BrightSpire Capital, Inc 8-K, filed Oct 27, 2026
BrightSpire Capital, Inc. (BRSP)
8-K
2026-10-27
For: 2026-10-27
View Original
Added on
October 27, 2026
About this 8-K
BrightSpire Capital, Inc filed this 8-K on October 27, 2026.
BrightSpire Capital reported third-quarter 2026 GAAP net income of $46.9 million ($0.37 per share), Adjusted Distributable Earnings of $17.8 million ($0.14 per share), and GAAP net book value of $7.08 per share as of September 30, 2026. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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 27, 2026
(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 27, 2026, BrightSpire Capital, Inc. (the “Company”) issued a press release announcing its financial position as of September 30, 2026 and its financial results for the third quarter ended September 30, 2026. 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 27, 2026, the Company made available a Supplemental Financial Disclosure Presentation for the third quarter ended September 30, 2026 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 27,2026 | 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 2026 Financial Results NEW YORK, October 27, 2026 – BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced its financial results for the third quarter 2026 and certain updates. The Company reported third quarter 2026 GAAP net income attributable to common stockholders of $46.9 million, or $0.37 per share, Distributable Earnings of $10.3 million, or $0.08 per share, and Adjusted Distributable Earnings of $17.8 million, or $0.14 per share. The Company reported GAAP net book value of $7.08 per share and undepreciated book value of $7.87 per share as of September 30, 2026. Michael J. Mazzei, Chief Executive Officer, commented, “The Company had a productive third quarter despite market volatility and a challenging capital markets backdrop. Highlights include the execution of our fifth CLO and second of 2026. This puts our CLO liabilities at nearly two thirds of our loan portfolio financing. We also closed on the sale of our largest asset, the triple net lease distribution centers and remain focused on further reducing our watchlist and REO exposure.” Andrew E. Witt, President & Chief Operating Officer, commented, “We had a strong quarter of loan originations with $272 million of committed capital closed and an additional $66 million closed or in-execution subsequent to quarter end. We also saw a reduction in REO exposure. As of today, our loan book stands at approximately $3.1 billion, up over 30% year-over-year, while also improving the overall composition of our middle market focused loan portfolio.” Supplemental Financial Report A Third Quarter 2026 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 2026 Supplemental Financial Report and is available on our website at www.brightspire.com. Third Quarter 2026 Conference Call The Company will conduct a conference call to discuss the results on Wednesday, October 28, 2026, at 10:00 a.m. ET / 7:00 a.m. PT. To participate in the event by telephone, please dial (833) 821-4389 ten minutes prior to the start time (to allow time for registration). International callers should dial (412) 652-1257. 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 28, 2026, at 1:00 p.m. ET / 10:00 a.m. PT, through November 4, 2026, at 11:59 p.m. ET / 8:59 p.m. PT. To access the replay, dial (844) 512-2921 and use conference ID code 10212142. International callers should dial (412) 317-6671 and enter the same conference ID. Dividend Announcement On September 14, 2026, 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 2026, which was paid on October 14, 2026, to common stockholders of record as of September 30, 2026. 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 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 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, 2025, 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 and credit spreads, 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 d ividend 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; whether transactions under letter of intent or contract w ill close on expected terms, in the expected time period or at all; 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, 2025, as well as in BrightSpire Capital’s other filings with the Securities and Exchange Commission. 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 27, 2026 SUPPLEMENTAL FINANCIAL REPORT THIRD QUARTER 2026 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 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, 2025, 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 and credit spreads, 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; whether transactions under letter of intent or contract will close on expected terms, in the expected time period or at all; 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, 2025, as well as in BrightSpire Capital’s other filings with the Securities and Exchange Commission. 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 Financial Results $3.8B Total At-Share Assets (Undepreciated) * Unrestricted cash includes the expected net proceeds from the sale of the Fort Worth, TX multifamily REO property, which closed in Oct-26 ** 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, 2026, 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 $3.1B Total Loan Portfolio (111 Total Loans) $28M Average Loan Size 98% Floating-Rate Loan Portfolio $181M Total Liquidity(2) $106M Total Unrestricted Cash* (or $0.85 per share)(3) $75M Corporate Revolver Availability(3) 2.7x Debt-to-Equity Ratio(4) 5.75% W.A. All-in Cost of Financing(5) $1.4B Master Repurchase Facilities Availability(3) 7.4% W.A. Unlevered All-in Yield(1) W.A. Cash Coupon 3.3% 81% <$50M Loan Size (Based on Carrying Value) $0.14 Q3’26 Adjusted Distributable Earnings Per Share** (7.1% Adjusted Distributable Earnings Yield on Undepreciated Book Value)(6) $0.16 Q3’26 Quarterly Dividend Per Share $1.0B Undepreciated Book Value*** $7.87 Undepreciated Book Value Per Share***
