Brightspire Capital, Inc. · NYSE:BRSP
Brightspire Capital — Q4 2025 Earnings Presentation
41 slides from Brightspire Capital's earnings presentation, Feb 18, 2026
Slide 1: Supplemental Financial Report Fourth Quarter 2025
FEBRUARY 17, 2026 SUPPLEMENTAL FINANCIAL REPORT FOURTH 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 $3.7B $2.7B $168M $98M $0.15 $0.64 Total At-Share Assets Total
Slide 4: Summary Results & Subsequent Events Update
SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE • Q4’25 and full year 2025 GAAP Net Loss of ($0.12) per share and ($0.26) per share, respectively • Q4’25 and full year 2025 Distributable Loss of ($0.28) per share and ($0.13) per share, respectively • Q4’25 and full year 2025 Adjusted Distributable Earnin
Slide 5: Summary Results & Subsequent Events Update (Cont'd)
SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE (CONT’D) • $2.7 billion loan portfolio with an average loan size of $27 million and W.A. unlevered yield of 7.3% • Multifamily represents 67% of the loan portfolio • W.A. risk ranking of 3.1 (vs. 3.1 as of Q3'25) • Total CECL reserve of $88 million or $0.68
Slide 6: Financial Overview
FINANCIAL OVERVIEW Key Financial Metrics Capital Structure GAAP Net Loss ($M) ($14.4) Per Share ($0.12) 11% 1% Stockholders' equity (undepreciated) 30% Master repurchase facilities (limited recourse) Distributable Loss ($M) ($35.5) Per Share ($0.28) Total capitalization Securitization bonds payable
Slide 7: Financial Performance
FINANCIAL PERFORMANCE Earnings Per Share Book Value Per Share Adjusted Distributable Earnings FY25 Adj. DE: $0.64/share GAAP Net Book Value Undepreciated Book Value ("Adj. DE") FY25 Dividend: $0.64/share (fully covered) $8.75 $8.75 $8.68 $8.44 $0.18 $7.92 $0.16 $0.16 $0.15 $0.16 $7.65 $7.53 $7.30 Qu
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW Investment Type Portfolio Overview Based on GAAP net carrying value as of December 31, 2025 Investment Carrying Net carrying (At BRSP share) count value value Per share <1% Loan portfolio 98 $ 2,678 $ 727 $ 5.66 Loan portfolio 20% General CECL reserves (88) (88) (0.68) Net lease &
Slide 9: Loan Origination Highlights
BUDGET VS. ACTUAL LOAN ORIGINATION HIGHLIGHTS Key Metrics Property Type Q4’25 2025 YTD 2026(3) 3% 3% Multifamily Total number of loans 13 26 6 Industrial Mixed-use & Other Total committed capital $416M $756M $251M 94% Average loan size Region (committed capital) $32M $29M $42M 7%1% West W.A. cash co
Slide 10: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW Overview Investment Type Property Type 98 Total number of investments <1% 2% 8% 1% $2.7B Total loan portfolio $27M Average investment size 24% 0.9 yrs. W.A. remaining term(12) 67% 98% 2.0 yrs. W.A. extended remaining term(13) 7.3% W.A. unlevered all-in yield(1) Multifamily Se
Slide 11: Loan Portfolio Diversification
LOAN PORTFOLIO DIVERSIFICATION Collateral Type Region Exposure as a % of Carrying Value Number of Average Carrying % of carrying W SW NE SE MW (At BRSP share) investments investment size value value Multifamily 70 $ 26 $ 1,805 67% 25% 28% 2% 9% 3% Office 21 30 634 24% 9% 8% 5% 2% - Mixed-use & Other
Slide 12: 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 86 $ 2,593,694 97% $ 642,823 7.1% 2.0 Total / W.A. floating rate 86 2,593,694 97% 642,
Slide 13: Loan Portfolio Maturities
LOAN PORTFOLIO MATURITIES Weighted average fully extended remaining term of approximately 2.0 years across the loan portfolio Fully Extended Loan Maturities(13) $1,200 Fully extended loan maturities (carrying value) Unfunded commitments $900 $ in Millions $600 $931 $910 $754 $300 $46 $28 $36 $84 $2
Slide 14: Loan Portfolio Risk Rankings & CECL Reserve
LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE Risk Ranking Overview CECL Reserve Overview Q3'25 Q3'25 W.A. Risk Ranking: 3.1 Specific CECL Reserve No specific CECL reserve on Q4'25 W.A. Risk Ranking: 3.1 balance sheet for Q1’25 to Q4'25 Q4'25 General CECL Reserve Total Reserve $156M ($1.19/share) Tota
Slide 15: Net Lease Real Estate & Other Real Estate Summary
NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY Rentable W.A. % W.A. Carrying Net carrying % of net Q4'25 NOI Number of BRSP square feet leased remaining value value carrying value (at BRSP investments ownership % ("RSF") / Units at end of lease term (Undep.) (Undep.) (Undep.) share)* (17) (18) (A
Slide 16: Loan Portfolio Watch List Migration
LOAN PORTFOLIO WATCH LIST MIGRATION Intra-Period Pro Forma Q4’25 Activity At Earnings Call Activity Pro Forma* Carrying Carrying Carrying Investment value Investment value Investment value Dallas, TX Office / RR4 Dallas, TX Office / RR4 Dallas, TX Office / RR4 $42 $42 $42 (Loans 74 & 90) (Loans 74 &
Slide 17: Loan Portfolio Watch List Loans (Q4'25)
LOAN PORTFOLIO WATCH LIST LOANS (Q4’25) Dallas, TX Austin, TX Dallas, TX Reston, VA Ontario, CA Austin, TX Dallas, TX Investment Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan Senior Loan (Loan 6)* (Loan 16) (Loan 24) (Loan 85)** (Loan 98)** (Loans 37 & 70)*** (Loan 74 & 90)
Slide 18: Real Estate Owned Migration
