Brightspire Capital, Inc. · NYSE:BRSP
Brightspire Capital — Q2 2025 Earnings Presentation
35 slides from Brightspire Capital's earnings presentation, Jul 29, 2025
Slide 1: Exhibit 99.2
Exhibit 99.2
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 Financial Results Liquidity & Capitalization $3.5B Total At-Share Assets (Undepreciated) $2.4B Total Loan Po
Slide 4: Summary Results & Subsequent Events Update
SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE GAAP Net Loss of ($23.1) million, or ($0.19) per share Distributable Earnings of $3.4 million, or $0.03 per share Adjusted Distributable Earnings of $22.9 million, or $0.18 per share FINANCIAL Declared and paid a dividend of $0.16 per share for Q2'25, 13.0%
Slide 5: Financial Overview
FINANCIAL OVERVIEW $0.02 ($0.03) ™ Stockholders’ equity (undepreciated) ‘™ Securitization bonds payable (non-recourse) ™ Master repurchase facilities (limited recourse) = Mortgage debt (non-recourse) = Other debt (non-recourse) e! ‘e Bridge ($0.01) Key ial Metrics Capital Structure GAAP Net Loss ($M
Slide 6: Portfolio Overview
PORTFOLIO OVERVIEW Portfolio Overview Investment Type Based on GAAP net carrying value as of June 30, 2025 Investment Carrying —_—Net carrying (At BRSP share) count value value Per share Senior mortgage loans 73 $ 2,338 $ 607 $ 4.67 Loan portfolio Mezzanine loans 4 47 47 0.36 Net lease & other real
Slide 7: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW $2.4B $30M 0.7 yrs. 1.5 yrs. 7.8% 3.1 99% Total number of investments Total loan portfolio Average investment size W.A. remaining term() W.A. extended remaining term") W.A. unlevered all-in yield" W.A. risk ranking ™ Senior mortgage loans m= Multifamily = Office - ; ™ Mezzani
Slide 8: Loan Portfolio Diversification
LOAN PORTFOLIO DIVERSIFICATION Number of Carrying % of carrying (At BRSP share) investments value value Multifamily $2 $ 1,378,273 58% 25% 27% 2% 5% Office 21 715,249 30% 12% 9% 6% 4% Mixed-use & Other 5 190,826 8% 2% an 6% iad Hotel 1 72,183 3% 3% a cad ae Industrial 2 35,884 1% 1% saa zal az Total
Slide 9: Loan Portfolio Summary
LOAN PORTFOLIO SUMMARY Number of Net carrying W.A. extended (At BRSP share) carrying value value term (years)'") Floating rate Senior mortgage loans 22 $ 2,317,456 97% $ 586,462 1.7% 15 Total / W.A. floating rate 72 2,317,456 971% 586,462 7.7% 15 Fixed rate Senior mortgage loans 1 20,617 1% 20,617 1
Slide 10: Loan Portfolio Maturities
LOAN PORTFOLIO MATURITIES Weighted average fully extended remaining term of approximately 1.5 years across the loan portfolio Fully Extended Loan Maturities" $1,000 ™ Fully extended loan maturities (carrying value) = Unfunded commitments $750 a c S c $500 wn $250 $0 2025 2026 2027 2028+ BRIGHTSPIRE
Slide 11: Loan Portfolio Risk Rankings & CECL Reserve
LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE Risk Ranking Overview* CECL Reserve Overview f f '™ Specific CECL Reserve ' NospecificCECLreserveon ! | balance sheet for Q1'25 & Q2'25 | ™ General CECL Reserve ! ! 2Qi2s = Q2'25" 91% 84% FRE loan “ 75 Count on grocery ; Total Reserve $156M ($1.19/share) 1
Slide 12: Net Lease Real Estate & Other Real Estate Summary
NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY Rentable | Carrying Net carryini Number of BRSP square feet Hatt) the) investments | ownership %| _("RSF" — eclve P| unite /Keys | (Under) — (Undep.) (At BRSP share) v ") 1 Net lease real estate ("NNN") 1 Industriol 1 100% 2787 RSF $ 29218618 92,156
Slide 13: Loan Portfolio Watch List Loans
LOAN PORTFOLIO WATCH LIST LOANS Austin, TX Tualatin, OR Reston, VA Dallas, TX Ontario, CA Investment Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (le ) 6) (Loan 57) ( ) (Loan 80) Baek panting (22257 4/3 4/4 4/4 4/4 4/3 inane ype Floating-Rate Floating-Rate Floating-Rate Floating-Rate
Slide 14: Real Estate Owned
REAL ESTATE OWNED Investment Re 7 Acquisition Date May 2025 Collateral Collateral Basis $251k / Key Undepreciated Carrying Value 86h Outstanding _ Debt Undepreciated Net Carrying Si36M Value WA. % Leased” 71% WA. Lease Term wa (Yrs,)02! San Jose, CA Hotel / 541 Keys Long Island City, Long Island Cit
Slide 15: Investment Detail
