UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2024
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||
| of incorporation) | File Number) | Identification No.) | ||||||||||||
(Address of Principal Executive Offices, Including Zip Code)
Registrant’s telephone number, including area code: (212 ) 547-2631
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 | Results of Operations and Financial Condition. | ||||
On October 29, 2024, BrightSpire Capital, Inc. (the “Company”) issued a press release announcing its financial position as of September 30, 2024 and its financial results for the third quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
On October 29, 2024, the Company made available a Supplemental Financial Disclosure Presentation for the third quarter ended September 30, 2024 on the Company’s website at www.brightspire.com. A copy of the Supplemental Financial Disclosure Presentation is furnished herewith as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in Item 2.02 and Item 9.01 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto), shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Use of Website to Distribute Material Company Information
The Company’s website address is www.brightspire.com. The Company uses its website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding the Company, is routinely posted on and accessible on the Shareholders subpage of its website, which is accessible by clicking on the tab labeled “Shareholders” on the website home page. The Company also uses its website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission disclosing the same information. Therefore, investors should look to the Shareholders subpage of the Company’s website for important and time-critical information. Visitors to the Company’s website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Shareholders subpage of the website.
Item 9.01 | Financial Statements and Exhibits. | |||||||
(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 29, 2024 | BRIGHTSPIRE CAPITAL, INC. | |||||||
| By: | /s/ David A. Palamé | |||||||
| Name: | David A. Palamé | |||||||
| Title: | General Counsel & Secretary | |||||||
Exhibit 99.1 BrightSpire Capital, Inc. Announces Third Quarter 2024 Financial Results NEW YORK, October 29, 2024 – BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced its financial results for the third quarter 2024 and certain updates. The Company reported third quarter 2024 GAAP net income attributable to common stockholders of $12.7 million, or $0.10 per share, Distributable Earnings of $17.9 million, or $0.14 per share, and Adjusted Distributable Earnings of $27.0 million, or $0.21 per share. The Company reported GAAP net book value of $8.39 per share and undepreciated book value of $9.11 per share as of September 30, 2024. Michael J. Mazzei, Chief Executive Officer, commented, “The Company had a productive quarter highlighted by the successful execution on a new CRE CLO, share repurchases, reinstated loan originations and watchlist reductions. As we look towards the remainder of 2024 and into 2025, we expect to continue to resolve watchlist and REO assets and grow the portfolio and earnings through new loan originations.” Supplemental Financial Report A Third Quarter 2024 Supplemental Financial Report is available on the Shareholders – Events and Presentations section of the Company’s website at www.brightspire.com. This information will be furnished to the SEC in a Current Report on Form 8-K. We refer to “Distributable Earnings” and “Adjusted Distributable Earnings”, which are non-GAAP financial measures, in this release. A reconciliation to net income/(loss) attributable to BrightSpire Capital common stockholders, the most directly comparable GAAP measure, is included in our full detailed Third Quarter 2024 Supplemental Financial Report and is available on our website at www.brightspire.com. Third Quarter 2024 Conference Call The Company will conduct a conference call to discuss the results on Wednesday, October 30, 2024, at 10:00 a.m. ET / 7:00 a.m. PT. To participate in the event by telephone, please dial (877) 300-8521 ten minutes prior to the start time (to allow time for registration). International callers should dial (412) 317-6026. The call will also be broadcast live over the Internet and can be accessed on the ‘Shareholders’ section of the Company’s website at www.brightspire.com. A webcast of the call will be available for 90 days on the Company’s website. For those unable to participate during the live call, a replay will be available starting October 30, 2024, at 12:00 p.m. ET / 9:00 a.m. PT, through November 6, 2024, at 11:59 p.m. ET / 8:59 p.m. PT. To access the replay, dial (844) 512-2921 and use conference ID code 10193027. International callers should dial (412) 317-6671 and enter the same conference ID. Dividend Announcement On July 30, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share to holders of Class A common stock for the third quarter of 2024, which was paid on October 15, 2024, to common stockholders of record as of September 30, 2024. About BrightSpire Capital, Inc. BrightSpire Capital, Inc. (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, 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 we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. Cautionary Statement Regarding Forward-Looking Statements This press release 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. 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 impacts of the COVID-19 pandemic; the Company's operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in the Company’s other filings with the Securities and Exchange Commission; defaults by borrowers in paying debt service on outstanding indebtedness; borrowers’ abilities to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including the impact of higher interest expense, 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 the Company's investments may be subject to uncertainties (including impacts associated with inflationary trends, 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); the Company's use of leverage and interest rate mismatches between the Company’s assets and borrowings could hinder its ability to make distributions and may significantly impact its liquidity position; the timing of and ability to generate additional liquidity and deploy available liquidity, including in senior mortgage loans; whether the Company will achieve its anticipated Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as adjusted) in the near term or ever; the Company’s ability to maintain or grow the dividend at all in the future; adverse impacts on the Company's corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on master repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; the ability to execute CRE CLO’s on a go forward basis, including at a reduced cost of capital; the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and mortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in BrightSpire Capital’s other filings with the Securities and Exchange Commission. Moreover, each of the factors referenced above are likely to also be impacted directly or indirectly by the ongoing impact of COVID-19 and investors are cautioned to interpret substantially all of such statements and risks as being heightened as a result of the ongoing impact of the COVID-19. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so. Investor Relations BrightSpire Capital, Inc. Addo Investor Relations Anne McGuinness 310-829-5400 brsp@addo.com
1 OCTOBER 29, 2024 SUPPLEMENTAL FINANCIAL REPORT THIRD QUARTER 2024 Exhibit 99.2
2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation 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. 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 impacts of the COVID-19 pandemic; the Company's operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in the Company’s other filings with the Securities and Exchange Commission; defaults by borrowers in paying debt service on outstanding indebtedness; borrowers’ abilities to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including the impact of higher interest expense, 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 the Company's investments may be subject to uncertainties (including impacts associated with inflationary trends, 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); the Company's use of leverage and interest rate mismatches between the Company’s assets and borrowings could hinder its ability to make distributions and may significantly impact its liquidity position; the timing of and ability to generate additional liquidity and deploy available liquidity, including in senior mortgage loans; whether the Company will achieve its anticipated Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as adjusted) in the near term or ever; the Company’s ability to maintain or grow the dividend at all in the future; adverse impacts on the Company's corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on master repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; the ability to execute CRE CLO’s on a go forward basis, including at a reduced cost of capital; the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and mortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in BrightSpire Capital’s other filings with the Securities and Exchange Commission. Moreover, each of the factors referenced above are likely to also be impacted directly or indirectly by the ongoing impact of COVID-19 and investors are cautioned to interpret substantially all of such statements and risks as being heightened as a result of the ongoing impact of the COVID-19. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so.
