[10-Q] BrightSpire Capital, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

BrightSpire Capital (BRSP) reported Q3 2025 results showing a small profit to common stockholders of $0.98 million, down from $12.73 million a year ago, as higher property costs and credit provisions offset gains in rental activity.

Net interest income was $17.53 million versus $20.73 million, while property operating income rose to $35.05 million from $28.56 million, reflecting stronger net-leased and other real estate operations. Expenses increased to $54.55 million, including $8.22 million added to the credit loss reserve and $2.51 million of real estate impairment. For the nine months, the company recorded a net loss to stockholders of $16.79 million, with $53.64 million of impairments and $8.56 million of CECL expense.

The balance sheet contracted as assets declined to $3.30 billion from $3.72 billion, driven by lower cash and debt balances. Securitization bonds payable fell to $977.0 million and mortgage and other notes payable to $415.2 million. Shares outstanding were 129,732,929 as of October 28, 2025.

Insights

REIT and CRE credit analyst

Q3 profitability modest; balance sheet and CECL steadying.

BrightSpire posted Q3 net income to common of $0.98M with net interest income of $17.53M and property operating income of $35.05M. The business mix shows more contribution from real estate operations alongside a smaller lending margin.

Expense lines weighed: Q3 included an increase of CECL reserve of $8.22M and real estate impairment of $2.51M. Year-to-date, impairments total $53.64M and CECL expense $8.56M, reflecting ongoing credit and asset valuation pressure in CRE.

Liability reduction—securitization bonds at $976.998M and mortgage/notes at $415.182M as of Sep 30, 2025—coincides with lower cash. The investment outlook hinges on credit performance and rental cash flows; subsequent filings will detail any further impairments or reserve changes.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-38377

BRIGHTSPIRE CAPITAL, INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

38-4046290

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

590 Madison Avenue, 33rd Floor

New York, NY 10022

(Address of Principal Executive Offices, Including Zip Code)

(212) 547-2631

(Registrant’s Telephone Number, Including Area Code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

BRSP

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ☒ No   ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ☒ 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

As of October 28, 2025, BrightSpire Capital, Inc. had 129,732,929 shares of Class A common stock, par value $0.01 per share, outstanding.

Table of Contents

BRIGHTSPIRE CAPITAL, INC.

FORM 10-Q

TABLE OF CONTENTS

Index						Page
Part I.						3
Item 1.			Financial Information			3
			Financial Statements			3
			Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024			3
			Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2025 and 2024			5
			Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and nine months ended September 30, 2025 and 2024			6
			Consolidated Statements of Equity (unaudited) for the three and nine months ended September 30, 2025 and 2024			7
			Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2025 and 2024			9
			Notes to Consolidated Financial Statements (unaudited)			11
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			50
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			78
Item 4.			Controls and Procedures			80
Part II.			Other Information			82
Item 1.			Legal Proceedings			82
Item 1A.			Risk Factors			82
Item 2.			Unregistered Sales of Equity and Use of Proceeds			82
Item 3.			Defaults Upon Senior Securities			82
Item 4.			Mine Safety Disclosures			82
Item 5.			Other Information			82
Item 6.			Exhibits			83
Signatures

Table of Contents

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q 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.

Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements:

•operating costs and business disruption may be greater than expected;

•we depend on borrowers and tenants for a substantial portion of our revenue and, accordingly, our revenue and our ability to make distributions to stockholders will be dependent upon the success and economic viability of such borrowers and tenants;

•higher interest rates may adversely impact the value of our variable-rate investments, resulting in higher interest expense, materially impacting our borrowers’ ability to refinance existing loans, and creating disruptions to our borrowers’ and tenants’ ability to finance their activities, on whom we depend for a substantial portion of our revenue;

•lower interest rates may materially impact earnings as a result of generating less income on our loans and our ability to redeploy funds in a timely manner or to supplement earnings loss;

•abilities to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including the impact of higher interest expense, depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations, population shifts and migration, or reduced demand for office, multifamily, hospitality or retail space) may cause deterioration in the performance of our investments and, potentially, principal losses to us;

•the fair value of our investments may be subject to uncertainties including impacts associated with inflationary trends, the volatility of interest rates and credit spreads increased market volatility affecting commercial real estate businesses and public securities;

•our use of leverage and interest rate mismatches between our assets and borrowings could hinder our ability to make distributions and may significantly impact our liquidity position;

•the ability to realize expected returns on equity and/or yields on investments;

•adverse impacts on our corporate revolver, including covenant compliance and borrowing base capacity;

•adverse impacts on our liquidity, including available capacity under and margin calls on master repurchase facilities, debt service or lease payment defaults or deferrals, demands for protective advances and capital expenditures;

•our real estate investments are relatively illiquid and we may not be able to vary our portfolio in response to changes in economic and other conditions, which may result in losses to us;

•our inability to refinance existing mortgage debt on our real estate portfolio;

•the timing of and ability to deploy available capital;

•our lack of an established minimum distribution payment level, and whether we can continue to pay distributions in the future;

•the timing of and ability to complete repurchases of our common stock;

•the risks associated with obtaining mortgage financing on our real estate, which could materially adversely affect our business, financial condition and results of operations and our ability to make distributions to stockholders; and

•execute CRE CLO’s on a go forward basis, including at a reduced cost of capital; the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of governmental authorities, and in particular those affecting the commercial real estate finance and mortgage industry or our business.

The foregoing list of factors is not exhaustive. We urge you to carefully review the disclosures we make concerning risks in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, “Risk Factors” in this Form 10-Q for the quarter ended September 30, 2025 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein.

We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. The Company is under no duty to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.

2

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

BRIGHTSPIRE CAPITAL, INC.

CONSOLIDATED BALANCE SHEETS

(in Thousands, Except Share and Per Share Data)

			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 preferred equity held for investment, net			2,236,310						2,352,993
Real estate, net			719,711						777,421
Receivables, net			43,379						38,732
Deferred leasing costs and intangible assets, net			35,629						47,172
Assets held for sale			—						5,170
Other assets			47,860						51,294
Total assets			$	3,304,456					$	3,723,478
Liabilities
Securitization bonds payable, net			$	976,998					$	1,087,074
Mortgage and other notes payable, net			415,182						619,055
Credit facilities			778,671						785,183
Accrued and other liabilities			68,190						82,625
Intangible liabilities, net			835						2,805
Escrow deposits payable			75,794						80,132
Dividends payable			20,756						20,793
Total liabilities			2,336,426						2,677,667
Commitments and contingencies (Note 13)
Equity
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively			—						—
Common stock, $0.01 par value per share
Class A, 950,000,000 shares authorized, 129,732,929 and 129,685,185 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively			1,297						1,297
Additional paid-in capital			2,866,411						2,865,341
Accumulated deficit			(1,891,295)						(1,812,083)
Accumulated other comprehensive loss			—						(6,337)
Total stockholders’ equity			976,413						1,048,218
Noncontrolling interests in investment entities			(8,383)						(2,407)
Total equity			968,030						1,045,811
Total liabilities and equity			$	3,304,456					$	3,723,478

The accompanying notes are an integral part of these consolidated financial statements.

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BRIGHTSPIRE CAPITAL, INC.

CONSOLIDATED BALANCE SHEETS

(in Thousands)

The following table presents assets and liabilities of securitization vehicles and certain real estate properties that have noncontrolling interests as variable interest entities for which the Company is determined to be the primary beneficiary.

			September 30, 2025 (Unaudited)						December 31, 2024
Assets
Cash and cash equivalents			$	1,399					$	4,237
Restricted cash			15,069						61,194
Loans and preferred equity held for investment, net			1,126,186						1,218,140
Real estate, net			165,847						191,102
Receivables, net			13,371						11,455
Deferred leasing costs and intangible assets, net			8,315						7,209
Other assets			25,340						22,662
Total assets			$	1,355,527					$	1,515,999
Liabilities
Securitization bonds payable, net			$	976,998					$	1,087,074
Mortgage and other notes payable, net			96,804						165,810
Credit facilities			45,145						25,866
Accrued and other liabilities			12,766						9,229
Intangible liabilities, net			298						2,208
Escrow deposits payable			3,419						2,801
Total liabilities			$	1,135,430					$	1,292,988

The accompanying notes are an integral part of these consolidated financial statements.

4

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BRIGHTSPIRE CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in Thousands, Except Per Share Data)

(Unaudited)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Net interest income
Interest income						$	48,889					$	59,587					$	145,638					$	190,468
Interest expense						(31,364)						(38,862)						(95,510)						(117,062)
Net interest income						17,525						20,725						50,128						73,406
Property and other income
Property operating income						32,536						26,051						95,063						76,334
Other income						2,513						2,513						6,724						8,534
Total property and other income						35,049						28,564						101,787						84,868
Expenses
Property operating expense						19,675						8,431						46,293						24,980
Transaction, investment and servicing expense						854						225						2,046						1,238
Interest expense on real estate						5,170						6,747						18,499						20,278
Depreciation and amortization						7,188						10,087						28,346						29,430
Increase of current expected credit loss reserve						8,215						1,001						8,562						115,313
Impairment of operating real estate						2,509						—						53,636						45,216
Compensation and benefits (including $2,794, $3,421, $9,920 and $8,741 of equity-based compensation expense, respectively)						8,077						8,191						26,700						26,540
Operating expense						2,857						2,979						9,048						9,185
Total expenses						54,545						37,661						193,130						272,180
Other income
Other gain (loss), net						538						37						(3,065)						226
Income (loss) before income taxes						(1,433)						11,665						(44,280)						(113,680)
Income tax benefit (expense)						129						(244)						21,511						(691)
Net income (loss)						(1,304)						11,421						(22,769)						(114,371)
Net loss attributable to noncontrolling interests:
Investment entities						2,288						1,308						5,976						2,134
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders						$	984					$	12,729					$	(16,793)					$	(112,237)
Net income (loss) per common share - basic (Note 15)						$	0.00					$	0.10					$	(0.14)					$	(0.89)
Net income (loss) per common share - diluted (Note 15)						$	0.00					$	0.09					$	(0.14)					$	(0.89)
Weighted average shares of common stock outstanding - basic (Note 15)						126,940						127,515						127,089						127,609
Weighted average shares of common stock outstanding - diluted (Note 15)						129,845						130,144						127,089						127,609

The accompanying notes are an integral part of these consolidated financial statements.

5

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BRIGHTSPIRE CAPITAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in Thousands)

(Unaudited)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Net income (loss)						$	(1,304)					$	11,421					$	(22,769)					$	(114,371)
Other comprehensive income (loss)
Reclassification of net investment hedges to other (loss) gain						—						—						(18,603)						—
Foreign currency translation gain (loss)						—						403						24,940						(2,094)
Total other comprehensive income (loss)						—						403						6,337						(2,094)
Comprehensive income (loss)						(1,304)						11,824						(16,432)						(116,465)
Comprehensive loss attributable to noncontrolling interests:
Investment entities						2,288						1,308						5,976						2,134
Comprehensive income (loss) attributable to common stockholders						$	984					$	13,132					$	(10,456)					$	(114,331)

The accompanying notes are an integral part of these consolidated financial statements.

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BRIGHTSPIRE CAPITAL, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(in Thousands)

(Unaudited)

						Common Stock												Additional Paid-in Capital						Retained Earnings (Accumulated Deficit)						Accumulated Other Comprehensive Income (Loss)						Total Stockholders’ Equity						Noncontrolling Interests in Investment Entities												Total Equity
						Class A
						Shares						Amount
Balance as of December 31, 2023						129,985						$	1,300					$	2,864,883					$	(1,586,292)					$	(2,556)					$	1,277,335					$	1,131											$	1,278,466
Issuance and amortization of equity-based compensation						1,243						$	12					$	2,158					$	—					$	—					$	2,170					$	—											$	2,170
Other comprehensive loss						—						—						—						—						(3,594)						(3,594)						—												(3,594)
Dividends and distributions declared ($0.20 per share)						—						—						—						(26,036)						—						(26,036)						—												(26,036)
Shares canceled for tax withholding on vested stock awards						(592)						(6)						(3,969)						—						—						(3,975)						—												(3,975)
Net loss						—						—						—						(57,103)						—						(57,103)						(4)												(57,107)
Balance as of March 31, 2024						130,636						$	1,306					$	2,863,072					$	(1,669,431)					$	(6,150)					$	1,188,797					$	1,127											$	1,189,924
Issuance and amortization of equity-based compensation						80						$	1					$	3,149					$	—					$	—					$	3,150					$	—											$	3,150
Share forfeitures						(52)						—						—						—						—						—						—												—
Other comprehensive income						—						—						—						—						1,097						1,097						—												1,097
Dividends and distributions declared ($0.20 per share)						—						—						—						(26,233)						—						(26,233)						—												(26,233)
Shares canceled for tax withholding on vested stock awards						(35)						(1)						(191)						—						—						(192)						—												(192)
Net loss						—						—						—						(67,860)						—						(67,860)						(823)												(68,683)
Balance as of June 30, 2024						130,629						$	1,306					$	2,866,030					$	(1,763,524)					$	(5,053)					$	1,098,759					$	304											$	1,099,063
Issuance and amortization of equity-based compensation						313						$	3					$	3,418					$	—					$	—					$	3,421					$	—											$	3,421
Repurchase of common stock						(1,195)						(12)						(6,581)						—						—						(6,593)						—												(6,593)
Other comprehensive income						—						—						—						—						403						403						—												403
Dividends and distributions declared ($0.16 per share)						—						—						—						(20,796)						—						(20,796)						—												(20,796)
Shares canceled for tax withholding on vested stock awards						(62)						—						(394)						—						—						(394)						—												(394)
Net income (loss)						—						—						—						12,729						—						12,729						(1,308)												11,421
Balance as of September 30, 2024						129,685						$	1,297					$	2,862,473					$	(1,771,591)					$	(4,650)					$	1,087,529					$	(1,004)											$	1,086,525

The accompanying notes are an integral part of these consolidated financial statements.

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BRIGHTSPIRE CAPITAL, INC.

CONSOLIDATED STATEMENTS OF EQUITY (Continued)

(in Thousands)

(Unaudited)

						Common Stock												Additional Paid-in Capital						Retained Earnings (Accumulated Deficit)						Accumulated Other Comprehensive Income (Loss)						Total Stockholders’ Equity						Noncontrolling Interests in Investment Entities												Total Equity
						Class A
						Shares						Amount
Balance as of December 31, 2024						129,685						$	1,297					$	2,865,341					$	(1,812,083)					$	(6,337)					$	1,048,218					$	(2,407)											$	1,045,811
Issuance and amortization of equity-based compensation						1,619						16						4,197						—						—						4,213						—												4,213
Other comprehensive income						—						—						—						—						1,831						1,831						—												1,831
Dividends and distributions declared ($0.16 per share)						—						—						—						(20,802)						—						(20,802)						—												(20,802)
Shares canceled for tax withholding on vested stock awards						(646)						(6)						(3,872)						—						—						(3,878)						—												(3,878)
Net income (loss)						—						—						—						5,342						—						5,342						(1,634)												3,708
Balance as of March 31, 2025						130,658						$	1,307					$	2,865,666					$	(1,827,543)					$	(4,506)					$	1,034,924					$	(4,041)											$	1,030,883
Issuance and amortization of equity-based compensation						93						$	1					$	2,912					$	—					$	—					$	2,913					$	—											$	2,913
Repurchase of common stock						(757)						(8)						(4,000)						—						—						(4,008)						—												(4,008)
Other comprehensive income						—						—						—						—						4,506						4,506						—												4,506
Dividends and distributions declared ($0.16 per share)						—						—						—						(20,862)						—						(20,862)						—												(20,862)
Net loss						—						—						—						(23,118)						—						(23,118)						(2,054)												(25,172)
Balance as of June 30, 2025						129,994						$	1,300					$	2,864,578					$	(1,871,523)					$	—					$	994,355					$	(6,095)											$	988,260
Issuance and amortization of equity-based compensation						—						$	—					$	2,927					$	—					$	—					$	2,927					$	—											$	2,927
Share forfeitures						(80)						—						(133)						—						—						(133)						—												(133)
Repurchase of common stock						(181)						(3)						(961)						—						—						(964)						—												(964)
Dividends and distributions declared ($0.16 per share)						—						—						—						(20,756)						—						(20,756)						—												(20,756)
Net income (loss)						—						—						—						984						—						984						(2,288)												(1,304)
Balance as of September 30, 2025						129,733						$	1,297					$	2,866,411					$	(1,891,295)					$	—					$	976,413					$	(8,383)											$	968,030

The accompanying notes are an integral part of these consolidated financial statements.

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BRIGHTSPIRE CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in Thousands)

(Unaudited)

			Nine Months Ended September 30,
			2025						2024
Cash flows from operating activities:
Net loss			$	(22,769)					$	(114,371)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			28,346						29,430
Straight-line rental income			(1,033)						(1,885)
Amortization of above (below) market lease values, net			239						265
Amortization of premium/accretion of discount and fees on investments and borrowings, net			(133)						(5,435)
Amortization of deferred financing costs			6,198						6,103
Amortization of right-of-use lease assets and operating lease liabilities			(6)						114
Paid-in-kind interest added to loan principal, net of interest received			(1,787)						(1,317)
Designated hedges and foreign currency translation reclassified to earnings			3,362						—
Realized (gain) loss on sale of real estate			764						(144)
Increase of current expected credit loss reserve			8,562						115,313
Impairment of operating real estate			53,636						44,800
Amortization of equity-based compensation			9,920						8,741
Mortgage notes (above) below market value amortization			(69)						9
Deferred income tax benefit			(21,781)						(1,140)
Changes in assets and liabilities:
Receivables, net			(2,654)						2,962
Deferred costs and other assets			1,219						(1,148)
Other liabilities			(4,214)						(3,596)
Net cash provided by operating activities			57,800						78,701
Cash flows from investing activities:
Acquisition, origination and funding of loans and preferred equity held for investment, net			(356,578)						(47,247)
Repayment on loans held for investment			243,630						282,885
Proceeds from sale of real estate			39,554						19,605
Cash and restricted cash received related to consolidation of loans held for investment and real estate owned			6,141						—
Acquisition of and additions to real estate and related intangibles			(10,837)						(5,251)
Cash relinquished in deconsolidation of subsidiaries			(5,638)						—
Change in escrow deposits payable			(4,338)						(14,330)
Net cash (used in) provided by investing activities			(88,066)						235,662
Cash flows from financing activities:
Distributions paid on common stock			(62,412)						(78,264)
Shares canceled for tax withholding on vested stock awards			(3,878)						(4,561)
Repurchase of common stock			(4,972)						(6,593)
Repayment of mortgage notes			(4,184)						(11,638)
Borrowings from credit facilities			229,285						297,578
Repayment of credit facilities			(235,798)						(602,027)
Borrowing from securitization bonds			—						582,487
Repayment of securitization bonds			(111,734)						(403,430)
Payment of deferred financing costs			(4,990)						(11,108)
Issuance of common stock			—						16
Net cash used in financing activities			(198,683)						(237,540)
Effect of exchange rates on cash, cash equivalents and restricted cash			(180)						234
Net decrease in cash, cash equivalents and restricted cash			(229,129)						77,057
Cash, cash equivalents and restricted cash - beginning of period			450,696						362,089
Cash, cash equivalents and restricted cash - end of period			$	221,567					$	439,146

The accompanying notes are an integral part of these consolidated financial statements.

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BRIGHTSPIRE CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(in Thousands)

(Unaudited)

			Nine Months Ended September 30,
			2025						2024
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Beginning of the period
Cash and cash equivalents			$	302,173					$	257,506
Restricted cash			148,523						104,583
Total cash, cash equivalents and restricted cash, beginning of period			$	450,696					$	362,089
End of the period
Cash and cash equivalents			$	113,378					$	263,763
Restricted cash			108,189						175,383
Total cash, cash equivalents and restricted cash, end of period			$	221,567					$	439,146

			Nine Months Ended September 30,
			2025						2024
Supplemental disclosure of non-cash investing and financing activities:
Deconsolidation of assets following foreclosure (refer to Note 4)			$	(264,170)					$	—
Deconsolidation of liabilities following foreclosure (refer to Note 4)			241,332						—
Accrual of distribution payable			20,756						(20,795)
Assets transferred to held for sale			34,284						—
Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate			(10,633)						(3,907)
Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate			12,591						2,836
Assumption of real estate and consolidation of VIE (refer to Note 4)			226,964						41,090

The accompanying notes are an integral part of these consolidated financial statements.