INVESTMENT DETAIL Loan Portfolio Origination Carrying Coupon Cosh Unlevered Extended @225 Risk QT25 Risk (At BRSP share) __Investment Type date City, State value type ‘coupon all-in yield” maturity date™ uv. ranking ranking Senior Apr-25 Oxnard, CA $ 6% Floating 12.3% 18% Apr-29 68% 5 n/a Senior Moy
Slide 16: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT'D) Loan Portfolio (Cont'd) Origination Carrying Coupon Cosh Unlevered Extended Q225 Risk QT25 Risk (At BRSP share) Investment Type date City, State, value type coupon all-in yield” maturity date"? uv ranking ranking Loan 34 Senior Jura Aurora, CO 2 Floating 53.2% 76% Jul-26 7
Slide 17: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT'D) Loan Portfolio (Cont'd) Origination Carrying Coupon Cash Unlevered Extended @225 Risk —_Q125 Risk (At BRSP shore) _ Investment Type date City, State value type coupon all-inyield” __maturity date" uv ranking ranking Loan 66 Senior Dec-18 Carlsbad, CA 2 Froating S3.9% 82% D
Slide 18: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT'D) Net Lease Real Estate & Other Real Estate Undepreciated Origination Collateral Undepreciated net carrying a225 Hot Rentable square feet © W.A. —- W.A. lease (At BRSP share) date type City, State carrying value value NoI* properties ("RSF") / Units /Keys _%leased'” term (yr
Slide 19: Capitalization Highlights
CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.0x debt-to-equity ratio. Embedded capacity under existing financing facilities including an undrawn corporate revolver and $1.2B of repurchase facilities availability Key Financial Metrics Capital Structur
Slide 20: Capitalization Summary
CAPITALIZATION SUMMARY Recourse vs. W.A. contractual Outstandi (At BRSP share) non-recourse””” terest rate” debt (UPB) Corporate debt Corporate revolving credit facility Recourse Jan-27 S$+225% 6.69% $ - Investment-level debt Master repurchase facilities Limited recourse Dec-28 S + 2.09% 641% 789,72
Slide 21: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates — Total Investment Portfolio SOFR: 4.32% (As of June 30, 2025) $2.5 $0.0 = ($2.5) ($2.8) * ($0.02) ($4.2) per share ($0.03) ($5.0) ($5.4) per share ($0.04) per share ($7.5) (1.00%) (0.75%) (0.50%) Incremen
Slide 22: Appendix
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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 June 30, 2025 (Unaudited) December 31, 2024 Assets Cash and cash equivalents $ 184,283 $ 302,173 Restricted cash 97,399 148,523 Loans and preferred equity held for investment 2,392,415 2,518,925 Current expected credit loss reserve (136,567) (165,932) Loans and preferred e
Slide 27: Consolidated Statement of Operations
CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended June 30, 2025 2024 Net interest income Interest income $ 48,663 $ 63,318 Interest expense (31,935) (38,066) Net interest income 16,728 25,252 Property and other income Property operating income 35,668 25,178 Other income 1593 2921 Total propert
Slide 28: Consolidated Statement of Operations by Segment
CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Net interest income Interest income Interest expense Net interest income (expense) Property and other income Property operating income Other income Total property and other income Expenses Property operating expense Transaction, investment and servicin
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 June 30, 2025 Consolidated nei?) At BRSP share”? Assets Loans and preferred equity held for investment, net $ 2,255,848 $ - $ 2,255,848 Real estate, net 732,716 T1469
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 GAAP net book value (excluding noncontrolling interests in investment entities) Accumulated depreciation and amortization" Non-GAAP impairment of real estate" Undepreci
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 loss to Distributable Earnings and Adjusted Distributable Earnings Net loss attributable to BrightSpire Capital, Inc. common stockholders Adjustments: Non-cash equity compensation expense Depreciation and am
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 loss to NOI Net loss attributable to BrightSpire Capital, Inc. common stockholders Adjustments: Net income attributable to non-net leased and other real estate portfolios” Net loss attributable to noncontrol
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 as
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: BrightSpire Capital
B@ BRIGHTSPIRE