Brightspire Capital, Inc. · NYSE:BRSP
Brightspire Capital — Q3 2025 Earnings Presentation
35 slides from Brightspire Capital's earnings presentation, Oct 29, 2025
Slide 1: Supplemental Financial Report Third Quarter 2025
OCTOBER 28, 2025 SUPPLEMENTAL FINANCIAL REPORT THIRD QUARTER 2025 1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
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
Slide 3: Company Highlights
COMPANY HIGHLIGHTS BrightSpire Capital, Inc. (“BRSP” or the “Company”) is a large publicly-traded, diversified and internally- managed commercial real estate credit REIT Diversified Portfolio Liquidity & Capitalization Financial Results $3.5B $2.4B $280M $87M $0.16 Total At-Share Assets Total Loan P
Slide 4: Summary Results & Subsequent Events Update
SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE • GAAP Net Income of approximately $1.0 million, or $0.01 per share • Distributable Earnings of $3.3 million, or $0.03 per share FINANCIAL • Adjusted Distributable Earnings of $21.2 million, or $0.16 per share RESULTS • Declared and paid a dividend of $0.16
Slide 5: Financial Overview
FINANCIAL OVERVIEW Key Financial Metrics Capital Structure GAAP Net Income ($M) ~$1.0 Per Share ~$0.01 11% 1% Stockholders' equity (undepreciated) Distributable Earnings ($M) $3.3 34% Securitization bonds payable (non-recourse) Per Share $0.03 Total 24% capitalization Master repurchase facilities (l
Slide 6: Portfolio Overview
PORTFOLIO OVERVIEW Investment Type Portfolio Overview Based on GAAP net carrying value as of September 30, 2025 Investment Carrying Net carrying (At BRSP share) count value value Per share <1% Senior mortgage loans 76 $ 2,306 $ 634 $ 4.89 Loan portfolio 26% Mezzanine loans 2 48 48 0.37 Net lease & o
Slide 7: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW Overview Investment Type Property Type 85 Total number of investments <1% 1% $2.4B Total loan portfolio 2% 8% $28M Average investment size 28% 0.8 yrs. W.A. remaining term(12) 63% 1.7 yrs. W.A. extended remaining term(13) 98% 7.7% W.A. unlevered all-in yield(1) 3.1 W.A. risk
Slide 8: Loan Portfolio Diversification
LOAN PORTFOLIO DIVERSIFICATION Collateral Type Region Exposure as a % of Carrying Value Number of Carrying % of carrying West Southwest Northeast Southeast (At BRSP share) investments value value Multifamily 58 $ 1,482,135 63% 24% 29% 2% 8% Office 20 653,230 28% 10% 9% 6% 3% Mixed-use 5 191,637 8% 2
Slide 9: Loan Portfolio Summary
LOAN PORTFOLIO SUMMARY Number of Carrying % of Net carrying W.A. unlevered W.A. extended (1) (At BRSP share) investments value carrying value value all-in yield term (years)(13) Floating rate Senior mortgage loans 75 $ 2,284,460 97% $ 612,782 7.6% 1.7 Total / W.A. floating rate 75 2,284,460 97% 612,
Slide 10: Loan Portfolio Maturities
LOAN PORTFOLIO MATURITIES Weighted average fully extended remaining term of approximately 1.7 years across the loan portfolio Fully Extended Loan Maturities(13) $1,250 Fully extended loan maturities (carrying value) Unfunded commitments $1,000 $ in Millions $750 $500 $1,015 $439 $744 $250 $165 $35 $
Slide 11: Loan Portfolio Risk Rankings & CECL Reserve
LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE Risk Ranking Overview CECL Reserve Overview Q2'25* Q2’25 W.A. Risk Ranking: 3.1 Specific CECL Reserve No specific CECL reserve on Q3'25 Q3’25 W.A. Risk Ranking: 3.1 General CECL Reserve balance sheet for Q2’25 & Q3’25 91% 92% Loan Loan Count Count 80 75 To
Slide 12: Net Lease Real Estate & Other Real Estate Summary
NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY Rentable W.A. % of net Q3'25 NOI W.A. % leased Number of BRSP square feet Carrying value Net carrying remaining carrying value (at BRSP at end of investments ownership % ("RSF") / Units (Undep.) value (Undep.) (17) lease term (Undep.) share)* period
Slide 13: Loan Portfolio Watch List Loans
LOAN PORTFOLIO WATCH LIST LOANS Austin, TX Austin, TX Reston, VA Dallas, TX Ontario, CA Investment Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (Loan 3) (Loan 31) (Loan 62) (Loan 63) (Loan 84) Risk Ranking (Q3’25 / 4/4 4/3 4/4 4/4 4/4 Q2’25) Floating-Rate Floating-Rate Floating-Rate F
Slide 14: Real Estate Owned
REAL ESTATE OWNED Long Island City, Long Island City, San Jose, CA Santa Clara, CA Arlington, TX Fort Worth, TX Mesa, AZ Tualatin, OR Investment NY NY (Other RE 1) (Other RE 3) (Other RE 4) (Other RE 5) (Other RE 6) (Other RE 9) (Other RE 7) (Other RE 8) Acquisition Date May 2025 July 2025 July 2024
Slide 15: Investment Detail
INVESTMENT DETAIL Loan Portfolio Origination Carrying Coupon Cash Unlevered Extended Q3'25 Risk Q2'25 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 Apr-25 Oxnard, CA $ 70 Floating S+2.3% 7.4% Ap
Slide 16: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT’D) Loan Portfolio (Cont’d) Origination Carrying Coupon Cash Unlevered Extended Q3'25 Risk Q2'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Loan 35 Senior Jul-21 Aurora, CO 21 Floating S+3.2% 7.