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BRIGHTSPIRE CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Business and Organization

BrightSpire Capital, Inc. (the “Company”) is a commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which the Company expects to be its primary investment strategy. Additionally, the Company may selectively originate mezzanine loans and make preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with the Company’s origination of corresponding first mortgages on the same properties. Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes.

The Company was organized in the state of Maryland on August 23, 2017 and maintains key offices in New York, New York and Los Angeles, California. The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the taxable year ended December 31, 2018. The Company conducts all activities and holds substantially all assets and liabilities through the Company’s operating subsidiary, BrightSpire Capital Operating Company, LLC (the “OP”).

2. Summary of Significant Accounting Policies

The significant accounting policies of the Company are described below. The accounting policies of the Company’s unconsolidated ventures are substantially similar to those of the Company.

Basis of Presentation

The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements.

The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities

Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that

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most significantly affect the VIEs economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE.

Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment.

As of September 30, 2025 and December 31, 2024, the Company has identified certain consolidated and unconsolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.

Consolidated VIEs

In March 2024 and February 2025, the Company modified senior loan agreements on an Arlington, Texas multifamily property and a Mesa, Arizona multifamily property, respectively, which resulted in reconsideration events under ASC 810, Consolidation. The Company became a preferred equity investor in the parent company of the borrowers in the Arlington, Texas and Mesa, Arizona properties following the modifications, through which it can make contributions to the borrower. The Company made the determination that its investments in the Arlington, Texas and Mesa, Arizona multifamily properties were VIEs. Once the Company made its initial preferred equity contributions in July 2024 for the Arlington, Texas multifamily property and February 2025 for the Mesa, Arizona multifamily property, it triggered control rights over the properties and the Company became the primary beneficiary of the VIEs. The Company has the ability to control the most significant activities of the two multifamily properties’ economic performance and the obligation to absorb losses or the right to receive benefits of the VIEs that could be significant to the VIEs. The Company consolidated the assets and liabilities of the VIEs, as well as the operations of the two properties, and they are included in real estate, net on its consolidated balance sheets. The consolidation did not result in a gain or loss. The loans and preferred equity investments for the Arlington, Texas and Mesa, Arizona are eliminated in consolidation. See Note 3, “Loans and Preferred Equity Held for Investment, net” and Note 4, “Real Estate, net and Real Estate Held for Sale” for further information.

Consolidated VIEs include securitization bonds payable, net, the Arlington, Texas multifamily loan, the Mesa, Arizona multifamily loan and certain operating real estate properties that have noncontrolling interests. The noncontrolling interests in the operating real estate properties, excluding the Arlington, Texas and Mesa, Arizona multifamily loans, represent third party joint venture partners with ownership of 5.0% at September 30, 2025 and ranging from 5.0% to 11.0% at December 31, 2024. These noncontrolling interests do not have substantive kick-out nor participating rights. The Arlington, Texas and Mesa, Arizona are multifamily loans in which we also hold preferred equity interests.

Unconsolidated VIEs

As of September 30, 2025, the Company held an interest in six unconsolidated VIEs relating to six preferred equity investments. The preferred equity investments were funded in relation to six senior loans that were originated prior to the second quarter of 2025, all with the same sponsor. The preferred equity investments are cross-collateralized and earn a 14% fixed preferred return. The Company does not hold any upside above the 14% return. If there is a shortfall upon resolution of any of the six preferred equity investments, the Company will receive proceeds from the resolution of the other six remaining preferred equity investments. The Company has determined that it is not the primary beneficiary of the VIEs as it does not have power over decisions that most significantly affect the VIEs and therefore has not consolidated these VIEs. The Company accounts for these investments as debt investments due to the mandatory redemption feature within the preferred equity investment agreements. The mandatory redemption date for each preferred equity investment is the same as the maturity date for each of the six corresponding senior loans. The maximum exposure to loss is the unpaid principal balance of the senior loans and preferred equity investments, which was $170.0 million at September 30, 2025. These investments are included in loans and preferred equity held for investment, net on the Company’s consolidated balance sheets.

As of September 30, 2025, the Company held an additional interest in an unconsolidated VIE relating to one preferred equity investment. The investment was funded in relation to a senior loan that was originated in 2019 with the same sponsor. The preferred equity investment earns a 20% fixed preferred return, and the Company does not hold any upside above the 20% return. The Company has determined that it is not the primary beneficiary of the VIE as it does not have power over decisions that most significantly affect the VIE and has not consolidated this VIE. The Company accounts for this investment as a debt

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investment due to the mandatory redemption feature within the preferred equity investment agreement. The mandatory redemption date is the same as the maturity date for the corresponding senior loan. The maximum exposure to loss is the unpaid principal balance of the senior loan and the preferred equity investment, which was $22.9 million at September 30, 2025. The investment is included in loans and preferred equity held for investment, net on the Company’s consolidated balance sheets.

As of December 31, 2024, the Company did not hold, and had no remaining obligations to, any unconsolidated VIEs.

Noncontrolling Interests

Noncontrolling Interests in Investment Entities—This represents interests in consolidated investment entities held by third party joint venture partners, including the operations of the Arlington, Texas and Mesa, Arizona multifamily properties collateralizing the senior loans.

Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value (“HLBV”) basis, where applicable and substantive. HLBV uses a balance sheet approach, which measures each party’s capital account at the end of a period assuming that the subsidiary was liquidated or sold at book value. Each party’s share of the subsidiary’s earnings or loss is calculated by measuring the change in the party’s capital account from the beginning of the period in question to the end of period, adjusting for effects of distributions and new investments.

Comprehensive Income (Loss)

The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”) and gain (loss) on foreign currency translation.

Fair Value Measurement

Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company’s own creditworthiness.

The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows:

Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument.

Level 3—At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate.

Where the inputs used to measure the fair value of a financial instrument fall into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.

Fair Value Option

The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. Gains and losses on items for which the fair value option has been elected are reported in earnings. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is applied on an instrument by instrument basis and is irrevocable unless a new election event occurs.

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Business Combinations

Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process.

Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to the acquisition of assets are included in the cost basis of the assets acquired. Such valuations require management to make significant estimates and assumptions.

Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

Cash and Cash Equivalents

Short-term, highly liquid investments with original maturities of three months or less at the time of acquisition are considered to be cash equivalents. The Company’s cash is held with major financial institutions. Certain cash account balances exceed Federal Deposit Insurance Corporation insurance limits of $250,000 per account and as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. The Company monitors the financial stability of these financial institutions and believes it is not exposed to any significant credit risk in cash and cash equivalents.

Restricted Cash

Restricted cash consists primarily of securitization trust unused proceeds, borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves.

Loans and Preferred Equity Held for Investment

The Company originates and purchases loans and preferred equity held for investment. The accounting framework for loans and preferred equity held for investment depends on the Company’s strategy whether to hold or sell the loan and preferred equity or whether the loan was credit-impaired at the time of acquisition.

Loans and Preferred Equity Held for Investment

Loans and preferred equity that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans and preferred equity are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans and preferred equity are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans and preferred equity are expensed as incurred. Preferred equity investments included in loans and preferred equity held for investment, net have fixed interest rates and mandatory redemption dates.

Interest Income—Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans and preferred equity. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans and preferred equity using the effective yield method. Premium or discount on purchased loans and preferred equity are amortized as adjustments to interest income over the expected life of the loans and preferred equity using the effective yield method. When a loan or preferred equity is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan and preferred equity is recognized as additional interest income.

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(Unaudited)

The Company has debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan or preferred equity balance that is due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due.

Nonaccrual—Accrual of interest income is suspended on nonaccrual loans and preferred equity. Loans and preferred equity that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest receivable is reversed against interest income when loans and preferred equity are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan or and preferred equity principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan and preferred equity carrying value. Loans and preferred equity may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured.

Loans Held for Sale

Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to Current Expected Credit Losses (“CECL”) reserves. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. At September 30, 2025 and December 31, 2024, there were no loans held for sale.

Operating Real Estate

Real Estate Acquisitions—Real estate acquired in acquisitions that are deemed to be business combinations is recorded at the fair values of the acquired components at the time of acquisition, allocated among land, buildings, improvements, equipment and lease-related tangible and identifiable intangible assets and liabilities, including forgone leasing costs, in-place lease values and above- or below-market lease values and assumed debt, if any. Real estate acquired in acquisitions that are deemed to be asset acquisitions is recorded at the total value of consideration transferred, including transaction costs, and allocated to the acquired components based upon relative fair value. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information.

Real Estate Held for Investment

Real estate held for investment is carried at cost less accumulated depreciation.

Costs Capitalized or Expensed—Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives.

Depreciation—Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:

Real Estate Assets						Term
Building (fee interest)						28 to 47 years
Building leasehold interests						Lesser of remaining term of the lease or remaining life of the building
Building improvements						Lesser of the useful life or remaining life of the building
Land improvements						1 to 15 years
Tenant improvements						Lesser of the useful life or remaining term of the lease
Furniture, fixtures and equipment						2 to 9 years

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future

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net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Another key consideration in this assessment is the Company’s assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, capitalization rates, discount rates, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. See Note 4, “Real Estate, net and Real Estate Held for Sale” and Note 12, “Fair Value” for further detail.

Real Estate Held for Sale

Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain.

If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, and (ii) its estimated fair value at the time the Company decides not to sell.

At September 30, 2025, there were no properties classified as held for sale. At December 31, 2024, the Company classified one property as held for sale. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” and Note 12, “Fair Value” for further detail.

Foreclosed Properties

The Company receives foreclosed properties in full or partial settlement of loans held for investment by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed-in-lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as CECL reserves and the cumulative reserve on the loan is charged off. Fair value of foreclosed properties is generally based on a discounted cash flow, third party appraisals, broker price opinions, comparable sales, direct capitalization method or a combination thereof.

Investments in Unconsolidated Ventures

A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value (“NAV”) practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss), net on the Company’s consolidated statements of operations.

Equity Method Investments

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity

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(Unaudited)

method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach.

Impairment

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative, excluding those measured under the fair value option. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated fair value of the investee, which is based on significant assumptions including the estimated timing and probabilities of the future cash flows of the unconsolidated joint venture, utilizing discount rates and capitalization rates.

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.

Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in earnings from investments in unconsolidated ventures for equity method investments and in other gain (loss), net for investments under the measurement alternative.

Identifiable Intangibles

In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise, they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life.

Lease Intangibles—Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management’s assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements, that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense.

The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below-market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively.

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(Unaudited)

Deferred leasing costs represent management’s estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.

Transfers of Financial Assets

Sale accounting for transfers of financial assets requires the transfer of an entire financial asset, a group of financial assets in its entirety or if a component of the financial asset is transferred, that the component meets the definition of a participating interest with characteristics that mirror the original financial asset.

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following sale conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur.

If sale accounting is met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions, or secured borrowing, including the Company’s Master Repurchase Facilities (as defined herein).

Financing Costs

Financing costs primarily include debt discounts and premiums as well as deferred financing costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed to other gain (loss), net when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur.

Revenue Recognition

Property Operating Income

Property operating income includes the following:

Rental Income—Rental income is recognized on a straight-line basis over the non-cancellable term of the related lease, together with renewal options that are reasonably certain of being exercised, which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred.

When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants, is capitalized. For tenant improvements owned by the Company, the amount funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space.

When it is determined that the tenant is the owner of tenant improvements, the Company’s contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the leased space.

Tenant Reimbursements—In net lease arrangements, the tenant is generally responsible for operating expenses related to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a

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gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized.

Hotel Operating Income—Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services.

Foreign Currency

Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Refer to Note 10, “Stockholders’ Equity” for further discussion.

Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss), net on the consolidated statements of operations.

Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented. As of June 30, 2025, the Company no longer had any assets or liabilities denominated in a foreign currency. See Note 4, “Real Estate, net and Real Estate Held for Sale” for further detail.

Equity-Based Compensation

Equity-classified stock awards granted to executive officers and non-employee directors are based on the closing price of the Class A common stock on the grant date and recognized on a straight-line basis over the requisite service period of the awards for restricted stock awards. For performance stock units (“PSUs”) the fair value is based on a Monte Carlo simulation as of the grant date and the expense is generally recognized on a straight-line basis over the measurement period, except when certain performance metrics are achieved. See Note 9, “Equity-Based Compensation” for further discussion.

The compensation expense is adjusted for actual forfeitures upon occurrence. Equity-based compensation is classified within compensation and benefits in the consolidated statements of operations.

Earnings Per Share

The Company presents both basic and diluted earnings per share (“EPS”) using the two-class method. Basic EPS is calculated by dividing earnings allocated to common shareholders, as adjusted for unallocated earnings attributable to certain participating securities, if any, by the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company has certain share-based payment awards that contain nonforfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method.

Income Taxes

For U.S. federal income tax purposes, the Company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2018. To qualify as a REIT, the Company must continually satisfy tests concerning, among other things, the real estate qualification of sources of its income, the real estate composition and values of its assets, the amounts it distributes to stockholders and the diversity of ownership of its stock.

To the extent that the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential

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interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable.

The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on its undistributed taxable income. The Company previously held an investment in Europe which was subject to tax in its local jurisdiction.

The Company made joint elections to treat certain subsidiaries as taxable REIT subsidiaries (“TRSs”) which may be subject to taxation by U.S. federal, state and local authorities. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the Company cannot hold directly and engage in most real estate or non-real estate-related business.

Certain subsidiaries of the Company are subject to taxation by U.S. federal, state and local authorities for the periods presented. Income taxes are accounted for by the asset/liability approach in accordance with GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws and tax rates in the period during which such changes are enacted. A provision for income tax represents the total of income taxes paid or payable for the current period, plus the change in deferred taxes. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by the Company with respect to its interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s GAAP consolidated financial statements and the U.S. federal, state and local tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry-specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax expense in the consolidated statements of operations.

For the three months ended September 30, 2025 and 2024, the Company recorded an income tax benefit of $0.1 million and expense of $0.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded income tax benefit of $21.5 million and expense of $0.7 million, respectively. The income tax benefit for the nine months ended September 30, 2025 includes a benefit of $22.1 million, which is the result of the reversal of a deferred tax liability associated with a European investment subsidiary that the lenders acquired control of following a maturity default on its bond financing. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further information. For the nine months ended September 30, 2025, the Company received a net refund of $1.9 million in cash for income taxes.

Current Expected Credit Loss (“CECL”) reserve

The CECL reserve for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments and trade receivables, represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the CECL reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts.

The general CECL reserve is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the CECL reserve on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually.

In measuring the general CECL reserve for financial instruments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the CECL reserve is calculated as the product of PD, LGD and exposure at default. The Company’s model principally utilizes historical loss rates derived from a commercial mortgage-backed securities database with historical losses from 1998 through September 2025 provided by a third party, Trepp LLC, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by a straight-line reversion period of twelve-months back to average historical losses. Where management has determined that the credit loss model does not fully

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capture certain external factors, including portfolio trends or loan specific factors, a qualitative adjustment to the reserve may be recorded. This may include when management has determined a loan to be collateral dependent and elects to utilize the practical expedient when measuring the general CECL reserve.

For determining a specific CECL reserve, financial instruments are assessed outside of the PD/LGD model on an individual basis. This occurs when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument. The Company records a reserve to reduce the carrying value of the instrument to the present value of the expected future cash flows discounted at the instrument’s effective rate or to the fair value of the collateral. The Company applies broadly accepted and standard real estate valuation techniques, such as a discounted cash flow (“DCF”) or direct capitalization methodology, to determine the fair value of the collateral where it is probable that the Company will foreclose or the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date, and the repayment is expected to be provided substantially through the operation or sale of the collateral. Determining fair value of the collateral, including utilization of a practical expedient, may take into account a number of assumptions including, but not limited to, market rents and cash flow projections, market capitalization rates, discount rates and sales comps. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties.

In connection with developing the CECL reserve for its loans and preferred equity held for investment, the Company determines the risk ranking of each loan and preferred equity investment as a key credit quality indicator. The risk rankings are based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, the Company’s loans and preferred equity held for investment are rated “1” through “5,” from less risk to greater risk, and the ratings are updated quarterly. At the time of origination or purchase, loans and preferred equity held for investment are ranked as a “3” and will move accordingly going forward based on the ratings which are defined as follows:

1.Very Low Risk

2.Low Risk

3.Medium Risk

4.High Risk/Potential for Loss—A loan that has a high risk of realizing a principal loss.

5.Impaired/Loss Likely—A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

The Company also considers qualitative factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the CECL reserve.

The Company has elected to not measure a CECL reserve for accrued interest receivable as it is reversed against interest income when a loan or preferred equity investment is placed on nonaccrual status. Loans and preferred equity investments are charged off when all or a portion of the principal amount is determined to be uncollectible.

Changes in the CECL reserve for the Company’s financial instruments are recorded in increase/decrease in current expected credit loss reserve on the consolidated statement of operations with a corresponding offset to the loans and preferred equity held for investment or as a component of other liabilities for future loan fundings recorded on the Company’s consolidated balance sheets. See Note 3, “Loans and Preferred Equity Held for Investment, net” for further detail.

Future Application of Accounting Standards

Income Tax Accounting—In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The ASU is effective for periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt this ASU for its Annual Report on Form 10-K for the year ended December 31, 2025. There will be no material change to the consolidated financial statements as a result of this guidance.

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Business Combinations and Consolidation—In May 2025, the FASB issued ASU No. 2025-03, Business Combinations and Consolidation: Determining The Accounting Acquirer In The Acquisition of a Variable Interest Entity. The ASU requires reporting entities involved in a business combination effected primary by the exchange of equity interests to consider the new guidance to determine which entity is the accounting acquirer regardless of whether the legal acquiree is a VIE. As a result, a reporting entity can determine that a transaction in which the legal acquiree is a VIE represents a reverse acquisition and the acquirer is identified as the acquiree for accounting purposes. The Company is evaluating the impact of this standard.

Any new accounting standards that have not been disclosed that have been issued or proposed by FASB and that do not require adoption until a future date are being evaluated and not expected to have a material impact on the financial statements.

3. Loans and Preferred Equity Held for Investment, net

The following table provides a summary of the Company’s loans and preferred equity held for investment, net (dollars in thousands):

						September 30, 2025																														December 31, 2024
						Unpaid Principal Balance						Carrying Value						Weighted Average Coupon(1)						Weighted Average of Contractual Maturity(2)						Weighted Average Maturity in Years(3)						Unpaid Principal Balance						Carrying Value						Weighted Average Coupon(1)						Weighted Average of Contractual Maturity(2)						Weighted Average Maturity in Years(3)
Variable rate
Senior loans						$	1,079,337					$	1,080,459					7.5		%				0.8						1.9						$	1,205,685					$	1,209,645					7.2		%				0.3						1.5
Securitized loans(4)						1,203,762						1,204,000						7.4		%				0.8						1.5						1,264,456						1,264,148						7.7		%				0.5						1.7
						2,283,099						2,284,459																								2,470,141						2,473,793
Fixed rate
Senior loans						21,428						21,428						15.1		%				0.4						1.4						—						—						—		%				—						—
Mezzanine loans						47,647						47,647						8.3		%				0.4						1.4						45,137						45,132						8.2		%				0.1						1.5
Preferred equity interests						9,767						9,681						14.1		%				0.7						1.3						—						—						—		%				—						—
						78,842						78,756																								45,137						45,132
Loans and preferred equity held for investment						2,361,941						2,363,215																								2,515,278						2,518,925
CECL reserve						—						(126,905)																								—						(165,932)
Loans and preferred equity held for investment, net						$	2,361,941					$	2,236,310					7.6		%				0.8						1.6						$	2,515,278					$	2,352,993					7.4		%				0.4						1.6

_________________________________________

(1)Calculated based on contractual interest rate. As of September 30, 2025, all variable rate loans utilize Term Secured Overnight Financing Rate (“Term SOFR”).