4 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE NET DEPLOYMENT ACTIVITY FINANCIAL RESULTS LIQUIDITY & CAPITALIZATION * Unrestricted cash includes the expected net proceeds from the sale of the Fort Worth, TX multifamily REO property, which closed in Oct-26 ** Net deployment represents total committed capital less repayment proceeds As of September 30, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix • $181 million of available liquidity ($106 million of unrestricted cash* and $75 million of revolver capacity)(3) • Subsequent to Q3’26, closed a $960 million CLO with an 88.0% advance rate and S+1.54% cost of funds (pre- transaction costs); includes $100 million of available ramp-up proceeds and a 2.5-year reinvestment period • $2.35 billion of total master repurchase facility capacity with $1.4 billion of availability(3) • Repurchased 2.1 million shares or $9.9 million of Class A common stock at a blended price of $4.81 per share • GAAP Net Income of $46.9 million and $0.37 per share • Distributable Earnings of $10.3 million and $0.08 per share • Adjusted Distributable Earnings of $17.8 million and $0.14 per share • Declared and paid a dividend of $0.16 per share for Q3’26 • GAAP net book value increased by $0.27 per share to $7.08 per share at Q3’26 from $6.81 per share at Q2’26 primarily driven by the GAAP gain on the sale of the NNN industrial asset and share repurchases, offset by the increase in CECL reserves and real estate impairments • Undepreciated book value of $7.87 per share • $193 million of positive net deployment during Q3’26** • Q3’26 committed $272 million of capital across 7 new senior loans • Subsequent to Q3’26, committed $66 million of capital across 2 new senior loans closed or in-execution(3) • Q3’26 received $79 million of repayment proceeds across 4 loans
5 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE (CONT’D) LOAN PORTFOLIO * Based on current senior loan financing as of October 23, 2026 and reflects the close of BRSP 2026-FL4 as well as the collapse of BRSP 2024-FL2 As of September 30, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix • $3.1 billion loan portfolio across 111 loans with an average loan size of $28 million and W.A. unlevered yield of 7.4% • Multifamily represents 72% of the loan portfolio • 65% of senior loans currently financed with non-recourse, non-mark-to-market financing* • W.A. risk ranking of 3.1 (vs. 3.0 as of Q2’26) • Total CECL reserve of $107 million or $0.86 per share (no specific CECL reserve on balance sheet for Q3’26) • $187 million of watch list loans or 6% of the loan portfolio (vs. $136 million or 5% as of Q2’26) • One risk rank 4 office loan repaid totaling $11 million in Q3’26 • Two office loans totaling $60 million downgraded from risk rank 3 to risk rank 4 in Q3’26 • 5 REO assets totaling $301 million (includes one hotel REO asset totaling $145 million or 48% of REO) • Sold the Mesa, AZ multifamily REO property for a gross sales price of $25 million in Q3’26 • Subsequent to Q3’26, sold the Fort Worth, TX multifamily REO property for a gross sales price of $32 million • 5 NNN assets totaling $136 million (68% reduction vs. $429 million as of Q2’26) • Sold our largest NNN industrial asset for a gross sales price of $300 million (purchaser assumed the $200 million mortgage note payable) in Q3’26 REO & NNN ASSETS
6 38% 28% 27% 5% 1% 1% Securitization bonds payable (non-recourse) Master repurchase facilities (limited recourse) Stockholders' equity (undepreciated) Mortgage debt (non-recourse) Corporate revolving credit facility (recourse) Other debt (non-recourse) F INANCIAL OVERVIEW * Primarily related to the sales of the NNN industrial asset and two multifamily REO assets ** Other includes equity-based compensation and other OCI adjustments As of September 30, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix Undepreciated Book Value Per Share Bridge Capital StructureKey Financial Metrics GAAP Net Income ($M) Per Share $46.9 $0.37 Distributable Earnings ($M) Per Share $10.3 $0.08 Adjusted Distributable Earnings ($M) Per Share $17.8 $0.14 Total At-Share Assets ($B) (Undepreciated) $3.8 Total Debt Outstanding (UPB) ($B) Debt-to-Equity(4) $2.6 2.7x Book Value (GAAP) ($B) Per Share $0.9 $7.08 Book Value (Undepreciated) ($B) Per Share $1.0 $7.87 CECL Reserve (General) ($M) Per Share / Basis Points (“BPS”)(7) $107.2 $0.86 / 332 bps CECL Reserve (Specific) ($M) Per Share -- -- Total capitalization $3.6B ** * $8.10 $7.87 $0.06 ($0.15) ($0.12) ($0.02) $7.20 $7.45 $7.70 $7.95 $8.20 6/30/26 Undepreciated BVPS Share Repurchases RE Impairment Change in CECL Reserve Earnings less Dividends & Other 9/30/26 Undepreciated BVPS
7 (At BRSP share) Investment count Carrying value Net carrying value Per share Loan portfolio 111 3,082$ 728$ 5.84$ General CECL reserves (107) (107) (0.86) Loan portfolio, net of general CECL reserves 111 2,975 621 4.98 Net lease 5 78 (5) (0.04) Other real estate 6 366 211 1.69 CRE debt securities(8) 1 1 1 0.01 Total investment portfolio 123 3,421$ 828$ 6.64$ Plus: cash & net assets(9) 258 55 0.44 Total - GAAP 3,679$ 883$ 7.08$ Plus: accumulated D&A(10) 122 122 0.98 Less: non-GAAP impariment of real estate(11) (23) (23) (0.19) Total - Undepreciated 3,778$ 981$ 7.87$ 87% 13% <1% Loan portfolio Net lease & other real estate CRE debt securities 67% 16% 4% 5% 5% 2% 1%Multifamily Office (loan portfolio) Office (NNN & Other RE) Mixed-use & Other Hotel Industrial 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, 2026; at BRSP share; per share data may differ due to rounding See footnotes in the appendix PORTFOLIO OVERVIEW Based on GAAP gross carrying value as of September 30, 2026 Based on GAAP gross carrying value as of September 30, 2026 Investment Type Portfolio Overview (8) Property Type
8 LOAN ORIGINATION HIGHLIGHTS (2026) Key Metrics B U D G E T V S . A C T U A L Q3’26 QTD Q4’26(3) YTD 2026(3) Total number of loans 7 2 26 Total committed capital $272M $66M $936M Average loan size (committed capital) $39M $33M $36M W.A. cash coupon S+2.43% S+2.58% S+2.53% % Floating rate (senior loans) 100% 100% 100% Above charts based on YTD 2026 total committed capital $ in millions. As of September 30, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding See footnotes in the appendix Property Type (YTD 2026) Region (YTD 2026) Acquisition vs. Refinance (YTD 2026) 87% 10% 3% Multifamily Industrial Hotel 46% 38% 7% 7%2% West Southwest Midwest Southeast Northeast 54%46% Refinance Acquisition $279 $319 $272 $43 Q1'26 Q2'26 Q3'26 QTD Q4'26 Originations by Quarter $66 Closed (3)
9 $2,894 $3,082$251 $23 ($79) ($7) 6/30/2026 Loan Portfolio Total New Loans Additional Loan Fundings Repayments Other 9/30/2026 Loan Portfolio <$25M 24% $25M-$50M 57% $51M-$75M 14% >$75M 5% Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions, unless otherwise stated; as of September 30, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix LOAN PORTFOLIO OVERVIEW 99% <1% <1% Senior mortgage loans Mezzanine loans Preferred equity Overview Investment Type Property Type 111 Total number of investments $3.1B Total loan portfolio $28M Average investment size 1.1 yrs. W.A. remaining term(12) 2.5 yrs. W.A. extended remaining term(13) 7.4% W.A. unlevered all-in yield(1) 3.1 W.A. risk ranking 99% of senior loans are floating rate 72% 19% 6% 3% <1% Multifamily Office Mixed-use & Other Industrial Hotel Loan Portfolio ActivityLoan Size Diversification (16) (15) (Initial Fundings) (14) Total Loan Count 106 Total Loan Count 111
