginning of period	$	36,598	$	37,191

Increase (decrease) of CECL reserve(1)	(1,343)		(593)
Charge-offs of CECL reserve(2)	(1,251)		—

CECL reserve at end of period	$	34,004	$	36,598

_________________________________________

(1)Excludes $0.5 million and $0.4 million for the three months ended March 31, 2022 and year ended December 31, 2021, respectively. These amounts were determined for unfunded commitments reported on the consolidated statement of operations, with a corresponding offset to other liabilities recorded on the Company’s consolidated balance sheets.

(2)During the first quarter of 2022, the Company received a $36.5 million repayment on one senior loan collateralized by a student housing property, which was $1.3 million less than the unpaid principal balance. As such, during the fourth quarter of 2021, the Company had recorded a $1.3 million CECL reserve on the loan, as the loss was probable at that point in time, which was charged off in the first quarter of 2022.

Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking

The following tables provide a summary by carrying values before any CECL reserves of the Company’s loans held for investment by year of origination and credit quality risk ranking (dollars in thousands) as of March 31, 2022 and December 31, 2021, respectively. Refer to Note 2, “Summary of Significant Accounting Policies” for loans risk rating definitions.


	March 31, 2022
	2022		2021		2020		2019		2018		Total
Senior loans
Risk Rankings:


2	$	—	$	233,748	$	109,400	$	70,916	$	—	$	414,064
3	468,993		1,388,180		72,084		283,208		300,183		2,512,648
4	—		—		—		398,644		304,625		703,269

Total Senior loans	468,993		1,621,928		181,484		752,768		604,808		3,629,981

Mezzanine loans
Risk Rankings:


3	9,986		—		—		74,391		4,480		88,857
4	—		—		—		28,915		—		28,915
5	—		—		—		—		12,120		12,120
Total Mezzanine loans	9,986		—		—		103,306		16,600		129,892










Total Loans held for investment	$	478,979	$	1,621,928	$	181,484	$	856,074	$	621,408	$	3,759,873

As of March 31, 2022, the average risk rating for loans held for investment was 3.1.


	December 31, 2021
	2021		2020		2019		2018		2017		Total
Senior loans
Risk Rankings:
2	$	242,850	$	109,103	$	70,811	$	—	$	—	$	422,764
3	1,393,307		72,359		443,162		262,147		34,036		2,205,011
4	—		—		396,395		304,477		—		700,872
5	—		—		39,335		—		—		39,335
Total Senior loans	1,636,157		181,462		949,703		566,624		34,036		3,367,982

Mezzanine loans
Risk Rankings:


3	—		—		38,796		4,489		—		43,285
4	—		—		62,220		—		12,120		74,340

Total Mezzanine loans	—		—		101,016		4,489		12,120		117,625










Total Loans held for investment	$	1,636,157	$	181,462	$	1,050,719	$	571,113	$	46,156	$	3,485,607

As of December 31, 2021, the average risk rating for loans held for investment was 3.1.

Derivatives - Schedule of Derivatives Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other assets
Derivative Assets
Non-designated hedges included in other assets	$ 1,105	$ 1,373
Other assets \| Foreign exchange contracts
Derivative Assets
Non-designated hedges included in other assets	1,105	1,373
Accrued and other liabilities
Derivative Liabilities
Non-designated hedges included in accrued and other liabilities	(2)	(9)
Accrued and other liabilities \| Interest rate contracts
Derivative Liabilities
Non-designated hedges included in accrued and other liabilities	$ (2)	$ (9)

Derivatives - Summary Of Interest Rate Contracts (Details) - Non-Designated kr in Thousands, $ in Thousands	Mar. 31, 2022 USD ($)	Mar. 31, 2022 NOK (kr)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 NOK (kr)
FX Forward
Derivative [Line Items]
Notional amount \| kr		kr 185,576		kr 190,772
Interest Rate Swap
Derivative [Line Items]
Notional amount \| $	$ 30,644		$ 30,762

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Assets
Gross amounts of assets included on consolidated balance sheets	$ 1,105	$ 1,373
Net amounts of assets	1,105	1,373
Derivative Liabilities
Gross amounts of (liabilities) included on consolidated balance sheets	(2)	(9)
Net amounts of liabilities	(2)	(9)
Foreign exchange contracts
Derivative Assets
Gross amounts of assets included on consolidated balance sheets	1,105	1,373
Net amounts of assets	1,105	1,373
Interest rate contracts
Derivative Liabilities
Gross amounts of (liabilities) included on consolidated balance sheets	(2)	(9)
Net amounts of liabilities	$ (2)	$ (9)

Loans Held for Investment, net - Changes in Allowance for Loan Losses (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 22, 2022 USD ($) forwardSwap
Allowance for Loan and Lease Losses [Roll Forward]
CECL reserve at beginning of period	$ 36,598		$ 37,191	$ 37,191
Provision for loan losses	(1,343)			(593)
Charge-offs of CECL reserve(2)	(1,251)			0
Allowance for loan losses at end of period	34,004	$ 36,598		36,598
Loan carrying value	3,759,873	3,485,607		3,485,607
Increase (decrease) of current expected credit loss reserve	(866)		$ 3,225
Senior loans
Allowance for Loan and Lease Losses [Roll Forward]
Loan carrying value	3,629,981	3,367,982		3,367,982
Senior loans \| Collateralized Senior Loan Repaid In 2022
Allowance for Loan and Lease Losses [Roll Forward]
Proceeds from sale of receivables	36,500
Senior loan (in loans) \| forwardSwap					1
Loan carrying value					$ 1,300
Increase (decrease) of current expected credit loss reserve		$ 1,300
PD/LGD model
Allowance for Loan and Lease Losses [Roll Forward]
Unfunded commitments	$ 500			$ 400

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other assets:
Right-of-use lease asset	$ 27,475	$ 24,970
Right-of-use lease asset [Extensible List]	Other assets	Other assets
Tax receivable and deferred tax assets	$ 26,194	$ 26,194
Prepaid expenses	4,375	5,069
Deferred financing costs, net - credit facilities	3,136	2,113
Other	2,246	2,141
Derivative asset	1,105	1,373
Other assets	$ 64,531	$ 61,860

Fair Value - Changes in Fair Value of Financial Assets Measured on a Recurring Basis (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Mortgage loans held in securitization trusts
Additional information about financial assets
Unrealized loss in earnings	$ (45,400)
Unrealized gain (loss) in earnings	45,400
Recurring basis \| Investments in unconsolidated ventures - PE Investments
Additional information about financial assets
Beginning balance	4,406	$ 6,878
Distributions/paydowns	0	(2,380)
Sale of investments	0	0
Transfers out of Level 3	0	0
Equity in earnings	0	(92)
Unrealized loss in earnings	0	0
Realized loss in earnings	0	0
Ending balance	4,406	4,406
Recurring basis \| Mortgage loans held in securitization trusts
Additional information about financial assets
Beginning balance	813,310	1,768,069
Distributions/paydowns	(13,300)	(78,903)
Sale of investments	0	(28,662)
Transfers out of Level 3	0	(802,196)
Equity in earnings	0	0
Unrealized loss in earnings	(45,431)	(8,375)
Realized loss in earnings	0	(36,623)
Ending balance	$ 754,579	$ 813,310

Equity-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

On January 29, 2018, the Company’s Board of Directors adopted the 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan permits the grant of awards with respect to 4.0 million shares of the Class A common stock, subject to adjustment pursuant to the terms of the 2018 Plan. Awards may be granted under the 2018 Plan to (x) the Manager or any employee, officer, director, consultant or advisor (who is a natural person) providing services to the Company, the Manager or their affiliates and (y) any other individual whose participation in the 2018 Plan is determined to be in the best interests of the Company. The following types of awards may be made under the 2018 Plan, subject to the limitations set forth in the plan: (i) stock options (which may be either incentive stock options or non-qualified stock options); (ii) stock appreciation rights; (iii) restricted stock awards; (iv) stock units; (v) unrestricted stock awards; (vi) dividend equivalent rights; (vii) performance awards; (viii) annual cash incentive awards; (ix) long-term incentive units; and (x) other equity-based awards.

Shares subject to an award granted under the 2018 Plan will be counted against the maximum number of shares of Class A common stock available for issuance thereunder as one share of Class A common stock for every one share of Class A common stock subject to such an award. Shares subject to an award granted under the 2018 Plan will again become available for issuance under the 2018 Plan if the award terminates by expiration, forfeiture, cancellation, or otherwise without the issuance of such shares (except as set forth in the following sentence). The number of shares of Class A common stock available for issuance under the 2018 Plan will not be increased by (i) any shares tendered or withheld in connection with the purchase of shares upon exercise of a stock option, (ii) any shares deducted or delivered in connection with the Company’s tax withholding obligations, or (iii) any shares purchased by the Company with proceeds from stock option exercises. The shares granted in May 2020 to the independent directors of the Company under the 2018 Plan vested in May 2021. The shares granted in June 2021 to the independent directors, as well as in October and December to the two newly appointed independent directors of the Company under the 2018 Plan vest in May 2022. Shares granted to non-independent directors, officers and the Manager under the 2018 Plan vest ratably in three annual installments.

On February 15, 2022, the Company’s Board of Directors adopted, and at the annual meeting of stockholders held on May 5, 2022, the stockholders approved, the 2022 Equity Incentive Plan (the “2022 Plan”), which was effective as of May 5, 2022 and amends and restates the 2018 Plan. Other than increasing the total number of shares of the class A common stock issuable under the 2018 Plan by 10.0 million shares (subject to adjustment pursuant to the terms of the 2022 Plan) and extending the termination date of the 2018 Plan to May 4, 2032, there were no significant changes from the 2018 Plan.

On February 23, 2022, the Compensation Committee of the Board of Directors approved certain conditional stock grants relating to 1,456,366 shares of common stock (the “conditional grants”) with vesting in one-third increments on March 15, 2023, March 15, 2024 and March 15, 2025. The conditional grant provided that, if stockholder approval was obtained and the applicable grantee remained in service as of the annual meeting of stockholders held on May 5, 2022, then the Company would grant such grantee a restricted stock award under the 2022 Plan as of May 5, 2022 with respect to the number of shares of class A common stock subject to the conditional grant.

Equity-Based Compensation Expense

In connection with the share grants, the Company recognized share-based compensation of $1.9 million within compensation and benefits in the consolidated statement of operations for the three months ended March 31, 2022. The Company recognized

share-based compensation expense of $4.3 million to its Manager within compensation and benefits in the consolidated statement of operations for the three months ended March 31, 2021.

Restricted Stock—Restricted stock awards relating to the Company’s class A common stock are granted to independent directors of the Company and generally vest within one year and restricted stock awards were granted to certain employees of the Manager, with a service condition only and are generally subject to annual time-based vesting in equal tranches over a three-year period. Restricted stock is entitled to dividends declared and paid on the Company’s class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company’s class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three-year service period. Some employees of the Manager who were granted restricted stock under the 2018 Plan became employees of the Company following the Internalization on April 30, 2021. The shares held by substantially all remaining employees of the Manager vested following the Internalization.

Performance Stock Units (“PSU”)—PSUs are granted to certain employees of the Company and are subject to both a service condition and a performance condition. Following the end of the measurement period for the PSUs, the recipients of PSUs may be eligible to vest in all or a portion of PSUs granted, and be issued a number of shares of the Company’s class A common stock, ranging from 0% to 200% of the number of PSUs granted and eligible to vest, to be determined based upon the performance of the Company’s class A common stock relative to the Company’s GAAP book value at the end of a two-year measurement period. PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period.

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation, with the following assumptions:


	2021 Grant
Expected volatility(1)	86.6	%
Risk free rate(2)	0.1	%
Expected dividend yield(3)	—

_________________________________________

(1)Based upon the Company’s historical stock volatility.

(2)Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date.

(3)Based upon the dividend yield in place as of the grant date.

Fair value of PSU awards, excluding dividend equivalent rights, is recognized on a straight-line basis over their measurement period as compensation expense, and is subject to reversal if the performance condition is not achieved.

The table below summarizes the Company’s awards granted, forfeited or vested under the 2018 Plan during the three months ended March 31, 2022:


	Number of Shares			Weighted Average Grant Date Fair Value
	Restricted Stock	PSUs	Total	Restricted Stock		PSUs












Unvested shares at December 31, 2021	1,482,094	272,000	1,754,094	$	12.35	$	11.96

Vested	(500,462)	—	(500,462)	9.14		—

Unvested shares at March 31, 2022	981,632	272,000	1,253,632	11.54		11.96

Fair value of equity awards that vested during the three months ended March 31, 2022 and March 31, 2021, determined based on their respective fair values at vesting date, was $3.2 million and $2.3 million, respectively. Fair value of granted awards is determined based on the closing price of the Class A common stock on the date of grant of the awards. Equity-based compensation is classified within compensation and benefits in the consolidated statement of operations.

At March 31, 2022, aggregate unrecognized compensation cost for all unvested equity awards was $7.0 million, which is expected to be recognized over a weighted-average period of 1.79 years. At March 31, 2021, aggregate unrecognized compensation cost for all unvested equity awards was $14.2 million, expected to be recognized over a weighted-average period of 2.57 years.

Subsequent to March 31, 2022, the Company granted 1,456,366 shares of class A common stock to certain employees of the Company, including restricted shares in connection with the settlement of conditional grants.

