Brightspire Capital, Inc. · NYSE:BRSP
Brightspire Capital — Q1 2026 Earnings Presentation
40 slides from Brightspire Capital's earnings presentation, Apr 29, 2026
Slide 1: Supplemental Financial Report First Quarter 2026
APRIL 28, 2026 SUPPLEMENTAL FINANCIAL REPORT FIRST QUARTER 2026 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 $3.8B $2.7B $206M $58M $0.14 Total At-Share Assets Total Loan P
Slide 4: Summary Results & Subsequent Events Update
SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE • GAAP Net Income of $4.8 million and $0.03 per share • Distributable Earnings of $15.6 million and $0.12 per share FINANCIAL • Adjusted Distributable Earnings of $18.2 million and $0.14 per share RESULTS • Declared and paid a dividend of $0.16 per share fo
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 7.2% • Multifamily represents 69% of the loan portfolio • W.A. risk ranking of 3.1 (vs. 3.1 as of Q4'25) • Total CECL reserve of $87 million or $0.67
Slide 6: Financial Overview
FINANCIAL OVERVIEW Key Financial Metrics Capital Structure GAAP Net Income ($M) $4.8 Per Share $0.03 10% 1% Securitization bonds payable (non-recourse) Distributable Earnings ($M) $15.6 Stockholders' equity (undepreciated) 39% Per Share $0.12 21% Total capitalization Master repurchase facilities (li
Slide 7: Portfolio Overview
PORTFOLIO OVERVIEW Investment Type Portfolio Overview Based on GAAP net carrying value as of March 31, 2026 Investment Carrying Net carrying (At BRSP share) count value value Per share <1% Loan portfolio Loan portfolio 100 $ 2,730 $ 647 $ 4.97 24% General CECL reserves (87) (87) (0.67) Net lease & o
Slide 8: Loan Origination Highlights
BUDGET VS. ACTUAL LOAN ORIGINATION HIGHLIGHTS Key Metrics Property Type Q1’26 YTD 2026(3) 5% 10% Multifamily Total number of loans 7 17 Industrial Hotel 85% Total committed capital $279M $594M Average loan size Region (committed capital) $40M $35M 4% West W.A. cash coupon S+2.59% S+2.57% 20% 38% Sou
Slide 9: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW Overview Investment Type Property Type 100 Total number of investments 2% <1% 1%1% 8% $2.7B Total loan portfolio $27M Average investment size 21% 1.1 yrs. W.A. remaining term(12) 69% 2.2 yrs. W.A. extended remaining term(13) 98% 7.2% W.A. unlevered all-in yield(1) Multifamily
Slide 10: 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 73 $ 26 $ 1,877 69% 28% 28% 1% 9% 3% Office 19 30 577 21% 8% 7% 5% 1% -- Mixed-use & Othe
Slide 11: 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 87 $ 2,643,650 97% $ 560,587 7.1% 2.2 Total / W.A. floating rate 87 2,643,650 97% 560,
Slide 12: Loan Portfolio Maturities
LOAN PORTFOLIO MATURITIES Weighted average fully extended remaining term of approximately 2.2 years across the loan portfolio Fully Extended Loan Maturities(13) Fully extended loan maturities (carrying value) $1,000 Unfunded commitments $750 $ in Millions $500 $983 $891 $723 $250 $39 $50 $26 $133 $2
Slide 13: Loan Portfolio Risk Rankings & CECL Reserve
LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE Risk Ranking Overview CECL Reserve Overview Q4'25 Q4'25 W.A. Risk Ranking: 3.1 Specific CECL Reserve No specific CECL reserve on Q1’26 W.A. Risk Ranking: 3.1 balance sheet for Q2’25 to Q1’26 Q1'26 General CECL Reserve Total Reserve $137M Total Reserve ($1.