REAL ESTATE OWNED MIGRATION Intra-Period Pro Forma 2026 Q4’25 Activity At Earnings Call Activity Pro Forma* Plan Undepreciated Undepreciated Undepreciated Investment carrying value Investment carrying value Investment carrying value San Jose, CA San Jose, CA San Jose, CA $142 $142 $142 / 53% Hotel H
Slide 19: Real Estate Owned (Q4'25)
REAL ESTATE OWNED (Q4’25) San Jose, CA Santa Clara, CA Arlington, TX Fort Worth, TX Mesa, AZ Long Island City, NY Investment (Other RE 1) (Other RE 3) (Other RE 4) (Other RE 5) (Other RE 6) (Other RE 7) Acquisition Date May 2025 July 2025 July 2024 November 2024 February 2025 June 2023 Multifamily C
Slide 20: Capitalization Highlights
CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.3x debt-to-equity ratio. Embedded capacity under existing financing facilities including $70M of corporate revolver availability and $1.0B of repurchase facilities availability Key Financial Metrics Capita
Slide 21: Capitalization Summary
CAPITALIZATION SUMMARY Recourse vs. W.A. extended W.A. contractual W.A. all-in Outstanding (20) (21) (21) (5) (At BRSP share) non-recourse maturity interest rate COF debt (UPB) Corporate debt Corporate revolving credit facility Recourse Dec-28 S + 2.25% 5.94% $ - Investment-level debt Master repurch
Slide 22: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Investment Portfolio SOFR: 3.69% (As of December 31, 2025) $2.5 $0.01 per share $1.4 $0.0 $ in Millions ($1.3) ($1.6) ($0.01) ($0.01) per share per share ($2.5) ($2.4) ($2.5) ($0.02) ($0.02) per sh
Slide 23: Appendix
APPENDIX BRIGHTSPIRE APITAL
Slide 24: 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 25: 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 26: 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 27: Investment Detail
INVESTMENT DETAIL Loan Portfolio Origination Carrying Coupon Cash Unlevered Extended Q4'25 Risk Q3'25 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 Dec-25 Los Angeles, CA $ 70 Floating S+2.4% 6.
Slide 28: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT’D) Loan Portfolio (Cont’d) Origination Carrying Coupon Cash Unlevered Extended Q4'25 Risk Q3'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Loan 36 Senior Mar-22 Phoenix, AZ 24 Floating S+3.7% 7
Slide 29: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT’D) Loan Portfolio (Cont’d) Origination Carrying Coupon Cash Unlevered Extended Q4'25 Risk Q3'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 71 Senior Jan-21 Phoenix, AZ $ 74 Floating
Slide 30: Investment Detail (Cont'd)
INVESTMENT DETAIL (CONT’D) Net Lease Real Estate & Other Real Estate Undepreciated Rentable square Collateral Undepreciated net carrying Q4'25 # of feet ("RSF") / W.A. W.A. lease Final debt All-in (At BRSP share) type City, State carrying value value NOI* properties Units / Keys % leased(17) term (y
Slide 31: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 66,789 $ 302,173 Restricted cash 107,046 148,523 Loans and preferred equity held for investment 2,678,315 2,518,925 Current expected credit loss reserve (87,401) (165,932) Loans and preferred equity hel
Slide 32: Consolidated Statement of Operations
CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net interest income Interest income $ 49,250 $ 54,305 $ 194,888 $ 244,773 Interest expense (31,766) (36,848) (127,275) (153,910) Net interest income 17,484 17,457 67,613 90,863 Property a
Slide 33: Consolidated Statement of Operations by Segment
CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended December 31, 2025 Net leased and Corporate and Loan portfolio other real estate other Total Net interest income Interest income $ 49,250 $ - $ - $ 49,250 Interest expense (31,247) (13) (506) (31,766) Net interest income (expense) 18,
Slide 34: Consolidated Statement of Operations by Segment
CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Year Ended December 31, 2025 Loans and Net leased and Corporate and preferred equity other real estate other Total Net interest income Interest income $ 194,710 $ 43 $ 135 $ 194,888 Interest expense (125,701) (158) (1,416) (127,275) Net interest income
Slide 35: 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 December 31, 2025 (22) (23) Consolidated NCI At BRSP share Assets Loans and preferred equity held for investment, net $ 2,590,914 $ - $ 2,590,914 Real estate, net 67
Slide 36: 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 December 31, 2025 GAAP net book value (excluding noncontrolling interests in investment entities) $ 938,432 (10) Accumulated depreciation and amortization 180,93
Slide 37: 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 (loss) to Distributable Earnings (Loss) and Adjusted Distributable Earnings Three Months Ended Year Ended December 31, 2025 December 31, 2025 Net loss attributable to BrightSpire Capital, Inc. common
Slide 38: 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 (loss) to NOI Three Months Ended December 31, 2025 Net loss attributable to BrightSpire Capital, Inc. common stockholders $ (14,353) Adjustments: (25) Net loss attributable to non-net leased and othe
Slide 39: 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 40: 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 41: Thank You
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