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization BrightSpire Capital, Inc. is a commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which the Company expects to be its primary investment strategy. Additionally, the Company may selectively originate mezzanine loans and make preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with the Company’s origination of corresponding first mortgages on the same properties. Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. The Company will continue to target net leased equity investments on a selective basis. The Company also currently has investments in CRE debt securities consisting of commercial mortgage-backed securities (“CMBS”) that are “B-pieces” of a CMBS securitization pool. The Company was organized in the state of Maryland on August 23, 2017 and maintains key offices in New York, New York and Los Angeles, California. The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the taxable year ended December 31, 2018. The Company conducts all activities and holds substantially all assets and liabilities through the Company’s operating subsidiary, BrightSpire Capital Operating Company, LLC, (the “OP”). At March 31, 2022, the Company owned 97.7% of the OP, as its sole managing member. The remaining 2.3% is owned as noncontrolling interests. Impact of COVID-19 The COVID-19 pandemic has negatively impacted CRE credit REITs across the industry, as well as other companies that own and operate commercial real estate investments. Throughout 2020, continuing into the first quarter of 2022, countries around the world continued to face healthcare and economic challenges arising from the coronavirus, or COVID-19. Efforts to address the pandemic, such as social distancing, closures or reduced capacity of retail and service outlets, hotels, factories and public venues, often mandated by governments, have had a significant impact on the global economy and financial markets across major industries, including many sectors of real estate. In particular, the Company’s loans for investment and real estate investments in the hospitality and retail sectors have experienced or anticipate a myriad of challenges, including, but not limited to: significant declines in operating cash flows of the Company’s investments which in turn affect their ability to meet debt service and covenant requirements on investment-level debt (non-recourse to the Company); flexible lease payment terms sought by tenants; increased property operating costs such as labor and supplies as a result of COVID-19; potential payment defaults on the Company's loans held for investment; and a distressed market affecting real estate values in general. The COVID-19 crisis may also lead to heightened risk of litigation at the investment and corporate level, with an ensuing increase in litigation and related costs. The volatility in equity and debt markets, and the economic fallout from COVID-19 may affect the valuation of the Company’s financial assets, carried at fair value. The Company’s consideration and assessment of impairment is discussed further in Note 3, “Loans Held for Investment, net,” Note 5, “Real Estate Securities, Available for Sale,” Note 6, “Real Estate, net and Real Estate Held for Sale” and Note 14, “Fair Value.” A prolonged economic downturn as a result of efforts to contain COVID-19 may continue to negatively affect the Company’s financial condition and results of operations. While the extent and duration of the broad effects of COVID-19 on the global economy and the Company remain unclear, the Company believes it has materially addressed overall recoverability in value across its assets based upon external factors known to date and assumptions using the Company’s best estimate at this time. The Company will continue to monitor the progress of the COVID-19 crisis and reassess its effects on the Company’s results of operations and recoverability in value across its assets as conditions change.

Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis

The following table presents financial assets that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 by level within the fair value hierarchy (dollars in thousands):


	March 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in unconsolidated ventures - PE Investments	$	—	$	—	$	4,406	$	4,406	$	—	$	—	$	4,406	$	4,406

Mortgage loans held in securitization trusts, at fair value	—		—		754,579		754,579		—		—		813,310		813,310
Other assets - derivative assets	—		1,105		—		1,105		—		1,373		—		1,373
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	$	—	$	718,425	$	—	$	718,425	$	—	$	777,156	$	—	$	777,156
Other liabilities - derivative liabilities	—		2		—		2		—		9		—		9

Schedule of Changes in Level 3

The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the three months ended March 31, 2022 and year ended December 31, 2021 (dollars in thousands):


	Three Months Ended March 31, 2022				Year Ended December 31, 2021
	Investments in unconsolidated ventures - PE Investments		Mortgage loans held in securitization trusts(1)		Investments in unconsolidated ventures - PE Investments		Mortgage loans held in securitization trusts
Beginning balance	$	4,406	$	813,310	$	6,878	$	1,768,069

Distributions/paydowns	—		(13,300)		(2,380)		(78,903)
Sale of investments	—		—		—		(28,662)
Deconsolidation of securitization trust(2)	—		—		—		(802,196)
Equity in earnings	—		—		(92)		—


Unrealized loss in earnings	—		(45,431)		—		(8,375)
Realized loss in earnings	—		—		—		(36,623)
Ending balance	$	4,406	$	754,579	$	4,406	$	813,310

_________________________________________

(1)For the three months ended March 31, 2022, the Company recorded an unrealized loss of $45.4 million related to mortgage loans held in securitization trusts, at fair value and an unrealized gain of $45.4 million related to mortgage obligations held in securitization trusts, at fair value.

(2)In April 2021, the Company sold its retained investments in the subordinate tranches of one securitization trust. As a result of the sale, the Company deconsolidated one of the securitization trusts.

Summary of Principal Amount, Carrying Value and Fair Value of Financial Assets and Liabilities

The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022							December 31, 2021
	Principal Amount		Carrying Value			Fair Value		Principal Amount			Carrying Value		Fair Value
Financial assets:(1)
Loans held for investment, net	$	3,777,101	$	3,725,869	(2)	$	3,743,097	$	3,500,658	(2)	$	3,449,009	$	3,464,060
Financial liabilities:(1)
Securitization bonds payable, net	$	1,469,687	$	1,461,340		$	1,469,687	$	1,510,423		$	1,500,899	$	1,510,423
Mortgage and other notes payable, net	719,753		719,801			719,753		760,816			760,583		760,816
Master repurchase facilities	1,199,789		1,199,789			1,199,789		905,122			905,122		905,122

_________________________________________

(1)The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

(2)Excludes future funding commitments of $333.5 million and $264.9 million as of March 31, 2022 and December 31, 2021, respectively.

Fair Value Measurements, Nonrecurring

The following table summarizes assets carried at fair value on a nonrecurring basis as of December 31, 2021 (dollars in thousands):


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Loans held for investment, net(1)	$	—	$	—	$	38,083	$	38,083

_________________________________________

(1)See Note 3 “Loans Held for Investment, net” for further details.

Loans Held for Investment, net

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Loans Held for Investment, net

The following table provides a summary of the Company’s loans held for investment, net (dollars in thousands):


	March 31, 2022							December 31, 2021
	Unpaid Principal Balance		Carrying Value		Weighted Average Coupon(1)		Weighted Average Maturity in Years	Unpaid Principal Balance		Carrying Value		Weighted Average Coupon(1)		Weighted Average Maturity in Years





Variable rate
Senior loans	$	1,906,808	$	1,893,583	4.5	%	3.9	$	1,576,439	$	1,564,940	4.6	%	3.7
Securitized loans(2)	1,740,299		1,736,398		4.3	%	3.4	1,806,583		1,803,042		4.2	%	3.5
Mezzanine loans	12,000		12,120		11.5	%	0.4	12,000		12,120		11.5	%	0.7

	3,659,107		3,642,101					3,395,022		3,380,102
Fixed rate
Mezzanine loans	117,994		117,772		12.4	%	2.9	105,636		105,505		12.4	%	3.0
	117,994		117,772					105,636		105,505
Loans held for investment	3,777,101		3,759,873					3,500,658		3,485,607

CECL reserve	NA		(34,004)					NA		(36,598)
Loans held for investment, net	$	3,777,101	$	3,725,869				$	3,500,658	$	3,449,009

_________________________________________

(1)Calculated based on contractual interest rate.

(2)Represents loans transferred into securitization trusts that are consolidated by the Company.

The weighted average maturity, including extensions, of loans was 3.6 years at March 31, 2022. At December 31, 2021, the weighted average maturity, including extensions, of loans was 3.6 years.

The Company had $9.8 million and $9.5 million of interest receivable related to its loans held for investment, net as of March 31, 2022 and December 31, 2021, respectively. This is included in receivables, net on the Company’s consolidated balance sheets.

Activity relating to the Company’s loans held for investment, net was as follows (dollars in thousands):


	Carrying Value
Balance at January 1, 2022	$	3,449,009
Acquisitions/originations/additional funding	498,195
Loan maturities/principal repayments	(227,897)

Discount accretion/premium amortization	2,999
Capitalized interest	969
(Increase) decrease of CECL reserve(1)	1,343


Charge-off	1,251
Balance at March 31, 2022	$	3,725,869

_________________________________________

Nonaccrual and Past Due Loans

Loans that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. As of March 31, 2022 and December 31, 2021, the Company did not have any loans on nonaccrual status.

The following table provides an aging summary of loans held for investment at carrying values before CECL reserve (dollars in thousands):


	Current or Less Than 30 Days Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Loans
March 31, 2022	$	3,759,873	$	—	$	—	$	—	$	3,759,873
December 31, 2021	3,485,607		—		—		—		3,485,607

Current Expected Credit Loss Reserve

The following table provides details on the changes in CECL reserves (dollars in thousands):


	March 31, 2022		December 31, 2021
CECL reserve at beginning of period	$	36,598	$	37,191

Increase (decrease) of CECL reserve(1)	(1,343)		(593)
Charge-offs of CECL reserve(2)	(1,251)		—

CECL reserve at end of period	$	34,004	$	36,598

_________________________________________

Credit Quality Monitoring

Loans are typically secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company

evaluates its loans at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity.

As of March 31, 2022, all loans were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans. There were no loans held for investment with contractual payments past due as of December 31, 2021. For the three months ended March 31, 2022 and March 31, 2021, no debt investment contributed more than 10.0% of interest income.


	March 31, 2022
	2022		2021		2020		2019		2018		Total
Senior loans
Risk Rankings:


2	$	—	$	233,748	$	109,400	$	70,916	$	—	$	414,064
3	468,993		1,388,180		72,084		283,208		300,183		2,512,648
4	—		—		—		398,644		304,625		703,269

Total Senior loans	468,993		1,621,928		181,484		752,768		604,808		3,629,981

Mezzanine loans
Risk Rankings:


3	9,986		—		—		74,391		4,480		88,857
4	—		—		—		28,915		—		28,915
5	—		—		—		—		12,120		12,120
Total Mezzanine loans	9,986		—		—		103,306		16,600		129,892










Total Loans held for investment	$	478,979	$	1,621,928	$	181,484	$	856,074	$	621,408	$	3,759,873

As of March 31, 2022, the average risk rating for loans held for investment was 3.1.


	December 31, 2021
	2021		2020		2019		2018		2017		Total
Senior loans
Risk Rankings:
2	$	242,850	$	109,103	$	70,811	$	—	$	—	$	422,764
3	1,393,307		72,359		443,162		262,147		34,036		2,205,011
4	—		—		396,395		304,477		—		700,872
5	—		—		39,335		—		—		39,335
Total Senior loans	1,636,157		181,462		949,703		566,624		34,036		3,367,982

Mezzanine loans
Risk Rankings:


3	—		—		38,796		4,489		—		43,285
4	—		—		62,220		—		12,120		74,340

Total Mezzanine loans	—		—		101,016		4,489		12,120		117,625










Total Loans held for investment	$	1,636,157	$	181,462	$	1,050,719	$	571,113	$	46,156	$	3,485,607

As of December 31, 2021, the average risk rating for loans held for investment was 3.1.

Lending Commitments

The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At March 31, 2022, assuming the terms to qualify for future advances, if any, had been met, total gross unfunded lending commitments were $333.5 million. Refer to Note 16, “Commitments and Contingencies” for further details. At March 31, 2022, the Company recorded a $0.9 million allowance for lending commitments in accrued and other liabilities on its consolidated balance sheets in accordance with the credit losses accounting standard No. 2016-13. At December 31, 2021, assuming the terms to qualify for future advances, if any, had been met, total gross unfunded lending commitments were $264.9 million. At December 31, 2021, the Company recorded a $0.4 million allowance for lending commitments in accrued and other liabilities on its consolidated balance sheets in accordance with the credit losses accounting standard No. 2016-13. See Note 2, “Summary of Significant Accounting Policies” for further details.

Real Estate Securities, Available for Sale - Activity Reported in Statement of Operations Related to Securitized Trust (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Variable Interest Entity [Line Items]
Interest income on mortgage loans held in securitization trusts	$ 9,375	$ 19,689
Interest expense on mortgage obligations issued by securitization trusts	(8,488)	(17,336)
Unrealized (gain) loss on mortgage loans and obligations held in securitization trusts, net	0	8,638
Net income attributable to BrightSpire Capital, Inc. common stockholders	27,614	(92,506)
Primary beneficiary
Variable Interest Entity [Line Items]
Interest income on mortgage loans held in securitization trusts	9,375	19,689
Interest expense on mortgage obligations issued by securitization trusts	(8,488)	(17,336)
Net interest income	887	2,353
Operating expense	(97)	(766)
Unrealized (gain) loss on mortgage loans and obligations held in securitization trusts, net	0	8,638
Net income attributable to BrightSpire Capital, Inc. common stockholders	$ 790	$ 10,225

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Summary of Significant Accounting Policies - Classification, Carrying Value and Maximum Exposure of VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investments in unconsolidated ventures	$ 20,615	$ 20,591
Total Assets	5,800,613	5,638,369
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Total Assets	16,200	16,200
Maximum Exposure to Loss	16,200	16,200
Unconsolidated VIEs \| Investments in unconsolidated ventures
Variable Interest Entity [Line Items]
Investments in unconsolidated ventures	16,200	16,200
Maximum Exposure to Loss	$ 16,200	$ 16,200

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Fair Value

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value

Determination of Fair Value

The following is a description of the valuation techniques used to measure fair value of assets accounted for at fair value on a recurring basis and the general classification of these instruments pursuant to the fair value hierarchy.

PE Investments

The Company accounts for PE Investments at fair value which is determined based on either a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate, or pending sales prices, if applicable. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy, unless the PE Investments are valued based on pending sales prices, which are classified as Level 2 of the fair value hierarchy. The Company considers cash flow and NAV information provided by general partners of the underlying funds (“GP NAV”) and the implied yields of those funds in valuing its PE Investments. The Company also considers the values derived from the valuation model as a percentage of GP NAV, and compares the resulting percentage of GP NAV to precedent transactions, independent research, industry reports as well as pricing from executed purchase and sale agreements related to the disposition of its PE Investments. The Company may, as a result of that comparison, apply a mark-to-market adjustment. The Company has not elected the practical expedient to measure the fair value of its PE Investments using the NAV of the underlying funds.

Real Estate Securities

CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote, dealer bid or an internal price. Situations where management applies adjustments based on or using unobservable inputs would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market.

Investing VIEs

As discussed in Note 5, “Real Estate Securities, Available for Sale,” the Company has elected the fair value option for the financial assets and liabilities of the consolidated Investing VIEs. The Investing VIEs are “static,” that is no reinvestment is permitted and there is very limited active management of the underlying assets. The Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the Investing VIEs are more observable, but in either case, the methodology results in the fair value of the assets of the securitization trust being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of the securitization trust is more observable, since market prices for the liabilities are available from a third-party pricing service or are based on quoted prices provided by dealers who make markets in similar financial instruments. The financial assets of the securitization trust are not readily marketable and their fair value measurement requires information that may be limited in availability.

In determining the fair value of the trust’s financial liabilities, the dealers will consider contractual cash payments and yields expected by market participants. Dealers also incorporate common market pricing methods, including a spread measurement to the treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. The Company’s collateralized mortgage obligations are classified as Level 2 of the fair value hierarchy, where a third-party pricing service or broker quotations are available and are based on observable valuation inputs, and as Level 3 of the fair value hierarchy, where internal price is utilized based on or using unobservable inputs. In accordance with ASC 810, Consolidation, the assets of the securitization trust are an aggregate value derived from the fair value of the trust’s liabilities, and the Company has determined that the valuation of the trust’s assets in their entirety including its retained interests from the securitizations (eliminated in consolidation in accordance with U.S. GAAP) should be classified as Level 3 of the fair value hierarchy.