10 Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions; as of September 30, 2026; at BRSP share; percentages may differ due to rounding LOAN PORTFOLIO DIVERSIFICATION Northeast 10% Region Southeast 11% Southwest 35% West 40% Midwest 4% Collateral Type Migration 63% 70% 72% 28% 20% 19% 8% 8% 6% 1% 2% 3% <1% <1% Q3'25 Q2'26 Q3'26 Multifamily Office Mixed-use & Other Industrial Hotel Collateral Type Region Exposure as a % of Carrying Value (At BRSP share) Number of investments Average investment size Carrying value % of carrying value W SW SE NE MW Multifamily 84 26$ 2,219$ 72% 30% 27% 10% 2% 2% Office 18 32 572 19% 6% 7% 1% 4% -- Mixed-use & Other 5 37 184 6% 2% -- -- 4% -- Industrial 3 28 83 3% 1% 1% -- -- 1% Hotel 1 24 24 <1% -- -- -- -- 1% Total 111 28$ 3,082$ 100% 40% 35% 11% 10% 4% General CECL reserves (107) Total – Net of general CECL reserves 2,975$
11 (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 98 3,018,951$ 98% 664,380$ 7.2% 2.5 Total / W.A. floating rate 98 3,018,951 98% 664,380 7.2% 2.5 Fixed rate Senior mortgage loans 1 28,781 1% 28,781 20.0% 0.0 Mezzanine loans 1 15,105 < 1% 15,105 -- 0.4 Preferred equity 11 19,488 < 1% 19,488 14.3% 0.4 Total / W.A. fixed rate 13 63,374 2% 63,374 13.5% 0.2 Total / W.A. 111 3,082,324$ 100% 727,754$ 7.4% 2.5 General CECL reserves (107,244) (107,244) Total / W.A. – Net of general CECL reserves 2,975,081$ 620,510$ $ in thousands; as of September 30, 2026; at BRSP share See footnotes in the appendix LOAN PORTFOLIO SUMMARY
12 LOAN PORTFOLIO MATURITIES Fully Extended Loan Maturities(13) $275 $1,017 $274 $1,516 $6 $39 $2 $98 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 2026 2027 2028 2029+ Fully extended loan maturities (carrying value) Unfunded commitments $ in M ill io ns Weighted average fully extended remaining term of approximately 2.5 years across the loan portfolio Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves As of September 30, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix
13 95% 5% 94% 6% 1 2 3 4 5 Q2'26 Q3'26 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, 2026, unless otherwise stated; at BRSP share CECL Reserve Overview $88M $87M $100M $107M Q4'25 Q1'26 Q2'26 Q3'26 Specific CECL Reserve General CECL Reserve Total Reserve $87M ($0.67/share) Loan Count 100 Loan Count 103 Loan Count 6 Loan Count 8 No specific CECL reserve on balance sheet for Q4’25 to Q3’26 Q2’26 W.A. Risk Ranking: 3.0 Q3’26 W.A. Risk Ranking: 3.1 Total Reserve $88M ($0.68/share) Total Reserve $107M ($0.86/share) Total Reserve $100M ($0.79/share) CECL Reserve by Collateral Type 40% Risk Rank 4 60% Risk Rank 3 58%35% 7% <1% <1% Office Multifamily Mixed-use & Other Industrial Hotel 71% 29% Office Multifamily Total CECL Reserve: $107M RR 4 & 5 CECL Reserve: $43M Risk Rank 4 & 5 by Collateral Type 56% 44% Office Multifamily
14 Carrying Carrying Carrying Investment value Investment value Investment value Las Vegas, NV Multifamily / RR4 $57 Las Vegas, NV Multifamily / RR4 (Loans 2 & 83) $58 Las Vegas, NV Multifamily / RR4 (Loans 2 & 83) $58 Austin, TX Multifamily / RR4 $24 Austin, TX Multifamily / RR4 (Loans 47 & 82) $25 Austin, TX Multifamily / RR4 (Loans 47 & 82) $25 Dallas, TX Office / RR4 $44 Dallas, TX Office / RR4 (Loans 88 & 101) $44 Dallas, TX Office / RR4 (Loans 88 & 101) $44 Downgraded from RR3 Blue Bell, PA Office / RR4 (Loan 92) $30 Blue Bell, PA Office / RR4 (Loan 92) $30 Downgraded from RR3 Blue Bell, PA Office / RR4 (Loan 93) $30 Blue Bell, PA Office / RR4 (Loan 93) $30 Denver, CO Office / RR4 $11 Repaid Q3 Total Watchlist $136 Total Watchlist $187 Total Watchlist $187 % Change vs. Q2'26 38% % Change vs. Q2'26 38% LOAN PORTFOLIO WATCH LIST MIGRATION Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions. As of September 30, 2026, unless otherwise stated; at BRSP share Q2’26 Q3’26 Pro FormaPro Forma Activity Intra-Period Activity Target Plan Q3’26 watch list loans totaling $187M or 6% of the loan portfolio • One risk rank 4 office loan repaid in Q3’26 • Two office loans downgraded to risk rank 4 in Q3’26 Occupancy stabilized, positioning for near-term resolution $127M / 3 assets anticipated for near-term resolution
15 LOAN PORTFOLIO WATCH LIST LOANS (Q3’26) * Carrying value includes $0.9M related to a preferred equity investment (Loan 83) as the Company holds both the senior and junior positions; all other metrics reflect the senior loan only ** Carrying value includes $1.5M related to a preferred equity investment (Loan 82) as the Company holds both the senior and junior positions; all other metrics reflect the senior loan only *** Carrying value includes $2.7M related to a preferred equity investment (Loan 101) as the Company holds both the senior and junior positions; all other metrics reflect the senior loan only As of September 30, 2026, unless otherwise stated; at BRSP share. See footnotes in the appendix Investment Las Vegas, NV Senior Loan (Loans 2 & 83)* Austin, TX Senior Loan (Loans 47 & 82)** Dallas, TX Senior Loan (Loan 88 & 101)*** Blue Bell, PA Senior Loan (Loan 92) Blue Bell, PA Senior Loan (Loan 93) Risk Ranking (Q3’26 / Q2’26) 4 / 4 4 / 4 4 / 4 4 / 3 4 / 3 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 May 2022 / Acquisition November 2021 / Acquisition November 2021 / Refinancing October 2021 / Refinancing March 2022 / Refinancing Collateral Multifamily / 240 Units Multifamily / 150 Units Office / 328k RSF Office / 193k RSF Office / 228k RSF Carrying Value $58M $25M $44M $30M $30M Loan Basis $242k / Unit $167k / Unit $134 / RSF $155 / RSF $132 / RSF Cash Coupon SOFR + 2.0% SOFR + 3.4% SOFR + 4.0% SOFR + 3.8% SOFR + 4.2% Extended Maturity Date(13) June 2027 November 2026 December 2026 April 2027 April 2027