3 Diversified Portfolio Liquidity & Capitalization Earnings & Dividend $3.9B Total At-Share Assets (Undepreciated) * Refer to the Appendix for a definition and reconciliation to GAAP net income (loss) *** Refer to the Appendix for a definition and reconciliation to GAAP net book value As of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix COMPANY HIGHLIGHTS BrightSpire Capital, Inc. (“BRSP” or the “Company”) is a large publicly-traded, diversified and internally- managed commercial real estate credit REIT $2.6B Total Loan Portfolio (76 Total Loans) $34M Average Loan Size 98% Floating-Rate Loan Portfolio $416M Total Liquidity (31% increase QoQ)(2) $251M Total Unrestricted Cash (or $1.94 per share)(3) $165M Fully Undrawn Corporate Revolver(3) 2.2x Debt-to-Equity Ratio(4) 6.44% W.A. All-in Cost of Financing(5) $1.2B Master Repurchase Facilities Availability(3) 8.2% W.A. Unlevered All-in Yield(1) 86% <$50M Loan Size (Based on Loan Count) $0.21 Q3’24 Adjusted Distributable Earnings Per Share* $0.16 Q3’24 Quarterly Dividend Per Share 12.1% Annualized Dividend Yield(6) $1.2B Undepreciated Book Value** $9.11 Undepreciated Book Value Per Share** Ample Liquidity for New Loan Originations
4 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE PORTFOLIO FINANCIAL RESULTS LIQUIDITY & CAPITALIZATION As of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix • Closed a $675 million CLO with an 86.5% advance rate and S+2.47% cost of funds (pre-transaction costs); includes $85 million of available ramp-up proceeds and a two-year reinvestment period • $416 million of available liquidity ($251 million of unrestricted cash and $165 million of revolver capacity)(3) • $2.0 billion of total master repurchase facility capacity with $1.2 billion of availability(3) • GAAP Net Income of $12.7 million, or $0.10 per share • Distributable Earnings of $17.9 million, or $0.14 per share • Adjusted Distributable Earnings of $27.0 million, or $0.21 per share • Declared and paid a dividend of $0.16 per share for Q3’24, 12.1% yield on current share price(6) • GAAP net book value of $8.39 per share and undepreciated book value of $9.11 per share • Repurchased 1.2 million shares or $6.6 million of Class A common stock at a blended price of $5.52 per share • $3.9 billion total at-share assets; predominantly floating rate senior loans • $2.6 billion loan portfolio with an average loan size of $34 million and W.A. unlevered yield of 8.2% • $127 million of repayment proceeds across 10 loans in Q3’24 (including two risk rank 4 loans) • W.A. risk ranking of 3.2 in line with TTM (3.2 as of Q2’24) – Watch list: four loans removed and one loan added – 9 watch list loans totaling $456 million or 18% of the loan portfolio (vs. 12 loans totaling $543 million at Q2’24) • Total CECL reserve of $156 million or $1.20 per share (no specific CECL reserve on balance sheet as of Q3’24) • Subsequent to quarter end, committed $27 million of capital across one new loan(3) • Sold the Washington, D.C. office REO property for $19 million of net proceeds
5 $9.08 $9.11$0.05 $0.01 ($0.02) ($0.01) $8.50 $8.75 $9.00 $9.25 6/30/24 Undepreciated BVPS Earnings in Excess of Dividends Share Buybacks & Other Non-GAAP RE Impairment Change in CECL Reserve 9/30/24 Undepreciated BVPS 32% 29% 23% 16% <1% Stockholders' equity (undepreciated) Securitization bonds payable (non-recourse) Master repurchase facilities (limited recourse) Mortgage debt (non-recourse) Other debt (non-recourse) F INANCIAL OVERVIEW * Includes equity-based compensation and other OCI adjustments As of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Undepreciated Book Value Per Share Bridge Capital StructureKey Financial Metrics GAAP Net Income ($M) Per Share $12.7 $0.10 Distributable Earnings ($M) Per Share $17.9 $0.14 Adjusted Distributable Earnings ($M) Per Share $27.0 $0.21 Total At-Share Assets ($B) (Undepreciated) $3.9 Total Debt Outstanding (UPB) ($B) Debt-to-Equity(4) $2.6 2.2x Book Value (GAAP) ($B) Per Share $1.1 $8.39 Book Value (Undepreciated) ($B) Per Share $1.2 $9.11 CECL Reserve (General) ($M) Per Share / Basis Points (“BPS”)(7) $155.7 $1.20 / 578 bps CECL Reserve (Specific) ($M) Per Share -- -- Total capitalization $3.7B *
6 80% 20% <1% Loan portfolio Net lease & other real estate CRE debt securities 41% 24% 14% 8% 6% 6% 1%Multifamily Office (loan portfolio) Office (NNN & Other RE) Industrial Hotel Other / Mixed-use Retail Above charts exclude the impact of CECL reserves. In addition, “Property Type” chart excludes CRE debt securities $ in millions, except per share data; as of September 30, 2024; at BRSP share See footnotes in the appendix PORTFOLIO OVERVIEW Based on GAAP net carrying value as of September 30, 2024 Based on GAAP gross carrying value as of September 30, 2024 Investment Type Portfolio Overview (8) Property Type (At BRSP share) Investment count Carrying value Net carrying value Per share Senior mortgage loans 73 2,531$ 690$ 5.32$ Mezzanine loans 3 55 55 0.43 General CECL reserves (156) (156) (1.20) Total loan portfolio 76 2,431 590 4.55 Net lease & other real estate 15 816$ 181$ 1.40$ CRE debt securities(8) 1 2 2 0.02 Total investment portfolio 92 3,249$ 773$ 5.96$ Plus: cash & net assets(9) 578 315 2.43 Total - GAAP 3,827$ 1,088$ 8.39$ Plus: accumulated D&A(10) 226 226 1.74 Less: non-GAAP impairment of real estate(11) (131) (131) (1.02) Total - Undepreciated 3,921$ 1,182$ 9.11$
7 $2,754 $2,586 $15 ($127) ($48) ($8) 6/30/24 Loan Portfolio Additional Loan Fundings Total Repayments REO Other 9/30/24 Loan Portfolio Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions, unless otherwise stated; as of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix LOAN PORTFOLIO OVERVIEW 98% 2% Senior mortgage loans Mezzanine loans Overview Investment Type Property Type 76 Total number of investments $2.6B Total loan portfolio $34M Average investment size 0.4 yrs. W.A. remaining term(12) 1.7 yrs. W.A. extended remaining term(13) 8.2% W.A. unlevered all-in yield(1) 3.2 W.A. risk ranking 100% of senior loans are floating rate Northeast 13% Region Southeast 7% Southwest 35% West 45% 51% 32% 8% 8% 1% Multifamily Office Hotel Other / Mixed-use Industrial Loan Portfolio Activity (16) Total Loan Count 83 Total Loan Count 76 (15) (14)