(2)Calculated using current maturity date.

(3)Calculated using extended maturity date.

(4)Represents loans transferred into securitization trusts that are consolidated by the Company.

The Company had $10.0 million and $11.9 million of interest receivable related to its loans and preferred equity held for investment, net as of September 30, 2025 and December 31, 2024, respectively. This is included in receivables, net on the Company’s consolidated balance sheets.

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Activity relating to the Company’s loans and preferred equity held for investment, net was as follows (dollars in thousands):

						Carrying Value
						Nine Months Ended September 30,
						2025						2024
Balance at January 1						$	2,352,993					$	2,860,478
Acquisitions/originations/additional funding(1)						356,578						47,247
Loan maturities/principal repayments(1)						(243,630)						(328,048)
(Increase) decrease of CECL reserve(2)						(8,144)						(115,556)
Discount accretion, net						458						5,435
Capitalized interest, net of repayments						1,787						1,317
Transfer to Real Estate, net(3)						(243,956)						(48,094)
Charge-off of CECL reserve-transfer to Real Estate, net and Real Estate Held for Sale(3)						20,224						—
Charge-off of loan held for investment(4)						(27,366)						(28,022)
Charge-off of CECL reserve-other(4)						27,366						36,094
Balance at September 30						$	2,236,310					$	2,430,851

_________________________________________

(1)During the first quarter of 2025, the Company amended a senior mixed-use loan as part of the resolution of a senior mixed-use loan with the same sponsor. In relation to this amendment, there was a transfer of principal of $8.8 million. This transfer is not included within these captions as it was neither additional funding nor a repayment. See “Loan Modifications” below for more detail. During the nine months ended September 30, 2025, the Company originated 20 loans with a total of $355.3 million in committed principal balance.

(2)Provision for loan losses excludes $0.4 million for the nine months ended September 30, 2025 and $(0.3) million for the nine months ended September 30, 2024 as determined by the Company’s PD/LGD model for unfunded commitments reported on the consolidated statements of operations, with a corresponding offset to accrued and other liabilities recorded on the Company’s consolidated balance sheets.

(3)During the first quarter of 2025, the Company eliminated a multifamily loan in Mesa, Arizona as part of the consolidation of the Mesa, Arizona property as the primary beneficiary. During the second quarter of 2025, the Company foreclosed on a hotel loan in San Jose, California. During the third quarter of 2025, the Company acquired legal title to a office property in Tualatin, Oregon and a multifamily construction/development project in Santa Clara, California. As a result, the properties were consolidated as real estate and removed from loans held from investment, net. The CECL reserve related to these loans were charged off and the net amount is reflected as an addition to real estate, net. There was no gain or loss recorded as part of the consolidation. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

(4)During the nine months ended September 30, 2025, the Company charged off uncollectible amounts of $27.4 million relating to two multifamily loans based on resolution of the loans. During the third quarter of 2024, the Company eliminated a multifamily loan in Arlington, Texas as part of the consolidation of the Arlington property as the primary beneficiary. As a result, the property was consolidated as real estate and removed from loans held from investment, net. The CECL reserve related to this loan was charged off and the net amount is reflected as an addition to real estate, net. There was no gain or loss recorded as part of the consolidation.

Loan Modifications

The Company may amend or modify a loan depending on the loan’s specific facts and circumstances. These loan modifications typically include additional time for the borrower to refinance or sell the collateral property, adjustment or waiver of performance tests that are prerequisite to the extension of a loan’s maturity, and/or deferral of scheduled principal payments. In exchange for a modification, the Company may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a cash infusion to replenish interest or capital improvement reserves, termination of all or a portion of the remaining unfunded loan commitment, additional call protection, and/or increase the loan coupon.

During the first quarter of 2025, the Company amended a senior mixed-use loan (“Loan A”) as part of the resolution of a senior mixed-use loan (“Loan B”) with the same sponsor. The sponsor obtained new financing on the Loan B collateral that was $8.8 million short of a full principal payoff. The $8.8 million of principal was transferred to Loan A as part of the full resolution of Loan B. A joint venture agreement was entered into with the sponsor with respect to the Loan B collateral providing that (i) any available cash after Loan B debt service is paid is distributed to the Company to pay down Loan A and (ii) if, at any time after two years, Loan A is not paid off, the Company may unilaterally force a sale of the collateral for Loan B.

During the second quarter of 2025, the Company originated six preferred equity investments with one sponsor. The preferred equity investments were funded in relation to six senior loans that the Company originated prior to the second quarter of 2025, all with the same sponsor. The preferred equity investments are cross-collateralized and earn a 14% fixed preferred return. The Company does not hold any upside above the 14% return. If there is a shortfall upon resolution of any of the six preferred equity investments, the Company will receive proceeds from the resolution of the remaining preferred equity investments. The total carrying value of the six preferred equity investments at September 30, 2025 was $9.5 million and the total commitment was $12.9 million.

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During the third quarter of 2025, the Company originated an interest in an unconsolidated VIE relating to one preferred equity investment. The investment was funded in relation to a senior loan that was originated in 2019 with the same sponsor. The preferred equity investment earns a 20% fixed preferred return. The Company does not hold any upside above the 20% return. The total carrying value of this investment at September 30, 2025 was $0.2 million and the total commitment was $2.0 million.

During the fourth quarter of 2023, the Company amended a senior office loan with an outstanding principal balance of $39.4 million. The modification reduced the loan spread from 3.96% to 1.5%, and included an exit fee upon repayment of the loan of 2.5% of the principal balance. The modification allows the sponsor to utilize tenant improvements and leasing commission funds for capital improvements such as rezoning the collateral for additional commercial uses, and exploring rezoning certain parcels for multifamily use. Additionally, the sponsor funded $0.3 million into a reserve to fund operating shortfalls. During the fourth quarter of 2024, this senior loan was extended to March 9, 2025 and the exit fee was increased to 5.0%. Upon purchasing an updated rate cap in the first quarter of 2025, the loan was extended to September 9, 2025. During the third quarter of 2025, the sponsor paid down the senior office loan by $6.2 million and the Company acquired legal title to this property through a deed-in-lieu of foreclosure. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

Nonaccrual and Past Due Loans

Loans that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status.

The following table provides an aging summary of loans held for investment at carrying values before CECL reserve (dollars in thousands):

						Current or Less Than 30 Days Past Due(1)						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due (2)						Total Loans
September 30, 2025						$	2,348,523					$	—					$	—					$	14,692					$	2,363,215
December 31, 2024						2,368,591						—						—						150,334						2,518,925

_________________________________________

(1)At September 30, 2025, includes one industrial senior loan which was placed on nonaccrual status on September 9, 2025, with a carrying value of $24.6 million. At December 31, 2024, includes one multifamily senior loan in maturity default as of December 9, 2024. There was an extension to the loan in the first quarter of 2025 and the borrower is no longer in maturity default as of September 30, 2025.

(2)At September 30, 2025, includes an office mezzanine loan which was placed on nonaccrual status on April 1, 2024 with a carrying value of $14.7 million. At December 31, 2024, includes one hotel senior loan which was placed on nonaccrual status on June 9, 2024 with a carrying value of $136.0 million and an office mezzanine loan which was placed on nonaccrual status on April 1, 2024 with a carrying value of $14.4 million.

As of September 30, 2025, all loans were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans, except for one nonaccrual industrial senior loan and one nonaccrual office mezzanine loan. As of December 31, 2024, all loans were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans, except for one nonperforming hotel senior loan, one nonaccrual office mezzanine loan and one multifamily senior loan in maturity default. For the nine months ended September 30, 2025 and September 30, 2024, no debt investment contributed more than 10.0% of interest income.

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(Unaudited)

Current Expected Credit Loss Reserve

The following table provides details on the changes in CECL reserves (dollars in thousands):

CECL reserve at December 31, 2024						$	165,932
Decrease in general CECL reserve(1)						(9,524)
Increase in specific CECL reserve(2)						9,174
Charge-off of CECL reserve-other(2)						(9,174)
Charge-offs of CECL reserve-transfer to Real Estate, net and Real Estate Held for Sale(3)						(1,043)
CECL reserve at March 31, 2025						$	155,365
Decrease in general CECL reserve(1)						$	(18,798)
Increase in specific CECL reserve(2)						19,482
Charge-off of CECL reserve-other(2)						(18,192)
Charge-offs of CECL reserve-transfer to Real Estate, net and Real Estate Held for Sale(4)						(1,290)
CECL reserve at June 30, 2025						$	136,567
Decrease in general CECL reserve(1)						$	(9,662)
Increase in specific CECL reserve(2)						17,891
Charge-offs of CECL reserve-transfer to Real Estate, net and Real Estate Held for Sale(4)						(17,891)
CECL reserve at September 30, 2025						$	126,905
CECL reserve at December 31, 2023						$	76,028
Increase in general CECL reserve(1)						67,058
Increase in specific CECL reserve(2)						7,128
CECL reserve at March 31, 2024						$	150,214
Increase in general CECL reserve(1)						$	28,244
Increase in specific CECL reserve(2)						11,791
Charge-offs of CECL reserve(2)						(18,919)
CECL reserve at June 30, 2024						$	171,330
Decrease in general CECL reserve(1)						$	(7,768)
Increase in specific CECL reserve(2)						9,103
Charge-offs of CECL reserve(2)						(17,175)
CECL reserve at September 30, 2024						$	155,490

_________________________________________

(1)Excludes CECL reserves related to unfunded commitments reported on the consolidated statement of operations for the three months ended: March 31, 2025: $0.5 million, June 30, 2025: $(0.1) million, September 30, 2025: a de minimis amount, March 31, 2024: $0.2 million, June 30, 2024: $(0.1) million, September 30, 2024: $(0.3) million.

(2)During the first nine months of 2025, the Company recorded specific CECL reserves totaling $46.5 million for one multifamily loan, one multifamily construction/development loan, one office loan and one hotel loan, all of which were charged off during the nine months ended September 30, 2025. As of September 30, 2025, these properties are classified as real estate, net. During the nine months ended September 30, 2024, the Company recorded specific CECL reserves totaling $29.0 million and had $1.0 million of reversals for two multifamily loans, one office loan and one development mezzanine loan. The specific CECL reserves were charged off during the period upon resolution. During the third quarter of 2024, the Company consolidated a multifamily loan in Arlington, Texas as the primary beneficiary. As a result, the property was consolidated as real estate. The CECL reserve related to this loan was charged off.

(3)During the first quarter of 2025, the Company consolidated a multifamily loan as the primary beneficiary. As a result, the property was consolidated as real estate. The CECL reserve related to this loan was charged off.

(4)During the second quarter of 2025, the Company consolidated one hotel upon foreclosure and during the third quarter of 2025, the Company consolidated one office upon foreclosure. As a result, these properties were consolidated as real estate. The CECL reserve related to these loans were charged off.

Loans are typically secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its loans at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity.

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BRIGHTSPIRE CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following tables provide a summary by carrying values before any CECL reserves of the Company’s loans and preferred equity held for investment by year of origination and credit quality risk ranking as of September 30, 2025 and December 31, 2024 (dollars in thousands). Refer to Note 2, “Summary of Significant Accounting Policies” for loan risk ranking definitions.

At September 30, 2025, the weighted average risk ranking for loans held for investment was 3.1.

						September 30, 2025
						Year of Origination
Risk Rankings						2025						2024						2023						2022						2021 and earlier									Total
Senior loans
3						$	325,620					$	75,677					$	—					$	678,640					$	1,043,940								$	2,123,877
4						—						—						—						76,049						105,961									182,010
Total Senior loans						325,620						75,677						—						754,689						1,149,901									2,305,887
Mezzanine loans
3						—						—						14,692						32,955						—									47,647
Total Mezzanine loans						—						—						14,692						32,955						—									47,647
Preferred Equity
3						9,681						—						—						—						—									9,681
Total Preferred Equity						9,681						—						—						—						—									9,681
Total Loans and preferred equity held for investment						$	335,301					$	75,677					$	14,692					$	787,644					$	1,149,901								$	2,363,215
Current period gross write-offs						$	—					$	—					$	—					$	—					$	47,589								$	47,589

As of December 31, 2024, the weighted average risk ranking for loans held for investment was 3.2.

						December 31, 2024
						Year of Origination
Risk Rankings						2024						2023						2022						2021						2020 and earlier									Total
Senior loans
3						$	62,997					$	—					$	703,245					$	856,161					$	440,354								$	2,062,757
4						—						—						55,350						162,265						—									217,615
5						—						—						—						—						193,421									193,421
Total Senior loans						62,997						—						758,595						1,018,426						633,775									2,473,793
Mezzanine loans
3						—						14,355						30,777						—						—									45,132
Total Mezzanine loans						—						14,355						30,777						—						—									45,132
Total Loans held for investment						$	62,997					$	14,355					$	789,372					$	1,018,426					$	633,775								$	2,518,925
Current period gross write-offs(1)						$	—					$	—					$	6,155					$	2,413					$	20,407								$	28,975

_____________________________________

(1)Current period gross write-offs exclude all transfers to real estate, net.

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BRIGHTSPIRE CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Lending Commitments

The Company has lending commitments to borrowers pursuant to certain loan and preferred equity agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. Assuming the terms to qualify for future advances, if any, had been met, total gross unfunded lending commitments were $105.5 million and $106.3 million at September 30, 2025 and December 31, 2024, respectively. Refer to Note 13, “Commitments and Contingencies” for further details. The Company recorded $0.6 million and $0.2 million for allowance for lending commitments in accrued and other liabilities on its consolidated balance sheets in accordance with CECL at September 30, 2025 and December 31, 2024, respectively. See Note 2, “Summary of Significant Accounting Policies” for further details.

4. Real Estate, net and Real Estate Held for Sale

The following table presents the Company’s net lease portfolio, net, as of September 30, 2025 and December 31, 2024 (dollars in thousands):

						September 30, 2025						December 31, 2024
Land and improvements						$	78,805					$	121,881
Buildings, building leaseholds, and improvements						287,767						476,712
Tenant improvements						13,781						19,354
Subtotal						$	380,353					$	617,947
Less: Accumulated depreciation						(84,143)						(116,089)
Less: Impairment(1)						—						(30,693)
Net lease portfolio, net						$	296,210					$	471,165

The following table presents the Company’s portfolio of other real estate, net as of September 30, 2025 and December 31, 2024 (dollars in thousands):

						September 30, 2025						December 31, 2024
Land and improvements						$	149,114					$	77,219
Buildings, building leaseholds, and improvements						274,900						269,062
Tenant improvements						22,649						30,369
Furniture, fixtures and equipment						12,983						3,108
Construction-in-progress						5,725						2,394
Subtotal						$	465,371					$	382,152
Less: Accumulated depreciation						(41,870)						(53,608)
Less: Impairment(1)						—						(22,288)
Other portfolio, net						$	423,501					$	306,256

_________________________________________

(1)    See Note 12, “Fair Value,” for discussion of impairment of real estate.

At September 30, 2025, the Company held six foreclosed properties in other real estate, net with a combined carrying value of $273.7 million. At December 31, 2024, the Company held four foreclosed properties in other real estate, net with a combined carrying value of $115.2 million and one foreclosed property as held for sale with a carrying value of $1.9 million.

Depreciation Expense

Depreciation expense on real estate was $6.8 million and $6.9 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense on real estate was $20.3 million and $20.3 million for the nine months ended September 30, 2025 and 2024, respectively.

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BRIGHTSPIRE CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Property Operating Income

For the three and nine months ended September 30, 2025 and 2024 the components of property operating income were as follows (dollars in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Lease revenues
Minimum lease revenue						$	17,276					$	22,826					$	65,397					$	67,512
Variable lease revenue						2,012						3,148						7,980						9,002
						$	19,288					$	25,974					$	73,377					$	76,514
Hotel operating income						13,428						—						21,926						—
Total property operating income(1)						$	32,716					$	25,974					$	95,303					$	76,514

_________________________________________

(1)Excludes net amortization expense related to above and below-market leases of a $0.2 million amount and $0.2 million for the three and nine months ended September 30, 2025, respectively. Excludes net amortization expense related to above and below-market leases of de minimis and $0.3 million for the three and nine months ended September 30, 2024, respectively.

For the nine months ended September 30, 2025 and 2024 the Company had no single property with property operating income equal to or greater than 10.0% of total revenue of the Company.

Minimum Future Rents

Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of September 30, 2025 (dollars in thousands):

Remainder of 2025						$	16,531
2026						61,006
2027						53,002
2028						44,128
2029						39,953
2030 and thereafter						217,298
Total						$	431,918

The rental properties owned at September 30, 2025, are leased under noncancellable operating leases with current expirations ranging from 2025 to 2038, with certain tenant renewal rights. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases and others provide for increases based on the consumer price index.

Commitments and Contractual Obligations

Ground Lease Obligation

In connection with real estate acquisitions, the Company assumed certain noncancellable operating ground leases as lessee or sublessee with expiration dates through 2050. Rents on certain ground leases are paid directly by the tenants. Ground rent expense for the three and nine months ended September 30, 2025 was $0.8 million and $2.4 million, respectively. Ground rent expense for the three and nine months ended September 30, 2024 was $0.8 million and $2.4 million, respectively.

Refer to Note 13, “Commitments and Contingencies” for the details of future minimum rental payments on noncancellable ground lease on real estate as of September 30, 2025.

Real Estate Acquisitions

During the nine months ended September 30, 2025, the Company acquired legal title to one multifamily construction/development project and one office property through deeds-in-lieu of foreclosure, and one hotel property via foreclosure, all of which are included in real estate, net on the Company’s consolidated balance sheets.

The Company previously held investments in senior loans collateralized by multifamily properties in Mesa, Arizona and Arlington, Texas that were determined to be VIEs. The Company was determined to be the primary beneficiary of the VIEs and

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

consolidated the assets and liabilities as well as the operations of the multifamily properties in February 2025 (Mesa, Arizona) and July 2024 (Arlington, Texas). The multifamily properties are included in real estate, net on the Company’s consolidated balance sheets. The consolidation did not result in a gain or loss.

In November 2024, the Company acquired legal title to one multifamily property which is included in real estate, net on the Company’s consolidated balance sheets.

In accordance with ASC 805-50, the Company allocated the fair value of the assumed assets and liabilities on the respective acquisition dates for each property acquired.

The following table summarizes the Company’s real estate acquisitions for the nine months ended September 30, 2025 and the year ended December 31, 2024 (dollars in thousands):

																		Purchase Price Allocation
Acquisition Date			Property Type and Location			Number of Buildings/Units(1)						Purchase Price						Land and Improvements(2)						Building and Improvements(2)												Furniture and Fixtures(2)						Lease Intangible Assets(2)						Other Assets						Lease Intangible Liabilities(2)						Other Liabilities
Nine Months Ended September 30, 2025
September 2025			Office - Oregon(3)			8						$	21,100					$	10,912					$	5,105											$	—					$	4,567					$	1,849					$	(298)					$	(1,036)
July 2025			Multifamily/Pre-dev - California(3)(4)			n/a						39,760						39,760						—												—						—						—						—						—
May 2025			Hotel - California(3)			541						136,098						35,372						89,708												9,974						80						10,034						—						(9,070)
February 2025			Multifamily - Arizona(5)			285						31,965						9,007						21,051												270						1,456						708						—						(527)
Year Ended December 31, 2024
November 2024			Multifamily - Texas(3)			354						33,540						4,023						25,629												795						2,380						1,703						—						(990)
July 2024			Multifamily - Texas(5)			436						40,019						8,895						27,443												1,109						1,935						2,836						—						(2,199)
												$	302,482					$	107,969					$	168,936											$	12,148					$	10,418					$	17,130					$	(298)					$	(13,822)

_________________________________________

(1)    For multifamily properties, represents number of units. For hotels, represents number of rooms.

(2)    Useful life of real estate acquired is 28 to 40 years for buildings, four to 15 years for tenant improvements, four to nine for furniture and fixtures, and one to 12 years for lease intangibles.

(3)    Represents assets acquired by the Company through foreclosure or a deed-in-lieu of foreclosure

(4)    Represents a multifamily construction/development project located in California.

