Slide 1: Supplemental Financial Report Fourth Quarter 2023
1 FEBRUARY 21, 2024 SUPPLEMENTAL FINANCIAL REPORT FOURTH QUARTER 2023 Exhibit 99.2
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
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 a
Slide 3: Company Highlights
3 140% Adjusted Distributable Earnings Coverage $4.4B Total At-Share Assets (Undepreciated) $2.9B Total Loan Portfolio Diversified Portfolio Of Primarily Senior Loans & Net Lease Assets •87 total loans, $34M average size •98% floating-rate loan portfolio $368M Total Liquidity(1) $203M Total Unrestri
Slide 4: Summary Results & Subsequent Events Update
4 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE PORTFOLIO FINANCIAL RESULTS LIQUIDITY & CAPITALIZATION As of December 31, 2023, unless otherwise stated; at BRSP share See footnotes in the appendix • $368 million of available liquidity ($203 million of unrestricted cash and $165 million of revolver capa
Slide 5: Financial Overview
5 35% 28% 22% 14% 1% Stockholders' equity (undepreciated) Master repurchase facilities (limited recourse) Securitization bonds payable (non-recourse) Mortgage debt (non-recourse) Other debt (non-recourse) F INANCIAL OVERVIEW * Includes FX translation, equity-based compensation and other OCI adjustme
Slide 6: Financial Performance
6 Earnings Per Share FINANCIAL PERFORMANCE * Refer to the Appendix for a definition and reconciliation to GAAP net income (loss) As of December 31, 2023, unless otherwise stated; at BRSP share Book Value Per Share $0.27 $0.25 $0.28 $0.28 Q1'23 Q2'23 Q3'23 Q4'23 Adjusted Distributable Earnings $10.41
Slide 7: Portfolio Overview
7 78% 22% <1% Loan portfolio Net lease & other real estate CRE debt securities 42% 40% 8% 6% 4% <1%Multifamily Office Industrial Hotel Mixed-use Retail Above charts exclude the impact of general CECL reserves. In addition, “Property Type” chart excludes CRE debt securities $ in millions, except per
Slide 8: Loan Portfolio Overview
8 $3,110 $2,937 $19 $5 ($132) ($65) 9/30/23 Loan Portfolio Additional Loan Fundings Other Total Repayments REO / DIL / Foreclosure 12/31/23 Loan Portfolio Above charts based on GAAP gross carrying value and excludes the impact of general CECL reserves As of December 31, 2023, unless otherwise stated
Slide 9: Loan Portfolio Diversification
9 Collateral Type Region Exposure as a % of Carrying Value (At BRSP share) Number of investments Carrying value % of carrying value West Southwest Northeast Southeast Multifamily 51 1,547,804$ 53% 18% 29% 1% 4% Office 27 960,164 33% 15% 7% 7% 4% Hotel 3 221,429 7% 7% -- 0% -- Mixed-use 3 152,500 5%
Slide 10: Loan Portfolio Summary
10 (At BRSP share) Number of investments Carrying value % of carrying value Net carrying value W.A. unlevered all-in yield(11) W.A. extended term (years)(10) Floating rate Senior mortgage loans 82 2,855,774$ 97% 774,458$ 9.3% 2.4 Mezzanine loans 1 12,450 1% 12,450 16.4% 0.3 Total / W.A. floating rat
Slide 11: Loan Portfolio Maturities
11 LOAN PORTFOLIO MATURITIES Fully Extended Loan Maturities(10) $329 $475 $1,177 $956 $12 $34 $64 $58 $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 approxima
Slide 12: Loan Portfolio Risk Rankings & CECL Reserve
12 0% 0% 84% 15% 1% 1 2 3 4 5 Q4'23 Risk Ranking Overview LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE Above charts based on GAAP gross carrying value and excludes the impact of general CECL reserves, unless otherwise stated As of December 31, 2023, unless otherwise stated; at BRSP share Q4’23 W.A. R
Slide 13: Office Loan Portfolio Detail
13 Investment Boston, MA Senior Loan (Loan 52) Carlsbad, CA Senior Loan (Loan 53) San Jose, CA Senior Loan (Loan 54) Phoenix, AZ Senior Loan (Loan 55) Baltimore, MD Senior Loan (Loan 56) Investment Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senio
Slide 14: Net Lease and Other Real Estate Portfolio
14 (At BRSP share) Number of investments BRSP ownership % Rentable square feet ("RSF") / Units Carrying value % of carrying value Net carrying value Q4'23 NOI (at BRSP share) W.A. % leased at end of period(14) W.A. remaining lease term (years)(15) Net lease real estate ("NNN") Office* 3 100% 1,812 R
Slide 15: Loan Portfolio Watch List Loans
15 LOAN PORTFOLIO WATCH LIST LOANS * Loans that are on non-accrual status As of December 31, 2023, unless otherwise stated; at BRSP share See footnotes in the appendix Investment Denver, CO Multifamily Senior Loan (Loan 26) San Jose, CA Hotel Senior Loan (Loan 79) Las Vegas, NV Multifamily Senior Lo
Slide 16: Loan Portfolio Watch List Loans (Cont'd)
16 LOAN PORTFOLIO WATCH LIST LOANS (CONT’D) As of December 31, 2023, unless otherwise stated; at BRSP share See footnotes in the appendix Investment Tualatin, OR Office Senior Loan (Loan 59) Reston, VA Office Senior Loan (Loan 60) Dallas, TX Office Senior Loan (Loan 61) Phoenix, AZ Multifamily Senio
Slide 17: Investment Detail
17 INVESTMENT DETAIL ** Loans in which the underlying collateral is related to construction/development project ** Loans that are on non-accrual status $ in millions; as of December 31, 2023, unless otherwise stated; at BRSP share See footnotes in the appendix Loan Portfolio Origination Carrying Cou
Slide 18: Investment Detail (Cont'd)
