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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-38377
BRIGHTSPIRE CAPITAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland38-4046290
(State or Other Jurisdiction of
Incorporation or Organization)		(I.R.S. Employer
Identification No.)
590 Madison Avenue, 33rd Floor
New York, NY 10022
(Address of Principal Executive Offices, Including Zip Code)
(212) 547-2631
(Registrant’s Telephone Number, Including Area Code)

(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.01 per shareBRSPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ☒ No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ☒ 
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
As of November 1, 2022, BrightSpire Capital, Inc. had 128,964,934 shares of Class A common stock, par value $0.01 per share, outstanding.


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

IndexPage









Table of Contents
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement.
Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the current pandemic of the ongoing coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company, its borrowers and tenants, the real estate market and the global economy and financial markets. The extent to which the COVID-19 pandemic impacts us, our borrowers and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope and severity of the pandemic, the actions taken to contain the pandemic or mitigate its impact, the availability and acceptance of effective vaccines, and the direct and indirect economic effects of the pandemic and containment measures, among others.
Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements:
•operating costs and business disruption may be greater than expected;
•the ongoing coronavirus pandemic, measures intended to prevent its spread and government actions to mitigate its economic impact, as well as changes in consumer behavior or corporate policies in response to the coronavirus pandemic, have had and may have a material adverse effect on our business, results of operations and financial condition;
•we depend on borrowers and tenants for a substantial portion of our revenue and, accordingly, our revenue and our ability to make distributions to stockholders will be dependent upon the success and economic viability of such borrowers and tenants;
•rising interest rates may adversely impact the value of our fixed-rate investments, result in higher interest expense and in disruptions to our borrowers’ and tenants’ ability to finance their activities, on whom we depend for a substantial portion of our revenue; deterioration in the performance of the properties securing our investments (including depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations, population shifts and migration, reduced demand for office, multifamily, hospitality or retail space) that may cause deterioration in the performance of our investments and, potentially, principal losses to us;
•the fair value of our investments may be subject to uncertainties including impacts associated with accelerating inflationary trends, recent and potential further interest rate increases, the volatility of interest rates, credit spreads and the transition from LIBOR to SOFR, increased market volatility affecting commercial real estate businesses and public securities;
•our use of leverage and interest rate mismatches between our assets and borrowings could hinder our ability to make distributions and may significantly impact our liquidity position;
•the ability to realize substantial efficiencies as well as anticipated strategic and financial benefits, including, but not limited to expected returns on equity and/or yields on investments;
•adverse impacts on our corporate revolver, including covenant compliance and borrowing base capacity;
•adverse impacts on our liquidity, including available capacity under and margin calls on master repurchase facilities, debt service or lease payment defaults or deferrals, demands for protective advances and capital expenditures;
•our real estate investments are relatively illiquid and we may not be able to vary our portfolio in response to changes in economic and other conditions, which may result in losses to us;
•the timing of and ability to deploy available capital;
•implementation of our investment strategy may be delayed or hindered as a result of terminating our relationship with our former manager;
•we have not established a minimum distribution payment level, and we cannot assure you of our ability to pay distributions in the future;
•the timing of and ability to complete repurchases of our stock;
•we are subject to risks associated with obtaining mortgage financing on our real estate, which could materially adversely affect our business, financial condition and results of operations and our ability to make distributions to stockholders;
•the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of governmental authorities, and in particular those affecting the commercial real estate finance and mortgage industry or our business;



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•the impact of the conflict between Russia and Ukraine, global trade tensions, and the implementation and expansion of economic and trade sanctions.
The foregoing list of factors is not exhaustive. We urge you to carefully review the disclosures we make concerning risks in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, the section entitled “Risk Factors” in this Form 10-Q for the quarter ended September 30, 2022 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein.
We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. The Company is under no duty to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.