16 (At BRSP share) Number of investments BRSP ownership % Rentable square feet ("RSF") / Units / Keys Carrying value (Undep.) Net carrying value (Undep.) % of net carrying value (Undep.) Q3'26 NOI* (at BRSP share) W.A. % leased at end of period(17) W.A. remaining lease term (years)(18) Net lease real estate ("NNN") Office 2 100% 522 RSF 94,004$ 46,319$ 16% 1,777$ 100% 2.5 Retail 3 100% 368 RSF 42,462 4,730 2% 859 100% 2.9 Total / W.A. - NNN 5 100% 890 RSF 136,466$ 51,049$ 18% 2,636$ 100% 2.6 Other real estate ("Other RE")** Hotel 1 100% 541 Keys 144,634$ 144,634$ 50% 1,067$ 81% n/a Multifamily 4 100% 1,414 Units 156,556 91,906 32% (157) 76% n/a Office 1 95% 848 RSF 86,130 -- -- 3,369 80% 3.0 Total / W.A. – Other RE 6 99% n/a 387,320$ 236,539$ 82% 4,279$ 79% 3.0 Total / W.A. 11 99% n/a 523,786$ 287,588$ 100% 6,915$ 84% 2.7 34% 30% 28% 8% Office Multifamily Hotel Retail NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY 2% 69% 29% 5.0+ 2.5 - 5.0 <2.5 Region Property Type W.A. Remaining Lease Term(18) West 46% Northeast 6% Midwest 26% Southwest 22% * Q3’26 NOI excludes approximately $4.6M of NOI related to the sale of the NNN industrial property and the Mesa, AZ multifamily REO property, which were both sold during the third quarter of 2026 ** Includes $301M of undepreciated (“undep.”) carrying value related to five REO assets and $86M of undep. carrying value related to one equity investment Above charts based on undepreciated carrying value; $ and RSF in thousands; as of September 30, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix
17 Undepreciated Undepreciated Undepreciated Investment carrying value Investment carrying value Investment carrying value San Jose, CA Hotel $144 San Jose, CA Hotel $145 San Jose, CA Hotel $145 / 54% Dallas, TX Multifamily $45 Dallas, TX Multifamily $45 Dallas, TX Multifamily $45 / 17% Santa Clara, CA Multifamily (Pre-Dev) $40 Santa Clara, CA Multifamily (Pre-Dev) $40 In market Santa Clara, CA Multifamily (Pre-Dev) $40 / 15% Arlington, TX Multifamily $39 Arlington, TX Multifamily $39 Arlington, TX Multifamily $39 / 15% Fort Worth, TX Multifamily $37 Fort Worth, TX Multifamily $32 Sale** Mesa, AZ Multifamily $25 Sale Total REO $330 Total REO $301 Total REO $269 % Change vs. Q2'26 (9%) % Change vs. Q2'26 (18%) REAL ESTATE OWNED MIGRATION * Pro forma adjusted for anticipated sales ** Subsequent to the third quarter 2026, sold the Fort Worth, TX multifamily REO asset Above chart based on undepreciated carrying value $ in millions. As of September 30, 2026, unless otherwise stated; at BRSP share Q2’26 Q3’26 Pro Forma*Pro Forma Activity Intra-Period Activity Medium-term hold Target Plan REO assets anticipated to decline by 18% to $269M vs. $330M at Q2’26 • Expect to bring remaining multifamily REO properties to market in near-term Anticipate in market early 2027 Anticipate in market early 2027
18 Investment San Jose, CA (Other RE 1) Dallas, TX (Other RE 3) Santa Clara, CA (Other RE 4) Arlington, TX (Other RE 5) Fort Worth, TX (Other RE 6)* Acquisition Date May 2025 January 2026 July 2025 July 2024 November 2024 Collateral Hotel / 541 Keys Multifamily / 624 Units Multifamily (Pre- development) Multifamily / 436 Units Multifamily / 354 Units Collateral Basis $268k / Key $72k / Unit n/a $89k / Unit $90k / Unit Undepreciated Carrying Value $145M $45M $40M $39M $32M Outstanding Debt -- -- $33M $26M $5M Undepreciated Net Carrying Value $145M $45M $6M $14M $27M W.A. % Leased(17) 81% 55% n/a 89% 90% REAL ESTATE OWNED (Q3’26) * Subsequent to the third quarter 2026, sold the Fort Worth, TX multifamily REO asset As of September 30, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding See footnotes in the appendix
19 SELECT NNN ASSETS (Q3’26) * Debt matured August 2026. As a result, the mortgage note payable is currently accruing default interest at a per annum rate of 4.00% in addition to the contractual interest rate of 4.08%. The Company is currently in negotiation with the tenant for TI / extension package. In addition, we are currently negotiating an extension with our lender As of September 30, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding See footnotes in the appendix Investment Aurora, CO (Net lease 1)* Indianapolis, IN (Net lease 2) Acquisition Date July 2006 June 2006 Collateral Office / 184k RSF Office / 338k RSF Collateral Basis $299 / RSF $115 / RSF Undepreciated Carrying Value $55M $39M Outstanding Debt $27M $20M Undepreciated Net Carrying Value $27M $19M W.A. % Leased(17) 100% 100% W.A. Lease Term (Yrs.)(18) 1.2 4.3 Final Debt Maturity August 2026 October 2027 All-in COF 4.08% 4.45% Total undepreciated net carrying value of $46M or 91% of the remaining NNN portfolio
20 As of September 30, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.7x debt-to-equity ratio. Embedded capacity under existing financing facilities including $75M of corporate revolver availability and $1.4B of repurchase facilities availability(3) 38% 28% 27% 5% 1% 1% Securitization bonds payable (non-recourse) Master repurchase facilities (limited recourse) Stockholders' equity (undepreciated) Mortgage debt (non-recourse) Corporate revolving credit facility (recourse) Other debt (non-recourse) $3.6B Total capitalization (excluding cash) $2.6B Total outstanding debt $75M Corporate revolving credit facility availability As of October 23, 2026 $1.4B Master repurchase facilities availability As of October 23, 2026 2.7x Debt-to-equity ratio(4) 70% Debt-to-asset ratio(19) 5.75% Blended all-in cost of financing(5) Capital StructureKey Financial Metrics Total capitalization $3.6B
21 (At BRSP share) Recourse vs. non-recourse(20) W.A. extended maturity(21) W.A. contractual interest rate(21) W.A. all-in COF(5) Outstanding debt (UPB) Corporate debt Corporate revolving credit facility Recourse Dec-28 S + 2.25% 6.16% 45,000$ Investment-level debt Securitization bonds payable (2026-FL3) Non-recourse Aug-43 S + 1.69% 5.60% 833,237 Securitization bonds payable (2024-FL2) Non-recourse Aug-37 S + 2.51% 6.43% 537,785 Master repurchase facilities Limited recourse Sep-29 S + 1.80% 5.71% 1,014,853 Mortgage debt – net lease (fixed) Non-recourse Feb-27 4.69% 4.69% 83,447 Mortgage debt – other real estate (fixed) Non-recourse Dec-28 4.47% 4.47% 90,642 Other debt Non-recourse Jul-28 5.50% 5.50% 33,347 Total / W.A. debt (BRSP share) Jul-35 5.75% 2,638,311$ Book value Stockholders' equity 883,092$ GAAP net book value (BRSP share) 883,092 Accumulated depreciation and amortization 121,826 Non-GAAP impairment of real estate (23,482) Undepreciated book value (BRSP share) 981,436 Total capitalization (undepreciated) 3,619,747$ Note: During the third quarter 2026, the Company recorded approximately $2.6M of amortization of deferred financing costs, which implies approximately 26 bps of annualized financing costs on the Company’s total debt capacity as of September 30, 2026 $ in thousands; as of September 30, 2026; at BRSP share See footnotes in the appendix CAPITALIZATION SUMMARY