18 Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) $ in millions; as of December 31, 2023, unless otherwise stated; at BRSP share See footnotes in the appendix Origination Carrying Coupon Cash Unlevered Extended Q4'23 Risk Q3'23 Risk (At BRSP share) Investment Type date City, State value type cou
Slide 19: Investment Detail (Cont'd)
19 Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) $ in millions; as of December 31, 2023, unless otherwise stated; at BRSP share See footnotes in the appendix Origination Carrying Coupon Cash Unlevered Extended Q4'23 Risk Q3'23 Risk (At BRSP share) Investment Type date City, State value type cou
Slide 20: Net Lease Real Estate & Other Real Estate Investment Detail
20 Net Lease Real Estate & Other Real Estate INVESTMENT DETAIL (CONT’D) Investment Detail Summary * Q4’23 NOI excludes the offsetting impact of FX forward currency hedges related to the Norway Office Net Lease property ** The current maturity of the debt on Other real estate 1 is October 2024 and on
Slide 21: Capitalization Highlights
21 As of December 31, 2023, unless otherwise stated; at BRSP share See footnotes in the appendix CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 1.8x debt-to-equity ratio. Embedded capacity under existing financing facilities including an undrawn corporat
Slide 22: Debt Summary
22 (At BRSP share) Recourse vs. non-recourse(18) W.A. extended maturity(19) W.A. contractual interest rate(19) W.A. all-in COF(17) Outstanding debt (UPB) Corporate debt Corporate revolving credit facility Recourse Jan-27 S + 2.25% 7.72% -$ Investment-level debt Master repurchase facilities Limited r
Slide 23: Interest Rate Sensitivity
23 ($17.6) ($14.4) ($11.0) ($7.4) ($3.7) $1.8 ($20.0) ($15.0) ($10.0) ($5.0) $0.0 $5.0 (2.50%) (2.00%) (1.50%) (1.00%) (0.50%) 0.25% * Reflects incremental changes to SOFR spot rate as of December 31, 2023 $ in millions, except per share data; as of December 31, 2023; at BRSP share 100% of senior mo
Slide 24: Lia
Lia 7] ba fa Zz Lu ae jan < B@ BRIGHTSPIRE DD corirar
Slide 25: Important Note Regarding Non-GAAP Financial Measures and Definitions
25 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
Slide 26: Pro Rata Financial Information Note
26 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 i
Slide 27: Notes Regarding Reportable Segments
27 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. During the fourth quarter of 2023, w
Slide 28: Consolidated Balance Sheet
28 $ in thousands, except per share data; as of December 31, 2023, unless otherwise stated CONSOLIDATED BALANCE SHEET December 31, 2023 December 31, 2022 Assets Cash and cash equivalents 257,506$ 306,320$ Restricted cash 104,583 92,508 Loans and preferred equity held for investment 2,936,506 3,574,9
Slide 29: Consolidated Statement of Operations
29 In thousands, except per share data; as of December 31, 2023, unless otherwise stated CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Net interest income Interest income 73,118$ 74,856$ 298,702$ 236,181$ Interest expense (42,905) (4
Slide 30: Consolidated Statement of Operations by Segment
30 $ in thousands; as of December 31, 2023 CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended December 31, 2023 Loans and preferred equity Net leased and other real estate Corporate and other Total Net interest income Interest income $ 73,023 24$ 71$ 73,118$ Interest expense (42,530)
Slide 31: Consolidated Statement of Operations by Segment
31 $ in thousands; as of December 31, 2023 CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Year Ended December 31, 2023 Loans and preferred equity Net lease real estate Corporate and other Total Net interest income Interest income $ 298,512 71$ 119$ 298,702$ Interest expense (171,984) (116) (1,209)
Slide 32: Reconciliation of GAAP to Non-GAAP Financial Information
32 Reconciliation of consolidated balance sheet to at share balance sheet In thousands, except per share data; as of December 31, 2023; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION As of December 31, 2023 Consolidated NCI(20) At BRSP share(21) Asse
Slide 33: Reconciliation of GAAP to Non-GAAP Financial Information (Cont'd)
33 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 December 31, 2023; unaudited See footnotes in the appendix As of December 31, 2023 GAAP net book value (excluding noncontr
Slide 34: Reconciliation of GAAP Net Loss to Distributable Earnings
34 Reconciliation of GAAP net loss to Distributable Earnings and Adjusted Distributable Earnings In thousands, except per share data; as of December 31, 2023; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended December 31, 202
Slide 35: Reconciliation of GAAP Net Loss to NOI
35 Reconciliation of GAAP net loss to NOI $ in thousands; as of December 31, 2023; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended December 31, 2023 Net loss attributable to BrightSpire Capital, Inc. common stockholders (16
Slide 36: Footnotes
36 1. Includes availability under the corporate revolving credit facility and unrestricted cash as of February 16, 2024 2. As of February 16, 2024 3. Debt-to-equity ratio based on BRSP’s share of total outstanding unpaid principal balance (“UPB”) divided by total stockholders’ equity excluding the i
Slide 37: Company Information
37 COM P AN Y IN F OR M ATION 37 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
Slide 38: Be BrightSpire
BE BRIGHTSPIRE