8 Collateral Type Region Exposure as a % of Carrying Value (At BRSP share) Number of investments Carrying value % of carrying value West Southwest Northeast Southeast Multifamily 42 1,306,911$ 51% 19% 27% 2% 3% Office 24 827,263 32% 16% 8% 5% 3% Hotel 3 220,550 8% 8% -- 0% -- Other / Mixed-use 5 195,945 8% 2% -- 6% -- Industrial 2 35,663 1% 1% -- -- -- Total 76 2,586,332$ 100% 45% 35% 13% 7% General CECL reserves (155,657) Total – Net of general CECL reserves 2,430,675$ Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in thousands; as of September 30, 2024; at BRSP share LOAN PORTFOLIO DIVERSIFICATION Multifamily Office Hotel Other / Mixed-use Industrial Property Type Exposure by Region 53%37% 7% 3% 49% 25% 16% 10% 94% 6% 100% West Southwest Northeast Southeast 78% 22%
9 (At BRSP share) Number of investments Carrying value % of carrying value Net carrying value W.A. unlevered all-in yield(1) W.A. extended term (years)(13) Floating rate Senior mortgage loans 73 2,530,961$ 98% 689,872$ 8.2% 1.7 Mezzanine loans 1 12,450 0% 12,450 15.8% 0.0 Total / W.A. floating rate 74 2,543,411 98% 702,322 8.2% 1.7 Fixed rate Mezzanine loans 2 42,921 2% 42,921 8.6% 1.7 Total / W.A. fixed rate 2 42,921 2% 42,921 8.6% 1.7 Total / W.A. 76 2,586,332$ 100% 745,243$ 8.2% 1.7 General CECL reserves (155,657) (155,657) Total / W.A. – Net of general CECL reserves 2,430,675$ 589,586$ $ in thousands; as of September 30, 2024; at BRSP share See footnotes in the appendix LOAN PORTFOLIO SUMMARY
10 LOAN PORTFOLIO MATURITIES Fully Extended Loan Maturities(13) $226 $507 $1,023 $830 $10 $16 $48 $34 $0 $250 $500 $750 $1,000 $1,250 2024 2025 2026 2027+ Fully extended loan maturities (carrying value) Unfunded commitments $ in M ill io ns Weighted average fully extended remaining term of approximately 1.7 years across the loan portfolio Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves As of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Minimal final maturities in 2024
11 0% 0% 80% 15% 5% 0% 0% 82% 11% 7% 1 2 3 4 5 Q2'24 Q3'24 Risk Ranking Overview LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves, unless otherwise stated As of September 30, 2024, unless otherwise stated; at BRSP share CECL Reserve Overview $172M $156M Q2'24 Q3'24 Specific CECL Reserve General CECL Reserve Total Reserve $172M ($1.32/share) Total Reserve $156M ($1.20/share) Loan Count 71 Loan Count 67 Loan Count 11 Loan Count 7 Loan Count 1 Loan Count 2 No specific CECL reserve on balance sheet for Q2’24 & Q3’24 Risk Rank 4 & 5 Q2’24: 20% | 12 loans Q3’24: 18% | 9 loans Q2’24 W.A. Risk Ranking: 3.2 Q3’24 W.A. Risk Ranking: 3.2
12 58%29% 9% 4% Office Industrial Multifamily Retail NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY Europe 23% 75% 25% <1% 5.0+ 2.5 - 5.0 <2.5 Region Property Type W.A. Remaining Lease Term(18) West 35% Northeast 18% Midwest 15% Southwest 9% * Q3’24 NOI in the above table excludes NOI related to the sale of one other real estate office property, which was sold during the third quarter 2024 ** Includes $144M of GAAP gross carrying value related to five REO assets (three office and two multifamily) Above charts based on GAAP gross carrying value; $ and RSF in thousands; as of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix (At BRSP share) Number of investments BRSP ownership % Rentable square feet ("RSF") / Units Carrying value % of carrying value Net carrying value Q3'24 NOI* (at BRSP share) W.A. % leased at end of period(17) W.A. remaining lease term (years)(18) Net lease real estate ("NNN") Office 3 100% 1,812 RSF 256,817$ 31% 60,048$ 6,218$ 100% 5.4 Industrial 1 100% 2,787 RSF 238,471 29% 38,471 5,011 100% 13.9 Retail 4 100% 468 RSF 28,111 3% (9,483) 1,195 100% 3.6 Total / W.A. - NNN 8 100% 5,068 RSF 523,399$ 64% 89,036$ 12,424$ 100% 9.2 Other real estate ("Other RE") ** Office 5 95% 1,784 RSF 219,185$ 27% 63,804$ 4,172$ 63% 4.8 Multifamily 2 100% 672 Units 73,823 9% 28,157 857 78% n/a Total / W.A. – Other RE 7 96% n/a 293,008$ 36% 91,960$ 5,028$ 67% 4.8 Total / W.A. 15 99% n/a 816,407$ 100% 180,996$ 17,452$ 88% 7.9
13 LOAN PORTFOLIO WATCH LIST LOANS * Loans that are on non-accrual status As of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Investment San Jose, CA Senior Loan (Loan 67) Fort Worth, TX Senior Loan (Loan 8) Santa Clara, CA Senior Loan (Loan 1) Las Vegas, NV Senior Loan (Loan 5) Tualatin, OR Senior Loan (Loan 47) Risk Ranking (Q3’24 / Q2’24) 5 / 5 5 / 4 4 / 4 4 / 4 4 / 4 Investment Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Origination Date / Transaction Type January 2018 / Acquisition March 2021 / Acquisition June 2019 / Acquisition May 2021 / Acquisition November 2021 / Refinancing Collateral Hotel / 541 keys Multifamily / 356 units Multifamily (Land) / 950 units Multifamily / 252 units Office / 342k RSF Carrying Value $136M $42M $57M $47M $42M Loan Basis $251k / Key $118k / Unit $60k / Unit $187k / Unit $123 / RSF Cash Coupon n/a* SOFR + 3.6% SOFR + 5.5% SOFR + 3.5% SOFR + 1.5% Extended Maturity Date(13) November 2026 April 2026 February 2025 June 2026 December 2026
14 LOAN PORTFOLIO WATCH LIST LOANS (CONT’D) As of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Investment Denver, CO Senior Loan (Loan 10) Reston, VA Senior Loan (Loan 50) Dallas, TX Senior Loan (Loan 51) Richardson, TX Senior Loan (Loan 65) Risk Ranking (Q3’24 / Q2’24) 4 / 3 4 / 4 4 / 4 4 / 4 Investment Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Origination Date / Transaction Type December 2021 / Acquisition September 2021 / Refinancing November 2021 / Refinancing November 2021 / Acquisition Collateral Multifamily / 197 units Office/ 270k RSF Office / 328k RSF Office / 122k RSF Carrying Value $40M $39M $38M $14M Loan Basis $203k / Unit $144 / RSF $116 / RSF $115 / RSF Cash Coupon SOFR + 3.3% SOFR + 2.1% SOFR + 4.0% SOFR + 4.1% Extended Maturity Date(13) December 2026 October 2026 December 2025 December 2026
15 REAL ESTATE OWNED As of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Investment Multifamily Arlington, TX (Other Real Estate 3) Multifamily Phoenix, AZ (Other Real Estate 4) Office Long Island City, NY (Other Real Estate 5) Office Long Island City, NY (Other Real Estate 6) Office Oakland, CA (Other Real Estate 7) Acquisition Date July 2024 December 2023 June 2023 June 2023 July 2023 Rentable Square Feet (“RSF”) / Units 436 units 236 Units 128k RSF 221k RSF 91k RSF Collateral Basis $94k / Unit $157k/ Unit $281 / RSF $140 / RSF $77 / RSF Undepreciated Carrying Value $41M $37M $36M $31M $7M Outstanding Debt $26M $20M -- -- -- Undepreciated Net Carrying Value $15M $17M $36M $31M $7M W.A. % Leased(17) 67% 91% 6% 31% 42% W.A. Lease Term (Yrs.)(18) n/a n/a 7.5 4.4 2.6