22 ($3.4) ($1.7) $1.7 $3.4 ($4.0) ($3.0) ($2.0) ($1.0) $0.0 $1.0 $2.0 $3.0 $4.0 (0.50%) (0.25%) 0.25% 0.50% * Reflects incremental changes to SOFR spot rate as of September 30, 2026 $ in millions, except per share data; as of September 30, 2026; at BRSP share INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Investment Portfolio $ in M ill io ns SOFR: 3.91% (As of September 30, 2026) Incremental Rate of Change* ($0.01) per share $0.01 per share $0.03 per share ($0.03) 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) acquisition costs from successful acquisitions, (iv) 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, (v) general CECL reserves, (vi) depreciation and amortization, (vii) 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, (viii) one-time events pursuant to changes in GAAP and (ix) certain material non-cash income or expense items that in the judgment of management should not be included in Distributable Earnings. For clauses (viii) and (ix), such exclusions shall only be applied after approval by a majority of our independent directors. Distributable Earnings include specific CECL reserves. 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) 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. The weighted average number of common shares includes unvested restricted stock. 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 as it enhances the comparability to our peers who do not hold similar real estate investments. Undepreciated book value excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities) and as of the quarter ended June 30, 2024, includes non-GAAP impairment of real estate and any related foreign currency translation. Non-GAAP impairment of real estate is a non-GAAP measure that reflects our share of a property’s carrying value on certain net leased and other real estate office properties whose non-recourse mortgages have matured or who have been placed in a cash flow sweep by their lender. 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 and have led to foreclosures. Cash flow sweeps restrict our ability to utilize earnings generated by a property. As such, 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. 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. 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. 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. 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 one investment with direct ownership in commercial real estate, four additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure and one properties that we consolidate as the primary beneficiary of the VIEs. 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 INVESTMENT DETAIL $ in millions; as of September 30, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix Loan Portfolio Origination Carrying Coupon Cash Unlevered Extended Q3'26 Risk Q2'26 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 Dec-25 Los Angeles, CA 70$ Floating S+2.4% 6.6% Jan-31 76% 3 3 Loan 2 Senior May-22 Las Vegas, NV 57 Floating S+2.0% 5.9% Jun-27 74% 4 4 Loan 3 Senior Aug-26 Torrance, CA 54 Floating S+2.3% 6.5% Sep-31 75% 3 n/a Loan 4 Senior Dec-25 St. Louis, MO 53 Floating S+2.5% 6.9% Jan-31 68% 3 3 Loan 5 Senior Sep-26 Austin,TX 51 Floating S+2.4% 6.8% Oct-31 70% 3 n/a Loan 6 Senior May-21 Las Vegas, NV 48 Floating S+3.0% 6.9% Jun-28 80% 3 3 Loan 7 Senior May-26 Cypress, TX 47 Floating S+2.3% 6.7% Jun-31 75% 3 3 Loan 8 Senior Mar-26 San Diego, CA 47 Floating S+2.4% 6.8% Apr-31 65% 3 3 Loan 9 Senior Mar-26 Sunnyvale, CA 46 Floating S+2.4% 6.6% Apr-31 68% 3 3 Loan 10 Senior Jan-26 San Bernadino, CA 42 Floating S+2.7% 6.9% Feb-31 71% 3 3 Subtotal / W.A. top 10 multifamily 515$ 2.4% 6.6% Aug-30 n/a 3.1 n/a Loan 11 Senior Nov-25 Mesa, AZ 42$ Floating S+2.6% 6.8% Nov-30 68% 3 3 Loan 12 Senior Mar-22 Louisville, KY 41 Floating S+2.8% 6.7% Apr-27 72% 3 3 Loan 13 Senior Dec-25 Madison, AL 41 Floating S+2.5% 6.7% Jan-31 75% 3 3 Loan 14 Senior Jan-26 Tucson, AZ 41 Floating S+2.6% 6.8% Jan-31 74% 3 3 Loan 15 Senior Mar-22 Long Beach, CA 41 Floating S+3.4% 7.3% Apr-27 74% 3 3 Loan 16 Senior Jul-21 Dallas, TX 40 Floating S+3.2% 7.1% Oct-26 77% 3 3 Loan 17 Senior Jul-21 Jersey City, NJ 40 Floating S+3.1% 7.0% Aug-27 66% 3 3 Loan 18 Senior Jul-26 Buena Park, CA 40 Floating S+2.4% 5.5% Aug-31 75% 3 n/a Loan 19 Senior Jul-22 Irving, TX 38 Floating S+3.6% 7.5% Aug-27 73% 3 3 Loan 20 Senior Dec-20 Austin, TX 37 Floating S+3.1% 7.0% Jan-29 54% 3 3 Subtotal / W.A. top 20 multifamily 916$ 2.6% 6.7% Nov-29 n/a 3.1 n/a Loan 21 Senior Jan-22 Los Angeles, CA 37$ Floating S+3.4% 7.3% Feb-27 65% 3 3 Loan 22 Senior May-26 Las Vegas, NV 35 Floating S+2.4% 6.7% Jun-31 61% 3 3 Loan 23 Senior May-26 Tucson, AZ 34 Floating S+2.5% 6.8% Jun-31 70% 3 3 Loan 24 Senior Jul-21 Phoenix, AZ 33 Floating S+3.4% 7.3% Jan-27 75% 3 3 Loan 25 Senior Feb-25 Las Vegas, NV 33 Floating S+3.4% 7.8% Mar-30 59% 3 3 Loan 26 Senior Dec-25 Jackson, TN 33 Floating S+3.0% 7.2% Jan-31 62% 3 3 Loan 27 Senior Oct-25 New Braunfels, TX 32 Floating S+2.6% 7.0% Nov-30 68% 3 3 Loan 28 Senior Apr-21 Las Vegas, NV 32 Floating S+3.2% 7.1% May-27 76% 3 3 Loan 29 Senior Feb-22 Long Beach, CA 32 Floating S+3.4% 7.3% Mar-27 67% 3 3 Loan 30 Senior Apr-26 Birmingham, AL 31 Floating S+2.8% 7.2% May-31 67% 3 3 Loan 31 Senior Sep-26 Los Angeles, CA 31 Floating S+2.8% 7.0% Aug-31 78% 3 n/a Loan 32 Senior Apr-22 Mesa, AZ 30 Floating S+3.4% 7.3% May-27 75% 3 3 Loan 33 Senior Feb-25 Las Vegas, NV 30 Floating S+2.7% 7.0% Mar-30 70% 3 3 Loan 34 Senior Sep-25 Nashville, TN 30 Floating S+2.6% 6.8% Oct-30 68% 3 3 Loan 35 Senior Aug-21 Glendale, AZ 29 Floating S+3.3% 7.2% Mar-27 75% 3 3 Loan 36 Senior Apr-26 Raleigh, NC 29 Floating S+2.8% 7.0% May-31 72% 3 3 Loan 37 Senior May-26 Austin, TX 29 Floating S+2.6% 6.8% May-31 74% 3 3 Loan 38 Senior Sep-25 Nashville, TN 28 Floating S+2.7% 7.1% Oct-30 65% 3 3 Loan 39 Senior Jan-26 Costa Mesa, CA 28 Floating S+2.4% 6.8% Feb-31 63% 3 3 Loan 40 Senior Feb-25 Denver, CO 26 Floating S+3.3% 7.7% Mar-28 68% 3 3