Derivatives

Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider. Quotations on over-the counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely

on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

Fair Value Hierarchy

Financial assets recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents financial assets that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 by level within the fair value hierarchy (dollars in thousands):


	March 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in unconsolidated ventures - PE Investments	$	—	$	—	$	4,406	$	4,406	$	—	$	—	$	4,406	$	4,406

Mortgage loans held in securitization trusts, at fair value	—		—		754,579		754,579		—		—		813,310		813,310
Other assets - derivative assets	—		1,105		—		1,105		—		1,373		—		1,373
Liabilities:
Mortgage obligations issued by securitization trusts, at fair value	$	—	$	718,425	$	—	$	718,425	$	—	$	777,156	$	—	$	777,156
Other liabilities - derivative liabilities	—		2		—		2		—		9		—		9


	Three Months Ended March 31, 2022				Year Ended December 31, 2021
	Investments in unconsolidated ventures - PE Investments		Mortgage loans held in securitization trusts(1)		Investments in unconsolidated ventures - PE Investments		Mortgage loans held in securitization trusts
Beginning balance	$	4,406	$	813,310	$	6,878	$	1,768,069

Distributions/paydowns	—		(13,300)		(2,380)		(78,903)
Sale of investments	—		—		—		(28,662)
Deconsolidation of securitization trust(2)	—		—		—		(802,196)
Equity in earnings	—		—		(92)		—


Unrealized loss in earnings	—		(45,431)		—		(8,375)
Realized loss in earnings	—		—		—		(36,623)
Ending balance	$	4,406	$	754,579	$	4,406	$	813,310

_________________________________________

As of March 31, 2022 and December 31, 2021, the Company utilized a discounted cash flow model, comparable precedent transactions and other market information to quantify Level 3 fair value measurements on a recurring basis. As of March 31, 2022 and December 31, 2021, the key unobservable inputs used in the analysis of PE Investments included discount rates with a range of 11.0% to 12.0% and timing and amount of expected future cash flows. As of March 31, 2022, the key unobservable inputs used in the valuation of mortgage obligations issued by securitization trusts included a blended yield of 20.0% and a weighted average life of 5.2 years. As of December 31, 2021, the key unobservable inputs used in the valuation of mortgage obligations issued by securitization trusts included a blended yield of 17.5% and a weighted average life of 5.4 years. Significant increases or decreases in any one of the inputs described above in isolation may result in significantly different fair value of the financial assets and liabilities using such Level 3 inputs.

For the three months ended March 31, 2022, the Company did not record a net unrealized gain (loss) related to mortgage loans held in and mortgage obligations issued by securitization trusts, at fair value. For the three months ended March 31, 2021, the Company recorded a net unrealized gain of $8.6 million related to mortgage loans held in and mortgage obligations issued by securitization trusts, at fair value. These amounts, when incurred, are recorded as unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statement of operations.

Fair Value Option

The Company may elect to apply the fair value option of accounting for certain of its financial assets or liabilities due to the nature of the instrument at the time of the initial recognition of the investment. The Company elected the fair value option for PE Investments and eligible financial assets and liabilities of its consolidated Investing VIEs because management believes it is a more useful presentation for such investments. The Company determined recording the PE Investments based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment. As of March 31, 2022 and December 31, 2021, the Company has elected not to apply the fair value option for any other eligible financial assets or liabilities.

Fair Value of Financial Instruments

In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value.

The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022							December 31, 2021
	Principal Amount		Carrying Value			Fair Value		Principal Amount			Carrying Value		Fair Value
Financial assets:(1)
Loans held for investment, net	$	3,777,101	$	3,725,869	(2)	$	3,743,097	$	3,500,658	(2)	$	3,449,009	$	3,464,060
Financial liabilities:(1)
Securitization bonds payable, net	$	1,469,687	$	1,461,340		$	1,469,687	$	1,510,423		$	1,500,899	$	1,510,423
Mortgage and other notes payable, net	719,753		719,801			719,753		760,816			760,583		760,816
Master repurchase facilities	1,199,789		1,199,789			1,199,789		905,122			905,122		905,122

_________________________________________

(1)The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

(2)Excludes future funding commitments of $333.5 million and $264.9 million as of March 31, 2022 and December 31, 2021, respectively.

Disclosure about fair value of financial instruments is based on pertinent information available to management as of March 31, 2022. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Loans Held for Investment, Net

For loans held for investment, net, fair values were determined: (i) by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or (ii) based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. Carrying values of loans held for investment are presented net of allowance for loan losses, where applicable.

Securitization Bonds Payable, Net

The Company’s securitization bonds payable, net bear floating rates of interest. As of March 31, 2022, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Mortgage and Other Notes Payable, Net

For mortgage and other notes payable, net, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Master Repurchase Facilities

The Company has amounts outstanding under Master Repurchase Facilities. The Master Repurchase Facilities bear floating rates of interest. As of March 31, 2022, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Other

The carrying values of cash and cash equivalents, receivables, and accrued and other liabilities approximate fair value due to their short term nature and credit risk, if any, are negligible.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment.

The Company did not hold any assets carried at fair value on a nonrecurring basis as of March 31, 2022.

The following table summarizes assets carried at fair value on a nonrecurring basis as of December 31, 2021 (dollars in thousands):


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Loans held for investment, net(1)	$	—	$	—	$	38,083	$	38,083

_________________________________________

(1)See Note 3 “Loans Held for Investment, net” for further details.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Total Company’s Stockholders’ Equity	Common Stock Class A	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in the Operating Partnership
Beginning balance (in shares) at Dec. 31, 2020			128,565
Beginning balance at Dec. 31, 2020	$ 1,958,678	$ 1,665,673	$ 1,286	$ 2,844,023	$ (1,234,224)	$ 54,588	$ 253,225	$ 39,780
Increase (Decrease) in Stockholders' Equity
Contributions	1,384						1,384
Distributions	(10,794)						(10,794)
Issuance and amortization of equity-based compensation (in shares)			1,420
Issuance and amortization of equity-based compensation	4,262	4,262	$ 14	4,248
Other comprehensive income/(loss)	(8,733)	(7,742)				(7,742)	(776)	(215)
Dividends and distributions declared	(13,296)	(12,988)			(12,988)			(308)
Shares canceled for tax withholding on vested stock awards (in shares)			(136)
Shares canceled for tax withholding on vested stock awards	(1,309)	(1,309)	$ (2)	(1,307)
Reallocation of equity	0	521		521				(521)
Net income (loss)	(94,493)	(92,314)			(92,314)		(226)	(1,953)
Ending balance (in shares) at Mar. 31, 2021			129,849
Ending balance at Mar. 31, 2021	1,835,699	1,556,103	$ 1,298	2,847,485	(1,339,526)	46,846	242,813	36,783
Beginning balance (in shares) at Dec. 31, 2021			129,769
Beginning balance at Dec. 31, 2021	1,491,315	1,455,288	$ 1,298	2,855,766	(1,410,562)	8,786	1,472	34,555
Increase (Decrease) in Stockholders' Equity
Distributions	(110)						(110)
Issuance and amortization of equity-based compensation	1,880	1,880		1,880
Other comprehensive income/(loss)	676	660				660		16
Dividends and distributions declared	(25,241)	(24,657)			(24,657)			(584)
Shares canceled for tax withholding on vested stock awards (in shares)			(136)
Shares canceled for tax withholding on vested stock awards	(1,000)	(1,000)	$ (2)	(998)
Reallocation of equity	0	(13)		(13)				13
Net income (loss)	28,400	27,724			27,724		22	654
Ending balance (in shares) at Mar. 31, 2022			129,633
Ending balance at Mar. 31, 2022	$ 1,495,920	$ 1,459,882	$ 1,296	$ 2,856,635	$ (1,407,495)	$ 9,446	$ 1,384	$ 34,654

Real Estate Securities, Available for Sale

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Real Estate Securities, Available for Sale

Investments in CRE Securities

CRE securities are composed of CMBS backed by a pool of CRE loans which are typically well-diversified by type and geography. The Company did not hold any CRE securities at March 31, 2022 and December 31, 2021.

During the three months ended March 31, 2021, the Company wrote down through earnings the amortized cost basis for securities in which the fair value dropped below the amortized cost basis, realizing a loss of $1.0 million. The loss was recorded in other gain, net on the Company’s consolidated statements of operations.

During the three months ended March 31, 2021, the Company sold one CRE security for a total gross sales price of $5.1 million and realized a gain of $0.1 million. The gain was recorded in other gain, net on the Company’s consolidated statements of operations. At March 31, 2021, the Company had one remaining CRE security, which was on cost recovery, and as a result had ceased accretion of any discounts to expected maturity and applied any cash interest received against the CRE security’s carrying value. This decision was made given the inability to project future cash flows.

During the three months ended March 31, 2021, the Company recorded an unrealized loss in OCI of $0.2 million.

Investments in Investing VIEs

The Company is the directing certificate holder of one securitization trust and has the ability to appoint and replace the special servicer on all mortgage loans. As such, U.S. GAAP requires the Company to consolidate the assets, liabilities, income and expenses of the securitization trusts as Investing VIEs. Refer to Note 2, “Summary of Significant Accounting Policies” for further discussion on Investing VIEs.

Other than the securities represented by the Company’s subordinate tranches of the securitization trust, the Company does not have any claim to the assets or exposure to the liabilities of the securitization trust. The original issuers, who are unrelated third parties, guarantee the interest and principal payments related to the investment grade securitization bonds in the securitization trust, therefore these obligations do not have any recourse to the general credit of the Company as the consolidator of the securitization trust. The Company’s maximum exposure to loss would not exceed the carrying value of its retained investments in the securitization trusts, or the subordinate tranches of the securitization trust.

As of March 31, 2022, the mortgage loans and the related mortgage obligations held in the securitization trust had an unpaid principal balance of $770.5 million and $667.9 million, respectively. As of December 31, 2021, the mortgage loans and the related mortgage obligations held in the securitization trusts had an unpaid principal balance of $783.8 million and $681.2 million, respectively. As of March 31, 2022, the underlying collateral of the securitization trust consisted of 61 underlying commercial mortgage loans, with a weighted average coupon of 4.9% and a weighted average loan to value ratio of 60.5%.

The following table presents the assets and liabilities recorded on the consolidated balance sheets attributable to the securitization trust as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022		December 31, 2021
Assets
Mortgage loans held in a securitization trust, at fair value	$	754,579	$	813,310
Receivables, net	3,171		3,325
Total assets	$	757,750	$	816,635
Liabilities
Mortgage obligations issued by a securitization trust, at fair value	$	718,425	$	777,156
Accrued and other liabilities	2,933		3,032
Total liabilities	$	721,358	$	780,188

The Company elected the fair value option to measure the assets and liabilities of the securitization trusts, which requires that changes in valuations of the securitization trusts be reflected in the Company’s consolidated statements of operations.

The difference between the carrying values of the mortgage loans held in securitization trusts and the carrying value of the mortgage obligations issued by securitization trusts was $36.2 million as of March 31, 2022 and December 31, 2021, and approximates the fair value of the Company’s retained investments in the subordinate tranches of the securitization trusts, which are eliminated in consolidation. Refer to Note 14, “Fair Value” for a description of the valuation techniques used to measure fair value of assets and liabilities of the Investing VIEs.

The below table presents net income attributable to the Company’s common stockholders for the three months ended March 31, 2022 and 2021 generated from the Company’s investments in the subordinate tranches of the securitization trusts (dollars in thousands):


	Three Months Ended March 31,
	2022		2021
Statement of Operations

Interest income on mortgage loans held in securitization trusts	$	9,375	$	19,689
Interest expense on mortgage obligations issued by securitization trusts	(8,488)		(17,336)
Net interest income	887		2,353
Operating expense	(97)		(766)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	—		8,638

Net income attributable to BrightSpire Capital, Inc. common stockholders	$	790	$	10,225

Loans Held for Investment, net - Narrative (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($) loan	Mar. 31, 2021 USD ($) investment	Dec. 31, 2021 USD ($) loan	Feb. 22, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity period of debt instruments depending upon the asset type (in years)	3 years 7 months 6 days			3 years 7 months 6 days
Interest receivable	$ 9,800	$ 9,500		$ 9,500
Loans held for investment, net	3,725,869	3,449,009		3,449,009
Interest income	44,570		$ 34,374
Loan carrying value	3,759,873	$ 3,485,607		$ 3,485,607
Increase (decrease) of current expected credit loss reserve	$ (866)		$ 3,225
Real estate debt investments with contractual payments past due (in loans) \| loan		0		0
Number of CRE debt investments contributed to more than 10% of interest income (in investments) \| investment	0		0
Percent of interest income contributed by investment	10.00%
Average risk rating	3.1
Senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan carrying value	$ 3,629,981	$ 3,367,982		$ 3,367,982
Senior loans \| Collateralized Senior Loan Repaid In 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan carrying value					$ 1,300
Increase (decrease) of current expected credit loss reserve		1,300
Proceeds from sale of receivables	36,500
PD/LGD model
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unfunded commitments	500			400
Allowance for lending commitments	900	400		400
Commercial mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan carrying value	3,759,873	3,485,607		3,485,607
Future funding commitments	$ 333,500	$ 264,900		$ 264,900

Loans Held for Investment, net - Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	$ 478,979	$ 1,636,157
Year Two	1,621,928	181,462
Year Three	181,484	1,050,719
Year Four	856,074	571,113
Year Five	621,408	46,156
Total	3,759,873	3,485,607
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	468,993	1,636,157
Year Two	1,621,928	181,462
Year Three	181,484	949,703
Year Four	752,768	566,624
Year Five	604,808	34,036
Total	3,629,981	3,367,982
Senior loans \| Risk Ranking 2
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	0	242,850
Year Two	233,748	109,103
Year Three	109,400	70,811
Year Four	70,916	0
Year Five	0	0
Total	414,064	422,764
Senior loans \| Risk Ranking 3
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	468,993	1,393,307
Year Two	1,388,180	72,359
Year Three	72,084	443,162
Year Four	283,208	262,147
Year Five	300,183	34,036
Total	2,512,648	2,205,011
Senior loans \| Risk Ranking 4
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	396,395
Year Four	398,644	304,477
Year Five	304,625	0
Total	703,269	700,872
Senior loans \| Risk Ranking 5
Financing Receivable, Credit Quality Indicator [Line Items]
Year One		0
Year Two		0
Year Three		39,335
Year Four		0
Year Five		0
Total		39,335
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	9,986	0
Year Two	0	0
Year Three	0	101,016
Year Four	103,306	4,489
Year Five	16,600	12,120
Total	129,892	117,625
Mezzanine loans \| Risk Ranking 3
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	9,986	0
Year Two	0	0
Year Three	0	38,796
Year Four	74,391	4,489
Year Five	4,480	0
Total	88,857	43,285
Mezzanine loans \| Risk Ranking 4
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	0	0
Year Two	0	0
Year Three	0	62,220
Year Four	28,915	0
Year Five	0	12,120
Total	28,915	$ 74,340
Mezzanine loans \| Risk Ranking 5
Financing Receivable, Credit Quality Indicator [Line Items]
Year One	0
Year Two	0
Year Three	0
Year Four	0
Year Five	12,120
Total	$ 12,120