16 Origination Carrying Coupon Cash Unlevered Extended Q3'24 Risk Q2'24 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Multifamily Loan 1 * Senior Jun-19 Santa Clara, CA 57$ Floating S+5.5% 10.3% Feb-25 69% 4 4 Loan 2 Senior May-22 Las Vegas, NV 55 Floating S+2.0% 8.4% Jun-27 74% 3 3 Loan 3 Senior Mar-22 Austin, TX 50 Floating S+3.3% 8.1% Mar-27 75% 3 3 Loan 4 Senior Jul-21 Dallas, TX 50 Floating S+3.4% 8.2% Aug-26 74% 3 3 Loan 5 Senior May-21 Las Vegas, NV 47 Floating S+3.5% 8.3% Jun-26 70% 4 4 Loan 6 Senior Mar-22 Louisville, KY 43 Floating S+3.7% 8.5% Apr-27 72% 3 3 Loan 7 Senior Jul-21 Jersey City, NJ 43 Floating S+3.1% 8.0% Aug-26 66% 3 3 Loan 8 Senior Mar-21 Fort Worth, TX 42 Floating S+3.6% 8.4% Apr-26 100% 5 4 Loan 9 Senior Jul-21 Dallas, TX 40 Floating S+3.2% 8.1% Aug-26 77% 3 3 Loan 10 Senior Dec-21 Denver, CO 40 Floating S+3.3% 8.5% Dec-26 74% 4 3 Subtotal / W.A. top 10 multifamily 470$ 3.5% 8.5% Aug-26 n/a 3.5 n/a Loan 11 Senior Mar-22 Long Beach, CA 40$ Floating S+3.4% 8.2% Apr-27 80% 3 3 Loan 12 Senior Jul-22 Irving, TX 38 Floating S+3.6% 8.4% Aug-27 75% 3 3 Loan 13 Senior Dec-20 Austin, TX 37 Floating S+3.2% 8.1% Jan-26 54% 3 3 Loan 14 Senior Jan-22 Dallas, TX 37 Floating S+3.5% 8.3% Feb-27 75% 3 3 Loan 15 Senior Jan-22 Los Angeles, CA 36 Floating S+3.4% 8.5% Feb-27 76% 3 3 Loan 16 Senior Jul-21 Phoenix, AZ 33 Floating S+3.4% 8.2% Aug-26 73% 3 3 Loan 17 Senior Mar-21 Mesa, AZ 32 Floating S+3.8% 11.7% Apr-26 71% 3 3 Loan 18 Senior Apr-21 Las Vegas, NV 30 Floating S+3.2% 8.1% May-26 76% 3 3 Loan 19 Senior Apr-22 Mesa, AZ 30 Floating S+3.4% 8.5% May-27 75% 3 3 Loan 20 Mezzanine Feb-22 Las Vegas, NV 30 Fixed 7.0% 12.3% Feb-27 56% – 79% 3 4 Subtotal / W.A. top 20 multifamily 813$ 3.6% 8.7% Sep-26 n/a 3.3 n/a Loan 21 Senior Feb-22 Long Beach, CA 30$ Floating S+3.4% 8.2% Mar-27 71% 3 3 Loan 22 Senior Jul-21 Plano, TX 29 Floating S+3.2% 8.7% Feb-25 75% 3 3 Loan 23 Senior Aug-21 Glendale, AZ 29 Floating S+3.3% 8.5% Sep-26 75% 3 3 Loan 24 Senior May-21 Houston, TX 28 Floating S+3.1% 8.0% Jun-26 67% 3 3 Loan 25 Senior Dec-21 Fort Mill, SC 27 Floating S+3.3% 8.4% Jan-27 71% 3 3 Loan 26 Senior Dec-21 Phoenix, AZ 26 Floating S+3.6% 8.8% Jan-27 75% 3 3 Loan 27 Senior Jul-22 Irving, TX 25 Floating S+3.6% 8.4% Aug-27 72% 3 3 Loan 28 Senior Mar-22 Glendale, AZ 25 Floating S+3.5% 8.6% Mar-27 73% 3 3 Loan 29 Senior Mar-22 Phoenix, AZ 24 Floating S+3.7% 8.8% Apr-27 74% 3 3 Loan 30 Senior Nov-21 Austin, TX 23 Floating S+3.4% 8.5% Nov-26 78% 3 3 Loan 31 Senior Jul-21 Oregon City, OR 22 Floating S+3.4% 8.2% Aug-26 73% 3 3 Loan 32 Senior Jun-21 Phoenix, AZ 22 Floating S+3.3% 8.1% Jul-26 71% 3 3 INVESTMENT DETAIL * Loans in which the underlying collateral is related to a construction/development project $ in millions; as of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Loan Portfolio
17 Origination Carrying Coupon Cash Unlevered Extended Q3'24 Risk Q2'24 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Loan 33 Senior Jul-21 Aurora, CO 21 Floating S+3.2% 8.1% Jul-26 73% 3 3 Loan 34 Senior Jan-22 Austin, TX 20 Floating S+3.4% 8.2% Feb-27 76% 3 3 Loan 35 Senior Aug-21 La Mesa, CA 20 Floating S+3.0% 7.8% Aug-25 72% 3 3 Loan 36 Senior Dec-21 Gresham, OR 19 Floating S+3.6% 8.5% Jan-27 76% 3 3 Loan 37 Senior Sep-21 Bellevue, WA 19 Floating S+3.0% 7.9% Sep-25 71% 3 3 Loan 38 Senior May-22 Charlotte, NC 19 Floating S+3.5% 8.3% May-27 70% 3 3 Loan 39 Senior Jul-21 Salt Lake City, UT 18 Floating S+3.4% 8.2% Aug-26 73% 3 3 Loan 40 Senior Apr-22 Tacoma, WA 18 Floating S+3.0% 7.8% May-27 64% 3 3 Loan 41 Senior Jun-21 Phoenix, AZ 18 Floating S+3.2% 8.1% Jul-26 75% 3 3 Loan 42 Senior Mar-22 Glendale, AZ 12 Floating S+3.5% 8.6% Mar-27 73% 3 3 Total / W.A. multifamily loans 1,307$ 3.5% 8.6% Sep-26 n/a 3.2 n/a Office Loan 43 Senior Jan-21 Phoenix, AZ 76$ Floating S+3.7% 8.5% Feb-26 70% 3 3 Loan 44 Senior Dec-18 Carlsbad, CA 76 Floating S+3.9% 9.2% Dec-24 75% 3 3 Loan 45 Senior Aug-18 San Jose, CA 74 Floating S+2.6% 7.4% Aug-25 81% 3 3 Loan 46 Senior Feb-19 Baltimore, MD 59 Floating S+3.6% 8.5% Feb-25 74% 3 3 Loan 47 Senior Nov-21 Tualatin, OR 42 Floating S+1.5% 9.2% Dec-26 66% 4 4 Loan 48 Senior May-22 Plano, TX 41 Floating S+4.3% 9.1% Jun-27 64% 3 3 Loan 49 Senior Apr-22 Plano, TX 40 Floating S+4.1% 8.9% May-27 70% 3 3 Loan 50 Senior Sep-21 Reston, VA 39 Floating S+2.1% 9.0% Oct-26 71% 4 4 Loan 51 Senior Nov-21 Dallas, TX 38 Floating S+4.0% 8.8% Dec-25 61% 4 4 Loan 52 Senior Apr-22 San Jose, CA 34 Floating S+4.2% 9.0% Apr-27 70% 3 3 Subtotal / W.A. top 10 office 519$ 3.4% 8.7% Feb-26 n/a 3.2 n/a Loan 53 Senior Apr-21 San Diego, CA 33$ Floating S+3.6% 8.5% May-26 55% 3 3 Loan 54 Senior Mar-22 Blue Bell, PA 29 Floating S+4.2% 9.0% Apr-25 80% 3 3 Loan 55 Senior Oct-21 Blue Bell, PA 29 Floating S+3.8% 8.6% Apr-25 78% 3 3 Loan 56 Senior Feb-19 Charlotte, NC 28 Floating S+3.3% 8.2% Jul-25 72% 3 3 Loan 57 Senior Dec-21 Hillsboro, OR 27 Floating S+4.0% 9.1% Dec-24 71% 3 3 Loan 58 Senior Sep-19 San Francisco, CA 24 Floating S+3.3% 8.1% Oct-24 54% 3 3 Loan 59 Senior Jul-21 Denver, CO 24 Floating S+4.4% 9.3% Aug-26 66% 3 3 Loan 60 Senior Aug-19 San Francisco, CA 23 Floating S+2.9% 7.8% Mar-25 84% 3 3 Loan 61 Senior Oct-20 Denver, CO 18 Floating S+3.7% 8.6% Nov-25 64% 3 3 Loan 62 Senior Oct-21 Burbank, CA 17 Floating S+4.0% 9.2% Nov-26 51% 3 3 Subtotal / W.A. top 20 office 769$ 3.5% 8.7% Dec-25 n/a 3.2 n/a Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) $ in millions; as of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix
18 Origination Carrying Coupon Cash Unlevered Extended Q3'24 Risk Q2'24 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 63 Senior Aug-21 Los Angeles, CA 16$ Floating S+4.6% 9.5% Sep-26 58% 3 3 Loan 64 Senior Nov-21 Charlotte, NC 15 Floating S+4.5% 9.7% Dec-26 67% 3 3 Loan 65 Senior Nov-21 Richardson, TX 14 Floating S+4.1% 9.3% Dec-26 71% 4 4 Loan 66 * Mezzanine Feb-23 Baltimore, MD 13 Fixed n/a n/a Feb-25 74% – 75% 3 3 Total / W.A. office loans 827$ 3.5% 8.6% Jan-26 n/a 3.2 n/a Hotel Loan 67 * Senior Jan-18 San Jose, CA 136$ Floating n/a n/a Nov-26 76% 5 5 Loan 68 Senior Jun-18 Englewood, CO 72 Floating S+3.5% 8.6% Feb-25 68% 3 3 Loan 69 Mezzanine Jan-17 New York, NY 12 Floating S+11.0% 15.8% Oct-24 67% – 80% 3 3 Total / W.A. hotel loans 221$ 1.8% 3.7% Mar-26 n/a 4.2 n/a Other / Mixed-use Loan 70 Senior Oct-19 Brooklyn, NY 78$ Floating S+4.2% 9.0% Nov-24 79% 3 3 Loan 71 Senior Jan-22 New York, NY 46 Floating S+3.5% 8.3% Feb-27 76% 3 3 Loan 72 Senior Jun-21 South Pasadena, CA 34 Floating S+5.0% 10.0% Jun-26 71% 3 3 Loan 73 Senior May-22 Brooklyn, NY 29 Floating S+4.4% 9.2% May-27 68% 3 3 Loan 74 Senior Apr-24 South Pasadena, CA 9 Floating S+9.8% 15.1% Oct-24 84% 3 3 Total / W.A. other / mixed-use loans 196$ 4.4% 9.3% Jan-26 n/a 3.0 n/a Industrial Loan 75 Senior Jul-22 Ontario, CA 24$ Floating S+3.3% 8.5% Aug-27 66% 3 3 Loan 76 Senior Mar-22 Commerce, CA 12 Floating S+3.3% 8.1% Apr-27 60% 3 3 Total / W.A. industrial loans 36$ 3.3% 8.4% Jun-27 n/a 3.0 n/a Total / W.A. loan portfolio 2,586$ 3.4% 8.2% May-26 n/a 3.2 n/a General CECL reserves (156) Total / W.A. loan portfolio, net of general CECL reserves 2,431$ Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) * Loans that are on non-accrual status $ in millions; as of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix
19 INVESTMENT DETAIL (CONT’D) CRE Debt Securities * Q3’24 NOI in the above table excludes NOI related to the sale of one other real estate office property, which was sold during the third quarter 2024 ** The current maturity of the debt on Other real estate 1 is October 2024. We are currently negotiating an extension with our lender and remain current on interest payments. The current maturity of the debt on Other real estate 2 is January 2025 $ in millions; rentable square feet in thousands; as of September 30, 2024; at BRSP share See footnotes in the appendix Net Lease Real Estate & Other Real Estate Carrying (At BRSP share) value CRE debt securities CRE debt securities (1 investment)(8) 2$ Total / W.A. CRE debt securities 2$ Undepreciated Origination Collateral Undepreciated net carrying Q3'24 # of Rentable square W.A. W.A. lease (At BRSP share) date type City, State carrying value value NOI* properties feet ("RSF") / Units % leased(17) term (yrs)(18) Net lease real estate Net lease 1 Aug-18 Industrial Various - U.S. 292$ 92$ 5.0$ 2 2,787 RSF 100% 13.9 Net lease 2 Jul-18 Office Stavenger, Norway 147 -- 4.4 1 1,291 RSF 100% 5.7 Net lease 3 Jul-06 Office Aurora, CO 55 26 1.1 1 184 RSF 100% 3.2 Net lease 4 Jun-06 Office Indianapolis, IN 39 18 0.7 1 338 RSF 100% 6.3 Net lease 5 Sep-06 Retail Various - U.S. 28 -- 0.8 7 320 RSF 100% 3.2 Net lease 6 Sep-06 Retail Keene, NH 7 -- 0.1 1 45 RSF 100% 4.3 Net lease 7 Sep-06 Retail South Portland, ME 5 5 0.2 1 53 RSF 100% 7.3 Net lease 8 Sep-06 Retail Fort Wayne, IN 3 -- 0.1 1 50 RSF 100% 0.9 Total / W.A. net lease real estate 576$ 141$ 12.4$ 15 5,068 RSF 100% 9.2 Other real estate Other real estate 1 ** Sep-14 Office Creve Coeur, MO 96$ 1$ 2.2$ 7 848 RSF 83% 3.6 Other real estate 2 ** Dec-14 Office Warrendale, PA 62 1 1.5 5 497 RSF 85% 5.4 Other real estate 3 Jul-24 Multifamily Arlington, TX 41 15 0.0 1 436 Units 67% n/a Other real estate 4 Dec-23 Multifamily Phoenix, AZ 37 17 0.8 1 236 Units 91% n/a Other real estate 5 Jun-23 Office Long Island City, NY 36 36 (0.1) 1 128 RSF 6% 7.5 Other real estate 6 Jun-23 Office Long Island City, NY 31 31 0.4 1 221 RSF 31% 4.4 Other real estate 7 Jul-23 Office Oakland, CA 7 7 0.1 1 91 RSF 42% 2.6 Total / W.A. other real estate 310$ 109$ 5.0$ 17 n/a 67% 4.8 Total / W.A. net lease real estate and other real estate 886$ 250$ 17.5$ 32 n/a 88% 7.9
20 As of September 30, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.2x debt-to-equity ratio. Embedded capacity under existing financing facilities including an undrawn corporate revolver and $1.2B of repurchase facilities availability 32% 29% 23% 16% <1% Stockholders' equity (undepreciated) Securitization bonds payable (non-recourse) Master repurchase facilities (limited recourse) Mortgage debt (non-recourse) Other debt (non-recourse) $3.7B Total capitalization (excluding cash) $2.6B Total outstanding debt $165M Corporate revolving credit facility availability As of October 25, 2024 (fully undrawn) $1.2B Master repurchase facilities availability As of October 25, 2024 2.2x Debt-to-equity ratio(4) 65% Debt-to-asset ratio(19) 6.44% Blended all-in cost of financing(5) Capital StructureKey Financial Metrics Total capitalization $3.7B
21 Note: during the third quarter 2024, the Company recorded approximately $1.7M of amortization of deferred financing costs, which implies approximately 17 bps of annualized financing costs on the Company’s total debt capacity as of September 30, 2024 $ in thousands; as of September 30, 2024; at BRSP share See footnotes in the appendix CAPITALIZATION SUMMARY (At BRSP share) Recourse vs. non-recourse(20) W.A. extended maturity(21) W.A. contractual interest rate(21) W.A. all-in COF(5) Outstanding debt (UPB) Corporate debt Corporate revolving credit facility Recourse Jan-27 S + 2.25% 7.21% -$ Investment-level debt Master repurchase facilities Limited recourse Apr-27 S + 2.23% 7.08% 848,381 Securitization bonds payable (2024-FL2) Non-recourse Aug-37 S + 2.47% 7.32% 583,875 Securitization bonds payable (2021-FL1) Non-recourse Aug-38 S + 1.59% 6.55% 510,497 Mortgage debt – net lease (fixed) Non-recourse Jul-29 4.39% 4.39% 434,367 Mortgage debt – other real estate (fixed) Non-recourse Nov-24 4.40% 4.40% 155,382 Other debt Non-recourse Jun-26 S + 4.25% 9.10% 34,466 Total / W.A. debt (BRSP share) Feb-32 6.44% 2,566,968$ Book value Stockholders' equity 1,087,529$ GAAP net book value (BRSP share) 1,087,529 Accumulated depreciation and amortization 225,881 Non-GAAP impairment of real estate (131,445) Undepreciated book value (BRSP share) 1,181,965 Total capitalization (undepreciated) 3,748,933$
22 * Reflects incremental changes to SOFR spot rate as of September 30, 2024 $ in millions, except per share data; as of September 30, 2024; at BRSP share 100% of senior mortgage loan value is floating rate INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Portfolio $ in M ill io ns SOFR: 4.85% (As of September 30, 2024) Incremental Rate of Change* ($6.9) ($5.6) ($4.0) ($2.1) $1.0 ($10.0) ($7.5) ($5.0) ($2.5) $0.0 $2.5 (2.00%) (1.50%) (1.00%) (0.50%) 0.25% ($0.05) per share ($0.04) per share ($0.03) per share ($0.02) per share $0.01 per share