Slide 17: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT’D) Loan Portfolio (Cont’d) Origination Carrying Coupon Cash Unlevered Extended Q3'25 Risk Q2'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 69 Senior Mar-22 Blue Bell, PA $ 29 Floati
Slide 18: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT’D) Net Lease Real Estate & Other Real Estate Undepreciated Rentable square Investment Collateral Undepreciated net carrying Q3'25 # of feet ("RSF") / W.A. W.A. lease (At BRSP share) date type City, State carrying value value NOI* properties Units / Keys % leased(17) term (yrs
Slide 19: Capitalization Highlights
CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 1.9x debt-to-equity ratio. Embedded capacity under existing financing facilities including an undrawn corporate revolver and $1.1B of repurchase facilities availability Key Financial Metrics Capital Structur
Slide 20: Capitalization Summary
CAPITALIZATION SUMMARY Recourse vs. W.A. extended W.A. contractual W.A. all-in Outstanding (At BRSP share) non-recourse(20) maturity(21) interest rate(21) COF(5) debt (UPB) Corporate debt Corporate revolving credit facility Recourse Jan-27 S + 2.25% 6.49% $ - Investment-level debt Master repurchase
Slide 21: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Investment Portfolio SOFR: 4.13% (As of September 30, 2025) $2.5 $0.01 per share $1.4 $0.0 ($1.3) $ in Millions ($0.01) ($2.6) per share ($2.5) ($0.02) ($3.8) per share ($4.8) ($0.03) per share ($5
Slide 22: Appendix
APPENDIX BRIGHTSPIRE APITAL
Slide 23: Important Note Regarding Non-GAAP Financial Measures and Definitions
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 flo
Slide 24: Important Note Regarding Non-GAAP Financial Measures and Definitions (Cont'd)
IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS (CONT’D) 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 a
Slide 25: Notes Regarding Reportable Segments
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 Preferre
Slide 26: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET September 30, 2025 (Unaudited) December 31, 2024 Assets Cash and cash equivalents $ 113,378 $ 302,173 Restricted cash 108,189 148,523 Loans and preferred equity held for investment 2,363,215 2,518,925 Current expected credit loss reserve (126,905) (165,932) Loans and prefe
Slide 27: Consolidated Statement of Operations
CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended September 30, 2025 2024 Net interest income Interest income $ 48,889 $ 59,587 Interest expense (31,364) (38,862) Net interest income 17,525 20,725 Property and other income Property operating income 32,536 26,051 Other income 2,513 2,513 Total
Slide 28: Consolidated Statement of Operations by Segment
CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended September 30, 2025 Net leased and Corporate and Loan portfolio other real estate other Total Net interest income Interest income $ 48,889 $ - $ - $ 48,889 Interest expense (31,046) (11) (307) (31,364) Net interest income (expense) 17
Slide 29: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON -GAAP FINANCIAL INFORMATION Reconciliation of consolidated balance sheet to at share balance sheet As of September 30, 2025 Consolidated NCI(22) At BRSP share(23) Assets Loans and preferred equity held for investment, net $ 2,236,310 $ - $ 2,236,310 Real estate, net 719
Slide 30: Reconciliation of GAAP to Non-GAAP Financial Information (Cont'd)
RECONCILIATION OF GAAP TO NON -GAAP FINANCIAL INFORMATION (CONT’D) Reconciliation of GAAP net book value to undepreciated book value As of September 30, 2025 GAAP net book value (excluding noncontrolling interests in investment entities) $ 976,413 (10) Accumulated depreciation and amortization 179,6
Slide 31: Reconciliation of GAAP to Non-GAAP Financial Information (Cont'd)
RECONCILIATION OF GAAP TO NON -GAAP FINANCIAL INFORMATION (CONT’D) Reconciliation of GAAP net income to Distributable Earnings and Adjusted Distributable Earnings Three Months Ended September 30, 2025 Net income attributable to BrightSpire Capital, Inc. common stockholders $ 984 Adjustments: Non-cas
Slide 32: Reconciliation of GAAP to Non-GAAP Financial Information (Cont'd)
RECONCILIATION OF GAAP TO NON -GAAP FINANCIAL INFORMATION (CONT’D) Reconciliation of GAAP net income to NOI Three Months Ended September 30, 2025 Net income attributable to BrightSpire Capital, Inc. common stockholders $ 984 Adjustments: Net loss attributable to non-net leased and other real estate
Slide 33: Footnotes
FOOTNOTES 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 a
Slide 34: Company Information
COMPANY INFORMATION BrightSpire Capital (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased p
Slide 35: Thank You
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