Stockholders' Equity - Reclassification out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain, net	$ 10,288	$ 8,367
Reclassification out of AOCI \| Realized gain on sale of real estate securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain, net		104
Reclassification out of AOCI \| Impairment of real estate securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other gain, net		$ (967)

Deferred Leasing Costs and Other Intangibles - Summary of the Amortization of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Deferred leasing costs	$ 806	$ 620
Below-market lease values	330	222
Net increase (decrease) to property operating income	42	(182)
Amortization expense	2,408	2,428
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market values	(288)	(404)
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market values	(1,602)	(1,765)
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of above-market values	$ 0	$ (43)

Debt - Schedule of Debt (Details) kr in Billions	3 Months Ended
Debt - Schedule of Debt (Details) kr in Billions	Mar. 31, 2022 USD ($) property extension	Mar. 31, 2022 NOK (kr) property	Dec. 31, 2021 USD ($)	Jun. 17, 2021
Debt Instrument [Line Items]
Principal amount	$ 3,389,229,000		$ 3,176,361,000
Carrying value	3,380,930,000		3,166,604,000
Mortgage and other notes payable, net	719,801,000		760,583,000
Investment grade notes \| SOFR
Debt Instrument [Line Items]
Benchmark adjustment				0.11448%
Net lease 2
Debt Instrument [Line Items]
Mortgage and other notes payable, net	186,400,000	kr 1.6
Securitization bonds payable, net
Debt Instrument [Line Items]
Principal amount	1,469,687,000		1,510,423,000
Carrying value	$ 1,461,340,000		1,500,899,000
Securitization bonds payable, net \| Minimum
Debt Instrument [Line Items]
Initial debt term (in years)	2 years
Securitization bonds payable, net \| Maximum
Debt Instrument [Line Items]
Initial debt term (in years)	3 years
Securitization bonds payable, net \| Investment grade notes
Debt Instrument [Line Items]
Principal amount	$ 670,000,000		670,000,000
Carrying value	$ 664,671,000		664,087,000
Securitization bonds payable, net \| Investment grade notes \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.49%
Securitization bonds payable, net \| Investment grade notes \| SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.61%
Mortgage and other notes payable, net
Debt Instrument [Line Items]
Principal amount	$ 719,753,000		760,816,000
Carrying value	$ 719,801,000		760,583,000
Mortgage and other notes payable, net \| Net lease 6 \| Collateralized by a property in Company's Core Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.45%	4.45%
Principal amount	$ 22,976,000		23,117,000
Carrying value	22,976,000		23,117,000
Mortgage and other notes payable, net \| Net lease 6 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Principal amount	791,000		908,000
Carrying value	$ 775,000		889,000
Mortgage and other notes payable, net \| Net lease 6 \| Collateralized by a property in Legacy, Non-Strategic Portfolio \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.15%
Mortgage and other notes payable, net \| Net lease 5 \| Collateralized by a property in Company's Core Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.08%	4.08%
Principal amount	$ 30,530,000		30,639,000
Carrying value	$ 30,342,000		30,442,000
Mortgage and other notes payable, net \| Net lease 5 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.45%	4.45%
Principal amount	$ 3,264,000		3,282,000
Carrying value	$ 3,202,000		3,216,000
Mortgage and other notes payable, net \| Net lease 4 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.45%	4.45%
Principal amount	$ 7,043,000		7,081,000
Carrying value	$ 6,907,000		6,939,000
Mortgage and other notes payable, net \| Net lease 3 \| Collateralized by a property in Company's Core Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.77%	4.77%
Principal amount	$ 200,000,000		200,000,000
Carrying value	$ 198,712,000		198,689,000
Mortgage and other notes payable, net \| Net lease 3 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Contractual interest rate	6.00%	6.00%
Principal amount	$ 0		11,867,000
Carrying value	$ 0		11,807,000
Mortgage and other notes payable, net \| Net lease 1 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.45%	4.45%
Principal amount	$ 17,725,000		17,823,000
Carrying value	$ 17,385,000		17,465,000
Mortgage and other notes payable, net \| Net lease 1 \| Collateralized by properties in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.38%	4.38%
Principal amount	$ 11,707,000		11,769,000
Carrying value	$ 11,270,000		11,332,000
Number of properties (in properties) \| property	3	3
Mortgage and other notes payable, net \| Net lease 2 \| Collateralized by a property in Company's Core Portfolio
Debt Instrument [Line Items]
Contractual interest rate	3.91%	3.91%
Principal amount	$ 183,744,000		181,504,000
Carrying value	$ 186,350,000		184,078,000
Mortgage and other notes payable, net \| Other real estate 1 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.47%	4.47%
Principal amount	$ 104,614,000		105,090,000
Carrying value	$ 104,928,000		105,452,000
Mortgage and other notes payable, net \| Other real estate 3 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Contractual interest rate	4.30%	4.30%
Principal amount	$ 71,982,000		72,359,000
Carrying value	71,577,000		71,922,000
Mortgage and other notes payable, net \| Other real estate 6 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Principal amount	0		30,000,000
Carrying value	$ 0		29,859,000
Mortgage and other notes payable, net \| Other real estate 6 \| Collateralized by a property in Legacy, Non-Strategic Portfolio \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.95%
Mortgage and other notes payable, net \| Loan 9
Debt Instrument [Line Items]
Principal amount	$ 65,377,000		65,377,000
Carrying value	$ 65,377,000		65,376,000
Debt term extension available (in years)	1 year
Mortgage and other notes payable, net \| Loan 9 \| LIBOR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	3.00%
Mortgage and other notes payable, net \| Loan 9 \| Collateralized by a property in Legacy, Non-Strategic Portfolio
Debt Instrument [Line Items]
Number of optional extensions to initial maturity date \| extension	2
Mortgage and other notes payable, net \| Bank 1 facility 3 \| Master repurchase facilities
Debt Instrument [Line Items]
Number of optional extensions to initial maturity date \| extension	3
Mortgage and other notes payable, net \| Bank 1 facility 3 \| Master repurchase facilities
Debt Instrument [Line Items]
Debt term extension available (in years)	1 year
Mortgage and other notes payable, net \| Net lease 1, periodic payment of principal and interest
Debt Instrument [Line Items]
Number of properties (in properties) \| property	2	2
Mortgage and other notes payable, net \| Net lease 1, periodic payment of interest
Debt Instrument [Line Items]
Number of properties (in properties) \| property	1	1
Credit facilities
Debt Instrument [Line Items]
Principal amount	$ 1,199,789,000		905,122,000
Carrying value	$ 1,199,789,000		905,122,000
Credit facilities \| Minimum
Debt Instrument [Line Items]
Initial debt term (in years)	2 years
Credit facilities \| Maximum
Debt Instrument [Line Items]
Initial debt term (in years)	5 years
Credit facilities \| Bank credit facility
Debt Instrument [Line Items]
Principal amount	$ 0		0
Carrying value	$ 0		0
Credit facilities \| Bank credit facility \| SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.25%
Credit facilities \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 2,050,000,000
Principal amount	1,199,789,000		905,122,000
Carrying value	$ 1,199,789,000		905,122,000
Percent of recourse of the financed amount	25.00%	25.00%
Credit facilities \| Master repurchase facilities \| LIBOR and SOFR \| Minimum
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.50%
Credit facilities \| Master repurchase facilities \| LIBOR and SOFR \| Maximum
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.70%
Credit facilities \| Bank credit facility \| Bank credit facility
Debt Instrument [Line Items]
Principal amount	$ 0		0
Carrying value	0		0
Credit facilities \| Bank 1 facility 3 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	400,000,000
Principal amount	126,015,000		109,915,000
Carrying value	$ 126,015,000		109,915,000
Credit facilities \| Bank 1 facility 3 \| Master repurchase facilities \| LIBOR and SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.89%
Credit facilities \| Bank 3 facility 3 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 600,000,000
Principal amount	371,044,000		157,409,000
Carrying value	$ 371,044,000		157,409,000
Credit facilities \| Bank 3 facility 3 \| Master repurchase facilities \| LIBOR and SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.94%
Credit facilities \| Bank 7 facility 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 500,000,000
Principal amount	382,497,000		358,181,000
Carrying value	$ 382,497,000		358,181,000
Debt term extension available (in years)	1 year
Credit facilities \| Bank 7 facility 1 \| Master repurchase facilities \| LIBOR and SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.76%
Credit facilities \| Bank 8 facility 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 250,000,000
Principal amount	158,503,000		177,519,000
Carrying value	$ 158,503,000		177,519,000
Debt term extension available (in years)	1 year
Credit facilities \| Bank 8 facility 1 \| Master repurchase facilities \| LIBOR and SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	2.18%
Credit facilities \| Bank 9 Facility 1 \| Master repurchase facilities
Debt Instrument [Line Items]
Capacity	$ 300,000,000
Principal amount	161,730,000		102,098,000
Carrying value	$ 161,730,000		$ 102,098,000
Number of optional extensions to initial maturity date \| extension	2
Debt term extension available (in years)	1 year
Credit facilities \| Bank 9 Facility 1 \| Master repurchase facilities \| Minimum
Debt Instrument [Line Items]
Percent of recourse of the financed amount	25.00%	25.00%
Credit facilities \| Bank 9 Facility 1 \| Master repurchase facilities \| Maximum
Debt Instrument [Line Items]
Percent of recourse of the financed amount	50.00%	50.00%
Credit facilities \| Bank 9 Facility 1 \| Master repurchase facilities \| LIBOR and SOFR
Debt Instrument [Line Items]
Interest rate margin (in percentage)	1.73%

Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 contract	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Weighted average remaining lease term		13 years 10 months 24 days	13 years 10 months 24 days
Ground Leases
Debt Instrument [Line Items]
Weighted average discount rate (as a percentage)		5.30%
Building
Debt Instrument [Line Items]
Weighted average remaining lease term		6 years 10 months 24 days
Number of office leases (in contracts) \| contract	0
Weighted average discount rate (as a percentage)		2.36%
Senior loans
Debt Instrument [Line Items]
Future funding commitments		$ 217.9	$ 212.6
Securitized loans
Debt Instrument [Line Items]
Future funding commitments		97.3	$ 52.3
Mezzanine loans
Debt Instrument [Line Items]
Future funding commitments		$ 18.3

Fair Value - Fair Value - Summary of Assets Carried at Fair Value on a Nonrecurring Basis (Details) (Details) - Fair value, measurements, nonrecurring $ in Thousands	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures - PE Investments	$ 38,083,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures - PE Investments	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures - PE Investments	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated ventures - PE Investments	$ 38,083,000

Deferred Leasing Costs and Other Intangibles

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Leasing Costs and Other Intangibles


	March 31, 2022
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	77,911	$	(32,081)	$	45,830
Deferred leasing costs	28,395		(13,728)		14,667
Above-market lease values	8,359		(6,159)		2,200
	$	114,665	$	(51,968)	$	62,697
Intangible Liabilities
Below-market lease values	$	16,075	$	(10,197)	$	5,878


	December 31, 2021
	Carrying Amount		Accumulated Amortization		Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	81,869	$	(34,555)	$	47,314
Deferred leasing costs	29,863		(14,701)		15,162
Above-market lease values	10,171		(7,666)		2,505
	$	121,903	$	(56,922)	$	64,981
Intangible Liabilities
Below-market lease values	$	16,166	$	(9,942)	$	6,224

_________________________________________

(1)Excludes deferred leasing costs and intangible assets and intangible liabilities related to assets held for sale at December 31, 2021.

The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three months ended March 31, 2022 and 2021 (dollars in thousands):


	Three Months Ended March 31,
	2022		2021
Above-market lease values	$	(288)	$	(404)
Below-market lease values	330		222
Net increase (decrease) to property operating income	$	42	$	(182)

In-place lease values	$	1,602	$	1,765
Deferred leasing costs	806		620
Other intangibles	—		43
Amortization expense	$	2,408	$	2,428



	2022		2023		2024		2025		2026		2027 and thereafter		Total
Above-market lease values	$	763	$	578	$	451	$	272	$	93	$	43	$	2,200
Below-market lease values	(1,039)		(1,379)		(1,379)		(1,377)		(704)		—		(5,878)
Net increase (decrease) to property operating income	$	(276)	$	(801)	$	(928)	$	(1,105)	$	(611)	$	43	$	(3,678)

In-place lease values	$	4,526	$	5,275	$	4,975	$	4,290	$	3,456	$	23,308	$	45,830
Deferred leasing costs	2,225		2,536		2,229		1,823		943		4,911		14,667
Amortization expense	$	6,751	$	7,811	$	7,204	$	6,113	$	4,399	$	28,219	$	60,497

Real Estate, net and Real Estate Held for Sale - Real Estate Sales (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) property	Mar. 31, 2021 USD ($)
Real Estate [Line Items]
Gain (loss) on sale of properties	$ 10,632	$ 11,911
Net Leased and Other Real Estate
Real Estate [Line Items]
Number of real estate properties sold (in properties) \| property	1
Proceeds from sale of real estate	$ 19,600
Gain (loss) on sale of properties	$ 7,600
Hotel
Real Estate [Line Items]
Number of real estate properties sold (in properties) \| property	1
Proceeds from sale of real estate	$ 36,000
Gain (loss) on sale of properties	$ 2,900
Industrial
Real Estate [Line Items]
Proceeds from sale of real estate		335,000
Gain (loss) on sale of properties		$ 11,800

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(9)(a))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123605587&loc=d3e23528-158515

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(7)(c))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(14)(d))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123605564&loc=d3e23439-158514

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(a))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123605564&loc=d3e23415-158514

+ Details

Commitments and Contingencies - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Ground Leases
Long-term Purchase Commitment [Line Items]
Minimum lease expense	$ 768	$ 768
Variable lease expense	0	0
Total operating lease expense	768	$ 768
New York Office
Long-term Purchase Commitment [Line Items]
Minimum lease expense	200
Total operating lease expense	$ 200

Derivatives - Narrative (Details) - USD ($)	3 Months Ended
Derivatives - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral for the derivative contracts	$ 0
Gain (loss) transferred from AOCI	$ 0	$ 0

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The significant accounting policies of the Company are described below. The accounting policies of the Company’s unconsolidated ventures are substantially similar to those of the Company.

Basis of Presentation

The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements.