23 APPENDIX
24 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS We present Distributable Earnings, which is a non-GAAP supplemental financial measure of our performance. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with GAAP, and this metric is a useful indicator for investors in evaluating and comparing our operating performance to our peers and our ability to pay dividends. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2018. As a REIT, we are required to distribute substantially all of our taxable income and we believe that dividends are one of the principal reasons investors invest in credit or commercial mortgage REITs such as our company. Over time, Distributable Earnings has been a useful indicator of our dividends per share and we consider that measure in determining the dividend, if any, to be paid. This supplemental financial measure also helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations. We define Distributable Earnings as GAAP net income (loss) attributable to our common stockholders (or, without duplication, the owners of the common equity of our direct subsidiaries, such as our OP) and excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with our formation or other strategic transactions, (iii) the incentive fee, (iv) acquisition costs from successful acquisitions, (v) gains or losses from sales of real estate property and impairment write-downs of depreciable real estate, including unconsolidated joint ventures and preferred equity investments, (vi) general CECL reserves determined by probability of default/loss given default (“PD/LGD”) model, (vii) depreciation and amortization, (viii) any unrealized gains or losses or other similar non-cash items that are included in net income for the current quarter, regardless of whether such items are included in other comprehensive income or loss, or in net income, (ix) one-time events pursuant to changes in GAAP and (x) certain material non-cash income or expense items that in the judgment of management should not be included in Distributable Earnings. For clauses (ix) and (x), such exclusions shall only be applied after approval by a majority of our independent directors. Distributable Earnings include specific CECL reserves when realized. Loan losses are realized when such amounts are deemed nonrecoverable at the time the loan is repaid, or if the underlying asset is sold following foreclosure, or if we determine that it is probable that all amounts due will not be collected; realized loan losses to be included in Distributable Earnings is the difference between the cash received, or expected to be received, and the book value of the asset. Additionally, we define Adjusted Distributable Earnings as Distributable Earnings excluding (i) realized gains and losses on asset sales, (ii) fair value adjustments, which represent mark-to- market adjustments to investments in unconsolidated ventures based on an exit price, defined as the estimated price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants, (iii) unrealized gains or losses, (iv) realized specific CECL reserves and (v) one-time gains or losses that in the judgement of management should not be included in Adjusted Distributable Earnings. We believe Adjusted Distributable Earnings is a useful indicator for investors to further evaluate and compare our operating performance to our peers and our ability to pay dividends, net of the impact of any gains or losses on assets sales or fair value adjustments, as described above. Distributable Earnings and Adjusted Distributable Earnings do not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income or an indication of our cash flows from operating activities determined in accordance with GAAP, a measure of our liquidity, or an indication of funds available to fund our cash needs. In addition, our methodology for calculating Distributable Earnings and Adjusted Distributable Earnings may differ from methodologies employed by other companies to calculate the same or similar non-GAAP supplemental financial measures, and accordingly, our reported Distributable Earnings and Adjusted Distributable Earnings may not be comparable to the Distributable Earnings and Adjusted Distributable Earnings reported by other companies. The Company calculates Distributable Earnings per share and Adjusted Distributable Earnings per share, which are non-GAAP supplemental financial measures, based on a weighted average number of common shares. We believe NOI to be a useful measure of operating performance of our net leased and other real estate portfolios as they are more closely linked to the direct results of operations at the property level. NOI excludes historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as adjustments for the effects of real estate impairment and gains or losses on sales of depreciated properties, which eliminate differences arising from investment and disposition decisions. Additionally, by excluding corporate level expenses or benefits such as interest expense, any gain or loss on early extinguishment of debt and income taxes, which are incurred by the parent entity and are not directly linked to the operating performance of the Company’s properties, NOI provides a measure of operating performance independent of the Company’s capital structure and indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the operating performance of the Company’s properties, and transaction costs and administrative costs, may limit the usefulness of NOI. NOI may fail to capture significant trends in these components of GAAP net income (loss) which further limits its usefulness. NOI should not be considered as an alternative to net income (loss), determined in accordance with GAAP, as an indicator of operating performance. In addition, our methodology for calculating NOI involves subjective judgment and discretion and may differ from the methodologies used by other companies, when calculating the same or similar supplemental financial measures and may not be comparable with other companies.