(5)    Represents a multifamily property held in a VIE for which the Company was deemed the primary beneficiary. The Company consolidated the assets, liabilities and the property's operations on the acquisition date in accordance with ASC 810.

Impairment and Foreclosure

The Company recorded $53.6 million in impairment of operating real estate during the nine months ended September 30, 2025. During the three months ended June 30, 2025, an investment subsidiary reached a maturity default on its bond financing collateralized by the Company’s Norwegian net lease office campus. Following the maturity default, the lenders exercised remedies and took control by equity pledge of the underlying investment subsidiary, requiring deconsolidation of the assets and liabilities from the Company’s consolidated balance sheet. The deconsolidation resulted in impairment loss of $49.3 million, consisting primarily of $185.7 million of real estate, net, $8.3 million of deferred leasing costs and intangible assets, net partially offset by the $146.9 million mortgage note payable. The remaining $2.2 million of impairment represents the deconsolidation of remaining net assets. The Company has no further involvement in the Norwegian net lease office campus and the lenders are not a related party.

In January 2025, an investment subsidiary defaulted on its mortgage note payable collateralized by one Pennsylvania office property included in the Company’s other real estate, net portfolio. In July 2025, a receiver was appointed and took possession and full control of the property, requiring deconsolidation of the assets and liabilities from the Company’s consolidated balance sheet in the third quarter of 2025. The deconsolidation resulted in impairment loss of $4.3 million, consisting primarily of $67.3 million of real estate, net, $3.0 million of deferred leasing costs and intangible assets, net, $1.6 million of intangible liabilities, net, partially offset by the $66.9 million mortgage note payable. The remaining $2.5 million of impairment represents

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(Unaudited)

the deconsolidation of remaining net assets. The Company has no further involvement in the Pennsylvania office property and the lenders are not a related party.

During the year ended December 31, 2024, in connection with the Company’s preparation of its quarterly financial reporting, the Company recorded $47.5 million of impairment related to three office properties held for investment. The impairment was due to a reduction in the current expected holding period of the properties. The estimated fair value of the collateral was determined by using a discounted cash flow model.

Real Estate Held for Sale

During the nine months ended September 30, 2025, the Company classified a multifamily property it previously acquired through a deed-in-lieu of foreclosure as held for sale. During the nine months ended September 30, 2025, the office property was sold for a gross sales price of $36.1 million, resulting in a gain on sale of $0.5 million.

The Company acquired one office property in Oakland, California through a deed-in-lieu of foreclosure in July 2023. As of December 31, 2024, the Company classified the office property as held for sale with real estate, net of $1.9 million and deferred leasing costs and intangible assets, net of $3.3 million. The Company recorded $6.7 million of impairment related to this office property, which was based on a reduction in the expected holding period as well as the expected proceeds from the sale. During the nine months ended September 30, 2025, the office property was sold for a gross sales price of $5.5 million, resulting in a loss on sale of $0.2 million.

There were no real estate sales during the nine months ended September 30, 2024.

5. Deferred Leasing Costs and Other Intangibles

The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at September 30, 2025 and December 31, 2024 are as follows (dollars in thousands):

						September 30, 2025
						Carrying Amount						Accumulated Amortization						Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values						$	59,037					$	(34,422)					$	24,615
Deferred leasing costs						22,425						(12,789)						9,636
Above-market lease values						10,917						(9,539)						1,378
						$	92,379					$	(56,750)					$	35,629
Intangible Liabilities
Below-market lease values						$	1,268					$	(433)					$	835

						December 31, 2024
						Carrying Amount						Accumulated Amortization						Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values						$	82,530					$	(49,495)					$	33,035
Deferred leasing costs						32,864						(21,021)						11,843
Above-market lease values						11,587						(9,293)						2,294
						$	126,981					$	(79,809)					$	47,172
Intangible Liabilities
Below-market lease values						$	16,798					$	(13,993)					$	2,805

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Above-market lease values						$	(200)					$	(331)					$	(878)					$	(1,272)
Below-market lease values						20						323						639						1,007
Net decrease to property operating income						$	(180)					$	(8)					$	(239)					$	(265)
In-place lease values						$	978					$	2,549					$	6,376					$	6,959
Deferred leasing costs						429						653						1,665						2,032
Amortization expense						$	1,407					$	3,202					$	8,041					$	8,991

The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, for each of the next five years and thereafter as of September 30, 2025 (dollars in thousands):

						Remainder of 2025						2026						2027						2028						2029						2030 and thereafter						Total
Above-market lease values						$	(263)					$	(586)					$	(114)					$	(93)					$	(93)					$	(229)					$	(1,378)
Below-market lease values						52						180						247						81						81						194						835
Net increase (decrease) to property operating income						$	(211)					$	(406)					$	133					$	(12)					$	(12)					$	(35)					$	(543)
In-place lease values						$	1,106					$	3,425					$	3,673					$	1,651					$	1,639					$	13,121					$	24,615
Deferred leasing costs						578						1,785						1,974						991						842						3,466						9,636
Amortization expense						$	1,684					$	5,210					$	5,647					$	2,642					$	2,481					$	16,587					$	34,251

6. Restricted Cash, Other Assets and Accrued and Other Liabilities

The following table presents a summary of restricted cash as of September 30, 2025 and December 31, 2024 (dollars in thousands):

						September 30, 2025						December 31, 2024
Restricted cash:
Borrower escrow deposits						$	75,794					$	80,132
Real estate escrow reserves						13,236						3,167
Capital expenditure reserves						9,075						11,027
Working capital and other reserves						7,764						2,096
Tenant lockboxes						2,320						2,014
Securitization trust unused proceeds(1)						—						50,087
Total						$	108,189					$	148,523

_______________________________________

(1)    Refer to Note 7, “Debt” for further discussion.

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(Unaudited)

The following table presents a summary of other assets as of September 30, 2025 and December 31, 2024 (dollars in thousands):

						September 30, 2025						December 31, 2024
Other assets:
Right-of-use lease asset						$	20,698					$	23,238
Tax receivable and deferred tax assets						12,263						16,299
Prepaid expenses and other						9,103						6,379
Deferred financing costs, net - credit facilities						3,681						3,143
Investments in unconsolidated ventures at fair value						2,115						2,235
Total						$	47,860					$	51,294

The following table presents a summary of accrued and other liabilities as of September 30, 2025 and December 31, 2024 (dollars in thousands):

						September 30, 2025						December 31, 2024
Accrued and other liabilities:
Accounts payable, accrued expenses and other liabilities						$	28,183					$	17,830
Operating lease liability						21,573						24,119
Prepaid rent and unearned revenue						11,019						7,852
Interest payable						5,425						10,046
Tenant security deposits						1,411						1,443
Unfunded CECL loan allowance						579						188
Current and deferred tax liability						—						21,147
Total						$	68,190					$	82,625

Investments in Unconsolidated Ventures at Fair Value

Private Funds

The Company elected the fair value option to account for its indirect interests in real estate through real estate private equity funds (“PE Investments”), which interests ranged from 1.0% to 10.0% as of September 30, 2025 and December 31, 2024. The Company records equity in earnings for these investments based on a change in fair value of its share of projected future cash flows.

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(Unaudited)

7. Debt

The following table presents debt as of September 30, 2025 and December 31, 2024 (dollars in thousands):

																											September 30, 2025												December 31, 2024
			Capacity ($)						Recourse vs. Non-Recourse(1)						Final Maturity						Contractual Interest Rate						Principal Amount(2)						Carrying Value(2)						Principal Amount(2)						Carrying Value(2)
Securitization bonds payable, net
BRSP 2024-FL2(3)									Non-recourse						Aug-37						SOFR + 2.47%						$	583,875					$	578,258					$	583,875					$	576,577
BRSP 2021-FL1(3)									Non-recourse						Aug-38						SOFR + 1.72%						398,762						398,740						510,497						510,497
Subtotal securitization bonds payable, net																											982,637						976,998						1,094,372						1,087,074
Mortgage and other notes payable, net
Net lease 1									Non-recourse						Sep-33						4.77%						200,000						199,044						200,000						198,963
Net lease 2(4)									Non-recourse						(4)						(4)						—						—						132,879						133,152
Net lease 3									Non-recourse						Aug-26						4.08%						28,136						28,096						28,671						28,599
Net lease 4									Non-recourse						Oct-27						4.45%						20,893						20,893						21,368						21,368
Net lease 5(5)									Non-recourse						Nov-26						4.45%						16,334						16,247						16,663						16,521
Net lease 5(6)									Non-recourse						Mar-28						7.25%						10,847						10,411						11,007						10,570
Net lease 6									Non-recourse						Nov-26						4.45%						6,490						6,455						6,620						6,564
Net lease 8									Non-recourse						Nov-26						4.45%						3,008						2,992						3,069						3,043
Other real estate 1									Non-recourse						Dec-28(7)						4.47%						97,629						96,804						99,224						98,124
Other real estate 2									Non-recourse						(8)						(8)						—						—						67,699						67,685
Loan 1(9)									Non-recourse						Jul-28(9)						5.50%						34,240						34,240						34,466						34,466
Subtotal mortgage and other notes payable, net																											417,577						415,182						621,666						619,055
Bank credit facility
Bank credit facility			$	165,000					Recourse						Jan-27 (10)						SOFR + 2.25%						—						—						—						—
Subtotal bank credit facility																											—						—						—						—
Master repurchase facilities
Bank 1			600,000						Limited Recourse(11)						Apr-27						SOFR + 2.35%			(12)			361,230						361,230						422,438						422,438
Bank 2			600,000						Limited Recourse(11)						Apr-30(13)						SOFR + 1.93%			(12)			118,350						118,350						160,847						160,847
Bank 3			400,000						Limited Recourse(14)						June-30(15)						SOFR + 1.69%			(12)			276,454						276,454						177,466						177,466
Bank 4			400,000						Limited Recourse(11)						Nov-29(16)						SOFR + 1.90%			(12)			22,637						22,637						24,432						24,432
Subtotal master repurchase facilities			$	2,000,000																							778,671						778,671						785,183						785,183
Subtotal credit facilities																											778,671						778,671						785,183						785,183
Total																											$	2,178,885					$	2,170,851					$	2,501,221					$	2,491,312

_________________________________________

(1)Subject to customary non-recourse carveouts.

(2)Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable.

(3)The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two to three years.

(4)During the second quarter of 2025, the mortgage note payable balance collateralized by Net lease 2 was deconsolidated from the Company’s consolidated balance sheet. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

(5)Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property.

(6)Represents a mortgage note collateralized by three properties. In April 2025, the contractual interest rate on Net lease 5 was modified to 7.25%.

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(7)The current maturity date is December 2027, with a one-year extension available, subject to satisfaction of certain customary conditions set forth in the governing documents.

(8)During the third quarter of 2025, the mortgage note payable balance collateralized by Other real estate 2 was deconsolidated from the Company’s consolidated balance sheet. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

(9)During the third quarter of 2025, the Company acquired legal title to the multifamily construction/development project collateralizing the note payable through a deed-in-lieu of foreclosure. Additionally, the Company refinanced the note payable, with a two-year initial term plus one one-year extension option. The principal balance and spread of the note payable did not change. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

(10)On January 28, 2022, the Company, through its subsidiaries, including the OP, entered into an Amended and Restated Credit Agreement. Refer to “Bank Credit Facility” within this note for more details.

(11)Recourse solely with respect to 25.0% of the financed amount.

(12)Represents the weighted average spread as of September 30, 2025. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.50% to 2.75%.

(13)The current maturity date is April 2028, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

(14)Recourse is either 25.0% or 50.0% depending on loan metrics.

(15)The current maturity date is June 2028, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

(16)The current maturity date is November 2026, with three one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.

During the nine months ended September 30, 2025, the Company paid $112.1 million in cash for interest.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments at September 30, 2025 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands):

			Total						Securitization Bonds Payable, Net						Mortgage and Other Notes Payable, Net						Credit Facilities
Remainder of 2025			$	762					$	—					$	762					$	—
2026			54,454						—						54,454						—
2027			381,539						—						20,309						361,230
2028			142,052						—						142,052						—
2029			22,637						—						—						22,637
2030 and thereafter			1,577,441						982,637						200,000						394,804
Total			$	2,178,885					$	982,637					$	417,577					$	778,671

Bank Credit Facility

The Company uses bank credit facilities (including term loans and revolving facilities) to finance the business. These financings may be collateralized or non-collateralized and may involve one or more lenders. Credit facilities typically have maturities ranging from one to five years and may accrue interest at either fixed or floating rates.

On January 28, 2022, the OP (together with certain subsidiaries of the OP from time to time party thereto as borrowers, collectively, the “Borrowers”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the several lenders from time to time party thereto (the “Lenders”), pursuant to which the Lenders agreed to provide a revolving credit facility in the aggregate principal amount of up to $165.0 million, of which up to $25.0 million is available as letters of credit. Loans under the Credit Agreement may be advanced in U.S. dollars and certain foreign currencies, including euros, pounds sterling and Swiss francs. The Credit Agreement amended and restated the OP’s prior $300.0 million revolving credit facility that would have matured on February 1, 2022.

The Credit Agreement also includes an option for the Borrowers to increase the maximum available principal amount of up to $300.0 million, subject to one or more new or existing Lenders agreeing to provide such additional loan commitments and satisfaction of other customary conditions.

Advances under the Credit Agreement accrue interest at a per annum rate equal to, at the applicable Borrower’s election, either (x) an adjusted SOFR rate plus a margin of 2.25%, or (y) a base rate equal to the highest of (i) the Wall Street Journal’s prime

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rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted SOFR rate plus 1.00%, plus a margin of 1.25%. An unused commitment fee at a rate of 0.25% or 0.35%, per annum, depending on the amount of facility utilization, applies to un-utilized borrowing capacity under the Credit Agreement. Amounts owed under the Credit Agreement may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings with respect to which a SOFR rate election is in effect.

The maximum amount available for borrowing at any time under the Credit Agreement is limited to a borrowing base valuation of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value. As of September 30, 2025, the borrowing base valuation is sufficient to permit borrowings of up to the entire $165.0 million. If any borrowing is outstanding for more than 180 days after its initial draw, the borrowing base valuation will be reduced by 50% until all outstanding borrowings are repaid in full. The ability to borrow new amounts under the Credit Agreement terminates on January 31, 2026, at which time the OP may, at its election and by written notice to the Administrative Agent, extend the termination date for two additional terms of six months each, subject to the terms and conditions in the Credit Agreement, resulting in a latest termination date of January 31, 2027.

The obligations of the Borrowers under the Credit Agreement are guaranteed pursuant to a Guarantee and Collateral Agreement by substantially all material wholly owned subsidiaries of the OP (the “Guarantors”) in favor of the Administrative Agent (the “Guarantee and Collateral Agreement”) and, subject to certain exceptions, secured by a pledge of substantially all equity interests owned by the Borrowers and the Guarantors, as well as by a security interest in deposit accounts of the Borrowers and the Guarantors in which the proceeds of investment asset distributions are maintained.

The Credit Agreement contains various affirmative and negative covenants, including, among other things, the obligation of the Company to maintain REIT status and be listed on the New York Stock Exchange, and limitations on debt, liens and restricted payments. In addition, the Credit Agreement includes the following financial covenants applicable to the OP and its consolidated subsidiaries: (a) minimum consolidated tangible net worth of the OP to be greater than or equal to the sum of (i) $1,112,000,000 and (ii) 70% of the net cash proceeds received by the OP from any offering of its common equity after September 30, 2021 and of the net cash proceeds from any offering by the Company of its common equity to the extent such proceeds are contributed to the OP, excluding any such proceeds that are contributed to the OP within ninety (90) days of receipt and applied to acquire capital stock of the OP; (b) the OP’s ratio of EBITDA plus lease expenses to fixed charges for any period of four consecutive fiscal quarters to be not less than 1.50 to 1.00; (c) the OP’s minimum interest coverage ratio to be not less than 3.00 to 1.00; and (d) the OP’s ratio of consolidated total debt to consolidated total assets to be not more than 0.80 to 1.00. The Credit Agreement also includes customary events of default, including, among other things, failure to make payments when due, breach of covenants or representations, cross default to material indebtedness, material judgment defaults, bankruptcy matters involving any Borrower or any Guarantor and certain change of control events. The occurrence of an event of default will limit the ability of the OP and its subsidiaries to make distributions and may result in the termination of the credit facility, acceleration of repayment obligations and the exercise of remedies by the Lenders with respect to the collateral.

As of September 30, 2025, the Company was in compliance with all of its financial covenants under the Credit Agreement.

Securitization Financing Transactions

Securitization bonds payable, net represent debt issued by securitization vehicles consolidated by the Company. Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Following expiration of the reinvestment period, payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the loans.

The Company evaluated the key terms in the collateralized loan obligation (“CLO”) governing documents of the issuers of the CRE CLOs (“CRE CLO Issuers”), which are wholly-owned subsidiaries of the Company, to determine if they were VIEs and, if so, whether the Company was the primary beneficiary and therefore consolidate the CRE CLOs. The Company concluded that the CRE CLO Issuers are VIEs and the Company is the primary beneficiary because it has the ability to control the most significant activities of the CRE CLO Issuers, the obligation to absorb losses to the extent of its equity investments, and the right to receive benefits that could potentially be significant to these entities.

As of September 30, 2025, the Company had $1.2 billion carrying value of CRE debt investments financed with $982.6 million of securitization bonds payable, net. As of December 31, 2024, the Company had $1.3 billion carrying value of CRE debt investments financed with $1.1 billion of securitization bonds payable, net.

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BRSP 2021-FL1

In July 2021, the Company executed a securitization transaction through wholly-owned subsidiaries, BRSP 2021-FL1, Ltd. and BRSP 2021-FL1, LLC (collectively, “BRSP 2021-FL1”), which resulted in the sale of $670.0 million of investment grade notes.

BRSP 2021-FL1 included a two-year reinvestment feature that allowed the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments or repurchases of loans held in BRSP 2021-FL1, subject to the satisfaction of certain conditions set forth in the indenture. The reinvestment period for BRSP 2021-FL1 expired on July 20, 2023. At September 30, 2025, the Company had $528.8 million of unpaid principal balance of CRE debt investments financed with BRSP 2021-FL1. As of September 30, 2025, the securitization reflects an advance rate of 75.4% at a weighted average cost of funds of Term SOFR plus 1.72% (before transaction costs), and is collateralized by a pool of 19 senior loan investments.

Additionally, BRSP 2021-FL1 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. The Company did not fail any note protection tests during the nine months ended September 30, 2025 and September 30, 2024. While the Company continues to closely monitor all loan investments contributed to BRSP 2021-FL1, a deterioration in the performance of an underlying loan could negatively impact its liquidity position.

BRSP 2024-FL2

In August 2024, the Company executed a $675.0 million securitization transaction through wholly-owned subsidiaries, BRSP 2024-FL2, Ltd. and BRSP 2024-FL2, LLC (collectively, “BRSP 2024-FL2”), which resulted in the sale of $583.9 million of investment grade notes (the “2024-FL2 Notes”).

BRSP 2024-FL2 included a six-month ramp-up acquisition period that allowed the Company to contribute existing or newly originated loan investments in exchange for $84.8 million in unused proceeds held in BRSP 2024-FL2, subject to the satisfaction of certain conditions set forth in the indenture. During the nine months ended September 30, 2025, the Company contributed existing or newly originated loan investments totaling $101.5 million, in exchange for a combination of reinvestment and unused proceeds. At September 30, 2025, the unused proceeds have been fully utilized. BRSP 2024-FL2 also includes a two-year reinvestment feature that allows the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments of loans held in BRSP 2024-FL2, subject to the satisfaction of certain conditions set forth in the indenture. At September 30, 2025, the Company had $675.0 million of unpaid principal balance of CRE debt investments financed with BRSP 2024-FL2. As of September 30, 2025, the securitization reflects an advance rate of 86.5% at a weighted average cost of funds of Term SOFR plus 2.47% (before transaction costs), and is collateralized by a pool of 27 senior loan investments.