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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED BALANCE SHEETS
(in Thousands, Except Share and Per Share Data)
September 30, 2022 (Unaudited)December 31, 2021
Assets
Cash and cash equivalents$286,456 $259,722 
Restricted cash104,868 86,841 
Loans held for investment3,911,436 3,485,607 
Current expected credit loss reserve(85,589)(36,598)
Loans held for investment, net3,825,847 3,449,009 
Real estate, net715,529 783,211 
Receivables, net39,993 54,499 
Deferred leasing costs and intangible assets, net54,832 64,981 
Assets held for sale — 44,345 
Other assets ($3,119 and $4,406 at fair value, respectively)
67,448 82,451 
Mortgage loans held in securitization trusts, at fair value685,531 813,310 
Total assets$5,780,504 $5,638,369 
Liabilities
Securitization bonds payable, net$1,341,244 $1,500,899 
Mortgage and other notes payable, net643,656 760,583 
Credit facilities1,533,664 905,122 
Accrued and other liabilities90,935 99,814 
Intangible liabilities, net5,186 6,224 
Escrow deposits payable87,443 73,344 
Dividends payable25,791 23,912 
Mortgage obligations issued by securitization trusts, at fair value649,377 777,156 
Total liabilities4,377,296 4,147,054 
Commitments and contingencies (Note 15)
Equity
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
— — 
Common stock, $0.01 par value per share
Class A, 950,000,000 shares authorized, 128,964,934 and 129,769,365 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
1,290 1,298 
Additional paid-in capital2,852,218 2,855,766 
Accumulated deficit(1,445,030)(1,410,562)
Accumulated other comprehensive income (loss)(6,578)8,786 
Total stockholders’ equity1,401,900 1,455,288 
Noncontrolling interests in investment entities1,308 1,472 
Noncontrolling interests in the Operating Partnership— 34,555 
Total equity1,403,208 1,491,315 
Total liabilities and equity$5,780,504 $5,638,369 

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









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

The following table presents assets and liabilities of securitization trusts and certain real estate properties that have noncontrolling interests as variable interest entities for which the Company is determined to be the primary beneficiary.
September 30, 2022 (Unaudited)December 31, 2021
Assets
Cash and cash equivalents$4,739 $6,720 
Restricted cash11,970 9,658 
Loans held for investment, net1,596,108 1,781,522 
Real estate, net167,765 170,201 
Receivables, net14,305 12,808 
Deferred leasing costs and intangible assets, net11,795 15,105 
Other assets22,508 38,101 
Mortgage loans held in securitization trusts, at fair value685,531 813,310 
Total assets$2,514,721 $2,847,425 
Liabilities
Securitization bonds payable, net$1,341,244 $1,500,899 
Mortgage and other notes payable, net174,997 177,373 
Accrued and other liabilities10,898 6,768 
Intangible liabilities, net5,186 6,224 
Escrow deposits payable2,352 3,484 
Mortgage obligations issued by securitization trusts, at fair value649,377 777,156 
Total liabilities$2,184,054 $2,471,904 

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























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BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net interest income
Interest income$63,671 $47,082 $161,325 $119,377 
Interest expense(32,944)(14,962)(70,471)(40,450)
Interest income on mortgage loans held in securitization trusts9,597 10,806 28,692 41,885 
Interest expense on mortgage obligations issued by securitization trusts(8,977)(9,508)(26,051)(36,955)
Net interest income31,347 33,418 93,495 83,857 
Property and other income
Property operating income22,265 26,376 68,213 76,897 
Other income1,616 946 2,679 2,101 
Total property and other income23,881 27,322 70,892 78,998 
Expenses
Management fee expense— — — 9,596 
Property operating expense5,814 7,266 17,804 22,135 
Transaction, investment and servicing expense932 1,086 3,037 4,018 
Interest expense on real estate7,047 7,968 21,720 24,378 
Depreciation and amortization8,572 8,850 25,886 28,383 
Increase of current expected credit loss reserve40,750 769 50,026 5,194 
Compensation and benefits (including $2,217, $2,695, $6,383 and $12,379 of equity-based compensation expense, respectively)
8,373 7,897 24,868 24,736 
Operating expense3,545 3,915 11,964 13,724 
Restructuring charges— — — 109,321 
Total expenses75,033 37,751 155,305 241,485 
Other income
Unrealized gain on mortgage loans and obligations held in securitization trusts, net— 3,867 — 32,021 
Realized loss on mortgage loans and obligations held in securitization trusts, net— (3,867)— (23,383)
Other gain (loss), net(30)3,309 34,590 12,512 
Income (loss) before equity in earnings of unconsolidated ventures and income taxes(19,835)26,298 43,672 (57,480)
Equity in earnings (loss) of unconsolidated ventures— (95,977)25 (132,243)
Income tax expense(633)(2,065)(1,135)(130)
Net income (loss)(20,468)(71,744)42,562 (189,853)
Net (income) loss attributable to noncontrolling interests:
Investment entities5 61 (2)3,746 
Operating Partnership— 1,626 (1,013)4,016 
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders$(20,463)$(70,057)$41,547 $(182,091)
Net income (loss) per common share - basic (Note 17)
$(0.16)$(0.54)$0.32 $(1.42)
Net income (loss) per common share - diluted (Note 17)
$(0.16)$(0.54)$0.31 $(1.42)
Weighted average shares of common stock outstanding - basic (Note 17)
126,564 128,693 127,551 128,430 
Weighted average shares of common stock outstanding - diluted (Note 17)
126,564 128,693 129,432 128,430 
The accompanying notes are an integral part of these consolidated financial statements.