Slide 14: Loan Portfolio Watch List Migration
LOAN PORTFOLIO WATCH LIST MIGRATION Intra-Period Pro Forma Q1’26 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 $43 $43 $43 (Loans 77 & 91) (Loans 77 &
Slide 15: Loan Portfolio Watch List Loans (Q1'26)
LOAN PORTFOLIO WATCH LIST LOANS (Q1’26) Austin, TX Las Vegas, NV Dallas, TX Austin, TX Dallas, TX Investment Senior Loan Mezzanine Loan Senior Loan Senior Loan Senior Loan (Loan 18) (Loan 23)* (Loan 26) (Loans 40 & 72)** (Loan 77 & 91)*** Risk Ranking (Q1’26 / Q4'25) 5/5 5/3 5/5 4/4 4/4 Floating-Rat
Slide 16: 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 Q1'26 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)* (At BRSP sha
Slide 17: Real Estate Owned Migration
REAL ESTATE OWNED MIGRATION Intra-Period Pro Forma 2026 Q1’26 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 $143 $143 $143 / 53% Hotel H
Slide 18: Real Estate Owned (Q1'26)
REAL ESTATE OWNED (Q1’26) San Jose, CA Dallas, TX Santa Clara, CA Arlington, TX Fort Worth, TX Mesa, AZ Investment (Other RE 1) (Other RE 3) (Other RE 4) (Other RE 5) (Other RE 6)* (Other RE 7)* Acquisition Date May 2025 January 2026 July 2025 July 2024 November 2024 February 2025 Multifamily Collat
Slide 19: Select NNN Assets (Q1'26)
SELECT NNN ASSETS (Q1’26) Tracy, CA & Tolleson, AZ Aurora, CO Indianapolis, IN Investment (Net lease 1) (Net lease 2)* (Net lease 3) Acquisition Date August 2018 July 2006 June 2006 Collateral Industrial / 2,787k RSF Office / 184k RSF Office / 338k RSF Collateral Basis $105 / RSF $299 / RSF $115 / R
Slide 20: Capitalization Highlights
CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.4x debt-to-equity ratio. Embedded capacity under existing financing facilities including an undrawn $120M corporate revolver and $1.6B of repurchase facilities availability Key Financial Metrics Capital St
Slide 21: Capitalization Summary
CAPITALIZATION SUMMARY Recourse vs. W.A. extended W.A. contractual W.A. all-in Outstanding (20) (21) (21) (At BRSP share) non-recourse maturity interest rate COF(5) debt (UPB) Corporate debt Corporate revolving credit facility Recourse Dec-28 S + 2.25% 5.91% $ - Investment-level debt Securitization
Slide 22: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Investment Portfolio SOFR: 3.66% (As of March 31, 2026) $0.02 $3.0 per share $2.7 $0.01 $1.5 per share $1.3 $ in Millions $0.0 ($1.3) ($1.5) ($0.01) per share ($2.1) ($0.02) per share ($3.0) (0.50%
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 Q1'26 Risk Q4'25 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 Q1'26 Risk Q4'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Loan 39 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 Q1'26 Risk Q4'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 74 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 Q1'26 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
Slide 31: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET March 31, 2026 (Unaudited) December 31, 2025 Assets Cash and cash equivalents $ 96,561 $ 66,789 Restricted cash 92,715 107,046 Loans and preferred equity held for investment 2,730,072 2,678,315 Current expected credit loss reserve (85,316) (87,401) Loans and preferred equi
Slide 32: Consolidated Statement of Operations
CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended March 31, 2026 2025 Net interest income Interest income $ 49,515 $ 48,086 Interest expense (33,394) (32,211) Net interest income 16,121 15,875 Property and other income Property operating income 32,654 26,858 Other income 2,971 2,618 Total prop
Slide 33: Consolidated Statement of Operations by Segment
CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended March 31, 2026 Net leased and Corporate and Loan portfolio other real estate other Total Net interest income Interest income $ 49,515 $ - $ - $ 49,515 Interest expense (32,574) (12) (808) (33,394) Net interest income (expense) 16,941
Slide 34: 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 March 31, 2026 Consolidated NCI(22) At BRSP share(23) Assets Loans and preferred equity held for investment, net $ 2,644,756 $ - $ 2,644,756 Real estate, net 690,961
Slide 35: 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 March 31, 2026 As of December 31, 2025 GAAP net book value (excluding noncontrolling interests in investment entities) $ 917,918 $ 938,432 (10) 186,777 180,937 A
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 income to Distributable Earnings and Adjusted Distributable Earnings Three Months Ended March 31, 2026 Net income attributable to BrightSpire Capital, Inc. common stockholders $ 4,845 Net income per common
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 to NOI Three Months Ended March 31, 2026 Net income attributable to BrightSpire Capital, Inc. common stockholders $ 4,845 Adjustments: Net income attributable to non-net leased and other real estate
Slide 38: 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 39: 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 predominantly in
Slide 40: Thank You
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