28 Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) $ in millions; as of September 30, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix Origination Carrying Coupon Cash Unlevered Extended Q3'26 Risk Q2'26 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Multifamily (cont'd) Loan 41 Senior Dec-21 Phoenix, AZ 26 Floating S+3.6% 7.5% Jan-27 75% 3 3 Loan 42 Senior Nov-25 Santa Rosa, CA 26 Floating S+2.8% 7.0% Dec-30 74% 3 3 Loan 43 Senior Jul-22 Irving, TX 25 Floating S+3.6% 7.5% Aug-27 72% 3 3 Loan 44 Senior Mar-22 Glendale, AZ 25 Floating S+3.5% 7.4% Mar-27 73% 3 3 Loan 45 Senior Aug-26 Los Angeles, CA 25 Floating S+2.5% 6.8% Sep-31 75% 3 n/a Loan 46 Senior Mar-22 Phoenix, AZ 24 Floating S+3.7% 7.6% Apr-27 75% 3 3 Loan 47 Senior Nov-21 Austin, TX 24 Floating S+3.4% 7.3% Nov-26 71% 4 4 Loan 48 Senior Dec-24 Seattle, WA 24 Floating S+2.8% 7.1% Jan-30 65% 3 3 Loan 49 Senior Aug-25 Dallas, TX 23 Floating S+3.0% 7.3% Sep-30 59% 3 3 Loan 50 Senior Jun-21 Phoenix, AZ 22 Floating S+3.3% 7.2% Jan-27 75% 3 3 Loan 51 Senior May-26 Dallas, TX 22 Floating S+2.4% 6.6% May-31 69% 3 3 Loan 52 Senior Dec-25 Shakopee, MN 21 Floating S+2.5% 6.9% Jan-31 65% 3 3 Loan 53 Senior Jul-21 Aurora, CO 21 Floating S+3.2% 7.1% Jul-28 73% 3 3 Loan 54 Senior Oct-24 Garland, TX 21 Floating S+3.7% 7.9% Nov-29 70% 3 3 Loan 55 Senior Jan-22 Austin, TX 20 Floating S+3.4% 7.3% Feb-27 75% 3 3 Loan 56 Senior Dec-21 Gresham, OR 20 Floating S+2.8% 6.7% Jul-28 74% 3 3 Loan 57 Senior Sep-26 Owings Mills, MD 20 Floating S+2.4% 6.6% Sep-31 68% 3 n/a Loan 58 Senior Aug-21 La Mesa, CA 20 Floating S+2.8% 6.7% Aug-28 70% 3 3 Loan 59 Senior Sep-21 Bellevue, WA 19 Floating S+3.4% 7.3% Mar-27 64% 3 3 Loan 60 Senior Jul-21 Salt Lake City, UT 19 Floating S+2.8% 6.7% Aug-28 73% 3 3 Loan 61 Senior Nov-25 Whittier, CA 18 Floating S+2.5% 6.9% Dec-30 59% 3 3 Loan 62 Senior Oct-25 Huntsville, AL 18 Floating S+2.8% 7.2% Nov-30 55% 3 3 Loan 63 Senior May-22 Charlotte, NC 17 Floating S+3.5% 7.4% May-28 61% 3 3 Loan 64 Senior Sep-25 Glendale, AZ 17 Floating S+2.6% 6.8% Oct-30 73% 3 3 Loan 65 Senior Sep-25 Mobile, AL 16 Floating S+2.8% 7.0% Oct-30 73% 3 3 Loan 66 Senior Jun-26 Phoenix, AZ 16 Floating S+2.9% 7.3% Jul-31 73% 3 3 Loan 67 Senior Jan-25 Lebanon, TN 16 Floating S+3.6% 7.5% Feb-30 71% 3 3 Loan 68 Senior May-26 San Francisco, CA 16 Floating S+2.6% 7.0% Jun-31 64% 3 3 Loan 69 Senior May-25 Dallas, TX 14 Floating S+2.9% 7.3% May-30 65% 3 3 Loan 70 Senior Aug-25 Phoenix, AZ 14 Floating S+2.7% 6.9% Sep-30 75% 3 3 Loan 71 Senior Jul-25 Northridge, CA 13 Floating S+3.3% 7.7% Jul-30 74% 3 3 Loan 72 Senior Nov-24 Garland, TX 13 Floating S+3.5% 7.7% Dec-29 63% 3 3 Loan 73 Senior Nov-25 Hoboken, NJ 12 Floating S+2.4% 6.8% Dec-30 61% 3 3 Loan 74 Senior Mar-22 Glendale, AZ 12 Floating S+3.5% 7.4% Mar-27 73% 3 3 Loan 75 Senior Dec-25 Mesa, AZ 12 Floating S+2.8% 7.0% Jan-31 70% 3 3 Loan 76 Preferred May-25 Phoenix, AZ 2 Fixed n/a 14.0% Apr-27 n/a 3 3 Loan 77 Preferred May-25 Mesa, AZ 2 Fixed n/a 14.0% May-27 n/a 3 3 Loan 78 Preferred May-25 Glendale, AZ 2 Fixed n/a 14.0% Mar-27 n/a 3 3 Loan 79 Preferred May-25 Phoenix, AZ 2 Fixed n/a 14.0% Jan-27 n/a 3 3 Loan 80 Preferred May-25 Phoenix, AZ 2 Fixed n/a 14.0% Jan-27 n/a 3 3 Loan 81 Preferred May-25 Phoenix, AZ 2 Fixed n/a 14.0% Jan-27 n/a 3 3 Loan 82 Preferred Dec-25 Austin, TX 2 Fixed n/a 15.0% Nov-26 n/a 4 4 Loan 83 Preferred Jul-26 Las Vegas, NV 1 Fixed n/a 10.0% Jun-27 n/a 4 n/a Loan 84 Preferred Feb-26 Austin, TX 1 Fixed n/a 15.0% Feb-27 n/a 3 3 Total / W.A. multifamily loans 2,219$ 2.8% 7.0% Sep-29 n/a 3.0 n/a
29 Origination Carrying Coupon Cash Unlevered Extended Q3'26 Risk Q2'26 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 85 Senior Jan-21 Phoenix, AZ 78$ Floating S+3.7% 7.6% Oct-26 70% 3 3 Loan 86 Senior Aug-18 San Jose, CA 74 Floating S+4.9% 8.8% Mar-28 69% 3 3 Loan 87 Senior Feb-19 Baltimore, MD 59 Floating S+3.6% 7.5% Feb-27 74% 3 3 Loan 88 Senior Nov-21 Dallas, TX 42 Floating S+4.0% 7.9% Dec-26 61% 4 4 Loan 89 Senior May-22 Plano, TX 39 Floating S+4.3% 8.2% Jun-27 64% 3 3 Loan 90 Senior Apr-22 Plano, TX 39 Floating S+4.1% 8.0% May-27 70% 3 3 Loan 91 Senior Apr-22 San Jose, CA 32 Floating S+4.2% 8.3% Apr-27 70% 3 3 Loan 92 Senior Oct-21 Blue Bell, PA 30 Floating S+3.8% 7.7% Apr-27 67% 4 3 Loan 93 Senior Mar-22 Blue Bell, PA 30 Floating S+4.2% 8.1% Apr-27 59% 4 3 Loan 94 Senior Feb-19 Charlotte, NC 27 Floating S+4.3% 8.2% Jul-27 56% 3 3 Subtotal / W.A. top 10 office 448$ 4.1% 8.0% Apr-27 n/a 3.2 n/a Loan 95 Senior Dec-18 Carlsbad, CA 27$ Floating S+3.9% 7.8% Dec-26 74% 3 3 Loan 96 Senior Jul-21 Denver, CO 24 Floating S+5.0% 8.9% Aug-27 72% 3 3 Loan 97 Senior Aug-19 San Francisco, CA 23 Floating S+2.9% 6.9% Sep-27 74% 3 3 Loan 98 Senior Oct-21 Burbank, CA 18 Floating S+4.0% 7.9% Nov-26 65% 3 3 Loan 99 * Mezzanine Feb-23 Baltimore, MD 15 Fixed n/a n/a Feb-27 84% – 85% 3 3 Loan 100 Senior Nov-21 Richardson, TX 13 Floating S+4.1% 8.0% Dec-26 71% 3 3 Loan 101 Preferred Dec-25 Dallas, TX 3 Fixed n/a 15.0% Dec-26 n/a 4 4 Loan 102 Preferred Sep-25 San Francisco, CA 1 Fixed n/a 20.0% Sep-27 n/a 3 3 Total / W.A. office loans 572$ 3.9% 7.8% Apr-27 n/a 3.2 n/a Mixed-use & Other Loan 103 Senior Oct-19 Brooklyn, NY 79$ Floating S+4.2% 8.1% Nov-27 66% 3 3 Loan 104 Senior May-22 Brooklyn, NY 29 Floating S+4.4% 8.3% Nov-28 68% 3 3 Loan 105 Senior Apr-24 South Pasadena, CA 29 Fixed 20.0% 20.0% Oct-26 84% 3 3 Loan 106 Senior Oct-25 Venice, CA 25 Floating S+4.8% 9.2% Oct-30 67% 3 3 Loan 107 Senior Aug-21 Los Angeles, CA 22 Floating S+4.6% 8.5% Sep-27 66% 3 3 Total / W.A. mixed-use & other loans 184$ 6.8% 10.2% Mar-28 n/a 3.0 n/a Industrial Loan 108 Senior Mar-26 Oklahoma City, OK 34$ Floating S+2.8% 7.2% Apr-31 56% 3 3 Loan 109 Senior Jul-26 Hawthorne, CA 30 Floating S+2.5% 6.9% Jul-31 50% 3 n/a Loan 110 Senior May-26 Wilmer, TX 19 Floating S+2.7% 6.9% May-31 44% 3 3 Total / W.A. industrial loans 83$ 2.6% 7.0% May-31 n/a 3.0 n/a Hotel Loan 111 Senior Mar-26 Chicago, IL 24$ Floating S+3.2% 7.6% Apr-31 50% 3 3 Total / W.A. hotel loans 24$ 3.2% 7.6% Apr-31 n/a 3.0 n/a Total / W.A. loan portfolio 3,082$ 3.3% 7.4% Mar-29 n/a 3.1 n/a General CECL reserves (107) Total / W.A. loan portfolio, net of general CECL reserves 2,975$ INVESTMENT DETAIL (CONT’D) * Loans that are on non-accrual status $ in millions; as of September 30, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix Loan Portfolio (Cont’d)
