BrightSpire Capital Announces Pricing of $960 Million BRSP 2026-FL4 Commercial Real Estate CLO and the Redemption of BRSP 2024-FL2

BrightSpire locks in sizable non-recourse term financing via a new $960 million CRE CLO and plans to redeem its 2024-FL2 deal.

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NEW YORK--(BUSINESS WIRE)-- BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) announced that the Company priced BRSP 2026-FL4, a $960 million managed Commercial Real Estate Collateralized Loan Obligation (the “2026-FL4 CLO”) on September 18, 2026. The Company expects approximately $844.8 million of investment grade securities to be placed with institutional investors, providing the Company with term financing on a non-mark-to-market, non-recourse basis. The transaction is scheduled to close on October 16, 2026. The 2026-FL4 CLO is collateralized by interests in 29 first-lien floating-rate mortgages secured by 38 properties, with an 88.00% initial advance rate at a weighted average coupon at issuance of Term SOFR+1.54%, before transaction costs.

The asset collateral is located across 11 states and primarily consists of multifamily properties (94.2%) and industrial (5.8%). All loans were originated by subsidiaries of the Company. The structure features a thirty (30) month reinvestment period and available proceeds of approximately $99 million to be used within a six-month ramp up period from closing.

Fitch Ratings, Inc. and DBRS, Inc. assigned a “AAA” rating, to the seniormost notes, with both also providing ratings to the remaining classes of offered notes in the transaction. DBRS, Inc. only will assign ratings to the non-offered securities.

“The successful execution of our fifth managed CRE CLO highlights the continuing strength of the platform and business objectives. We look forward to investing the liquidity generated from the transaction in new loan origination opportunities to further expand our loan portfolio,” highlighted Andy Witt, President and Chief Operating Officer of BrightSpire Capital.

Matthew Heslin, Chief Credit Officer and Head of Debt Capital Markets at BrightSpire Capital, added, “This transaction, in conjunction with our 2026-FL3 CLO that closed in early 2026, further expands our non-recourse, non mark-to-market, matched term funding sources, among a broad base of supporting investors. As a seasoned and respected issuer and collateral manager, CRE CLOs will continue to be an important financing source for our business moving forward.”

Citigroup Global Markets Inc. acted as sole structuring agents. Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as co-lead managers and joint bookrunners.

The Company also announced it will redeem its BRSP 2024-FL2 securitization on October 19, 2026.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About BrightSpire Capital, Inc.

BrightSpire Capital, Inc. (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 the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release 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 similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward- looking statement. Factors that could cause actual results to differ materially from BrightSpire Capital’s expectations include, but are not limited to, the ability to generate additional liquidity and repatriate such proceeds in senior mortgage loans; the ability to issue CRE CLO’s on a go forward basis, including at a reduced cost of capital. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as in BrightSpire Capital’s other filings with the U.S. Securities and Exchange Commission.

We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260921295821/en/

Investor Relations

BrightSpire Capital, Inc.
Addo Investor Relations
Anne McGuinness
brsp@addo.com

Source: BrightSpire Capital, Inc.

Key Terms

commercial real estate collateralized loan obligation financial

A commercial real estate collateralized loan obligation is a financial product that pools many loans made to office buildings, shopping centers, apartments and other commercial properties, then sells pieces of that pool to investors with different levels of risk and return — think of a large bundle of mortgages cut into slices. It matters to investors because it offers a way to gain exposure to commercial property income while spreading risk across many loans; however, its value depends on how well the underlying properties perform and whether borrowers keep paying, so downturns in property markets, rising vacancies or higher interest rates can reduce payments and hit the riskiest slices first.

non-mark-to-market financial

Non-mark-to-market describes accounting or valuation where assets and liabilities are recorded at their original cost or a fixed value instead of being updated to current market prices. For investors, this matters because it can hide unrealized gains or losses and make a company’s financial picture look steadier than the economic reality—like keeping a house on the books at the price you paid rather than its current market value.

non-recourse financial

A non-recourse loan is a type of debt where the lender’s recovery is limited to a specific asset pledged as collateral, and the borrower cannot be personally pursued for any remaining balance if the asset’s value falls short. For investors, non-recourse financing shifts downside risk onto the lender and protects a borrower’s other assets, which can affect a company’s risk profile, borrowing costs, and potential returns — much like insurance that covers only the item left as collateral.

term sofr financial

Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.

first-lien financial

A first-lien is a lender’s legal claim on specific collateral that takes priority over other claims if a borrower defaults. It matters to investors because first-lien status increases the likelihood of recovering principal from the sale of the pledged assets, reducing credit risk and often leading to lower interest rates than subordinated loans. Think of it like being first in line at a bakery: you get served before others if there’s only a limited supply.

reinvestment period financial

A reinvestment period is a set span of time during which profits, dividends, loan repayments or sale proceeds must be put back into the same fund, project or company instead of being paid out to investors. It matters because it changes when and how investors receive cash and how quickly their investment can grow or be redeployed—like a garden where harvested seeds are required to be planted again for several seasons before you can take crops out for personal use.