25 The Company presents pro rata (“at share” or “at BRSP share”) financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro rata financial information by applying its economic interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests’ (“NCI”) share of assets, liabilities, profits and losses was computed by applying noncontrolling interests’ economic interest to each financial statement line item. The Company provides pro rata financial information because it may assist investors and analysts in estimating the Company’s economic interest in its investments. However, pro rata financial information as an analytical tool has limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company’s pro rata information may not be comparable to other companies pro rata information. As such, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP, but may be used as a supplement to financial information as reported under GAAP. We present undepreciated book value, which is a non-GAAP supplemental financial measure. We believe that presenting undepreciated book value is a more useful and consistent measure of the value of our current portfolio and operations for our investors. It additionally enhances the comparability to our peers who do not hold real estate investments. Undepreciated book value excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities). It also excludes our share of the carrying value (including any related foreign currency translation) on certain net leased and other real estate office properties whose non-recourse mortgages mature within 12 months. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders’ aversion to finance or refinance office properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can lead to foreclosures. Given this potential likelihood, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties. The Company calculates undepreciated book value per share based on the total number of outstanding common shares. We present loan-to-value which reflects the initial loan amount divided by the as-is appraised value as of the date the loan was originated, or by the principal amount divided by the appraisal value for the in-place collateral as of the date of the most recent as-is appraisal. For construction loans, loan-to-value reflects the total commitment amount of the loan divided by the as-completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Senior loans reflect the initial loan amount divided by the as-is value as of the date the loan was originated, or the principal amount divided by the appraised value for the in-place collateral as of the date of the most recent as-is appraisal. Construction senior loans’ loan-to-value reflect the total commitment amount of the loan divided by the as completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Mezzanine loans include attachment and detachment loan-to-values, respectively. Attachment loan-to-value reflects initial funding of loans senior to our position divided by the as-is value as of the date the loan was originated, or the principal amount divided by the appraised value for the in-place collateral as of the date of the most recent appraisal. Detachment loan-to-value reflects the cumulative initial funding of our loan and the loans senior to our position divided by the as-is value as of the date the loan was originated, or the cumulative principal amount divided by the appraised value for the in-place collateral as of the date of the most recent appraisal. Construction mezzanine loans include attachment and detachment loan-to-value, respectively. Attachment loan-to-value reflects the total commitment amount of loans senior to our position divided by as-completed appraised value, or the total commitment amount of loans senior to our position divided by projected total cost basis. Detachment loan-to-value reflect the cumulative commitment amount of our loan and the loans senior to our position divided by as-completed appraised value, or the cumulative commitment amount of our loan and loans senior to our position divided by projected total cost basis. We present risk rankings, which is a supplemental financial disclosure, for loans held for investment. In addition to reviewing loans held for investment for impairment quarterly, we evaluate loans held for investment to determine if a current expected credit losses reserve should be established. In conjunction with this review, we assess the risk factors of each senior and mezzanine loans and preferred equity and assign a risk ranking 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, our loans held for investment are ranked “1” through “5,” from less risk to greater risk, and the rankings 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 rankings which are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk / Potential for Loss – A loan that has a high risk of realizing a principal loss 5. Impaired / Loss Likely – A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS (CONT’D)
26 NOTES REGARDING REPORTABLE SEGMENTS BrightSpire Capital, Inc. (“BRSP”, “BrightSpire Capital”, the “Company” or “We”) currently holds investment interests through the reportable segments below, which are based on how management reviews and manages its business. Senior and Mezzanine Loans and Preferred Equity (“Loans & Preferred Equity Portfolio” or “Loan Portfolio”) The Company’s Loan Portfolio may include senior mortgage loans, mezzanine loans and preferred equity interests (“preferred equity”) as well as participations in such loans. The Loan Portfolio may also include acquisition, development and construction loan arrangements accounted for as equity method investments. • Senior mortgage loans may include junior participations in our originated senior mortgage loans for which we have syndicated the senior participations to other investors and retained the junior participations for our portfolio and contiguous mezzanine loans where we own both the senior and junior loan positions. We believe these investments are more similar to the senior mortgage loans we originate than other loan types given their credit quality and risk profile • Mezzanine loans may include other subordinated loans • Preferred equity interests may include related equity participation interests Net Leased Real Estate and Other Real Estate (“Net Lease and Other Real Estate”) The Company’s Net Lease Real Estate investments includes direct investments in commercial real estate principally composed of long-term leases to tenants on a net lease basis, where such tenants are generally responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. Other Real Estate investments includes direct ownership in commercial real estate, with an emphasis on properties with stable cash flow. Net lease and other real estate includes deferred leasing costs and other net intangibles. Other real estate currently consists of two investments with direct ownership in commercial real estate, four additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure and one property that we consolidate as the primary beneficiary of a VIE. Corporate and Other The Corporate segment includes corporate-level asset management and other fees including operating expenses, compensation and benefits and other fees including expenses related to our secured revolving credit facility. It currently includes CRE Debt Securities, which consists of one sub-portfolio of a real estate private equity interest ("Private Equity Interest" or "PE Interest").
27 $ in thousands, except per share data; as of September 30, 2024, unless otherwise stated CONSOLIDATED BALANCE SHEET September 30, 2024 (Unaudited) December 31, 2023 Assets Cash and cash equivalents 263,763$ 257,506$ Restricted cash 175,383 104,583 Loans held for investment 2,586,341 2,936,506 Current expected credit loss reserve (155,490) (76,028) Loans held for investment, net 2,430,851 2,860,478 Real estate, net 774,807 807,985 Receivables, net 85,251 41,451 Deferred leasing costs and intangible assets, net 49,565 58,971 Assets held for sale 7,362 19,600 Other assets 51,443 47,680 Total assets 3,838,425$ 4,198,254$ Liabilities Securitization bonds payable, net 1,086,908$ 912,545$ Mortgage and other notes payable, net 635,183 650,293 Credit facilities 848,381 1,152,723 Accrued and other liabilities 83,231 85,501 Intangible liabilities, net 3,128 4,138 Escrow deposits payable 74,274 88,603 Dividends payable 20,795 25,985 Total liabilities 2,751,900 2,919,788 Commitments and contingencies Equity Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively - - Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 129,685,185 and 129,985,107 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 1,297 1,300 Additional paid-in capital 2,862,473 2,864,883 Accumulated deficit (1,771,591) (1,586,292) Accumulated other comprehensive loss (4,650) (2,556) Total stockholders’ equity 1,087,529 1,277,335 Noncontrolling interests in investment entities (1,004) 1,131 Total equity 1,086,525 1,278,466 Total liabilities and equity 3,838,425$ 4,198,254$
28 In thousands, except per share data; as of September 30, 2024, unless otherwise stated; unaudited CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended September 30, 2024 2023 Net interest income Interest income 59,587$ 75,630$ Interest expense (38,862) (43,647) Net interest income 20,725 31,983 Property and other income Property operating income 26,051 24,247 Other income 2,513 2,855 Total property and other income 28,564 27,102 Expenses Property operating expense 8,431 7,392 Transaction, investment and servicing expense 225 311 Interest expense on real estate 6,747 6,833 Depreciation and amortization 10,087 8,851 Increase of current expected credit loss reserve 1,001 7,671 Compensation and benefits (including $3,422 and $5,855 of equity-based compensation expense, respectively) 8,191 11,971 Operating expense 2,979 3,286 Total expenses 37,661 46,315 Other income Other gain (loss), net 37 (220) Income before equity in earnings of unconsolidated ventures and income taxes 11,665 12,550 Income tax expense (244) (158) Net income 11,421 12,392 Net (income) loss attributable to noncontrolling interests: Investment entities 1,308 (3) Net income attributable to BrightSpire Capital, Inc. common stockholders 12,729$ 12,389$ Net income per common share – basic 0.10$ 0.10$ Net income per common share – diluted 0.09$ 0.09$ Weighted average shares of common stock outstanding – basic 127,515 127,197 Weighted average shares of common stock outstanding – diluted 130,144 129,986