Additionally, BRSP 2024-FL2 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. The Company did not fail any note protection tests during the nine months ended September 30, 2025. While the Company continues to closely monitor all loan investments contributed to BRSP 2024-FL2, a deterioration in the performance of an underlying loan could negatively impact its liquidity position.

Master Repurchase Facilities

As of September 30, 2025, the Company, through subsidiaries, had entered into repurchase agreements with multiple global financial institutions to provide an aggregate principal amount of up to $2.0 billion to finance the origination of first mortgage loans and senior loan participations secured by senior loan investments (each, a “Master Repurchase Facility” and collectively, the “Master Repurchase Facilities”). The Company agreed to guarantee certain obligations under the Master Repurchase Facilities, which contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. The Master Repurchase Facilities act as revolving loan facilities that can be paid down as assets are repaid or sold and re-drawn upon for new investments. As of September 30, 2025, the Company was in compliance with all of its financial covenants under the Master Repurchase Facilities.

As of September 30, 2025, the Company had $1.2 billion carrying value of CRE debt investments financed with $778.7 million under the Master Repurchase Facilities. As of December 31, 2024, the Company had $1.0 billion carrying value of CRE debt investments financed with $785.2 million under the Master Repurchase Facilities.

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(Unaudited)

As of September 30, 2025, the Company had two counterparties, Bank 1 and Bank 2, with net exposure (collateral that exceeded amounts borrowed) totaling more than 10% of the Company’s total equity. As of September 30, 2025, the Company’s net exposure to Bank 1 and Bank 2 was $217.0 million and $97.9 million, respectively.

As of December 31, 2024, the Company had one counterparty, Bank 1, with net exposure (collateral that exceeded amounts borrowed) totaling more than 10% of the Company’s total equity. As of December 31, 2024, the Company’s net exposure to Bank 1 was $198.8 million.

8. Related Party Arrangements

The Company had no related party transactions as of and for the nine months ended September 30, 2025 and 2024.

9. Equity-Based Compensation

On February 15, 2022, the Company’s board of directors adopted, and at the annual meeting of stockholders held on May 5, 2022, the stockholders approved, the 2022 Equity Incentive Plan (the “2022 Plan”), which was effective as of May 5, 2022 and amends and restates the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) to increase the total number of shares of the Class A common stock issuable by 10.0 million shares (subject to adjustment pursuant to the terms of the 2022 Plan) and extending the termination date to May 4, 2032. Awards may be granted under the 2022 Plan to (x) any employee, officer, director, consultant or advisor (who is a natural person) providing services to the Company, or its affiliates and (y) any other individual whose participation in the 2022 Plan is determined to be in the best interests of the Company. The following types of awards may be made under the 2022 Plan, subject to the limitations set forth in the plan: (i) stock options (which may be either incentive stock options or non-qualified stock options); (ii) stock appreciation rights; (iii) restricted stock awards; (iv) stock units; (v) unrestricted stock awards; (vi) dividend equivalent rights; (vii) performance awards; (viii) annual cash incentive awards; (ix) long-term incentive units; and (x) other equity-based awards.

Shares subject to an award granted under the 2022 Plan will be counted against the maximum number of shares of Class A common stock available for issuance thereunder as one share of Class A common stock for every one share of Class A common stock subject to such an award. Shares subject to an award granted under the 2022 Plan will again become available for issuance under the 2022 Plan if the award terminates by expiration, forfeiture, cancellation, or otherwise without the issuance of such shares (except as set forth in the following sentence). The number of shares of Class A common stock available for issuance under the 2022 Plan will not be increased by (i) any shares tendered or withheld in connection with the purchase of shares upon exercise of a stock option, (ii) any shares deducted or delivered in connection with the Company’s tax withholding obligations, or (iii) any shares purchased by the Company with proceeds from stock option exercises. Shares granted to non-independent directors, officers and employees, if applicable, generally vest ratably in three annual installments following the grant date.

On May 5, 2022, the Company granted 1,456,366 shares of Class A common stock to certain of its employees, including executive officers. The remaining one-third increment of such share grant vested on March 15, 2025. On March 6, 2023, the Company granted 1,391,217 shares of Class A common stock to certain of its employees, including executive officers. The remaining one-third increment of such share grant will vest on March 15, 2026. On March 15, 2024, the Company granted 1,243,696 shares of Class A common stock to certain of its employees, including executive officers. Remaining one-third increments of such share grant will vest on March 15, 2026 and March 15, 2027.

On May 17, 2023, the Company granted 93,285 shares of Class A common stock to the non-employee directors of the Company which vested on May 17, 2024. On May 17, 2024, the Company granted 79,495 shares of Class A common stock to the non-employee directors of the Company which vested on May 17, 2025.

On March 17, 2025, the Company granted 1,392,965 shares of Class A common stock to certain of its employees, including executive officers. The shares vest in one-third increments on March 15, 2026, March 15, 2027 and March 15, 2028. Additionally, on March 17, 2025 the Company granted 225,544 shares of Class A common stock to its executive officers. Such share grant vested immediately.

On May 19, 2025, the Company granted 92,940 shares of Class A common stock to the non-employee directors of the Company which vest on May 19, 2026.

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(Unaudited)

Equity-Based Compensation Expense

In connection with the share grants, the Company recognized share-based compensation expense of $2.8 million and $9.9 million within compensation and benefits in the consolidated statements of operations for the three and nine months ended September 30, 2025, respectively. In connection with the share grants, the Company recognized share-based compensation expense of $3.4 million and $8.7 million within compensation and benefits in the consolidated statement of operations for the three and nine months ended September 30, 2024, respectively.

Restricted Stock—Restricted stock awards relating to the Company’s Class A common stock are granted to non-employee directors of the Company and generally vest within one year. Restricted stock awards are granted to certain employees of the Company, with a service condition only and are generally subject to annual time-based vesting in equal tranches over a three-year period. Restricted stock is entitled to dividends declared and paid on the Company’s Class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company’s Class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three-year service period.

Performance Stock Units (“PSU”)—PSUs are granted to certain employees of the Company and are subject to both a service condition and a performance condition. Following the end of the measurement period for the PSUs, the recipients of PSUs may be eligible to vest in all or a portion of PSUs granted, and be issued a number of shares of the Company’s Class A common stock, ranging from 0% to 200% of the number of PSUs granted and eligible to vest, to be determined based upon the Company’s total shareholder return relative to certain peer group companies at the end of a three-year measurement period for the 2023 PSU grant (the “2023 Grant”), the 2024 PSU grant (the “2024 Grant”) and the 2025 PSU grant (the “2025 Grant”). PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period.

Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation, with the following assumptions.

						2025 Grant						2024 Grant						2023 Grant
Expected volatility(1)						35.7		%				35.6		%				74.4		%
Risk free rate(2)						4.0		%				4.3		%				4.6		%
Expected dividend yield(3)						—						—						—

_________________________________________

(1)Based upon the Company’s historical stock volatility.

(2)Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date.

(3)Based upon award holders being entitled to dividends paid during the measurement period on any shares earned.

Fair value of PSU awards, excluding dividend equivalent rights, is generally recognized on a straight-line basis over their measurement period as compensation expense, except when certain performance metrics are achieved.

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(Unaudited)

The table below summarizes the Company’s awards granted, forfeited or vested under the 2022 Plan during the nine months ended September 30, 2025 and 2024:

						Number of Shares																		Weighted Average Grant Date Fair Value
						Restricted Stock						PSUs						Total						Restricted Stock						PSUs
Unvested shares at December 31, 2023						2,787,807						384,378						3,172,185						$	7.61					$	9.69
Granted						1,243,696						534,056						1,777,752						6.71						7.82
Vested						(1,326,222)						—						(1,326,222)						7.92						—
Unvested shares at March 31, 2024						2,705,281						918,434						3,623,715						7.05						8.60
Granted						79,495						—						79,495						6.29						—
Vested						(186,012)						—						(186,012)						6.21						—
Forfeited						(51,755)						—						(51,755)						7.03						—
Unvested shares at June 30, 2024						2,547,009						918,434						3,465,443						7.08						8.60
Granted						313,065						—						313,065						5.59						—
Vested						(117,157)						—						(117,157)						7.01						—
Unvested shares at September 30, 2024						2,742,917						918,434						3,661,351						6.92						8.60
Unvested shares at December 31, 2024						2,742,917						918,434						3,661,351						$	6.92					$	8.60
Granted						1,618,509						542,789						2,161,298						5.97						6.78
Vested						(1,428,999)						—						(1,428,999)						7.21						—
Unvested shares at March 31, 2025						2,932,427						1,461,223						4,393,650						6.25						7.93
Granted						92,940						—						92,940						5.27						—
Vested						(79,495)						—						(79,495)						5.27						—
Unvested shares at June 30, 2025						2,945,872						1,461,223						4,407,095						6.25						7.93
Forfeited						(80,473)						—						(80,473)						5.54						—
Unvested shares at September 30, 2025						2,865,399						1,461,223						4,326,622						6.27						7.93

Fair value of equity awards that vested during the nine months ended September 30, 2025 and September 30, 2024, determined based on their respective fair values at vesting date, was $9.0 million and $10.9 million, respectively. Fair value of granted awards is determined based on the closing price of the Class A common stock on the date of vesting of the awards. Equity-based compensation is classified within compensation and benefits in the consolidated statement of operations.

At September 30, 2025, aggregate unrecognized compensation cost for all unvested equity awards was $18.1 million, which is expected to be recognized over a weighted-average period of 2.0 years.

10. Stockholders’ Equity

Authorized Capital

As of September 30, 2025, the Company had the authority to issue up to 1.0 billion shares of stock, at $0.01 par value per share, consisting of 950.0 million shares of Class A common stock and 50.0 million shares of preferred stock.

The Company had no shares of preferred stock issued and outstanding as of September 30, 2025 and December 31, 2024.

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(Unaudited)

Dividends

During the nine months ended September 30, 2025 and 2024, the Company declared the following dividends on its common stock:

Declaration Date

Record Date

Payment Date

Per Share

March 17, 2025

March 31, 2025

April 15, 2025

$0.16

June 16, 2025

June 30, 2025

July 14, 2025

$0.16

September 15, 2025

September 30, 2025

October 15, 2025

$0.16

March 15, 2024

March 29, 2024

April 15, 2024

$0.20

June 17, 2024

June 28, 2024

July 15, 2024

$0.20

July 30, 2024

September 30, 2024

October 15, 2024

$0.16

Share Repurchases

In April 2025, the Company’s board of directors authorized a stock repurchase program (“Stock Repurchase Program”) under which the Company may repurchase up to $50.0 million of its outstanding Class A common stock until April 30, 2026. The Stock Repurchase Program replaces the prior repurchase program authorization which expired on April 30, 2025. Under the Stock Repurchase Program, the Company may repurchase shares in open market purchases, in privately negotiated transactions or otherwise. The Company has a written trading plan as part of the Share Repurchase Program that provides for share repurchases in open market transactions that is intended to comply with Rule 10b-18 under the Exchange Act. The Stock Repurchase Program will be utilized at management’s discretion and in accordance with the requirements of the SEC. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate requirements and other conditions.

During the nine months ended September 30, 2025, the Company repurchased 0.9 million shares of Class A common stock at a weighted average price of $5.30 per share for an aggregate cost of $5.0 million.

As of September 30, 2025, there is $46.1 million remaining available to make repurchases under the Stock Repurchase Program.

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders, net of immaterial tax effect.

Changes in Components of AOCI - Stockholders

(dollars in thousands)									Unrealized gain on net investment hedges						Foreign currency translation gain (loss)						Total
AOCI at December 31, 2024									$	18,603					$	(24,940)					$	(6,337)
Other comprehensive gain									—						1,831						1,831
AOCI at March 31, 2025									$	18,603					$	(23,109)					$	(4,506)
Other comprehensive income before reclassification									—						1,144						1,144
Amounts reclassified from AOCI									(18,603)						21,965						3,362
Net current period OCI									(18,603)						23,109						4,506
AOCI at June 30, 2025									$	—					$	—					$	—
Other comprehensive income									—						—						—
AOCI at September 30, 2025									$	—					$	—					$	—

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(Unaudited)

(dollars in thousands)									Unrealized gain on net investment hedges						Foreign currency translation loss						Total
AOCI at December 31, 2023									$	18,603					$	(21,159)					$	(2,556)
Other comprehensive loss									—						(3,594)						(3,594)
AOCI at March 31, 2024									$	18,603					$	(24,753)					$	(6,150)
Other comprehensive income									—						1,097						1,097
AOCI at June 30, 2024									$	18,603					$	(23,656)					$	(5,053)
Other comprehensive income									—						403						403
AOCI at September 30, 2024									$	18,603					$	(23,253)					$	(4,650)

11. Noncontrolling Interests

Investment Entities

Noncontrolling interests in investment entities represent third-party equity interests in ventures that are consolidated with the Company’s financial statements, as well as the operations of the Company’s Arlington, Texas and Mesa, Arizona multifamily loans. Net loss attributable to noncontrolling interests in the investment entities was $2.3 million and $6.0 million for the three and nine months ended September 30, 2025, respectively. Net loss attributable to noncontrolling interests in the investment entities was $1.3 million and $2.1 million for the three and nine months ended September 30, 2024, respectively.

12. Fair Value

Fair Value Hierarchy

Financial assets recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents financial assets that were accounted for at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 by level within the fair value hierarchy (dollars in thousands):

						September 30, 2025																								December 31, 2024
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Other assets - PE Investments						$	—					$	—					$	2,115					$	2,115					$	—					$	—					$	2,235					$	2,235

The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

						Nine Months Ended September 30,
						2025												2024
						Other assets - PE Investments
Beginning balance						$	2,235											$	2,251
Distributions/paydowns						(120)												(16)
Ending balance						$	2,115											$	2,235

As of September 30, 2025, the Company elected to apply the fair value option for its PE Investments and the key unobservable inputs used in the analysis included a discount rate of 11.0%.

As of December 31, 2024, the Company elected to apply the fair value option for its PE Investments and the key unobservable inputs used in the analysis included discount rates with a range of 11.0% to 12.0%.

Fair Value of Financial Instruments

In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are

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(Unaudited)

not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value.

The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2025 and December 31, 2024 (dollars in thousands):

						September 30, 2025																		December 31, 2024
						Principal Amount						Carrying Value						Fair Value						Principal Amount						Carrying Value						Fair Value
Financial assets:(1)
Loans and preferred equity held for investment, net(2)(3)						$	2,361,941					$	2,363,215					$	2,235,035					$	2,515,278					$	2,518,925					$	2,349,346
Financial liabilities:(1)
Securitization bonds payable, net						$	982,637					$	976,998					$	982,637					$	1,094,372					$	1,087,074					$	1,094,372
Mortgage and other notes payable, net						417,577						415,182						395,107						621,666						619,055						587,349
Master repurchase facilities						778,671						778,671						778,671						785,183						785,183						785,183

_________________________________________

(1)The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.

(2)Excludes future funding commitments of $105.5 million and $106.3 million as of September 30, 2025 and December 31, 2024, respectively.

(3)Carry value excludes CECL reserves of $126.9 million and $165.9 million as of September 30, 2025 and December 31, 2024, respectively.

Disclosure about fair value of financial instruments is based on pertinent information available to management as of September 30, 2025. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

Loans and Preferred Equity Held for Investment, Net

For loans and preferred equity held for investment, net, fair values were determined: (i) by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or (ii) based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy.

Securitization Bonds Payable, Net

The Company’s securitization bonds payable, net bear floating rates of interest. As of September 30, 2025, the Company believes the unpaid principal balance approximates fair value given the floating rate nature of the bonds and significant level of subordination within the securitization. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Mortgage and Other Notes Payable, Net

For mortgage and other notes payable, net, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Master Repurchase Facilities

The Company has amounts outstanding under Master Repurchase Facilities. The Master Repurchase Facilities bear floating rates of interest. As of September 30, 2025, the Company believes the carrying value approximates fair value due to the short-term nature of the debt, and as a result, contractual rates should equate to market rates. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Other

The carrying values of cash and cash equivalents, restricted cash, receivables, and accrued and other liabilities approximate fair value due to their short term nature and credit risks, if any, are negligible.

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(Unaudited)

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment.

CECL

During the third quarter of 2025, the Company recorded specific CECL reserves of $17.9 million related to one office loan that was acquired through a deed-in-lieu of foreclosure in the third quarter of 2025. The specific CECL reserves were based on the estimated fair value of the collateral using a discounted cash flow model and Level 3 inputs, which included a capitalization rate of 8.5% and a discount rate of 12.0%.

During the second quarter of 2025, the Company recorded specific CECL reserves of $1.3 million related to one hotel loan that was acquired through foreclosure in the second quarter of 2025. The specific CECL reserves on the hotel loan were based on the estimated fair value of the collateral using a discounted cash flow model and Level 3 inputs, which included a capitalization rate of 8.0% and a discount rate of 10.5%. The Company also recorded specific CECL reserves of $18.2 million related to one multifamily development loan that was acquired through a deed-in-lieu of foreclosure subsequent to June 30, 2025. The specific CECL reserves on the multifamily construction/development loan were based on the estimated fair value of the collateral using recent sales comparisons and Level 3 inputs, which included assuming a sales price per unit ranging from $42,823 to $86,824. Both specific CECL reserves were charged off during the second quarter of 2025.

During the first quarter of 2025, the Company recorded a $9.2 million specific CECL reserve related to one multifamily loan that was subsequently charged off during the quarter following repayment of the loan. The specific CECL reserve was based on the proceeds the Company received from the repayment of the loan during the first quarter of 2025.

Additionally, the Company recorded general CECL reserves on one office loan, one multifamily loan and one industrial loan that are determined to be collateral dependent as of September 30, 2025. The Company estimated expected losses based on the loans’ collateral value, which were determined either by applying a capitalization rate between 5.5% and 19.1% and discount rate between 10.0% and 17.9%, or a sales comparisons using a price per square foot of $97.

The Company elected to apply the practical expedient, afforded to the Company under ASC 326, to use the fair value of the collateral to determine the specific CECL reserves.

Impairment of Operating Real Estate

During the third quarter of 2025, the Company recorded $2.5 million of impairment related to one office property. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

During the second quarter of 2025, the Company recorded $51.1 million of impairment related to two office properties. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

Prior Year Nonrecurring Fair Values

During the year ended December 31, 2024, the Company recorded specific CECL reserves of $30.0 million related to two multifamily loans, two office loans and one development mezzanine loan based on the proceeds received from the repayment of the loans. Following repayment of one of the office loans, the Company recognized a specific CECL reversal of $1.0 million after receiving higher than expected proceeds. The Company also recorded specific CECL reserves of $9.0 million related to one multifamily loan that was acquired through a foreclosure in the fourth quarter of 2024. The Company elected to apply the practical expedient, afforded to the Company under ASC 326, to use the fair value of the collateral to determine the specific CECL reserve. The specific CECL reserves on the one multifamily loan was based on the estimated fair value of the collateral using a discounted cash flow model and Level 3 inputs, which included a capitalization rate of 5.3% and discount rate of 6.0%. All specific CECL reserves recorded during the year ended December 31, 2024 were charged off.

Additionally, the Company recorded general CECL reserves on two office loans, one hotel loan and one multifamily loan that it determined to be collateral dependent as of December 31, 2024. The Company estimated expected losses based on the loan’s collateral value, which was determined either by applying a capitalization rate between 8.0% and 8.8% and a discount rate between 9.5% and 20.2%, or by the expected proceeds from the sale of the underlying collateral.

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During the year ended December 31, 2024, the Company recorded $47.5 million of impairment related to three office properties. The impairment was due to a reduction in the current expected holding period of the properties. The estimated fair value of the collateral was determined by using a discounted cash flow model and Level 3 inputs, which included capitalization rates ranging from 5.5% to 9.5%, discount rates ranging from 8.1% to 9.8% and a weighted average capitalization rate of 7.6% based on carrying value. The Company also recorded $6.7 million of impairment related to one office property held for sale. The impairment was due to a reduction in the expected holding period as well as the proceeds expected from the sale of the property. The Company sold the office property during the first quarter of 2025. Refer to Note 4, “Real Estate, net and Real Estate Held for Sale” for further discussion.