30 INVESTMENT DETAIL (CONT’D) * NOI excludes approximately $4.6M of NOI related to the NNN industrial property and the Mesa, AZ multifamily REO property, which were both sold in Q3’26 ** Represents straight line rent receivable as of September 30, 2026. This is included in “Receivables, net” on our consolidated balance sheet *** Debt matured Aug-26. As a result, the mortgage note payable is currently accruing default interest at a per annum rate of 4.00% in addition to the contractual interest rate of 4.08%. We are currently in negotiation with the tenant for TI / extension package and are currently negotiating an extension with our lender **** Related to construction / development project $ in millions; rentable square feet in thousands; as of September 30, 2026; at BRSP share; see footnotes in the appendix Net Lease Real Estate & Other Real Estate Undepreciated Rentable square Collateral Undepreciated net carrying Q3'26 SL Rent** # of feet ("RSF") / W.A. W.A. lease Final debt All-in (At BRSP share) type City, State carrying value value NOI* Receivable properties Units / Keys % leased(17) term (yrs)(18) maturity COF Net lease real estate Net lease 1 *** Office Aurora, CO 55$ 27$ 1.1$ 0.2$ 1 184 RSF 100% 1.2 Aug-26 4.08% Net lease 2 Office Indianapolis, IN 39 19 0.7 0.6 1 338 RSF 100% 4.3 Oct-27 4.45% Net lease 3 Retail Various - U.S. 28 -- 0.6 0.1 4 270 RSF 100% 3.0 Nov-26 & Mar-28 5.57% Net lease 4 Retail Keene, NH 7 -- 0.1 0.0 1 45 RSF 100% 2.3 Nov-26 4.45% Net lease 5 Retail South Portland, ME 5 5 0.2 0.1 1 53 RSF 100% 5.3 n/a -- Net lease 6 Retail Fort Wayne, IN 3 -- -- -- -- n/a n/a n/a Nov-26 4.45% Total / W.A. net lease real estate 136$ 51$ 2.6$ 1.0$ 8 890 RSF 100% 2.6 n/a n/a Other real estate Other RE 1 Hotel San Jose, CA 145$ 145$ 1.1$ $ -- 1 541 Keys 81% n/a n/a -- Other RE 2 Office Creve Coeur, MO 86 -- 3.4 2.7 7 848 RSF 80% 3.0 Dec-28 4.47% Other RE 3 Multifamily Dallas, TX 45 45 (0.2) -- 1 624 Units 55% n/a n/a -- Other RE 4 **** Multifamily (Pre-Dev) Santa Clara, CA 40 6 (0.2) -- 1 n/a n/a n/a Jul-28 5.50% Other RE 5 Multifamily Arlington, TX 39 14 (0.1) -- 1 436 Units 89% n/a n/a 6.56% Other RE 6 Multifamily Fort Worth, TX 32 27 0.3 -- 1 354 Units 90% n/a n/a 6.56% Total / W.A. other real estate 387$ 237$ 4.3$ 2.7$ 12 n/a 79% 3.0 n/a n/a Total / W.A. net lease real estate and other real estate 524$ 288$ 6.9$ 3.8$ 20 n/a 84% 2.7 n/a n/a
31 September 30, 2026 (Unaudited) December 31, 2025 Assets Cash and cash equivalents 63,601$ 66,789$ Restricted cash 113,996 107,046 Loans and preferred equity held for investment 3,082,324 2,678,315 Current expected credit loss reserve (106,317) (87,401) Loans and preferred equity held for investment, net 2,976,007 2,590,914 Real estate, net 413,044 679,779 Receivables, net 39,495 45,591 Deferred leasing costs and intangible assets, net 3,744 27,646 Assets held for sale 32,012 - Other assets 25,674 47,065 Total assets 3,667,573$ 3,564,830$ Liabilities Securitization bonds payable, net 1,362,731$ 977,082$ Mortgage and other notes payable, net 210,988 414,060 Credit facilities 1,059,853 1,078,098 Accrued and other liabilities 54,257 64,098 Escrow deposits payable 88,139 82,511 Dividends payable 21,812 20,576 Total liabilities 2,797,780 2,636,425 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, 2026 and December 31, 2025, respectively - - Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 124,676,733 and 128,627,246 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 1,247 1,286 Additional paid-in capital 2,838,885 2,863,377 Accumulated deficit (1,957,040) (1,926,231) Total stockholders’ equity 883,092 938,432 Noncontrolling interests in investment entities (13,299) (10,027) Total equity 869,793 928,405 Total liabilities and equity 3,667,573$ 3,564,830$ $ in thousands, except per share data; as of September 30, 2026, unless otherwise stated CONSOLIDATED BALANCE SHEET
32 In thousands, except per share data; as of September 30, 2026, unless otherwise stated; unaudited CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended September 30, 2026 2025 Net interest income Interest income 56,168$ 48,889$ Interest expense (37,905) (31,364) Net interest income 18,263 17,525 Property and other income Property operating income 30,837 32,536 Other income 350 2,513 Total property and other income 31,187 35,049 Expenses Property operating expense 19,161 19,675 Transaction, investment and servicing expense 1,380 854 Interest expense on real estate 4,655 5,170 Depreciation and amortization 4,084 7,188 Increase of current expected credit loss reserve 15,039 8,215 Impairment of operating real estate 5,986 2,509 Compensation and benefits (including $3,581 and $2,794 of equity-based compensation expense, respectively) 9,197 8,077 Operating expense 3,055 2,857 Total expenses 62,557 54,545 Other income Other gain, net 60,322 538 Income (loss) before income taxes 47,215 (1,433) Income tax benefit 19 129 Net income (loss) 47,234 (1,304) Net income (loss) attributable to noncontrolling interests in investment entities (300) 2,288 Net income attributable to BrightSpire Capital, Inc. common stockholders 46,934$ 984$ Net income per common share – basic 0.37$ 0.00$ Net income per common share – diluted 0.37$ 0.00$ Weighted average shares of common stock outstanding – basic 122,318 126,940 Weighted average shares of common stock outstanding – diluted 122,900 129,845
33 $ in thousands; as of September 30, 2026; unaudited CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended September 30, 2026 Loan portfolio Net leased and other real estate Corporate and other Total Net interest income Interest income 56,179$ (11)$ -$ 56,168$ Interest expense (36,346) (13) (1,546) (37,905) Net interest income (expense) 19,833 (24) (1,546) 18,263 Property and other income Property operating income - 30,837 - 30,837 Other income 77 (100) 373 350 Total property and other income 77 30,737 373 31,187 Expenses Property operating expense - 19,161 - 19,161 Transaction, investment and servicing expense 1,346 53 (19) 1,380 Interest expense on real estate - 4,655 - 4,655 Depreciation and amortization - 4,052 32 4,084 Increase of current expected credit loss reserve 15,039 - - 15,039 Impairment of operating real estate - 5,986 - 5,986 Compensation and benefits - - 9,197 9,197 Operating expense (3) - 3,058 3,055 Total expenses 16,382 33,907 12,268 62,557 Other income Other gain, net - 60,322 - 60,322 Income (loss) before income taxes 3,528 57,128 (13,441) 47,215 Income tax benefit (expense) (4) (4) 27 19 Net income (loss) 3,524 57,124 (13,414) 47,234 Net loss attributable to noncontrolling interests in investment entities - (300) - (300) Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders 3,524$ 56,824$ (13,414)$ 46,934$