Reclassifications

Certain prior period amounts have been reclassified from operating expense to compensation and benefits in the consolidated financial statements to conform to current period presentation. This reclassification did not affect the Company’s financial position, results of operations or cash flows.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Restructuring Charges

On April 4, 2021, the Company entered into the termination agreement (the “Termination Agreement”) with its former external manager (the “Manager”), a subsidiary of DigitalBridge Group, Inc. (“DigitalBridge”) whereby its management agreement (the “Management Agreement”) terminated on April 30, 2021. The termination of the Management Agreement resulted in a material change in the management structure of the Company, and was accounted for under ASC 420, Exit or disposal cost obligations. The one-time payment made during the three months ended March 31, 2021 to the Manager under the Termination Agreement, and other associated costs, were recorded within restructuring charges on the consolidated statement of operations.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements.

The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities

Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party’s ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the

primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE.

Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment.

Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company’s existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

As of March 31, 2022 and December 31, 2021, the Company has identified certain consolidated and unconsolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.

Consolidated VIEs

The Company’s operating subsidiary, the OP, is a limited liability company that has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in the OP, is the managing member of the OP and exercises full responsibility, discretion and control over the day-to-day management of the OP. The noncontrolling interests in the OP do not have substantive liquidation rights, substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render the OP to be a VIE. The Company, as managing member, has the power to direct the core activities of the OP that most significantly affect the OP’s performance, and through its majority interest in the OP, has both the right to receive benefits from and the obligation to absorb losses of the OP. Accordingly, the Company is the primary beneficiary of the OP and consolidates the OP. As the Company conducts its business and holds its assets and liabilities through the OP, the total assets and liabilities of the OP represent substantially all of the total consolidated assets and liabilities of the Company.

Other consolidated VIEs include the Investing VIEs (as defined and discussed below) and certain operating real estate properties that have noncontrolling interests. At March 31, 2022 and December 31, 2021, the noncontrolling interests in the operating real estate properties represent third party joint venture partners with ownership ranging from 5.0% to 11.0%. These noncontrolling interests do not have substantive kick-out nor participating rights.

Investing VIEs

The Company’s investments in securitization financing entities (“Investing VIEs”) include subordinate first-loss tranches of securitization trusts, which represent interests in such VIEs. Investing VIEs are structured as pass through entities that receive principal and interest payments from the underlying debt collateral assets and distribute those payments to the securitization trust’s certificate holders, including the most subordinate tranches of the securitization trust. Generally, a securitization trust designates the most junior subordinate tranche outstanding as the controlling class, which entitles the holder of the controlling class to unilaterally appoint and remove the special servicer for the trust, and as such may qualify as the primary beneficiary of the trust.

If it is determined that the Company is the primary beneficiary of an Investing VIE as a result of acquiring the subordinate first-loss tranches of the securitization trust, the Company would consolidate the assets, liabilities, income and expenses of the entire Investing VIE. The assets held by an Investing VIE are restricted and can only be used to fulfill its own obligations. The obligations of an Investing VIE have neither any recourse to the general credit of the Company as the consolidating parent entity of an Investing VIE, nor to any of the Company’s other consolidated entities.

As of March 31, 2022, the Company held subordinate tranches of a securitization trust in one Investing VIE for which the Company has determined it is the primary beneficiary because it has the power to direct the activities that most significantly impact the economic performance of the securitization trust. The Company’s subordinate tranches of the securitization trust, which represents the retained interest and related interest income, are eliminated in consolidation. As a result, all of the assets, liabilities (obligations to the certificate holders of the securitization trust, less the Company’s retained interest from the subordinate tranches of the securitization trust), income and expenses of the Investing VIE are presented in the consolidated financial statements of the Company although the Company legally owns the subordinate tranches of the securitization trust only. Regardless of the presentation, the Company’s consolidated financial statements of operations ultimately reflect the net income attributable to its retained interest in the subordinate tranches of the securitization trust.

The Company elected the fair value option for the initial recognition of the assets and liabilities of its consolidated Investing VIE. Interest income and interest expense associated with the Investing VIE are presented separately on the consolidated statements of operations, and the assets and liabilities of the Investing VIE are separately presented as “Mortgage loans held in securitization trusts, at fair value” and “Mortgage obligations issued by securitization trusts, at fair value,” respectively, on the consolidated balance sheets. Refer to Note 14, “Fair Value” for further discussion.

The Company has adopted guidance issued by the Financial Accounting Standards Board (“FASB”), allowing the Company to measure both the financial assets and liabilities of a qualifying collateralized financing entity (“CFE”), such as its Investing VIE, using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. As the liabilities of the Company’s Investing VIE are marketable securities with observable trade data, their fair value is more observable and is referenced to determine fair value of the assets of its Investing VIE. Refer to Note 14, “Fair Value” for further discussion.

Unconsolidated VIEs

As of March 31, 2022 and December 31, 2021, the Company identified unconsolidated VIEs related to its CRE debt investments. Based on management’s analysis, the Company determined that it is not the primary beneficiary of the above VIEs. Accordingly, the VIEs are not consolidated in the Company’s financial statements as of March 31, 2022 or December 31, 2021.

Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.

The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022				December 31, 2021
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss


Investments in unconsolidated ventures	$	16,200	$	16,200	$	16,200	$	16,200

Total assets	$	16,200	$	16,200	$	16,200	$	16,200

The Company did not provide financial support to the unconsolidated VIEs during the three months ended March 31, 2022 and the fiscal year ended December 31, 2021. As of March 31, 2022 and December 31, 2021, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to the unconsolidated VIEs. The maximum exposure to loss of investments in unconsolidated ventures was determined as the carrying value plus any future funding commitments. Refer to Note 16, “Commitments and Contingencies” for further discussion.

Noncontrolling Interests

Noncontrolling Interests in Investment Entities—This represents interests in consolidated investment entities held by third party joint venture partners.

Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value (“HLBV”) basis, where applicable and substantive. HLBV uses a balance sheet approach, which measures each party’s capital account at the end of a period assuming that the subsidiary was liquidated or sold at book value. Each party’s share of the subsidiary’s earnings or loss is calculated by

measuring the change in the party’s capital account from the beginning of the period in question to the end of period, adjusting for effects of distributions and new investments.

Noncontrolling Interests in the Operating Partnership—This represents membership interests in the OP which were held by an affiliate of DigitalBridge through February 2022, after which such entity was sold to an unaffiliated third party. Noncontrolling interests in the OP are allocated a share of net income or loss in the OP based on their weighted average ownership interest in the OP during the period. Noncontrolling interests in the OP have the right to require the OP to redeem part or all of the membership units in the OP for cash based on the market value of an equivalent number of shares of Class A common stock at the time of redemption, or at the Company’s election as managing member of the OP, through the issuance of shares of Class A common stock on a one-for-one basis. At the end of each reporting period, noncontrolling interests in the OP is adjusted to reflect their ownership percentage in the OP at the end of the period, through a reallocation between controlling and noncontrolling interests in the OP, as applicable.

Comprehensive Income (Loss)

The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include unrealized gain (loss) on CRE debt securities available for sale for which the fair value option was not elected, gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”), and gain (loss) on foreign currency translation.

Fair Value Measurement

Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company’s own credit-worthiness.

The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument.

Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.

Where the inputs used to measure the fair value of a financial instrument fall into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.

Fair Value Option

The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. Gains and losses on items for which the fair value option has been elected are reported in earnings. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs.

The Company has elected the fair value option for its indirect interests in real estate through real estate private equity funds (“PE Investments”). The Company has also elected the fair value option to account for the eligible financial assets and liabilities of its consolidated Investing VIEs in order to mitigate potential accounting mismatches between the carrying value of the instruments and the related assets and liabilities to be consolidated. The Company has adopted the measurement alternative allowing the Company to measure both the financial assets and financial liabilities of a qualifying CFE it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable.

Business Combinations

Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process.

Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to the acquisition of assets are included in the cost basis of the assets acquired. Such valuations require management to make significant estimates and assumptions.

Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

Cash and Cash Equivalents

Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company did not have any cash equivalents at March 31, 2022 or December 31, 2021. The Company’s cash is held with major financial institutions and may at times exceed federally insured limits.

Restricted Cash

Restricted cash consists primarily of borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves.

Loans Held for Investment

The Company originates and purchases loans and preferred equity held for investment. The accounting framework for loans and preferred equity held for investment depends on the Company’s strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan.

Loans Held for Investment

Loans and preferred equity that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans and preferred equity are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans and preferred equity are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans and preferred equity are expensed as incurred.

Interest Income—Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans and preferred equity investments. Net deferred loan fees on originated loans and preferred equity investments are deferred and amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. Premium or discount on purchased loans and preferred equity investments are amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. When a loan or preferred equity investment is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan or preferred equity investment is recognized as additional interest income.

The Company has debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is due at the end of the loan term, is generally

recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due.

Nonaccrual—Accrual of interest income is suspended on nonaccrual loans and preferred equity investments. Loans and preferred equity investments that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest receivable is reversed against interest income when loans and preferred equity investments are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan and preferred equity principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan and preferred equity carrying value. Loans and preferred equity investments may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured.

Loans Held for Sale

Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to CECL reserves. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost.

At March 31, 2022 and December 31, 2021, the Company had no loans classified as held for sale.

Acquisition, Development and Construction (“ADC”) Arrangements

The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans held for investment and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.

Operating Real Estate

Real Estate Acquisitions—Real estate acquired in acquisitions that are deemed to be business combinations is recorded at the fair values of the acquired components at the time of acquisition, allocated among land, buildings, improvements, equipment and lease-related tangible and identifiable intangible assets and liabilities, including forgone leasing costs, in-place lease values and above- or below-market lease values. Real estate acquired in acquisitions that are deemed to be asset acquisitions is recorded at the total value of consideration transferred, including transaction costs, and allocated to the acquired components based upon relative fair value. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information.

Real Estate Held for Investment

Real estate held for investment is carried at cost less accumulated depreciation.

Costs Capitalized or Expensed—Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives.

Depreciation—Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Real Estate Assets						Term
Building (fee interest)						28 to 40 years
Building leasehold interests						Lesser of remaining term of the lease or remaining life of the building
Building improvements						Lesser of the useful life or remaining life of the building
Land improvements						1 to 15 years
Tenant improvements						Lesser of the useful life or remaining term of the lease
Furniture, fixtures and equipment						2 to 8 years

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company’s assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. See Note 6, “Real Estate, net and Real Estate Held for Sale” and Note 14, “Fair Value” for further detail.

Real Estate Held for Sale

Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain.

If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, and (ii) its estimated fair value at the time the Company decides not to sell.

At March 31, 2022, there were no properties held for sale. At December 31, 2021, there were two properties held for sale. See Note 6, “Real Estate, net and Real Estate Held for Sale” and Note 17, “Segment Reporting” for further detail.

Foreclosed Properties

The Company receives foreclosed properties in full or partial settlement of loans held for investment by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as current expected credit loss reserves and the cumulative reserve on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value, which is recorded as an additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.

Real Estate Securities

The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company has elected the fair value option for the assets and liabilities of its consolidated Investing VIEs, and as a result, any unrealized gains (losses) on the consolidated Investing VIEs are recorded in unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations. As of March 31, 2022, the Company held subordinate tranches of one securitization trust, which represent the Company’s retained interest in a securitization trust that the Company consolidates under U.S. GAAP. Refer to Note 5, “Real Estate Securities, Available for Sale” for further discussion.

Impairment

CRE securities for which the fair value option is elected are not evaluated for impairment as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized loss on mortgage loans and obligations held in securitization trust, net as losses occur.

CRE securities for which the fair value option is not elected are evaluated for impairment quarterly. Impairment of a security is considered when the fair value is below the amortized cost basis, which is then further analyzed when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed impaired due to (i) or (ii) or (iii), the security is written down to its fair value and an impairment is recognized in the consolidated statements of operations. In all other situations, the unrealized loss is bifurcated into: (a) the amount related to expected credit losses; and (b) the amount related to other factors in excess of expected credit losses. The portion of impairment related to expected credit losses is recognized as an allowance for credit losses. The remaining impairment related to other factors is recognized as a component of accumulated OCI in the consolidated statements of equity. CRE securities which are not high-credit quality are considered to have an impairment if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of impairment is then bifurcated as discussed above.

During the three months ended March 31, 2022 and March 31, 2021, the Company recorded no impairment and $1.0 million of impairment related to its CRE securities, respectively. The impairment loss is included in other gain, net in the Company’s consolidated statements of operations. Refer to Note 5, “Real Estate Securities, Available for Sale” for further discussion.

Investments in Unconsolidated Ventures

A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value (“NAV”) practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain, net.

Equity Method Investments

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach.

Impairment

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated fair value of the investee, which is based on significant assumptions including the estimated timing and probabilities of the future cash flows of the unconsolidated joint venture, utilizing discount rates and capitalization rates.

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of OTTI involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.

Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in earnings from investments in unconsolidated ventures for equity method investments and in other gain, net for investments under the measurement alternative.

Identifiable Intangibles

In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. An indefinite-lived intangible is not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise they are amortized on a straight line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life.

Lease Intangibles—Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management’s assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements, that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense.

The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below-market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively.

Deferred leasing costs represent management’s estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.

Transfers of Financial Assets

Sale accounting for transfers of financial assets requires the transfer of an entire financial asset, a group of financial assets in its entirety or if a component of the financial asset is transferred, that the component meets the definition of a participating interest with characteristics that mirror the original financial asset.

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following sale conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur.

If sale accounting is met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions, or secured borrowing.

Derivative Instruments and Hedging Activities

The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting.

Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain, net.

For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued.

Cash Flow Hedges—The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income (loss) are reclassified into earnings.

Net Investment Hedges—The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in the fair value of derivatives used as hedges of net investment in foreign operations, to the extent effective, are recorded in the cumulative translation adjustment account within accumulated other comprehensive income (loss).

At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional amount that is in excess of the beginning balance of its net investments as undesignated hedges.

Release of accumulated other comprehensive income related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from accumulated other comprehensive income to earnings. Refer to Note 15, “Derivatives” for further discussion on the Company’s derivative and hedging activity.

Financing Costs

Financing costs primarily include debt discounts and premiums as well as deferred financing costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed to realized gain (loss) when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur.

Revenue Recognition

Property Operating Income

Property operating income includes the following:

Rental Income—Rental income is recognized on a straight-line basis over the non-cancellable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred.

When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants, is capitalized. For tenant improvements owned by the Company, the amount funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space.

When it is determined that the tenant is the owner of tenant improvements, the Company’s contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space.

Tenant Reimbursements—In net lease arrangements, the tenant is generally responsible for operating expenses related to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized.

Hotel Operating Income—Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services.