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BRIGHTSPIRE CAPITAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in Thousands)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income (loss)$(20,468)$(71,744)$42,562 $(189,853)
Other comprehensive loss
Unrealized loss on real estate securities, available for sale— — — (200)
Foreign currency translation loss(6,068)(3,900)(15,202)(10,219)
Total other comprehensive loss(6,068)(3,900)(15,202)(10,419)
Comprehensive income (loss)(26,536)(75,644)27,360 (200,272)
Comprehensive (income) loss attributable to noncontrolling interests:
Investment entities5 (58)(2)4,067 
Operating Partnership— 1,719 (1,175)4,413 
Comprehensive income (loss) attributable to common stockholders$(26,531)$(73,983)$26,183 $(191,792)

























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

Common StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive IncomeTotal Stockholders’ EquityNoncontrolling Interests in Investment EntitiesNoncontrolling Interest in the Operating PartnershipTotal Equity
Class A
SharesAmount
Balance as of December 31, 2020128,565 $1,286 $2,844,023 $(1,234,224)$54,588 $1,665,673 $253,225 $39,780 $1,958,678 
Contributions— — — — — — 1,384 — 1,384 
Distributions— — — — — — (10,794)— (10,794)
Issuance and amortization of equity-based compensation1,420 14 4,248 — — 4,262 — — 4,262 
Other comprehensive loss— — — — (7,742)(7,742)(776)(215)(8,733)
Dividends and distributions declared ($0.10 per share)
— — — (12,988)— (12,988)— (308)(13,296)
Shares canceled for tax withholding on vested stock awards(136)(2)(1,307)— — (1,309)— — (1,309)
Reallocation of equity— — 521 — — 521 — (521)— 
Net loss— — — (92,314)— (92,314)(226)(1,953)(94,493)
Balance as of March 31, 2021129,849 $1,298 $2,847,485 $(1,339,526)$46,846 $1,556,103 $242,813 $36,783 $1,835,699 
Contributions— $— $— $— $— $— $838 $— $838 
Distributions— — — — — — (13,148)— (13,148)
Issuance and amortization of equity-based compensation41 — 5,443 — — 5,443 — — 5,443 
Other comprehensive income (loss)— — — — 1,966 1,966 336 (89)2,213 
Dividends and distributions declared ($0.14 per share)
— — — (18,166)— (18,166)— (431)(18,597)
Shares canceled for tax withholding on vested stock awards(131)— (1,141)— — (1,141)— — (1,141)
Reallocation of equity— — 129 — — 129 — (129)— 
Net income (loss)— — — (19,720)— (19,720)(3,459)(437)(23,616)
Balance as June 30, 2021129,759 $1,298 $2,851,916 $(1,377,412)$48,812 $1,524,614 $227,380 $35,697 $1,787,691 
Contributions— $— $— $— $— $— $2,096 $— $2,096 
Distributions— — — — — — (16,291)— (16,291)
Issuance and amortization of equity-based compensation— — 2,695 — — 2,695 — — 2,695 
Other comprehensive income (loss)— — — — (3,926)(3,926)119 (93)(3,900)
Dividends and distributions declared ($0.16 per share)
— — — (20,762)— (20,762)— (492)(21,254)
Reallocation of equity— — 15 — — 15 — (15)— 
Net loss— — — (70,057)— (70,057)(61)(1,626)(71,744)
Balance as of September 30, 2021129,759 $1,298 $2,854,626 $(1,468,231)$44,886 $1,432,579 $213,243 $33,471 $1,679,293 


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

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

Common StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive IncomeTotal Stockholders’ EquityNoncontrolling Interests in Investment EntitiesNoncontrolling Interest in the Operating PartnershipTotal Equity
Class A
SharesAmount
Balance as of December 31, 2021129,769 $1,298