13. Commitments and Contingencies

Lending Commitments

The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. At September 30, 2025, assuming the terms to qualify for future fundings, if any, had been met, total unfunded lending commitments for loans held for investment were $97.8 million for senior loans, $2.1 million for mezzanine loans and $5.6 million for preferred equity. At December 31, 2024, total unfunded lending commitments for loans held for investment were $105.2 million for senior loans and $1.1 million for mezzanine loans.

Ground Lease Obligation

The Company’s operating leases include ground leases acquired with real estate.

At September 30, 2025 and December 31, 2024, the weighted average remaining lease term was 11.8 years and 12.0 years for ground leases, respectively.

The following table presents ground lease expense, included in property operating expense, for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Operating lease expense:
Minimum lease expense						$	797					$	790					$	2,395					$	2,366
Variable lease expense						—						—						—						—
						$	797					$	790					$	2,395					$	2,366

The operating lease liability for ground leases was determined using a weighted average discount rate of 5.4%. The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of September 30, 2025 (dollars in thousands):

Remainder of 2025						$	797
2026						3,186
2027						2,868
2028						2,839
2029						1,896
2030 and thereafter						12,263
Total lease payments						23,849
Less: Present value discount						6,793
Operating lease liability (Note 6)						$	17,056

For these ground leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Office Lease

At September 30, 2025 and December 31, 2024, the weighted average remaining lease term was 3.6 years and 4.3 years for office leases, respectively. The office leases are located in New York, New York and Los Angeles, California.

For the nine months ended September 30, 2025 and 2024, the following table summarizes lease expense, included in operating expense (dollars in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Corporate Offices
Operating lease expense:
Fixed lease expense						$	328					$	315					$	979					$	944
Variable lease expense						—						—						—						—
						$	328					$	315					$	979					$	944

Total cash paid for office leases was $0.4 million for the three months ended September 30, 2025 and September 30, 2024, respectively, and $1.0 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

The operating lease liability for the office leases was determined using a weighted average discount rate of 2.4%. As of September 30, 2025, the Company’s future operating lease commitments for the corporate office leases were as follows (dollars in thousands):

						Corporate Offices
Remainder of 2025						$	328
2026						1,323
2027						1,339
2028						1,155
2029						574
2030 and thereafter						—
Total lease payments						4,719
Less: Present value discount						202
Operating lease liability (Note 6)						$	4,517

For these office leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component.

Litigation and Claims

The Company may be involved in litigation and claims in the ordinary course of the business. As of September 30, 2025, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position, or liquidity.

14. Segment Reporting

The Company presents its business through three operating and reportable segments described below and is how management views the business activities of the Company.

•Senior and Mezzanine Loans and Preferred Equity—CRE debt investments including senior and mezzanine loans, and preferred equity interests as well as participations in such loans.

•Net Leased and Other Real Estate—direct investments in CRE with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. It also includes other real estate, currently consisting of one investment with direct ownership in commercial real estate, with an emphasis on properties with stable cash flow, and

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

six additional properties that the Company acquired through foreclosure or deed-in-lieu of foreclosure and two properties that the Company consolidates as the primary beneficiary.

•Corporate and Other—includes corporate-level asset management and other fees including expenses related to the Company’s secured revolving credit facility (the “Bank Credit Facility”) and compensation and benefits. It also includes a sub-portfolio of private equity funds.

U.S. GAAP defines the Chief Operating Decision Maker (“CODM”) as the person or persons who perform the function of allocating resources to and assessing the performance of segments of a public entity. The Company has identified the CODM as its Chief Executive Officer, who is responsible for making key operating decisions of the Company. The CODM reviews net income (loss) on the Company’s consolidated statements of operations to make decisions, allocate resources, and assess segment performance.

The Company primarily generates revenue from net interest income on the loan portfolio and rental and other income from its net leased and multi-tenant office assets. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage.

The following tables present the relevant financial information for the reportable segments for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

						Senior and Mezzanine Loans and Preferred Equity						Net Leased and Other Real Estate						Corporate and Other						Total
Three Months Ended September 30, 2025
Interest income						$	48,889					$	—					$	—					$	48,889
Interest expense						(31,046)						(11)						(307)						(31,364)
Property and other income						—						32,748						2,301						35,049
Property operating expense						—						(19,675)						—						(19,675)
Transaction, investment and servicing expense						(616)						(23)						(215)						(854)
Interest expense on real estate						—						(5,170)						—						(5,170)
Depreciation and amortization						—						(7,155)						(33)						(7,188)
Increase of current expected credit loss reserve						(8,215)						—						—						(8,215)
Impairment of operating real estate						—						(2,509)						—						(2,509)
Compensation and benefits						—						—						(8,077)						(8,077)
Operating expense						9						(1)						(2,865)						(2,857)
Other gain, net						—						538						—						538
Income (loss) before income taxes						9,021						(1,258)						(9,196)						(1,433)
Income tax benefit (expense)						(86)						244						(29)						129
Net income (loss)						$	8,935					$	(1,014)					$	(9,225)					$	(1,304)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

						Senior and Mezzanine Loans and Preferred Equity												Net Leased and Other Real Estate						Corporate and Other						Total
Three Months Ended September 30, 2024
Interest income						$	59,166											$	352					$	69					$	59,587
Interest expense						(38,487)												(68)						(307)						(38,862)
Property and other income						—												25,884						2,680						28,564
Property operating expense						—												(8,431)						—						(8,431)
Transaction, investment and servicing expense						(392)												52						115						(225)
Interest expense on real estate						—												(6,747)						—						(6,747)
Depreciation and amortization						—												(10,068)						(19)						(10,087)
Increase of current expected credit loss reserve						(1,001)												—						—						(1,001)
Compensation and benefits						—												—						(8,191)						(8,191)
Operating expense						(4)												(7)						(2,968)						(2,979)
Other gain, net						—												37						—						37
Income (loss) before income taxes						19,282												1,004						(8,621)						11,665
Income tax expense						—												(244)						—						(244)
Net income (loss)						$	19,282											$	760					$	(8,621)					$	11,421

						Senior and Mezzanine Loans and Preferred Equity						Net Leased and Other Real Estate						Corporate and Other						Total
Nine Months Ended September 30, 2025
Interest income						$	145,461					$	42					$	135					$	145,638
Interest expense						(94,453)						(146)						(911)						(95,510)
Property and other income						—						95,423						6,364						101,787
Property operating expense						—						(46,293)						—						(46,293)
Transaction, investment and servicing expense						(1,455)						(73)						(518)						(2,046)
Interest expense on real estate						—						(18,499)						—						(18,499)
Depreciation and amortization						—						(28,249)						(97)						(28,346)
Increase of current expected credit loss reserve						(8,562)						—						—						(8,562)
Impairment of operating real estate						—						(53,636)						—						(53,636)
Compensation and benefits						—						—						(26,700)						(26,700)
Operating expense						—						(4)						(9,044)						(9,048)
Other gain (loss), net						55						(3,132)						12						(3,065)
Income (loss) before income taxes						41,046						(54,567)						(30,759)						(44,280)
Income tax benefit (expense)						(220)						21,760						(29)						21,511
Net income (loss)						$	40,826					$	(32,807)					$	(30,787)					$	(22,769)

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(Unaudited)

						Senior and Mezzanine Loans and Preferred Equity						Net Leased and Other Real Estate						Corporate and Other						Total
Nine Months Ended September 30, 2024
Interest income						$	189,882					$	382					$	204					$	190,468
Interest expense						(115,944)						(204)						(914)						(117,062)
Property and other income						157						76,447						8,264						84,868
Property operating expense						—						(24,980)						—						(24,980)
Transaction, investment and servicing expense						(1,096)						(18)						(124)						(1,238)
Interest expense on real estate						—						(20,278)						—						(20,278)
Depreciation and amortization						—						(29,338)						(92)						(29,430)
Increase of current expected credit loss reserve						(115,313)						—						—						(115,313)
Impairment of operating real estate						—						(45,216)						—						(45,216)
Compensation and benefits						—						—						(26,540)						(26,540)
Operating expense						(13)						(33)						(9,139)						(9,185)
Other gain, net						—						226						—						226
Loss before income taxes						(42,327)						(43,012)						(28,341)						(113,680)
Income tax expense						(42)						(649)						—						(691)
Net loss						$	(42,369)					$	(43,661)					$	(28,341)					$	(114,371)

The following table presents total assets by segment as of September 30, 2025 and December 31, 2024 (dollars in thousands):

Total Assets						Senior and Mezzanine Loans and Preferred Equity												Net Leased and Other Real Estate						Corporate and Other(1)						Total
September 30, 2025						$	2,342,750											$	844,123					$	117,583					$	3,304,456
December 31, 2024						2,533,770												888,029						301,679						3,723,478

_________________________________________

(1)Includes PE Investments totaling $2.1 million and $2.2 million as of September 30, 2025 and December 31, 2024, respectively, and cash, unallocated receivables and deferred costs and other assets, net.

Geography

Geography is generally defined as the location in which the income producing assets reside or the location in which income generating services are performed. Geography information on total income includes equity in earnings of unconsolidated ventures. Geography information on total income and long-lived assets are presented as follows (dollars in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Total income by geography:
United States						$	83,938					$	83,300					$	237,928					$	261,219
Norway						—						4,851						9,497						14,117
Total(1)						$	83,938					$	88,151					$	247,425					$	275,336

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(Unaudited)

						September 30, 2025						December 31, 2024
Long-lived assets by geography:
United States						$	755,340					$	649,728
Norway						—						174,865
Total(2)						$	755,340					$	824,593

_________________________________________

(1)Includes interest income and property and other income.

(2)Long-lived assets are comprised of real estate and real estate-related intangible assets, and exclude financial instruments and assets held for sale.

15. Earnings Per Share

The Company’s net loss and weighted average shares outstanding for the three and nine months ended September 30, 2025 and 2024, consist of the following (dollars in thousands, except per share data):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Net income (loss)						$	(1,304)					$	11,421					$	(22,769)					$	(114,371)
Net income (loss) attributable to noncontrolling interests:
Investment Entities						2,288						1,308						5,976						2,134
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders						$	984					$	12,729					$	(16,793)					$	(112,237)
Numerator:
Dividends allocated to participating securities (non-vested shares)						$	(458)					$	(439)					$	(1,398)					$	(1,489)
Net income (loss) attributable to common stockholders						$	526					$	12,290					$	(18,191)					$	(113,726)
Denominator:
Weighted average shares outstanding - basic(1)						126,940						127,515						127,089						127,609
Weighted average shares outstanding - diluted(2)						129,845						130,144						127,089						127,609
Net income (loss) per common share - basic						$	0.00					$	0.10					$	(0.14)					$	(0.89)
Net income (loss) loss per common share - diluted						$	0.00					$	0.09					$	(0.14)					$	(0.89)

_________________________________________

(1)The outstanding shares used to calculate the weighted average basic shares outstanding exclude 2,865,399 and 2,742,917 of restricted stock awards as of September 30, 2025 and September 30, 2024, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income (loss) per common share.

(2)The calculation of diluted earnings per share for the nine months ended September 30, 2025 and nine months ended September 30, 2024, excludes the effect of weighted average unvested non-participating restricted shares of 2,874,546, and 2,698,185, respectively, as the effect would be antidilutive.

16. Subsequent Events

Dividends

In October 2025, the Company paid a quarterly cash dividend of $0.16 per share of its Class A common stock for the quarter ended September 30, 2025, to stockholders of record as of September 30, 2025.

Loan Originations

Subsequent to September 30, 2025, the Company originated three senior mortgage loan with a total commitment of $77.8 million.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our unaudited consolidated financial statements and the accompanying notes thereto, which are included in Item 1 of this Quarterly Report, as well as the information contained in our Form 10-K for the year ended December 31, 2024, which is accessible on the SEC’s website at www.sec.gov.

Introduction

We are a commercial real estate (“CRE”) credit real estate investment trust (“REIT”) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which is our primary investment strategy. Additionally, we may also selectively originate mezzanine loans and preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with our origination of corresponding first mortgages on the same properties. Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes.

We were organized in the state of Maryland on August 23, 2017 and maintain key offices in New York, New York and Los Angeles, California. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2018. We conduct all our activities and hold substantially all our assets and liabilities through our operating subsidiary, BrightSpire Capital Operating Company, LLC (the “OP”).

Our Target Assets

Our investment strategy is to originate and selectively acquire our target assets, which consist of the following:

•Senior Loans. Our primary focus is originating and selectively acquiring senior loans that are backed by CRE assets. These loans are secured by a first mortgage lien on a commercial property and provide mortgage financing to a commercial property developer or owner. The loans may vary in duration, bear interest at a fixed or floating rate and amortize, if at all, over varying periods, often with a balloon payment of principal at maturity. Senior loans may include junior participations in our originated senior loans for which we have syndicated the senior participations to other investors and retained the junior participations for our portfolio. We believe these junior participations are more like the senior loans we originate than other loan types given their credit quality and risk profile.

•Mezzanine Loans. We may originate or acquire mezzanine loans, which are structurally subordinate to senior loans, but senior to the borrower’s equity position. Generally, we will originate or acquire these loans if we believe we have the ability to protect our position and fund the first mortgage, if necessary. Mezzanine loans may be structured such that our return accrues and is added to the principal amount rather than paid on a current basis. We may also pursue equity participation opportunities in instances when the risk-reward characteristics of the investment warrant additional upside participation in the possible appreciation in value of the underlying assets securing the investment.

•Preferred Equity. We may make investments that are subordinate to senior and mezzanine loans, but senior to the common equity in the mortgage borrower. Preferred equity investments may be structured such that our return accrues and is added to the principal amount rather than paid on a current basis. We also may pursue equity participation opportunities in preferred equity investments, like such participations in mezzanine loans.

•Net Leased and Other Real Estate. We may occasionally invest directly in well-located commercial real estate with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. In addition, tenants of our properties typically pay rent increases based on: (1) increases in the consumer price index (typically subject to ceilings), (2) fixed increases, or (3) additional rent calculated as a percentage of the tenants’ gross sales above a specified level. We believe that a portfolio of properties under long-term, net lease agreements generally produces a more predictable income stream than many other types of real estate portfolios, while continuing to offer the potential for growth in rental income.

Our operating and reportable segments are Senior and Mezzanine Loans and Preferred Equity and Net Leased and Other Real Estate, both of which are included in our target assets, and Corporate and Other.

The allocation of our capital among our target assets will depend on prevailing market conditions at the time we invest and may change over time in response to different prevailing market conditions. In addition, in the future, we may invest in assets other than our target assets or change our target assets. With respect to all our investments, we invest so as to maintain our qualification as a REIT for U.S. federal income tax purposes and our exclusion or exemption from regulation under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

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We believe that events in the financial markets from time to time, including the lingering impacts of the COVID-19 pandemic, have created and will continue to create dislocation between price and intrinsic value in certain asset classes as well as a supply and demand imbalance of available credit to finance these assets. We believe that our in-depth understanding of CRE and real estate-related investments, in-house underwriting, asset management and resolution capabilities, provides an extensive platform to regularly evaluate our investments and determine primary, secondary or alternative disposition strategies. This includes intermediate servicing and negotiating, restructuring of non-performing investments, foreclosure considerations, management or development of owned real estate, in each case to reposition and achieve optimal value realization for us and our stockholders. Depending on the nature of the underlying investment, we may pursue repositioning strategies through judicious capital investment in order to extract maximum value from the investment or recognize unanticipated losses to reinvest resulting liquidity in higher-yielding performing investments.

Our Business Segments

We present our business through three operating and reportable segments:

•Senior and Mezzanine Loans and Preferred Equity—CRE debt investments including senior and mezzanine loans, and preferred equity interests as well as participations in such loans.

•Net Leased and Other Real Estate—direct investments in commercial real estate with long-term leases to tenants on a net lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. It also includes other real estate, currently consisting of one investment with direct ownership in commercial real estate, with an emphasis on properties with stable cash flow, six additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure and two properties that we consolidate as the primary beneficiary.

•Corporate and Other—includes corporate-level asset management and other fees including expenses related to our secured revolving credit facility (the “Bank Credit Facility”) and compensation and benefits. It also includes a sub-portfolio of private equity funds.

Significant Developments

During the three months ended September 30, 2025, and through October 28, 2025, significant developments affecting our business and results of operations of our portfolio included the following:

Capital Resources

•Declared and paid a second quarter dividend of $0.16 per share on October 15, 2025;

•As of the date of this report, we have approximately $280.0 million of liquidity, consisting of $87.0 million in cash and cash equivalents on hand and $165.0 million available on our Bank Credit Facility. This includes $28.0 million of approved but undrawn borrowings available on our master repurchase facilities; and

•Under our Stock Repurchase Program, we have repurchased 0.2 million shares of our Class A common stock for an aggregate cost of $1.0 million.

Our Portfolio

•Originated 10 senior mortgage loans with a total commitment of $221.6 million. We also originated one preferred equity investment with an existing borrower for a total commitment of $2.0 million;

•Received loan repayment proceeds of $108.8 million from eight loans;

•Recorded $17.9 million in specific current expected credit loss (“CECL”) reserves related to one senior loan that were also charged-off during the third quarter of 2025. At September 30, 2025, there were no specific CECL reserves on our consolidated balance sheet;

•Our general CECL reserves decreased by $9.7 million and our general CECL reserve for our outstanding loans and future loan funding commitments is $127.5 million, which is 5.17% of the aggregate commitment amount of our loan portfolio;

•Watchlist remains at five loans (loans with a risk ranking of 4) (refer to “Our Portfolio” for further discussion):

◦Removed one loan that was transferred to real estate owned;

◦Added one multifamily loan with an unpaid principal balance of $23.4 million;

•Placed one senior loan with a carrying value of $24.6 million on nonaccrual status;

•Recorded our share of GAAP impairment of $2.2 million and deconsolidated the assets and liabilities of one Pennsylvania office property for which an investment subsidiary’s mortgage note payable collateralized by the property was in default. The GAAP impairment charge had no impact on our Undepreciated Book Value, which had been previously written down to zero through non-GAAP impairment. Undepreciated Book Value is a non-GAAP

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financial measure. A reconciliation of these measures to GAAP book value is in the section “Non-GAAP Supplemental Financial Measures” below;

•Acquired a multifamily construction/development and an office property, respectively, through deeds-in-lieu of foreclosure; and

•Sold one multifamily property for gross proceeds of $36.1 million and recognized a realized gain of $0.5 million.

Financial Results

•Generated GAAP net income of $1.0 million, or $0.00 per basic share and $0.00 per diluted share, Distributable Earnings of $3.3 million or $0.03 per share and Adjusted Distributable Earnings of $21.2 million or $0.16 per share for the three months ended September 30, 2025. Distributable Earnings and Adjusted Distributable Earnings are non-GAAP financial measures. A reconciliation of these measures to net income/(loss) attributable to the Company’s common stockholders is in the section “Non-GAAP Supplemental Financial Measures” below.

Trends Affecting Our Business

Global Markets

Global markets pressure and uncertainties coming from the Administration’s tariff initiative, inflationary worries and geopolitical unrest continue to contribute to market volatility and impact CRE valuations. Additionally, high interest rates continue to negatively impact transaction activity in the real estate market and correspondingly the loan financing and refinancing opportunities. While the Federal Reserve lowered interest rates in the second half of 2024 and during the third quarter of 2025, it is uncertain as to if, when, how many and by how much subsequent interest rate cuts will be made during the remainder of 2025 and into 2026. To the extent certain of our borrowers are experiencing significant financial dislocation as a result of economic conditions, we have and may continue to use interest and other reserves and/or replenishment obligations of the borrower and/or guarantors to meet current interest payment obligations for a limited period. The market for office properties was particularly negatively impacted by the COVID-19 pandemic and continues to experience headwinds driven by the normalization of work from home and hybrid work arrangements and elevated costs to operate or reconfigure office properties. Although “return to office” mandates are on the rise, the demand for office space generally remains lower than pre-COVID-19 pandemic levels and has driven rising vacancy rates, other than in Manhattan, NY. Given the continuing uncertainty in the office market, there is risk of future valuation impairment or investment loss on our loans secured by office properties. Similarly, these trends may impact our ability to manage debt covenant tests, maturity dates and/or seek suitable refinancing opportunities on certain of our office property equity investments, which may adversely impact valuation assessments and cash flow generated by such investments.