Real Estate Securities

Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. On a quarterly basis, the Company reviews, and if appropriate, adjusts its cash flow projections based on inputs and analyses received from external sources, internal models, and the Company’s judgment about prepayment rates, the timing and amount of credit losses and other factors. Changes in the amount or timing of cash flows from those originally projected, or from those estimated at the last evaluation date, are considered to be either favorable changes or adverse changes.

Adverse changes in the timing or amount of cash flows on CRE securities could result in the Company recording an increase in the allowance for credit losses. The allowance for credit losses is calculated using a discounted cash flow approach and is measured as the difference between the amortized cost of a CRE security and estimate of cash flows expected to be collected discounted at the effective interest rate used to accrete the CRE security. The allowance for credit losses is recorded as a contra-asset and a reduction in earnings. The allowance for credit losses will be limited to the amount of the unrealized losses on the CRE securities. Any allowance for credit losses in excess of the unrealized losses on the CRE securities are accounted for as a prospective reduction of the effective interest rate. No allowance is recorded for CRE securities in an unrealized gain position. Favorable changes in the discounted cash flow will result in a reduction in the allowance for credit losses, if any. Any reduction

in allowance for credit losses is recorded in earnings. If the allowance for credit losses has been reduced to zero, the remaining favorable changes are reflected as a prospective increase to the effective interest rate.

Foreign Currency

Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings.

Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain, net on the consolidated statements of operations.

Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.

Equity-Based Compensation

Equity-classified stock awards granted to executive officers and both independent and non-independent directors are based on the closing price of the Class A common stock on the grant date and recognized on a straight-line basis over the requisite service period of the awards for restricted stock awards. For performance stock units (“PSUs”) the fair value is based on a Monte Carlo simulation as of the grant date and expense is recognized on a straight-line basis over the measurement period. See Note 11, “Equity-Based Compensation” for further discussion.

The compensation expense is adjusted for actual forfeitures upon occurrence. Equity-based compensation is classified within compensation and benefits in the consolidated statement of operations.

Earnings Per Share

The Company presents both basic and diluted earnings per share (“EPS”) using the two-class method. Basic EPS is calculated by dividing earnings allocated to common shareholders, as adjusted for unallocated earnings attributable to certain participating securities, if any, by the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company has certain share-based payment awards that contain nonforfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method.

Income Taxes

For U.S. federal income tax purposes, the Company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2018. To qualify as a REIT, the Company must continually satisfy tests concerning, among other things, the real estate qualification of sources of its income, the real estate composition and values of its assets, the amounts it distributes to stockholders and the diversity of ownership of its stock.

To the extent that the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable.

The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on its undistributed taxable income. The Company also holds an investment in Europe which is subject to tax in each local jurisdiction.

The Company made joint elections to treat certain subsidiaries as taxable REIT subsidiaries (“TRSs”) which may be subject to taxation by U.S. federal, state and local authorities. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the Company cannot hold directly and engage in most real estate or non-real estate-related business.

Certain subsidiaries of the Company are subject to taxation by U.S. federal, state and local authorities for the periods presented. Income taxes are accounted for by the asset/liability approach in accordance with U.S. GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period during which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by the Company with respect to its interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the U.S. federal, state and local tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry-specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax benefit (expense) in the consolidated statements of operations.

For the three months ended March 31, 2022 and 2021, the Company recorded a de minimis income expense and income tax benefit of $1.8 million, respectively.

Current Expected Credit Losses (“CECL”) reserve

The CECL reserve for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments and trade receivables represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the CECL reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts.

The CECL reserve is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the CECL reserve on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually.

In measuring the CECL reserve for financial instruments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the CECL reserve is calculated as the product of PD, LGD and exposure at default (“EAD”). The Company’s model principally utilizes historical loss rates derived from a commercial mortgage backed securities database with historical losses from 1998 through March 2022 provided by a third party, Trepp LLC, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by a straight-line reversion period of twelve-months back to average historical losses.

For financial instruments assessed outside of the PD/LGD model on an individual basis, including when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument, the Company applies a discounted cash flow (“DCF”) methodology. For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient to determine the fair value of the collateral at the reporting date when determining the CECL reserve.

In developing the CECL reserve for its loans held for investment, the Company considers the risk ranking of each loan and preferred equity as a key credit quality indicator. The risk rankings are based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, the Company’s loans held for investment are rated “1” through “5,” from less risk to greater risk, and the ratings are updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “3” and will move accordingly going forward based on the ratings which are defined as follows:

1.Very Low Risk-The loan is performing as agreed. The underlying property performance has exceeded underwritten expectations with very strong net operating income (“NOI”), debt service coverage ratio, debt yield and occupancy metrics. Sponsor is investment grade, very well capitalized, and employs very experienced management team.

2.Low Risk-The loan is performing as agreed. The underlying property performance has met or exceeds underwritten expectations with high occupancy at market rents, resulting in consistent cash flow to service the debt. Strong sponsor that is well capitalized with experienced management team.

3.Average Risk-The loan is performing as agreed. The underlying property performance is consistent with underwriting expectations. The property generates adequate cash flow to service the debt, and/or there is enough reserve or loan structure to provide time for sponsor to execute the business plan. Sponsor has routinely met its obligations and has experience owning/operating similar real estate.

4.High Risk/Delinquent/Potential for Loss-The loan is in excess of 30 days delinquent and/or has a risk of a principal loss. The underlying property performance is behind underwritten expectations. Loan covenants may require occasional waivers/modifications. Sponsor has been unable to execute its business plan and local market fundamentals have deteriorated. Operating cash flow is not sufficient to service the debt and debt service payments may be coming from sponsor equity/loan reserves.

5.Impaired/Defaulted/Loss Likely-The loan is in default or a default is imminent, and has a high risk of a principal loss, or has incurred a principal loss. The underlying property performance is significantly worse than underwritten expectation and sponsor has failed to execute its business plan. The property has significant vacancy and current cash flow does not support debt service. Local market fundamentals have significantly deteriorated resulting in depressed comparable property valuations versus underwriting.

The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the CECL reserve.

The Company has elected to not measure a CECL reserve for accrued interest receivable as it is reversed against interest income when a loan or preferred equity investment is placed on nonaccrual status. Loans and preferred equity investments are charged off when all or a portion of the principal amount is determined to be uncollectible.

Changes in the CECL reserve for the Company’s financial instruments are recorded in increase/decrease in current expected credit loss reserve on the consolidated statement of operations with a corresponding offset to the loans held for investment or as a component of other liabilities for future loan fundings recorded on the Company’s consolidated balance sheets. See Note 3, “Loans Held for Investment, net” for further detail.

Troubled Debt Restructuring (“TDR”)—The Company classifies an individual financial instrument as a TDR when it has a reasonable expectation that the financial instrument’s contractual terms will be modified in a manner that grants concession to the borrower who is experiencing financial difficulty. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company’s collection on the financial instrument. The Company determines the CECL reserve for financial instruments that are TDRs individually.

Accounting Standards Adopted in 2021

Income Tax Accounting—In December 2019, the FASB issued ASU No. 2019-12, Simplifying Accounting for Income Taxes. The ASU simplifies accounting for income taxes by eliminating certain exceptions to the general approach in ASC 740, Income Taxes, and clarifies certain aspects of the guidance for more consistent application. The simplifications relate to intraperiod tax

allocations when there is a loss in continuing operations and a gain outside of continuing operations, accounting for tax law or tax rate changes and year-to-date losses in interim periods, recognition of deferred tax liability for outside basis difference when investment ownership changes, and accounting for franchise taxes that are partially based on income. The ASU also provides new guidance that clarifies the accounting for transactions resulting in a step-up in tax basis of goodwill, among other changes. Transition is generally prospective, other than the provision related to outside basis difference which is on a modified retrospective basis with the cumulative effect adjusted to retained earnings at the beginning of the period adopted, and franchise tax provision which is on either full or modified retrospective. ASU No. 2019-12 is effective January 1, 2021, with early adoption permitted in an interim period, to be applied to all provisions. The Company adopted this on January 1, 2021, and the impact was not material.

Accounting for Certain Equity Investments—In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions between Topic 321 Investments-Equity Securities, Topic 323-Investments Equity Method and Joint Ventures, and Topic 815-Derivatives and Hedging. The ASU clarifies, that if as a result of an observable transaction, an equity investment under the measurement alternative is transitioned into equity method or an equity method investment is transitioned into measurement alternative, then the investment is to be remeasured immediately before and after the transaction, respectively. The ASU also clarifies that certain forward contracts or purchased options to acquire equity securities that are not deemed to be derivatives or in-substance common stock will generally be measured using the fair value principles of ASC 321 before settlement or exercise, and that an entity should not be considering how it will account for the resulting investments upon eventual settlement or exercise. ASU No. 2020-01 is to be applied prospectively, effective January 1, 2021, with early adoption permitted in an interim period. The Company adopted this on January 1, 2021, and the impact was not material.

Accounting Standards to be adopted

Credit Losses—In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the Troubled Debt Restructuring model for creditors that have adopted Topic 326, CECL. The general loan modification guidance in Subtopic 310-20 will apply to all loan modifications, including modifications for borrowers experiencing financial difficulty. ASU 2022-02 also requires entities within the scope of ASC 326 to provide vintage disclosures which show the gross writeoffs recorded in the current period by origination year. ASU No. 2022-02 is effective in reporting periods beginning after December 15, 2022. The Company is currently evaluating the impact ASU 2022-02 will have on the consolidated financial statements.

Debt - Future Minimum Principal Payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Future Scheduled Minimum Principal Payments
Remaining 2022	$ 1,886
2023	532,114
2024	172,210
2025	640,498
2026	342,341
2027 and thereafter	1,700,180
Total	3,389,229
Securitization Bonds Payable, Net
Future Scheduled Minimum Principal Payments
Remaining 2022	0
2023	0
2024	0
2025	0
2026	0
2027 and thereafter	1,469,687
Total	1,469,687
Mortgage Notes Payable, Net
Future Scheduled Minimum Principal Payments
Remaining 2022	1,886
2023	2,566
2024	172,210
2025	258,002
2026	54,596
2027 and thereafter	230,493
Total	719,753
Credit Facilities
Future Scheduled Minimum Principal Payments
Remaining 2022	0
2023	529,548
2024	0
2025	382,496
2026	287,745
2027 and thereafter	0
Total	$ 1,199,789

Loans Held for Investment, net - Summary of Loans Held for Investment, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Principal amount, financial assets	$ 3,777,101	$ 3,500,658
Loan carrying value	3,759,873	3,485,607
CECL reserve	(34,004)	(36,598)	$ (37,191)
Loans held for investment, net	3,725,869	3,449,009
Variable rate
Financing Receivable, Impaired [Line Items]
Principal amount, financial assets	3,659,107	3,395,022
Fixed rate
Financing Receivable, Impaired [Line Items]
Principal amount, financial assets	117,994	105,636
Commercial mortgage
Financing Receivable, Impaired [Line Items]
Principal amount, financial assets	3,777,101	3,500,658
Loan carrying value	3,759,873	3,485,607
Loans and preferred equity held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	3,642,101	3,380,102
Loans and preferred equity held for investment \| Fixed rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	117,772	105,505
Loans and preferred equity held for investment \| Commercial mortgage
Financing Receivable, Impaired [Line Items]
Loan carrying value	3,759,873	3,485,607
Senior loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Principal amount, financial assets	$ 1,906,808	$ 1,576,439
Weighted average coupon (in percentage)	4.50%	4.60%
Weighted average maturity in years	3 years 10 months 24 days	3 years 8 months 12 days
Senior loans \| Loans and preferred equity held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	$ 1,893,583	$ 1,564,940
Securitized loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Principal amount, financial assets	$ 1,740,299	$ 1,806,583
Weighted average coupon (in percentage)	4.30%	4.20%
Weighted average maturity in years	3 years 4 months 24 days	3 years 6 months
Securitized loans \| Loans and preferred equity held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	$ 1,736,398	$ 1,803,042
Mezzanine loans \| Variable rate
Financing Receivable, Impaired [Line Items]
Principal amount, financial assets	$ 12,000	$ 12,000
Weighted average coupon (in percentage)	11.50%	11.50%
Weighted average maturity in years	4 months 24 days	8 months 12 days
Mezzanine loans \| Fixed rate
Financing Receivable, Impaired [Line Items]
Principal amount, financial assets	$ 117,994	$ 105,636
Weighted average coupon (in percentage)	12.40%	12.40%
Weighted average maturity in years	2 years 10 months 24 days	3 years
Mezzanine loans \| Loans and preferred equity held for investment \| Variable rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	$ 12,120	$ 12,120
Mezzanine loans \| Loans and preferred equity held for investment \| Fixed rate
Financing Receivable, Impaired [Line Items]
Loan carrying value	$ 117,772	$ 105,505

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued and other liabilities:
Current and deferred tax liability	$ 35,335	$ 34,612
Operating lease liability [Extensible List]	Accrued and other liabilities	Accrued and other liabilities
Operating lease liability	$ 27,822	$ 25,205
Accounts payable, accrued expenses and other liabilities	14,530	20,168
Interest payable	13,214	11,076
Prepaid rent and unearned revenue	11,504	7,669
Unfunded CECL Loan Allowance	909	432
Tenant security deposits	409	424
Other	208	228
Accrued and other liabilities	$ 103,931	$ 99,814

Business and Organization (Details) - BrightSpire Capital Operating Company, LLC	Mar. 31, 2022
Schedule of Investments [Line Items]
Ownership percentage by parent (in percentage)	97.70%
Ownership percentage by noncontrolling owners (in percentage)	2.30%

Derivatives

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DerivativesThe Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign-denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships, designated hedges, or non-designated hedges.

As of March 31, 2022 and December 31, 2021, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):


	Non-Designated Hedges
	March 31, 2022		December 31, 2021
Derivative Assets
Foreign exchange contracts	$	1,105	$	1,373

Included in other assets	$	1,105	$	1,373
Derivative Liabilities

Interest rate contracts	$	(2)	$	(9)
Included in accrued and other liabilities	$	(2)	$	(9)

As of March 31, 2022, the Company’s counterparties do not hold any cash collateral.