29 $ in thousands; as of September 30, 2024; unaudited CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended September 30, 2024 Loans and preferred equity Net leased and other real estate Corporate and other Total Net interest income Interest income $ 59,166 352$ 69$ 59,587$ Interest expense (38,487) (68) (307) (38,862) Net interest income (expense) 20,679 284 (238) 20,725 Property and other income Property operating income - 26,051 - 26,051 Other income - (167) 2,680 2,513 Total property and other income - 25,884 2,680 28,564 Expenses Property operating expense - (8,431) - (8,431) Transaction, investment and servicing expense (392) 52 115 (225) Interest expense on real estate - (6,747) - (6,747) Depreciation and amortization - (10,068) (19) (10,087) Increase of current expected credit loss reserve (1,001) - - (1,001) Compensation and benefits - - (8,191) (8,191) Operating expense (4) (7) (2,968) (2,979) Total expenses (1,397) (25,201) (11,063) (37,661) Other income Other gain, net - 37 - 37 Income (loss) before equity in earnings of unconsolidated ventures and income taxes 19,282 1,004 (8,621) 11,665 Income tax expense - (244) - (244) Net income (loss) 19,282 760 (8,621) 11,421 Net loss attributable to noncontrolling interests: Investment entities - 1,308 - 1,308 Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders $ 19,282 2,068$ (8,621)$ 12,729$
30 Reconciliation of consolidated balance sheet to at share balance sheet In thousands, except per share data; as of September 30, 2024; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION As of September 30, 2024 Consolidated NCI(22) At BRSP share(23) Assets Loans and preferred equity held for investment, net 2,430,851$ -$ 2,430,851$ Real estate, net 774,807 11,868 762,939 Deferred leasing costs and intangible assets, net 49,565 607 48,958 Assets held for sale 7,362 - 7,362 Cash, restricted cash, receivables and other assets 575,840 (928) 576,768 Total assets 3,838,425$ 11,547$ 3,826,878$ Liabilities Securitization bonds payable, net 1,086,908$ -$ 1,086,908$ Mortgage and other notes payable, net 635,183 11,609 623,574 Credit facilities 848,381 - 848,381 Intangible liabilities, net 3,128 276 2,852 Other liabilities, escrow deposits payable and dividends payable 178,300 666 177,634 Total liabilities 2,751,900$ 12,551$ 2,739,349$ Total equity 1,086,525$ (1,004)$ 1,087,529$ Total liabilities and equity 3,838,425$ 11,547$ 3,826,878$ Total common shares 129,685 129,685 129,685 GAAP net book value per share 8.38$ (0.01)$ 8.39$ Accumulated depreciation and amortization(10) 230,653$ 4,772$ 225,881$ Accumulated depreciation and amortization per share(10) 1.78$ 0.04$ 1.74$ Non-GAAP impairment of real estate(11) (135,693)$ (4,247)$ (131,445)$ Non-GAAP impairment of real estate(11) (1.05)$ (0.03)$ (1.02)$ Undepreciated book value 1,181,485$ (479)$ 1,181,965$ Undepreciated book value per share 9.11$ -$ 9.11$
31 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Reconciliation of GAAP net book value to undepreciated book value In thousands, except per share data; as of September 30, 2024; unaudited See footnotes in the appendix As of September 30, 2024 GAAP net book value (excluding noncontrolling interests in investment entities) 1,087,529$ Accumulated depreciation and amortization(10) 225,881 Non-GAAP impairment of real estate(11) (131,445) Undepreciated book value 1,181,965$ GAAP net book value per share (excluding noncontrolling interests in investment entities) 8.39$ Accumulated depreciation and amortization per share(10) 1.74 Non-GAAP impairment of real estate(11) (1.02) Undepreciated book value per share 9.11$ Total common shares 129,685
32 Reconciliation of GAAP net income to Distributable Earnings and Adjusted Distributable Earnings In thousands, except per share data; as of September 30, 2024; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended September 30, 2024 Net income attributable to BrightSpire Capital, Inc. common stockholders 12,729$ Adjustments: Non-cash equity compensation expense 3,422 Depreciation and amortization 10,196 Net unrealized loss (gain): General CECL reserves (8,102) Gain on sales of real estate, preferred equity and investments in unconsolidated joint ventures (144) Adjustments related to noncontrolling interests (169) Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 17,932$ Distributable Earnings per share(24) 0.14$ Weighted average number of common shares(24) 130,144 Three Months Ended September 30, 2024 Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 17,932$ Adjustments: Specific CECL reserves 9,102 Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 27,034$ Adjusted Distributable Earnings per share(24) 0.21$ Weighted average number of common shares(24) 130,144
33 Reconciliation of GAAP net income to NOI $ in thousands; as of September 30, 2024; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended September 30, 2024 Net income attributable to BrightSpire Capital, Inc. common stockholders 12,729$ Adjustments: Net income attributable to non-net leased and other real estate portfolios(25) (12,022) Net income attributable to noncontrolling interests in investment entities (1,308) Amortization of above- and below-market lease intangibles 9 Interest income (352) Interest expense on real estate 7,896 Other income 167 Transaction, investment and servicing expense (52) Depreciation and amortization 10,069 Operating expense 7 Other loss on investments, net 242 Income tax expense 244 NOI attributable to noncontrolling interest in investment entities (299) Total NOI attributable to BrightSpire Capital, Inc. common stockholders 17,330$
34 1. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash PIK interest income and the accrual of origination and exit fees. For W.A. calculations, unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate or benchmark floor as of September 30, 2024 2. Includes availability under the corporate revolving credit facility and unrestricted cash as of October 25, 2024 3. As of October 25, 2024 4. Debt-to-equity ratio based on BRSP’s share of total outstanding unpaid principal balance (“UPB”) divided by total stockholders’ equity excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate; stockholders’ equity excludes noncontrolling interests in investment entities 5. For W.A. calculations, assumes the applicable floating benchmark rate or benchmark floor as of September 30, 2024 and is weighted on outstanding debt (UPB); excludes amortization of financing costs 6. Based on annualized Q3’24 quarterly dividend of $0.16/share and BRSP closing share price of $5.29 as of October 25, 2024 7. Reflects general CECL reserve as a % (or bps) of the aggregate commitment amount of the total loan portfolio excluding loans that were evaluated for specific CECL reserves 8. Includes one private equity secondary interest for approximately $2 million 9. Includes cash, restricted cash, net receivables, other assets, accrued and other liabilities, escrow deposits payable and dividends payable 10. Represents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities 11. Reflects non-GAAP impairment of real estate related to nine properties as well as any related foreign currency translation; refer to page 25 for additional disclosure on undepreciated book value 12. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at BRSP share as of September 30, 2024 13. Represents the remaining loan term based on the maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at BRSP share as of September 30, 2024 14. Represents loan fundings related to the existing loan portfolio as of September 30, 2024 15. Prior to the third quarter of 2024, the Company held an investment in an Arlington, Texas loan collateralized by one multifamily property that was determined to be a VIE. In the third quarter of 2024, the Company was determined to be the primary beneficiary of the VIE. As a result, the Company consolidated the assets and liabilities as well as the property’s operations beginning in the third quarter of 2024 and is included in the Other Real Estate segment 16. Other includes non-cash payment-in-kind (“PIK”) interest income, accrual of origination and exit fees, and write downs / charge-offs of specific CECL reserves 17. Represents the percent leased as of September 30, 2024 and is weighted by carrying value 18. Based on in-place leases (defined as occupied and paying leases) as of September 30, 2024 and assumes that no renewal options are exercised. W.A. calculation based on carrying value; excludes multifamily property type 19. Debt-to-asset ratio based on total outstanding UPB at BRSP share divided by total assets at BRSP share excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate 20. Subject to customary non-recourse carve-outs 21. W.A. calculation based on outstanding debt (UPB) 22. Represents interests in assets held by third party partners 23. Represents the proportionate share attributed to BRSP based on BRSP’s ownership percentage by asset 24. The Company calculates Distributable Earnings and Adjusted Distributable Earnings per share, which are non-GAAP financial measures, based on a weighted average number of common shares 25. Net (income) loss attributable to non-net leased and other real estate portfolios includes net (income) loss on our senior and mezzanine loans and preferred equity and corporate and other business segments FOOTNOTES
35 COM P AN Y IN F OR M ATION 35 BrightSpire Capital (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, 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 we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. HEADQUARTERS New York 590 Madison Avenue 33rd Floor New York, NY 10022 212-547-2631 STOCK & TRANSFER AGENT American Stock & Transfer Trust Company (AST) 866-751-6317 help@astfinancial.com INVESTOR RELATIONS ADDO Investor Relations Anne McGuinness 310-829-5400 brsp@addo.com JMP Securities Steve DeLaney 212-906-3517 BofA Securities Eric Dray 646-855-5780 Jones Research Jason Weaver 646-454-2710 WWW.BRIGHTSPIRE.COM NYSE: BRSP ANALYST COVERAGE Raymond James Stephen Laws 901-579-4868 B. Riley Matt Howlett 917-538-4762 BTIG Thomas Catherwood 212-738-6140 Barclays Terry Ma 212-526-7965
36 THANK YOU