While macroeconomic conditions continue to be challenged, we cannot predict whether they will in fact improve or even intensify. Due to the inherent uncertainty of these conditions, their impact on our business is difficult to predict and quantify.

Factors Impacting Our Operating Results

Our results of operations are affected by a number of factors and depend primarily on, among other things, the ability of the borrowers of our assets to service our debt as it is due and payable, the ability of our tenants to pay rent and other amounts due under their leases, our ability to actively and effectively service any sub-performing and non-performing loans and other assets we may have from time to time in our portfolio, the market value of our assets and the supply of, and demand for, CRE senior loans, mezzanine loans, preferred equity, debt securities, net leased properties and our other assets, and the level of our net operating income (“NOI”). Our net interest income, which includes the amortization of purchase premiums and the accretion of purchase discounts, varies primarily as a result of changes in market interest rates, prepayment rates and frequency on our CRE loans and the ability of our borrowers to make scheduled interest payments. Interest rates and prepayment rates vary according to the type of investment, conditions in the financial markets, creditworthiness of our borrowers, competition and other factors, none of which can be predicted with any certainty. Our net property operating income depends on our ability to maintain the historical occupancy rates of our real estate equity investments, lease currently available space and continue to attract new tenants.

Changes in fair value of our assets

We consider and treat our assets as long-term investments. As a result, we do not expect that changes in market value will impact our operating results. However, at least on a quarterly basis, we assess both our ability and intent to hold such assets for the long-term. As part of this process, we monitor our assets for impairment. A change in our ability and/or intent to continue to hold any of our assets, which includes the inability to modify, extend or refinance existing mortgage debt on our real estate portfolio, may result in our recognizing an impairment charge or realizing losses upon the sale of such investments.

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Changes in market interest rates

With respect to our business operations, increases in interest rates, in general, may over time cause:

•the value of our fixed-rate investments to decrease;

•prepayments on certain assets in our portfolio to slow, thereby slowing the amortization of our purchase premiums and the accretion of our purchase discounts;

•coupons on our floating and adjustable-rate mortgage loans to reset, although on a delayed basis, to higher interest rates;

•interest rate caps required by our borrowers to increase in cost;

•borrowers’ unwillingness to purchase new interest rate caps at loan maturity to qualify for an extension;

•financial hardship to our borrowers, whose ability to service their debt as it is due and payable and to pass maturity extension tests may be materially adversely impacted, resulting in foreclosures;

•to the extent we use leverage to finance our assets, the interest expense associated with our borrowings to increase; and

•to the extent we enter into interest rate swap agreements as part of our hedging strategy, the value of these agreements to increase.

Conversely, decreases in interest rates, in general, may over time cause:

•the value of the fixed-rate assets in our portfolio to increase;

•prepayments on certain assets in our portfolio to increase, thereby accelerating the amortization of our purchase premiums and the accretion of our purchase discounts;

•to the extent we enter into interest rate swap agreements as part of our hedging strategy, the value of these agreements to decrease;

•coupons on our floating and adjustable-rate mortgage loans to reset, although on a delayed basis, to lower interest rates; and

•to the extent we use leverage to finance our assets, the interest expense associated with our borrowings to decrease.

Credit risk

We are subject to varying degrees of credit risk in connection with our target assets. We seek to mitigate this risk by seeking to acquire high quality assets, at appropriate prices given anticipated and unanticipated losses and by employing a comprehensive review and asset selection process and by careful ongoing monitoring of acquired assets. Nevertheless, unanticipated credit losses could occur, which could adversely impact our operating results.

Size of investment portfolio

The size of our portfolio, as measured by the aggregate principal balance of our commercial mortgage loans, other commercial real estate-related debt investments and the other assets we own, is also a key revenue driver. Generally, as the size of our portfolio grows, the amount of interest income we earn increases. However, a larger portfolio may result in increased expenses to the extent that we incur additional interest expense to finance our assets.

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Our Portfolio

As of September 30, 2025, our portfolio consisted of 102 investments representing approximately $3.1 billion in carrying value (based on our share of ownership and excluding cash, cash equivalents and certain other assets). Our senior and mezzanine loans and preferred equity consisted of 85 senior mortgage loans, mezzanine loans and preferred equity investments with a weighted average cash coupon of 3.5% and a weighted average all-in unlevered yield of 7.7%. Our net leased and other real estate consisted of approximately 5.3 million total square feet of space and total third quarter 2025 NOI of that portfolio was approximately $12.9 million. Refer to “Non-GAAP Supplemental Financial Measures” below for further information on NOI.

As of September 30, 2025, our portfolio consisted of the following investments (dollars in thousands):

						Count(1)						Carrying value (Consolidated)						Carrying value (at BRSP share)(2)						Net carrying value (Consolidated)(3)						Net carrying value (at BRSP share)(4)
Our Portfolio
Senior loans						76						$	2,305,887					$	2,305,887					$	634,210					$	634,210
Mezzanine loans						2						47,647						47,647						47,647						47,647
Preferred equity						7						9,681						9,681						9,681						9,681
Subtotal						85						2,363,215						2,363,215						691,538						691,538
Net leased real estate						7						319,700						319,700						33,991						33,991
Other real estate						9						434,806						430,360						229,894						213,745
Private equity interests						1						2,115						2,115						2,115						2,115
Total/Weighted average Our Portfolio						102						$	3,119,836					$	3,115,390					$	957,538					$	941,389

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(1)Count for net leased real estate and other real estate represents number of investments.

(2)Carrying value at our share represents the proportionate carrying value based on ownership by asset as of September 30, 2025.

(3)Net carrying value represents carrying value less any associated financing as of September 30, 2025.

(4)Net carrying value at our share represents the proportionate carrying value based on asset ownership less any associated financing based on ownership as of September 30, 2025.

Underwriting Process

We use an investment and underwriting process that has been developed by our senior management team leveraging their extensive commercial real estate expertise over many years and real estate cycles. The underwriting process focuses on some or all of the following factors designed to ensure each investment is evaluated appropriately: (i) macroeconomic conditions that may influence operating performance; (ii) fundamental analysis of underlying real estate, including tenant rosters, lease terms, zoning, necessary licensing, operating costs and the asset’s overall competitive position in its market; (iii) real estate market factors that may influence the economic performance of the investment, including leasing conditions and overall competition; (iv) the operating expertise and financial strength and reputation of a tenant, operator, partner or borrower; (v) the cash flow in place and projected to be in place over the term of the investment and potential return; (vi) the appropriateness of the business plan and estimated costs associated with tenant buildout, repositioning or capital improvements; (vii) an internal and third-party valuation of a property, investment basis relative to the competitive set and the ability to liquidate an investment through a sale or refinancing; (viii) review of third-party reports including appraisals, engineering and environmental reports; (ix) physical inspections of properties and markets; (x) the overall legal structure of the investment, contractual implications and the lenders’ rights; and (xi) the tax and accounting impact.

Loan Risk Rankings

In addition to reviewing loans held for investment for impairment quarterly, we evaluate loans held for investment to determine if a current expected credit losses reserve should be established. In conjunction with this review, we assess the risk factors of each senior and mezzanine loan and assign a risk ranking based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, our loans held for investment are rated “1” through “5,” from less risk to greater risk. At the time of origination or purchase, loans held for investment are ranked as a “3” and will move accordingly going forward based on the ratings which are defined as follows:

1.Very Low Risk

2.Low Risk

3.Medium Risk

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4.High Risk/Potential for Loss—A loan that has a high risk of realizing a principal loss.

5.Impaired/Loss Likely—A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

At September 30, 2025, our weighted average risk ranking remained unchanged at 3.1 compared to at June 30, 2025. During the third quarter of 2025, we had the following risk ranking activity for risk ranked 4 and 5 assets:

•One office loan with a risk ranking of 4 was resolved when the property was acquired through a deed-in-lieu of foreclosure and reclassified to real estate;

•Downgrades: one multifamily loan was downgraded to a risk ranking of 4 from a risk ranking of 3 (Austin, TX; $23.4 million unpaid principal balance.

Senior and Mezzanine Loans

The following tables provide a summary of our senior and mezzanine loans based on our internal risk rankings, collateral property type and geographic distribution as of September 30, 2025 (dollars in thousands):

												Carrying Value (at BRSP share)(1)
Risk Ranking						Count						Senior loans						Mezzanine loans						Preferred Equity						Total						% of Total
3						80						$	2,123,877					$	47,647					$	9,681					$	2,181,205					92.3		%
4						5						182,010						—						—						182,010						7.7		%
						85						$	2,305,887					$	47,647					$	9,681					$	2,363,215					100.0		%
Weighted average risk ranking																																				3.1

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(1)Carrying value at our share represents the proportionate carrying value based on ownership by asset as of September 30, 2025.

												Carrying value (at BRSP share)(1)
Collateral property type						Count						Senior loans						Mezzanine loans						Preferred Equity						Total						% of Total
Multifamily						58						$	1,439,665					$	32,955					$	9,515					$	1,482,135					62.8		%
Office						20						638,372						14,692						166						653,230						27.6		%
Other (Mixed-use)(2)						5						191,637						—						—						191,637						8.1		%
Industrial						2						36,213						—						—						36,213						1.5		%
Total						85						$	2,305,887					$	47,647					$	9,681					$	2,363,215					100.0		%

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(1)Carrying value at our share represents the proportionate carrying value based on ownership by asset as of September 30, 2025.

(2)Other includes commercial and residential development assets.

															Carrying value (at BRSP share)(1)
Region									Count						Senior loans						Mezzanine loans						Preferred Equity						Total						% of Total
US West									31						$	853,349					$	32,955					$	166					$	886,470					37.5		%
US Southwest									37						891,156						—						9,515						900,671						38.1		%
US Northeast									8						313,426						14,692						—						328,118						13.9		%
US Southeast									9						247,956						—						—						247,956						10.5		%
Total									85						$	2,305,887					$	47,647					$	9,681					$	2,363,215					100.0		%

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(1)Carrying value at our share represents the proportionate carrying value based on ownership by asset as of September 30, 2025.

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The following table provides asset level detail for our senior and mezzanine loans as of September 30, 2025 (dollars in thousands):

						Loan Type						Origination Date						City, State						Carrying value(1)						Principal balance						Coupon type						Cash Coupon(2)						Unlevered all-in yield(3)						Extended maturity date						Loan-to-value(4)						Q3 Risk ranking(5)
Multifamily
Loan 1						Senior						4/8/2025						Oxnard, CA						$	69,614					$	70,000					Floating						2.3%						7.4%						4/9/2029						68%						3
Loan 2						Senior						5/17/2022						Las Vegas, NV						55,995						54,866						Floating						2.0%						6.1%						6/9/2027						74%						3
Loan 3						Senior						3/8/2022						Austin, TX						51,430						51,330						Floating						3.3%						7.4%						3/9/2027						75%						4
Loan 4						Senior						7/19/2021						Dallas, TX						50,937						50,763						Floating						3.4%						7.7%						8/9/2026						74%						3
Loan 5						Senior						5/26/2021						Las Vegas, NV						48,144						47,618						Floating						3.0%						8.8%						6/9/2026						89%						3
Loan 6						Senior						7/15/2021						Jersey City, NJ						41,886						41,779						Floating						3.1%						7.2%						8/9/2026						66%						3
Loan 7						Senior						3/31/2022						Louisville, KY						41,179						41,095						Floating						2.8%						6.9%						4/9/2027						70%						3
Loan 8						Senior						7/15/2021						Dallas, TX						40,338						40,338						Floating						3.2%						7.3%						8/9/2026						77%						3
Loan 9						Senior						3/31/2022						Long Beach, CA						39,976						39,976						Floating						3.4%						7.5%						4/9/2027						80%						3
Loan 10						Senior						7/12/2022						Irving, TX						38,394						38,379						Floating						3.6%						7.9%						8/9/2027						75%						3
Subtotal top 10 multifamily																								$	477,893					$	476,144					20% of total loans
Loan 11						Senior						1/18/2022						Dallas, TX						$	37,367					$	37,247					Floating						3.5%						7.8%						2/9/2027						75%						3
Loan 12						Senior						12/21/2020						Austin, TX						37,000						37,000						Floating						3.2%						7.3%						1/9/2026						54%						3
Loan 13						Senior						1/12/2022						Los Angeles, CA						36,470						36,470						Floating						3.4%						7.5%						2/9/2027						76%						3
Loan 14						Senior						7/29/2021						Phoenix, AZ						33,325						33,325						Floating						3.4%						7.5%						8/9/2026						73%						3
Loan 15						Mezzanine						2/8/2022						Las Vegas, NV						32,955						32,955						Fixed						7.0%						12.0%						2/8/2027						57%-82%						3
Loan 16						Senior						2/20/2025						Las Vegas, NV						32,761						33,000						Floating						3.4%						8.0%						3/9/2030						59%						3
Loan 17						Senior						4/29/2021						Las Vegas, NV						30,898						30,896						Floating						3.2%						7.3%						5/9/2026						76%						3
Loan 18						Senior						2/17/2022						Long Beach, CA						30,533						30,533						Floating						3.4%						7.5%						3/9/2027						71%						3
Loan 19						Senior						4/15/2022						Mesa, AZ						30,160						30,160						Floating						3.4%						7.5%						5/9/2027						75%						3
Loan 20						Senior						2/13/2025						Las Vegas, NV						29,354						29,570						Floating						2.7%						7.3%						3/9/2030						70%						3
Subtotal top 20 multifamily																								$	808,716					$	807,300					34% of total loans

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						Loan Type						Origination Date						City, State						Carrying value(1)						Principal balance						Coupon type						Cash Coupon(2)						Unlevered all-in yield(3)						Extended maturity date						Loan-to-value(4)						Q3 Risk ranking(5)
Loan 21						Senior						8/31/2021						Glendale, AZ						$	28,889					$	28,802					Floating						3.3%						7.4%						3/9/2027						85%						3
Loan 22						Senior						9/18/2025						Nashville, TN						28,639						28,939						Floating						2.6%						7.1%						10/9/2030						68%						3
Loan 23						Senior						9/26/2025						Nashville, TN						27,720						28,000						Floating						2.7%						7.3%						10/9/2030						65%						3
Loan 24						Senior						5/27/2021						Houston, TX						27,600						27,600						Floating						3.1%						7.2%						6/9/2026						66%						3
Loan 25						Senior						12/16/2021						Fort Mill, SC						27,366						27,366						Floating						3.3%						7.4%						1/9/2027						71%						3
Loan 26						Senior						12/21/2021						Phoenix, AZ						25,596						25,596						Floating						3.6%						7.7%						1/9/2027						75%						3
Loan 27						Senior						7/12/2022						Irving, TX						25,443						25,433						Floating						3.6%						7.9%						8/9/2027						72%						3
Loan 28						Senior						3/8/2022						Glendale, AZ						25,046						25,046						Floating						3.5%						7.6%						3/9/2027						73%						3
Loan 29						Senior						2/25/2025						Denver, CO						24,226						24,226						Floating						3.3%						7.9%						3/9/2028						68%						3
Loan 30						Senior						3/31/2022						Phoenix, AZ						24,021						24,001						Floating						3.7%						7.8%						4/9/2027						74%						3
Loan 31						Senior						11/4/2021						Austin, TX						23,478						23,429						Floating						3.4%						7.5%						11/9/2026						78%						4
Loan 32						Senior						1/10/2025						Lebanon, TN						22,422						22,500						Floating						3.4%						8.5%						2/9/2030						71%						3
Loan 33						Senior						6/22/2021						Phoenix, AZ						22,292						22,292						Floating						3.3%						7.4%						7/9/2026						71%						3
Loan 34						Senior						12/10/2024						Seattle, WA						22,254						22,408						Floating						2.8%						7.4%						1/9/2030						65%						3
Loan 35						Senior						7/1/2021						Aurora, CO						21,342						21,305						Floating						3.2%						7.4%						7/9/2026						73%						3
Loan 36						Senior						1/12/2022						Austin, TX						20,276						20,276						Floating						3.4%						7.5%						2/9/2027						76%						3
Loan 37						Senior						12/21/2021						Gresham, OR						20,235						20,235						Floating						2.8%						6.9%						7/9/2028						76%						3
Loan 38						Senior						8/14/2025						Dallas, TX						20,159						20,400						Floating						3.0%						7.6%						9/9/2030						59%						3
Loan 39						Senior						8/6/2021						La Mesa, CA						19,787						19,787						Floating						2.8%						6.9%						8/9/2028						72%						3
Loan 40						Senior						10/18/2024						Garland, TX						19,717						19,920						Floating						3.7%						8.1%						11/9/2029						70%						3
Loan 41						Senior						9/1/2021						Bellevue, WA						19,308						19,308						Floating						3.4%						7.5%						9/9/2026						75%						3
Loan 42						Senior						7/14/2021						Salt Lake City, UT						18,830						18,783						Floating						2.8%						6.9%						8/9/2028						67%						3
Loan 43						Senior						5/5/2022						Charlotte, NC						18,500						18,500						Floating						3.5%						7.6%						5/9/2027						70%						3
Loan 44						Senior						4/29/2022						Tacoma, WA						18,441						18,441						Floating						3.0%						7.1%						5/9/2027						64%						3
Loan 45						Senior						6/25/2021						Phoenix, AZ						17,650						17,650						Floating						3.2%						7.4%						7/9/2026						75%						3
Loan 46						Senior						9/16/2025						Glendale, AZ						17,329						17,505						Floating						2.6%						7.1%						10/9/2030						73%						3

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						Loan Type						Origination Date						City, State						Carrying value(1)						Principal balance						Coupon type						Cash Coupon(2)						Unlevered all-in yield(3)						Extended maturity date						Loan-to-value(4)						Q3 Risk ranking(5)
Loan 47						Senior						5/5/2025						Dallas, TX						13,625						13,750						Floating						2.9%						7.5%						5/9/2030						65%						3
Loan 48						Senior						8/19/2025						Phoenix, AZ						13,551						13,688						Floating						2.7%						7.2%						9/9/2030						75%						3
Loan 49						Senior						7/3/2025						Northridge, CA						13,129						13,250						Floating						3.3%						7.9%						7/3/2030						74%						3
Loan 50						Senior						9/18/2025						Mobile, AL						13,090						13,250						Floating						2.8%						7.3%						10/9/2030						73%						3
Loan 51						Senior						11/22/2024						Garland, TX						12,279						12,399						Floating						3.5%						7.9%						12/9/2029						63%						3
Loan 52						Senior						3/8/2022						Glendale, AZ						11,664						11,664						Floating						3.5%						7.6%						3/9/2027						73%						3
Loan 53(6)						Preferred						5/9/2025						Mesa, AZ						1,819						1,837						Fixed						n/a(6)						15.0%						5/9/2027						n/a						3
Loan 54(6)						Preferred						5/9/2025						Phoenix, AZ						1,656						1,670						Fixed						n/a(6)						15.0%						4/9/2027						n/a						3
Loan 55(6)						Preferred						5/9/2025						Phoenix, AZ						1,586						1,599						Fixed						n/a(6)						15.0%						1/9/2027						n/a						3
Loan 56(6)						Preferred						5/9/2025						Phoenix, AZ						1,581						1,594						Fixed						n/a(6)						15.0%						8/9/2026						n/a						3
Loan 57(6)						Preferred						5/9/2025						Glendale, AZ						1,463						1,479						Fixed						n/a(6)						15.0%						3/9/2027						n/a						3
Loan 58(6)						Preferred						5/9/2025						Phoenix, AZ						1,410						1,422						Fixed						n/a(6)						15.0%						7/9/2026						n/a						3
Total/Weighted average multifamily loans																								$	1,482,135					$	1,482,650					63% of total loans						3.2%						7.6%						2.1 years												3.1
Office
Loan 59						Senior						1/19/2021						Phoenix, AZ						$	73,870					$	73,624					Floating						3.7%						8.3%						2/9/2026						71%						3
Loan 60						Senior						8/28/2018						San Jose, CA						73,571						73,571						Floating						4.9%						9.0%						2/28/2027						81%						3
Loan 61						Senior						2/13/2019						Baltimore, MD						58,606						58,606						Floating						3.6%						7.7%						2/9/2027						74%						3
Loan 62						Senior						9/28/2021						Reston, VA						41,958						40,986						Floating						2.1%						6.2%						10/9/2026						71%						4
Loan 63						Senior						11/17/2021						Dallas, TX						40,526						40,526						Floating						4.0%						8.1%						12/9/2025						61%						4
Loan 64						Senior						4/27/2022						Plano, TX						38,516						38,438						Floating						4.1%						8.2%						5/9/2027						68%						3
Loan 65						Senior						5/23/2022						Plano, TX						38,495						38,413						Floating						4.3%						8.4%						6/9/2027						60%						3
Loan 66						Senior						4/7/2022						San Jose, CA						32,406						32,406						Floating						4.2%						8.3%						4/9/2027						67%						3
Loan 67						Senior						4/30/2021						San Diego, CA						32,252						32,252						Floating						3.6%						7.8%						5/9/2026						57%						3
Loan 68						Senior						10/21/2021						Blue Bell, PA						29,461						29,461						Floating						3.8%						7.9%						4/9/2026						78%						3
Subtotal top 10 office loans																								$	459,661					$	458,283					19% of total loans