The following table summarizes the Company’s interest rate contracts as of March 31, 2022 and December 31, 2021:

Type of Derivatives

Notional Currency

Notional Amount (in thousands)

Range of Maturity Dates

Non-Designated

March 31, 2022

FX Forward

NOK

185,576

May 2022 - May 2024

Interest Rate Swap

USD

30,644

April 2022 - July 2023

December 31, 2021

FX Forward

NOK

190,772

February 2022 - May 2024

Interest Rate Swap

USD

30,762

April 2022 - July 2023

The table below represents the effect of the derivative financial instruments on the consolidated statements of operations and of comprehensive income (loss) for the three months ended March 31, 2022 and 2021 (dollars in thousands):


	Three Months Ended March 31,
	2022		2021
Other gain, net
Non-designated foreign exchange contracts	$	(221)	$	(279)
Non-designated interest rate contracts	8		13
	$	(213)	$	(266)

At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as non-designated hedges. Any unrealized gain or loss on the dedesignated portion of net investment hedges is transferred into earnings, recorded in other gain, net. During the three months ended March 31, 2022 and 2021, no gain (loss) was transferred from accumulated other comprehensive income (loss).

Offsetting Assets and Liabilities

The Company enters into agreements subject to enforceable netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets.

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Net Amounts of Assets (Liabilities)

March 31, 2022
Derivative Assets
Foreign exchange contracts	$	1,105		$	1,105

	$	1,105		$	1,105
Derivative Liabilities

Interest rate contracts	$	(2)		$	(2)
	$	(2)		$	(2)

December 31, 2021
Derivative Assets
Foreign exchange contracts	$	1,373		$	1,373

	$	1,373		$	1,373
Derivative Liabilities

Interest rate contracts	$	(9)		$	(9)
	$	(9)		$	(9)

The Company did not offset any of its derivatives positions as of March 31, 2022 and December 31, 2021.

Investments in Unconsolidated Ventures - Summary of Equity Method Investments (Details) $ in Thousands	Mar. 31, 2022 USD ($) portfolio project	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 16,209	$ 16,185
Other investment ventures
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 16,209	$ 16,185
Industrial Portfolio Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Number of investments \| portfolio	1
Development Portfolio Equity Method Investment
Schedule of Equity Method Investments [Line Items]
Number of investments \| project	1

Commitments and Contingencies - Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Long-term Purchase Commitment [Line Items]
Operating lease liability	$ 27,822	$ 25,205
Ground Leases
Long-term Purchase Commitment [Line Items]
Remainder of year	2,327
Year one	3,110
Year two	2,213
Year three	2,148
Year four	2,073
Thereafter	17,254
Total lease payments	29,125
Less: Present value discount	9,391
Operating lease liability	19,734
New York Office
Long-term Purchase Commitment [Line Items]
Remainder of year	598
Year one	1,239
Year two	1,293
Year three	1,308
Year four	1,323
Thereafter	3,068
Total lease payments	8,829
Less: Present value discount	741
Operating lease liability	$ 8,088

Deferred Leasing Costs and Other Intangibles - Schedule of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred leasing costs
Carrying Amount	$ 28,395	$ 29,863
Accumulated Amortization	(13,728)	(14,701)
Total	14,667	15,162
Deferred Leasing Costs and Intangible Assets
Carrying Amount	114,665	121,903
Accumulated Amortization	(51,968)	(56,922)
Net Carrying Amount	62,697	64,981
Intangible Liabilities - Below-market lease values
Carrying Amount	16,075	16,166
Accumulated Amortization	(10,197)	(9,942)
Net Carrying Amount	5,878	6,224
In-place lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	77,911	81,869
Accumulated Amortization	(32,081)	(34,555)
Total	45,830	47,314
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	8,359	10,171
Accumulated Amortization	(6,159)	(7,666)
Total	$ 2,200	$ 2,505

Related Party Arrangements	3 Months Ended
Related Party Arrangements	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Internalization On April 30, 2021, the Company completed the internalization of the Company’s management and operating functions and terminated its relationship with its Manager in accordance with the Termination Agreement (the “Internalization”). The Company paid the Manager a one-time termination fee of $102.3 million and additional closing costs of $0.3 million. The Company will not pay management or incentive fees to the Manager for any post-closing period. Refer to Note 1, “Business and Organization,” for further details. Fees to Manager Base Management Fee Following the Internalization on April 30, 2021, the Company no longer pays a base management fee to the Manager. For the three months ended March 31, 2021, the total management fee expense incurred was $7.3 million. Incentive Fee Following the Internalization on April 30, 2021, the Company no longer pays an incentive fee to the Manager. The Company did not incur any incentive fees during the three months ended March 31, 2021. Reimbursements of Expenses Following the Internalization on April 30, 2021, the Company no longer reimburses expenses incurred by the Manager. For the three months ended March 31, 2021, the total reimbursements of expenses incurred by the Manager on behalf of the Company and reimbursable in accordance with the Management Agreement was $2.0 million, and are included in operating expense on the consolidated statements of operations. As of March 31, 2022 and December 31, 2021, there were no unpaid expenses included in due to related party in the Company’s consolidated balance sheets. Investment Activity All investment acquisitions are approved in accordance with the Company’s investment and related party guidelines, which may include approval by either the audit committee or disinterested members of the Company’s Board of Directors. In July 2017, NorthStar Real Estate Income II, Inc., a Maryland corporation which merged with and into the Company as part of the Company’s formation transactions (“NorthStar II”), entered into a joint venture with an affiliate of the Manager to make a $60.0 million investment in a $180.0 million mezzanine loan which was originated by such affiliate of the Manager. The transaction was approved by NorthStar II’s board of directors, including all of its independent directors. The investment was purchased by the Company in connection with the Combination. In June 2018, the Company increased its commitment to $101.8 million in connection with the joint venture bifurcating the mezzanine loan into a mezzanine loan and a preferred equity investment. The Company’s interest in both the underlying mezzanine loan and preferred equity investment is 31.8%, and the affiliate entities own the remaining 68.2%. Both the underlying mezzanine loan and preferred equity investment carry a fixed 13.0% interest rate. This investment is recorded in investments in unconsolidated ventures in the Company’s consolidated balance sheets. In July 2019, the Company increased its commitment in the mezzanine loan from $101.8 million to $189.0 million. The Company’s interest in the upsized mezzanine loan is 45.2% and it carries a fixed 13.0% interest rate. During the three months ended June 30, 2020, the Company made its pro-rata share of two protective advances to the senior mortgage lender totaling $28.5 million. The Company placed this investment on nonaccrual status as of April 1, 2020. In September 2020, the Company’s mezzanine loan and preferred equity investment was converted into a mezzanine participation. During the year ended December 31, 2021, the Company recognized its proportionate share of fair value losses in the mezzanine participation equaling $97.9 million, which represents the Company’s remaining proportionate share in the investment. In July 2018, the Company acquired a $326.8 million Class A office campus located in Norway from an affiliate of the Company’s Manager. In connection with the purchase, the Company assumed senior mortgage financing from a private bond issuance of $183.7 million. The bonds mature in June 2025 and carry a fixed interest rate of 3.91%.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Classification, Carrying Value and Maximum Exposure of VIEs

The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022				December 31, 2021
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss


Investments in unconsolidated ventures	$	16,200	$	16,200	$	16,200	$	16,200

Total assets	$	16,200	$	16,200	$	16,200	$	16,200


	March 31, 2022		December 31, 2021
Assets
Mortgage loans held in a securitization trust, at fair value	$	754,579	$	813,310
Receivables, net	3,171		3,325
Total assets	$	757,750	$	816,635
Liabilities
Mortgage obligations issued by a securitization trust, at fair value	$	718,425	$	777,156
Accrued and other liabilities	2,933		3,032
Total liabilities	$	721,358	$	780,188


	Three Months Ended March 31,
	2022		2021
Statement of Operations

Interest income on mortgage loans held in securitization trusts	$	9,375	$	19,689
Interest expense on mortgage obligations issued by securitization trusts	(8,488)		(17,336)
Net interest income	887		2,353
Operating expense	(97)		(766)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	—		8,638

Net income attributable to BrightSpire Capital, Inc. common stockholders	$	790	$	10,225

Schedule of Operating Real Estate Estimated Useful Lives

Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Real Estate Assets						Term
Building (fee interest)						28 to 40 years
Building leasehold interests						Lesser of remaining term of the lease or remaining life of the building
Building improvements						Lesser of the useful life or remaining life of the building
Land improvements						1 to 15 years
Tenant improvements						Lesser of the useful life or remaining term of the lease
Furniture, fixtures and equipment						2 to 8 years

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

As of March 31, 2022 and December 31, 2021, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):


	Non-Designated Hedges
	March 31, 2022		December 31, 2021
Derivative Assets
Foreign exchange contracts	$	1,105	$	1,373

Included in other assets	$	1,105	$	1,373
Derivative Liabilities

Interest rate contracts	$	(2)	$	(9)
Included in accrued and other liabilities	$	(2)	$	(9)

Schedule of Derivative Liabilities at Fair Value

As of March 31, 2022 and December 31, 2021, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):


	Non-Designated Hedges
	March 31, 2022		December 31, 2021
Derivative Assets
Foreign exchange contracts	$	1,105	$	1,373

Included in other assets	$	1,105	$	1,373
Derivative Liabilities

Interest rate contracts	$	(2)	$	(9)
Included in accrued and other liabilities	$	(2)	$	(9)

Schedule of Derivative Instruments

The following table summarizes the Company’s interest rate contracts as of March 31, 2022 and December 31, 2021:

Type of Derivatives

Notional Currency

Notional Amount (in thousands)

Range of Maturity Dates

Non-Designated

March 31, 2022

FX Forward

NOK

185,576

May 2022 - May 2024

Interest Rate Swap

USD

30,644

April 2022 - July 2023

December 31, 2021

FX Forward

NOK

190,772

February 2022 - May 2024

Interest Rate Swap

USD

30,762

April 2022 - July 2023


	Three Months Ended March 31,
	2022		2021
Other gain, net
Non-designated foreign exchange contracts	$	(221)	$	(279)
Non-designated interest rate contracts	8		13
	$	(213)	$	(266)

Offsetting Derivative Assets


	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Net Amounts of Assets (Liabilities)

March 31, 2022
Derivative Assets
Foreign exchange contracts	$	1,105		$	1,105

	$	1,105		$	1,105
Derivative Liabilities

Interest rate contracts	$	(2)		$	(2)
	$	(2)		$	(2)

December 31, 2021
Derivative Assets
Foreign exchange contracts	$	1,373		$	1,373

	$	1,373		$	1,373
Derivative Liabilities

Interest rate contracts	$	(9)		$	(9)
	$	(9)		$	(9)

Offsetting Derivative Liabilities


	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Net Amounts of Assets (Liabilities)

March 31, 2022
Derivative Assets
Foreign exchange contracts	$	1,105		$	1,105

	$	1,105		$	1,105
Derivative Liabilities

Interest rate contracts	$	(2)		$	(2)
	$	(2)		$	(2)

December 31, 2021
Derivative Assets
Foreign exchange contracts	$	1,373		$	1,373

	$	1,373		$	1,373
Derivative Liabilities

Interest rate contracts	$	(9)		$	(9)
	$	(9)		$	(9)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Loans Held for Investment, net - Activity in Loans Held for Investment, Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1, 2022	$ 3,449,009
Acquisitions/originations/additional funding	498,195
Loan maturities/principal repayments	(227,897)
Discount accretion/premium amortization	2,999
Capitalized interest	969
Provision for loan losses	1,343
Charge-off	1,251
Balance at March 31, 2022	$ 3,725,869

Real Estate, net and Real Estate Held for Sale - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Abstract]
Depreciation expense on real estate	$ 6.1	$ 6.9

Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
Noncontrolling Interests (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Net income (loss) attributable to noncontrolling interests	$ 654	$ (1,953)
Net income (loss) attributable to noncontrolling interests, investment entities	$ 22	$ (226)

Related Party Arrangements - Internalization (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Restructuring charges		$ 0	$ 109,171
Manager \| Management agreement \| Affiliated Entity
Related Party Transaction [Line Items]
One-time termination fee	$ 102,300
Restructuring charges	$ 300

Fair Value - Principal Amount, Carrying Value and Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Principal amount, financial assets	$ 3,777,101	$ 3,500,658
Financial liabilities:
Principal amount, financial liabilities	3,389,229	3,176,361
Commercial mortgage
Financial assets:
Principal amount, financial assets	3,777,101	3,500,658
Financial liabilities:
Future funding commitments	333,500	264,900
Carrying Value
Financial assets:
Loans held for investment, net	3,725,869	3,449,009
Fair Value
Financial assets:
Loans held for investment, net	3,743,097	3,464,060
Securitization bonds payable, net
Financial liabilities:
Principal amount, financial liabilities	1,469,687	1,510,423
Securitization bonds payable, net \| Carrying Value
Financial liabilities:
Financial liabilities	1,461,340	1,500,899
Securitization bonds payable, net \| Fair Value
Financial liabilities:
Financial liabilities	1,469,687	1,510,423
Mortgage and other notes payable, net
Financial liabilities:
Principal amount, financial liabilities	719,753	760,816
Mortgage and other notes payable, net \| Carrying Value
Financial liabilities:
Financial liabilities	719,801	760,583
Mortgage and other notes payable, net \| Fair Value
Financial liabilities:
Financial liabilities	719,753	760,816
Master repurchase facilities
Financial liabilities:
Principal amount, financial liabilities	1,199,789	905,122
Master repurchase facilities \| Carrying Value
Financial liabilities:
Financial liabilities	1,199,789	905,122
Master repurchase facilities \| Fair Value
Financial liabilities:
Financial liabilities	$ 1,199,789	$ 905,122

Related Party Arrangements - Fees to the Manager (Details)	3 Months Ended
	Mar. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Related party expenses incurred	$ 2,000,000
Incentive fee	0
Asset management fees \| Affiliated Entity
Related Party Transaction [Line Items]
Related party expenses incurred	$ 7,300,000