34 As of September 30, 2026 Consolidated NCI(22) At BRSP share(23) Assets Loans and preferred equity held for investment, net 2,976,007$ -$ 2,976,007$ Real estate, net 413,044 4,085 408,959 Deferred leasing costs and intangible assets, net 3,744 180 3,564 Assets held for sale 32,012 - 32,012 Cash, restricted cash, receivables and other assets 242,766 (13,401) 256,167 Total assets 3,667,573$ (9,136)$ 3,676,709$ Liabilities Securitization bonds payable, net 1,362,731$ -$ 1,362,731$ Mortgage and other notes payable, net 210,988 3,882 207,106 Credit facilities 1,059,853 - 1,059,853 Other liabilities, escrow deposits payable and dividends payable 164,208 281 163,927 Total liabilities 2,797,780$ 4,163$ 2,793,617$ Total equity 869,793$ (13,299)$ 883,092$ Total liabilities and equity 3,667,573$ (9,136)$ 3,676,709$ Total common shares 124,677 124,677 124,677 GAAP net book value per share 6.98$ (0.11)$ 7.08$ Accumulated depreciation and amortization(10) 124,739$ 2,913$ 121,826$ Accumulated depreciation and amortization per share(10) 1.00$ 0.02$ 0.98$ Non-GAAP impairment of real estate(11) (24,987)$ (1,505)$ (23,482)$ Non-GAAP impairment of real estate(11) (0.20)$ (0.01)$ (0.19)$ Undepreciated book value 969,545$ (11,891)$ 981,436$ Undepreciated book value per share 7.78$ (0.10)$ 7.87$ Reconciliation of consolidated balance sheet to at share balance sheet In thousands, except per share data; as of September 30, 2026; unaudited; per share data may differ due to rounding See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
35 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, 2026; unaudited; per share data may differ due to rounding See footnotes in the appendix As of September 30, 2026 As of December 31, 2025 GAAP net book value (excluding noncontrolling interests in investment entities) 883,092$ 938,432$ Accumulated depreciation and amortization(10) 121,826 180,937 Non-GAAP impairment of real estate(11) (23,482) (33,617) Undepreciated book value 981,436$ 1,085,752$ GAAP net book value per share (excluding noncontrolling interests in investment entities) 7.08$ 7.30$ Accumulated depreciation and amortization per share(10) 0.98 1.41 Non-GAAP impairment of real estate per share(11) (0.19) (0.26) Undepreciated book value per share 7.87$ 8.44$ Total outstanding shares – Class A common stock 124,677 128,627 As of September 30, 2026 As of December 31, 2025 Impairment attributable to BrightSpire Capital, Inc. 15,256$ 61,620$ Adjustments: Current year non-GAAP impairment of real estate (10,135) (100,961) Non-GAAP impairment as of prior fiscal year-end 33,617 134,578 Impairment attributable to BrightSpire Capital, Inc. (15,256) (61,620) Non-GAAP impairment of real estate 23,482$ 33,617$
36 Reconciliation of GAAP net income to Distributable Earnings and Adjusted Distributable Earnings In thousands, except per share data; as of September 30, 2026; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended September 30, 2026 Net income attributable to BrightSpire Capital, Inc. common stockholders 46,934$ Net income per common share – basic & diluted 0.37$ Adjustments: Non-cash equity compensation expense 3,581 Depreciation and amortization 4,228 Net unrealized loss (gain): Impairment of operating real estate 5,986 General CECL reserves 7,548 Gain on sales of real estate, preferred equity and investments in unconsolidated joint ventures (60,322) Adjustments related to noncontrolling interests 2,320 Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 10,275$ Distributable Earnings per share(24) 0.08$ Weighted average number of common shares(24) 125,796 Three Months Ended September 30, 2026 Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 10,275$ Adjustments: Specific CECL reserves 7,490 Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 17,765$ Adjusted Distributable Earnings per share(24) 0.14$ Weighted average number of common shares(24) 125,796
37 Reconciliation of GAAP net income to NOI $ in thousands; as of September 30, 2026; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended September 30, 2026 Net income attributable to BrightSpire Capital, Inc. common stockholders 46,934$ Adjustments: Net loss attributable to non-net leased and other real estate portfolios(25) 9,895 Net income attributable to noncontrolling interests in investment entities 300 Amortization of above- and below-market lease intangibles 5 Net interest expense 24 Interest expense on real estate 4,655 Other income 100 Transaction, investment and servicing expense 53 Depreciation and amortization 4,052 Impairment of operating real estate 5,986 Other gain on investments, net (60,322) NOI attributable to noncontrolling interest in investment entities (178) Total NOI attributable to BrightSpire Capital, Inc. common stockholders 11,504$
38 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, 2026 2. Includes unrestricted cash, availability under the corporate revolving credit facility as of October 23, 2026 3. As of October 23, 2026 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, 2026 and is weighted on outstanding debt (UPB); excludes amortization of financing costs and any default interest currently accruing 6. Based on annualized Q3’26 Adjusted Distributable Earnings of $0.14/share and Undepreciated Book Value per share of $7.87 as of September 30, 2026 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 $1 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; 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, 2026 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, 2026 14. Initial fundings are presented net of the impact of originations fees 15. Represents loan fundings related to the existing loan portfolio as of September 30, 2026 16. Other includes non-cash payment-in-kind (“PIK”) interest income, accrual of origination and exit fees, write downs / charge-offs of CECL reserves and other adjustments 17. Represents the percent leased as of September 30, 2026 and is weighted by undepreciated carrying value; excludes one multifamily property related to a construction/development project 18. Based on in-place leases (defined as occupied and paying leases) as of September 30, 2026 and assumes that no renewal options are exercised. W.A. calculation based on undepreciated carrying value; excludes multifamily and hotel property types 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 (Loss) 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
39 COM P AN Y IN F OR M ATION 39 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 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 EQ (Equiniti Trust Company, LLC) 800-937-5449 helpast@equiniti.com INVESTOR RELATIONS ADDO Investor Relations Anne McGuinness 310-829-5400 brsp@addo.com BofA Securities Derek Hewett 646-855-2087 Jones Research Jason Weaver 646-454-2710 Alliance Global Partners Gaurav Mehta 646-908-3825 B. Riley Securities Timothy D’Agostino 646-885-5406 WWW.BRIGHTSPIRE.COM NYSE: BRSP ANALYST COVERAGE BTIG Thomas Catherwood 212-738-6140 Barclays Terry Ma 212-526-7965 Citizens JMP Securities Chris Muller 212-906-3559 Raymond James Gabe Poggi 571-227-9641
40 THANK YOU