Stockholders' Equity - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	$ 1,491,315	$ 1,958,678
Total other comprehensive income (loss)	676	(8,733)
Ending balance	1,495,920	1,835,699
Accumulated Other Comprehensive Income
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	8,786	54,588
Other comprehensive income (loss) before reclassification		(8,502)
Amounts reclassified from AOCI		760
Total other comprehensive income (loss)	660	(7,742)
Ending balance	9,446	46,846
Unrealized gain (loss) on real estate securities, available for sale
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance		275
Other comprehensive income (loss) before reclassification		(1,035)
Amounts reclassified from AOCI		760
Total other comprehensive income (loss)		(275)
Ending balance		0
Unrealized gain on net investment hedges
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	17,893	47,127
Other comprehensive income (loss) before reclassification		0
Amounts reclassified from AOCI		0
Total other comprehensive income (loss)	0	0
Ending balance	17,893	47,127
Foreign currency translation gain (loss)
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	(9,107)	7,186
Other comprehensive income (loss) before reclassification		(7,467)
Amounts reclassified from AOCI		0
Total other comprehensive income (loss)	660	(7,467)
Ending balance	(8,447)	(281)
AOCI Attributable to Noncontrolling Interest \| OP
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	(162)	1,058
Other comprehensive income (loss) before reclassification		(190)
Amounts reclassified from AOCI		(25)
Total other comprehensive income (loss)	16	(215)
Ending balance	(146)	843
AOCI Attributable to Noncontrolling Interest \| Investment Entities
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	1,872	2,193
Other comprehensive income (loss) before reclassification	0
Amounts reclassified from AOCI	(1,872)
Total other comprehensive income (loss)	(1,872)	(776)
Ending balance	0	1,417
Unrealized gain (loss) on real estate securities, available for sale \| OP
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance		(73)
Other comprehensive income (loss) before reclassification		98
Amounts reclassified from AOCI		(25)
Total other comprehensive income (loss)		73
Ending balance		0
Unrealized gain on net investment hedges \| OP
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	710	1,403
Other comprehensive income (loss) before reclassification		0
Amounts reclassified from AOCI		0
Total other comprehensive income (loss)	0	0
Ending balance	710	1,403
Foreign currency translation gain (loss) \| OP
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	(872)	(272)
Other comprehensive income (loss) before reclassification		(288)
Amounts reclassified from AOCI		0
Total other comprehensive income (loss)	16	(288)
Ending balance	(856)	(560)
Foreign currency translation gain (loss) \| Investment Entities
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	1,872	2,193
Other comprehensive income (loss) before reclassification	0
Amounts reclassified from AOCI	(1,872)
Total other comprehensive income (loss)	(1,872)	(776)
Ending balance	$ 0	$ 1,417

Investments in Unconsolidated Ventures - Investments in Unconsolidated Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	$ 16,209	$ 16,185
Investments under fair value option	4,406	4,406
Investments in Unconsolidated Ventures	$ 20,615	$ 20,591

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 28,400		$ (94,493)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) losses of unconsolidated ventures	(25)		2,478
Depreciation and amortization	8,594		9,539
Straight-line rental income	(391)		(1,082)
Amortization of above/below market lease values, net	(42)		182
Amortization of premium/accretion of discount and fees on investments and borrowings, net	(2,999)		(1,490)
Amortization of deferred financing costs	2,327		3,016
Amortization of right-of-use lease assets and operating lease liabilities	99		26
Paid-in-kind interest added to loan principal, net of interest received	2,719		(2,547)
Unrealized (gain) loss on mortgage loans and obligations held in securitization trusts, net	0		(8,638)
Realized loss on securities from write-down to fair value	0		990
Realized (gain) loss on sale of real estate securities, available for sale	0		(131)
Realized gain on sale of real estate	(10,632)		(11,911)
Increase (decrease) of current expected credit loss reserve	(866)		3,225
Amortization of equity-based compensation	1,880		4,262
Mortgage notes above/below market value amortization	53		27
Deferred income tax (benefit) expense	(500)		(768)
Other (gain) loss, net	269		1,369
Changes in assets and liabilities:
Receivables, net	2,010		(3,992)
Deferred costs and other assets	472		1,439
Due to related party	0		101,956
Other liabilities	989		(1,797)
Net cash provided by operating activities	32,357		1,660
Cash flows from investing activities:
Acquisition, origination and funding of loans held for investment, net	(498,195)		(432,918)
Repayment on loans held for investment	215,305		41,337
Proceeds from sale of real estate	55,600		332,003
Acquisition of and additions to real estate, related intangibles and leasing commissions	(1,468)		(1,760)
Investments in unconsolidated ventures	0		(1,795)
Distributions in excess of cumulative earnings from unconsolidated ventures	(4)		8,784
Repayment of real estate securities, available for sale, from sales	0		5,079
Repayment of real estate securities, available for sale, from cost recovery	0		118
Repayment of principal in mortgage loans held in securitization trusts	13,300		7,128
Change in escrow deposits	(3,340)		3,690
Net cash used in investing activities	(218,802)		(38,334)
Cash flows from financing activities:
Distributions paid on common stock	(23,934)		0
Shares canceled for tax withholding on vested stock awards	(998)		(1,309)
Borrowings from mortgage notes	0		37
Repayment of mortgage notes	(43,303)		(251,804)
Borrowings from credit facilities	383,334		329,336
Repayment of credit facilities	(88,667)		(76,765)
Repayment of securitization bonds	(40,736)		0
Repayment of mortgage obligations issued by securitization trusts	(13,300)		(7,128)
Payment of deferred financing costs	(2,338)		(1,490)
Contributions from noncontrolling interests	0		1,384
Distributions to noncontrolling interests	(110)		(10,794)
Net cash provided by (used in) financing activities	169,948		(18,533)
Effect of exchange rates on cash, cash equivalents and restricted cash	496		3,520
Net increase (decrease) in cash, cash equivalents and restricted cash	(16,001)		(51,687)
Cash, cash equivalents and restricted cash - beginning of period	346,563		540,030
Cash, cash equivalents and restricted cash - end of period	330,562	$ 346,563	488,343
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	246,070	259,722	430,312	$ 474,817
Restricted cash	84,492	86,841	58,031	65,213
Total cash, cash equivalents and restricted cash	330,562	$ 346,563	488,343	$ 540,030
Supplemental disclosure of non-cash investing and financing activities:
Accrual of distribution payable	25,525		13,295
Right-of-use lease assets and operating lease liabilities	$ 3,271		$ 0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net interest income
Interest income	$ 44,570	$ 34,374
Interest expense	(16,072)	(12,495)
Interest income on mortgage loans held in securitization trusts	9,375	19,689
Interest expense on mortgage obligations issued by securitization trusts	(8,488)	(17,336)
Net interest income	29,385	24,232
Property and other income
Property operating income	24,168	25,722
Other income	276	45
Total property and other income	24,444	25,767
Expenses
Management fee expense	0	7,258
Property operating expense	6,724	8,111
Transaction, investment and servicing expense	1,124	2,288
Interest expense on real estate	7,556	8,633
Depreciation and amortization	8,594	9,539
Increase (decrease) of current expected credit loss reserve	(866)	3,225
Compensation and benefits	8,225	6,786
Operating expense	4,349	5,809
Restructuring charges	0	109,171
Total expenses	35,706	160,820
Other income
Unrealized (gain) loss on mortgage loans and obligations held in securitization trusts, net	0	8,638
Other gain, net	10,288	8,367
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	28,411	(93,816)
Equity in earnings (loss) of unconsolidated ventures	25	(2,478)
Income tax benefit (expense)	(36)	1,801
Net income (loss)	28,400	(94,493)
Net (income) loss attributable to noncontrolling interests:
Investment entities	(22)	226
Operating Partnership	(654)	1,953
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$ 27,724	$ (92,314)
Net income (loss) per common share - basic (in dollars per share)	$ 0.21	$ (0.71)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.21	$ (0.71)
Weighted average shares of common stock outstanding - basic (in shares)	128,758,000	129,781,000
Weighted average shares of common stock outstanding - diluted (in shares)	129,745,000	129,781,000

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Authorized Capital

As of March 31, 2022, the Company had the authority to issue up to 1.0 billion shares of stock, at $0.01 par value per share, consisting of 950.0 million shares of Class A common stock and 50.0 million shares of preferred stock.

The Company had no shares of preferred stock issued and outstanding as of March 31, 2022.

Dividends

During the three months ended March 31, 2022, the Company declared the following dividend on its common stock:

Declaration Date

Record Date

Payment Date

Per Share

March 15, 2022

March 31, 2022

April 15, 2022

$0.19

Accumulated Other Comprehensive Income (Loss)

Changes in Components of AOCI - Stockholders


(in thousands)	Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total














AOCI at December 31, 2021	$	17,893	$	(9,107)	$	8,786
Other comprehensive income	—		660		660


AOCI at March 31, 2022	$	17,893	$	(8,447)	$	9,446


(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total










AOCI at December 31, 2020	$	275	$	47,127	$	7,186	$	54,588
Other comprehensive income (loss) before reclassification	(1,035)		—		(7,467)		(8,502)
Amounts reclassified from AOCI	760		—		—		760
Net current period OCI	(275)		—		(7,467)		(7,742)
AOCI at March 31, 2021	$	—	$	47,127	$	(281)	$	46,846

Changes in Components of AOCI - Noncontrolling Interests in the OP


(in thousands)	Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total














AOCI at December 31, 2021	$	710	$	(872)	$	(162)
Other comprehensive income	—		16		16


AOCI at March 31, 2022	$	710	$	(856)	$	(146)


(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain (loss) on net investment hedges		Foreign currency translation loss		Total










AOCI at December 31, 2020	$	(73)	$	1,403	$	(272)	$	1,058
Other comprehensive income (loss)	98		—		(288)		(190)
Amounts reclassified from AOCI	(25)		—		—		(25)
Net current period OCI	73		—		(288)		(215)
AOCI at March 31, 2021	$	—	$	1,403	$	(560)	$	843

Changes in Components of AOCI - Noncontrolling Interests in investment entities


(in thousands)	Foreign currency translation gain (loss)		Total










AOCI at December 31, 2021	$	1,872	$	1,872
Other comprehensive income before reclassification	—		—
Amounts reclassified from AOCI	(1,872)		(1,872)
Net current period OCI	(1,872)		(1,872)
AOCI at March 31, 2022	$	—	$	—


(in thousands)	Foreign currency translation gain (loss)		Total
AOCI at December 31, 2020	$	2,193	$	2,193
Other comprehensive income (loss)	(776)		(776)
AOCI at March 31, 2021	$	1,417	$	1,417

The following table presents the details of the reclassifications from AOCI for the three months ended March 31, 2021:

(in thousands)

Component of AOCI reclassified into earnings

Three Months Ended March 31, 2021

Affected Line Item in the Consolidated Statements of Operations

Realized gain on sale of real estate securities

104

Other gain, net

Impairment of real estate securities

(967)

Other gain, net

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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+ Details

Real Estate Securities, Available for Sale (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Classification, Carrying Value and Maximum Exposure of VIEs

The following table presents the Company’s classification, carrying value and maximum exposure of unconsolidated VIEs as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022				December 31, 2021
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss


Investments in unconsolidated ventures	$	16,200	$	16,200	$	16,200	$	16,200

Total assets	$	16,200	$	16,200	$	16,200	$	16,200


	March 31, 2022		December 31, 2021
Assets
Mortgage loans held in a securitization trust, at fair value	$	754,579	$	813,310
Receivables, net	3,171		3,325
Total assets	$	757,750	$	816,635
Liabilities
Mortgage obligations issued by a securitization trust, at fair value	$	718,425	$	777,156
Accrued and other liabilities	2,933		3,032
Total liabilities	$	721,358	$	780,188


	Three Months Ended March 31,
	2022		2021
Statement of Operations

Interest income on mortgage loans held in securitization trusts	$	9,375	$	19,689
Interest expense on mortgage obligations issued by securitization trusts	(8,488)		(17,336)
Net interest income	887		2,353
Operating expense	(97)		(766)
Unrealized gain on mortgage loans and obligations held in securitization trusts, net	—		8,638

Net income attributable to BrightSpire Capital, Inc. common stockholders	$	790	$	10,225

- Definition

+ References + Details

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of Debt

The following table presents debt as of March 31, 2022 and December 31, 2021 (dollars in thousands):


							March 31, 2022				December 31, 2021
	Capacity ($)		Recourse vs. Non-Recourse(1)	Final Maturity	Contractual Interest Rate		Principal Amount(2)		Carrying Value(2)		Principal Amount(2)		Carrying Value(2)

Securitization bonds payable, net
CLNC 2019-FL1(3)			Non-recourse	Aug-35	SOFR(4) + 1.61%		$	799,687	$	796,669	$	840,423	$	836,812
BRSP 2021-FL1(3)			Non-recourse	Aug-38	LIBOR + 1.49%		670,000		664,671		670,000		664,087
Subtotal securitization bonds payable, net							1,469,687		1,461,340		1,510,423		1,500,899

Mortgage and other notes payable, net
Net lease 6			Non-recourse	Oct-27	4.45%		22,976		22,976		23,117		23,117
Net lease 5			Non-recourse	Nov-26	4.45%		3,264		3,202		3,282		3,216
Net lease 4			Non-recourse	Nov-26	4.45%		7,043		6,907		7,081		6,939
Net lease 3(5)			Non-recourse	Jan-22	6.00%		—		—		11,867		11,807
Net lease 6			Non-recourse	Jul-23	LIBOR + 2.15%		791		775		908		889
Net lease 5			Non-recourse	Aug-26	4.08%		30,530		30,342		30,639		30,442
Net lease 1(6)			Non-recourse	Nov-26	4.45%		17,725		17,385		17,823		17,465
Net lease 1(7)			Non-recourse	Mar-28	4.38%		11,707		11,270		11,769		11,332


Net lease 2(8)			Non-recourse	Jun-25	3.91%		183,744		186,350		181,504		184,078
Net lease 3			Non-recourse	Sep-33	4.77%		200,000		198,712		200,000		198,689





Other real estate 1			Non-recourse	Oct-24	4.47%		104,614		104,928		105,090		105,452
Other real estate 3			Non-recourse	Jan-25	4.30%		71,982		71,577		72,359		71,922

Other real estate 6(9)			Non-recourse	Apr-24	LIBOR + 2.95%		—		—		30,000		29,859
Loan 9(10)			Non-recourse	Jun-24	LIBOR + 3.00%		65,377		65,377		65,377		65,376
Subtotal mortgage and other notes payable, net							719,753		719,801		760,816		760,583

Bank credit facility
Bank credit facility	$	165,000	Recourse	Jan-27 (11)	SOFR + 2.25%		—		—		—		—
Subtotal bank credit facility							—		—		—		—

Master repurchase facilities
Bank 1 facility 3	$	400,000	Limited Recourse(12)	Apr-26(13)	LIBOR/SOFR + 1.89%	(14)	126,015		126,015		109,915		109,915

Bank 3 facility 3	600,000		Limited Recourse(12)	Apr-23(15)	LIBOR/SOFR + 1.94%	(14)	371,044		371,044		157,409		157,409
Bank 7 facility 1	500,000		Limited Recourse(12)	Apr-25(16)	LIBOR/SOFR + 1.76%	(14)	382,497		382,497		358,181		358,181
Bank 8 facility 1	250,000		Limited Recourse(12)	Jun-23(17)	LIBOR/SOFR + 2.18%	(14)	158,503		158,503		177,519		177,519
Bank 9 facility 1	300,000		(18)	May-26(19)	LIBOR/SOFR + 1.73%	(14)	161,730		161,730		102,098		102,098
Subtotal master repurchase facilities	$	2,050,000					1,199,789		1,199,789		905,122		905,122











Subtotal credit facilities							1,199,789		1,199,789		905,122		905,122

Total							$	3,389,229	$	3,380,930	$	3,176,361	$	3,166,604