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						Loan Type						Origination Date						City, State						Carrying value(1)						Principal balance						Coupon type						Cash Coupon(2)						Unlevered all-in yield(3)						Extended maturity date						Loan-to-value(4)						Q3 Risk ranking(5)
Loan 69						Senior						3/31/2022						Blue Bell, PA						29,152						29,152						Floating						4.2%						8.3%						4/9/2026						81%						3
Loan 70						Senior						2/26/2019						Charlotte, NC						27,084						27,084						Floating						4.3%						8.4%						7/9/2026						70%						3
Loan 71						Senior						12/7/2018						Carlsbad, CA						26,788						26,410						Floating						3.9%						8.0%						12/9/2025						73%						3
Loan 72						Senior						7/30/2021						Denver, CO						23,300						23,300						Floating						5.0%						9.1%						8/9/2026						71%						3
Loan 73						Senior						8/27/2019						San Francisco, CA						22,716						22,716						Floating						2.9%						7.1%						9/9/2026						89%						3
Loan 74						Senior						10/13/2021						Burbank, CA						18,216						18,216						Floating						4.0%						8.1%						11/9/2026						51%						3
Loan 75						Senior						10/29/2020						Denver, CO						18,103						18,103						Floating						3.7%						7.8%						11/9/2025						64%						3
Loan 76(7)						Mezzanine						2/13/2023						Baltimore, MD						14,692						14,692						n/a(7)						n/a(7)						n/a(7)						2/9/2027						74%-75%						3
Loan 77						Senior						11/10/2021						Richardson, TX						13,352						13,320						Floating						4.1%						8.2%						12/9/2026						68%						3
Loan 78(8)						Preferred						9/9/2025						San Francisco, CA						166						166						Fixed						n/a(8)						20.0%						9/9/2026						n/a						3
Total/Weighted average office loans																								$	653,230					$	651,442					28% of total loans						3.8%						7.9%						0.9 years												3.1
Other (Mixed-use)
Loan 79						Senior						10/24/2019						Brooklyn, NY						$	79,308					$	79,308					Floating						4.2%						8.3%						11/9/2025						74%						3
Loan 80						Senior						1/13/2022						New York, NY						46,090						46,090						Floating						3.5%						7.6%						2/9/2027						76%						3
Loan 81						Senior						5/3/2022						Brooklyn, NY						28,923						28,923						Floating						4.4%						8.5%						5/9/2027						68%						3
Loan 82						Senior						4/3/2024						South Pasadena, CA						21,428						21,428						Fixed						15.1%						15.1%						2/9/2027						28%						3
Loan 83						Senior						8/31/2021						Los Angeles, CA						15,888						15,888						Floating						4.6%						8.7%						9/9/2026						58%						3
Total/Weighted average other (mixed-use) loans																								$	191,637					$	191,637											5.3%						9.0%						0.8 years												3.0
Industrial
Loan 84(9)						Senior						7/13/2022						Ontario, CA						$	24,619					$	24,619					n/a(9)						n/a(9)						n/a(9)						8/9/2027						66%						4
Loan 85						Senior						3/21/2022						Commerce, CA						11,594						11,594						Floating						3.3%						7.4%						4/9/2027						60%						3
Total/Weighted average industrial loans																								$	36,213					$	36,213											1.0%						2.4%						1.8 years												3.7
Total/Weighted average senior and mezzanine loans - Our Portfolio																								$	2,363,215					$	2,361,942											3.5%						7.7%						1.7 years												3.1

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_________________________________________

(1)Represents carrying values at our share as of September 30, 2025 and excludes general CECL reserves.

(2)Represents the stated coupon rate for loans; for floating rate loans, does not include Secured Overnight Financing Rate (“SOFR”), which was 4.13% as of September 30, 2025.

(3)In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment-in-kind interest income and the accrual of origination and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of September 30, 2025 for weighted average calculations.

(4)Except for construction loans, senior loans reflect the initial loan amount divided by the as-is value as of the date the loan was originated, or the principal amount divided by the appraised value for the in place collateral as of the date of the most recent as-is appraisal. Mezzanine loans include attachment loan-to-value and detachment loan-to-value, respectively. Attachment loan-to-value reflects initial funding of loans senior to our position divided by the as-is value as of the date the loan was originated, or the principal amount divided by the appraised value for the in place collateral as of the date of the most recent appraisal. Detachment loan-to-value reflects the cumulative initial funding of our loan and the loans senior to our position divided by the as-is value as of the date the loan was originated, or the cumulative principal amount divided by the appraised value for the in place collateral as of the date of the most recent appraisal.

(5)On a quarterly basis, our senior and mezzanine loans are rated “1” through “5,” from less risk to greater risk. Represents risk ranking as of September 30, 2025.

(6)Loans 53-58 have payment-in-kind provisions and accrue interest at 14%.

(7)Loan 76 was placed on nonaccrual status in April 2024; as such, no income is being recognized.

(8)Loan 78 has a payment-in-kind provision and accrues interest at 20%.

(9)Loan 84 was placed on nonaccrual status in September 2025; as such, no income is being recognized.

At September 30, 2025, our general CECL reserve for our outstanding loans and future loan funding commitments is $127.5 million, which is 5.17% of the aggregate commitment amount of our loan portfolio. This represents a decrease of $9.7 million from $137.2 million or 5.49% of the aggregate commitment amount of our loan portfolio at June 30, 2025. The decrease in our general CECL reserves was driven by the charge-off of reserves related to one loan that was acquired through deed-in-lieu of foreclosure. As a result, we have no specific CECL reserves at September 30, 2025.

Net Leased and Other Real Estate

Our net leased real estate investment strategy focuses on direct ownership in commercial real estate with an emphasis on properties with stable cash flow, which may be structurally senior to a third-party partner’s equity. As part of our net leased real estate strategy, we explore a variety of real estate investments including multi-tenant office, multifamily, student housing and industrial. Additionally, we have one other real estate investment through a joint venture with one partner. We also own six properties included in other real estate that were acquired through deeds-in-lieu of foreclosure and foreclosure and consolidate two properties after being deemed the primary beneficiary of the variable interest entity holding it.

As of September 30, 2025, $750.1 million or 24.1% of our assets were invested in net leased and other real estate properties and these properties were 79.7% occupied. The following table presents our net leased and other real estate investments as of September 30, 2025 (dollars in thousands):

						Count(1)						Carrying Value(2)						NOI for the three months ended September 30, 2025(3)(4)
Net leased real estate						7						$	319,700					$	7,806
Other real estate						9						430,360						5,130
Total/Weighted average net leased and other real estate						16						$	750,060					$	12,936

________________________________________

(1)Count represents the number of investments.

(2)Represents carrying values at our share as of September 30, 2025; includes real estate tangible assets, deferred leasing costs and other intangible assets less intangible liabilities.

(3)Refer to “Non-GAAP Supplemental Financial Measures” for further information on NOI.

(4)Other leased real estate includes $0.3 million of NOI related to one property that was sold during the third quarter of 2025.

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The following table provides asset-level detail of our net leased and other real estate as of September 30, 2025:

						Collateral type						City, State						Number of properties						Rentable square feet (“RSF”) / units/keys(1)						Weighted average % leased(2)						Weighted average lease term (yrs)(3)						Principal amount of debt(4)						Final debt maturity date
Net leased real estate
Net lease 1						Industrial						Various - U.S.						2						2,787,343 RSF						100%						12.9						$	200,000					Sep-33
Net lease 2						Office						Aurora, CO						1						183,529 RSF						100%						2.2						28,136						Aug-26
Net lease 3						Office						Indianapolis, IN						1						338,000 RSF						100%						5.3						20,893						Oct-27
Net lease 4(5)(6)						Retail						Various - U.S.						7						319,600 RSF						100%						2.3						27,181						Nov-26 & Mar-28
Net lease 5(5)						Retail						Keene, NH						1						45,471 RSF						100%						3.3						6,490						Nov-26
Net lease 6						Retail						South Portland, ME						1						52,900 RSF						100%						6.3						—						—
Net lease 7(5)						Retail						Fort Wayne, IN						1						50,000 RSF						100%						4.9						3,008						Nov-26
Total/Weighted average net leased real estate																		14						3,776,843 RSF						100%						10.2						$	285,708
Other real estate
Other real estate 1(7)						Hotel						San Jose, CA						1						541 Units						67%						n/a						$	—					—
Other real estate 2(5)(8)						Office						Creve Coeur, MO						7						847,604 RSF						79%						3.7						92,748						Dec-28
Other real estate 3(7)						Multifamily/Pre-dev(9)						Santa Clara, CA						1						n/a						n/a						n/a						34,240						Jul-28
Other real estate 4						Multifamily						Arlington, TX						1						436 Units						58%						n/a						—						—
Other real estate 5(7)						Multifamily						Fort Worth, TX						1						354 Units						83%						n/a						—						—
Other real estate 6						Multifamily						Mesa, AZ						1						285 Units						86%						n/a						—						—
Other real estate 7(7)						Office						Long Island City, NY						1						220,872 RSF						31%						3.4						—						—
Other real estate 8(5)(7)						Office						Long Island City, NY						1						128,195 RSF						2%						4.4						—						—
Other real estate 9(7)						Office						Tualatin, OR						1						296,375 RSF						65%						3.1						—						—
Total/Weighted average other real estate																		15						n/a						65%						3.7						$	126,988
Total net leased and other real estate																		29

_________________________________________

(1)Rentable square feet based on carrying value at our share as of September 30, 2025.

(2)Represents the percent leased as of September 30, 2025. Weighted average calculation based on carrying value at our share as of September 30, 2025.

(3)Based on in-place leases (defined as occupied and paying leases) as of September 30, 2025, and assumes that no renewal options are exercised. Weighted average calculation based on carrying value at our share as of September 30, 2025.

(4)Represents principal amount of debt at our share as of September 30, 2025.

(5)Represents a property where we recorded impairment during the nine months ended September 30, 2025 or year ended December 31, 2024. For Net lease 4, three individual properties were impaired.

(6)Net lease 4 consists of two separate mortgage notes.

(7)Property was acquired through foreclosure or deed-in-lieu of foreclosure.

(8)The current maturity date is December 2027, with a one-year extension available, subject to satisfaction of certain customary conditions set forth in the governing documents.

(9)Represents a multifamily construction/development project.

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Results of Operations

The following table summarizes our portfolio results of operations for the three months ended September 30, 2025 and June 30, 2025 (dollars in thousands):

						Three Months Ended September 30,						Three Months Ended June 30,												Q3’25 vs Q2‘25						Increase (Decrease)
						2025						2025												Amount						%
Net interest income
Interest income						$	48,889					$	48,663											$	226					0.5		%
Interest expense						(31,364)						(31,935)												571						(1.8)		%
Net interest income						17,525						16,728												797						4.8		%
Property and other income
Property operating income						32,536						35,668												(3,132)						(8.8)		%
Other income						2,513						1,593												920						57.8		%
Total property and other income						35,049						37,261												(2,212)						(5.9)		%
Expenses
Property operating expense						19,675						16,650												3,025						18.2		%
Transaction, investment and servicing expense						854						562												292						52.0		%
Interest expense on real estate						5,170						6,765												(1,595)						(23.6)		%
Depreciation and amortization						7,188						10,607												(3,419)						(32.2)		%
Increase of current expected credit loss reserve						8,215						582												7,633						1311.5		%
Impairment of operating real estate						2,509						51,127												(48,618)						(95.1)		%
Compensation and benefits						8,077						8,194												(117)						(1.4)		%
Operating expense						2,857						2,976												(119)						(4.0)		%
Total expenses						54,545						97,463												(42,918)						(44.0)		%
Other income
Other gain (loss), net						538						(3,362)												3,900						(116.0)		%
Loss before income taxes						(1,433)						(46,836)												45,403						(96.9)		%
Income tax benefit						129						21,664												(21,535)						(99.4)		%
Net loss						$	(1,304)					$	(25,172)											$	23,868					(94.8)		%

Comparison of Three Months Ended September 30, 2025 and June 30, 2025

Net Interest Income

Interest income

Interest income increased by $0.2 million to $48.9 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The increase was primarily due to $1.0 million from loan originations. This was partially offset by $0.7 million due to loan repayments.

Interest expense

Interest expense decreased by $0.6 million to $31.4 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The decrease was primarily due to $1.1 million from repayments on our master repurchase facilities, which was offset by $0.8 million due to the financing of newly originated loans.

Property and other income

Property operating income

Property operating income decreased by $3.1 million to $32.5 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The decrease was primarily driven by $8.2 million related to two deconsolidated subsidiaries and $0.9 million related to the sale of an office property offset by $6.1 million related to the properties that the Company acquired via foreclosure or deed-in-lieu of foreclosure.

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Other income

Other income increased by $0.9 million to $2.5 million during the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The increase was primarily driven by interest earned on tax refunds received in the third quarter of 2025.

Expenses

Property operating expense

Property operating expense increased by $3.0 million to $19.7 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The increase was primarily driven by $5.8 million related to the properties that the Company acquired via foreclosure or deed-in-lieu of foreclosure offset by $1.8 million related to two deconsolidated subsidiaries.

Transaction, investment and servicing expense

Transaction, investment and servicing expense increased by $0.3 million to $0.9 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The increase was primarily due to higher deal-level expenses incurred during three months ended September 30, 2025.

Interest expense on real estate

Interest expense on real estate decreased by $1.6 million to $5.2 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The decrease was primarily driven by $2.0 million related to two deconsolidated subsidiaries offset by $0.4 million related to the multifamily construction/development project the Company acquired through a deed-in-lieu of foreclosure during the three months ended September 30, 2025.

Depreciation and amortization

Depreciation and amortization expense decreased by $3.4 million to $7.2 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The decrease was primarily driven by $2.4 million related to two deconsolidated subsidiaries and $1.6 million related to fully amortized intangible assets at four properties offset by $0.5 million related to the properties that the Company acquired via foreclosure or deed-in-lieu of foreclosure.

Increase of current expected credit loss reserve

During the three months ended September 30, 2025, we recorded a net increase in CECL reserves of $8.2 million. The increase was primarily driven by specific reserves of $17.9 million related to one office loan, which was subsequently charged off. This was offset by a net decrease in general reserves of $9.7 million.

During the three months ended June 30, 2025, we recorded a net increase in CECL reserves of $0.6 million. The increase was primarily driven by specific reserves of $19.5 million related to one multifamily loan and one hotel loan, both of which were subsequently charged off. The was offset by a net decrease in general reserves of $18.8 million.

Impairment of operating real estate

Impairment of operating real estate decreased by $48.6 million to $2.5 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. We deconsolidated the assets and liabilities of the Pennsylvania office during the three months ended September 30, 2025 and deconsolidated the assets and liabilities the Norwegian net lease office campus during the three months ended June 30, 2025.

Compensation and benefits

Compensation and benefits decreased by $0.1 million to $8.1 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025 primarily due to lower stock compensation expense.

Operating expense

Operating expense decreased by $0.1 million to $2.9 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025 primarily due to lower third-party costs incurred during the third quarter of 2025.

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Other income

Other gain (loss), net

Other loss, net increased by $3.9 million to other gain, net of $0.5 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. The increase is related to reclassification of $22.0 million of foreign currency translation loss offset by $18.6 million of designated hedge gains from accumulated other comprehensive income following the resolution of our Norwegian net lease office campus in the second quarter of 2025.

Income tax benefit

Income tax benefit decreased by $21.5 million to $0.1 million for the three months ended September 30, 2025, as compared to the three months ended June 30, 2025. This is related to a deferred tax liability write-off when an investment subsidiary reached a maturity default on its bond financing collateralized by the Norwegian net lease office campus. Following the maturity default, the lenders exercised remedies and took control by equity pledge of the underlying investment subsidiary during the three months ended June 30, 2025.

The following table summarizes our portfolio results of operations for the nine months ended September 30, 2025 and September 30, 2024 (dollars in thousands):

						Nine Months Ended September 30,						Nine Months Ended September 30,												YTD 2025 vs YTD 2024						Increase (Decrease)
						2025						2024												Amount						%
Net interest income
Interest income						$	145,638					$	190,468											$	(44,830)					(23.5)		%
Interest expense						(95,510)						(117,062)												21,552						(18.4)		%
Net interest income						50,128						73,406												(23,278)						(31.7)		%
Property and other income
Property operating income						95,063						76,334												18,729						24.5		%
Other income						6,724						8,534												(1,810)						(21.2)		%
Total property and other income						101,787						84,868												16,919						19.9		%
Expenses
Property operating expense						46,293						24,980												21,313						85.3		%
Transaction, investment and servicing expense						2,046						1,238												808						65.3		%
Interest expense on real estate						18,499						20,278												(1,779)						(8.8)		%
Depreciation and amortization						28,346						29,430												(1,084)						(3.7)		%
Increase of current expected credit loss reserve						8,562						115,313												(106,751)						(92.6)		%
Impairment of operating real estate						53,636						45,216												8,420						18.6		%
Compensation and benefits						26,700						26,540												160						0.6		%
Operating expense						9,048						9,185												(137)						(1.5)		%
Total expenses						193,130						272,180												(79,050)						(29.0)		%
Other income
Other gain (loss), net						(3,065)						226												(3,291)						(1456.2)		%
Loss before income taxes						(44,280)						(113,680)												69,400						(61.0)		%
Income tax benefit (expense)						21,511						(691)												22,202						(3213.0)		%
Net loss						$	(22,769)					$	(114,371)											$	91,602					(80.1)		%

Comparison of Nine Months Ended September 30, 2025 and Nine Months Ended September 30, 2024

Net Interest Income

Interest income

Interest income decreased by $44.8 million to $145.6 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease was primarily due to $27.1 million related to loan repayments, $18.4

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million related to loans that were consolidated as real estate and $13.4 million due to a decrease in interest rates. This was partially offset by $14.5 million due to loan originations.

Interest expense

Interest expense decreased by $21.6 million to $95.5 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease was primarily due to $14.9 million due to paydowns on financings, $5.2 million from the net impact of the BRSP 2024-FL2 issuance and the unwinding of the CLNC 2019-FL1 securitization trust following the redemption of all outstanding securities thereunder and $12.0 million from proceeds from loan repayments that were used to amortize the securitization bonds in accordance with the securitization priority of repayments on BRSP 2021-FL1. This was partially offset by $11.1 million relating to draws on our master repurchase facilities.

Property and other income

Property operating income

Property operating income increased by $18.7 million to $95.1 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The increase was primarily driven by $30.4 million from 2024 and 2025 property acquisitions, offset by $8.4 million related to two deconsolidated subsidiaries and $2.1 million related to properties sold during 2024 and 2025.

Other income

Other income decreased by $1.8 million to $6.7 million during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease was primarily driven by lower income on money market investments.

Expenses

Property operating expense

Property operating expense increased by $21.3 million to $46.3 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The increase was primarily driven by $25.7 million from 2024 and 2025 property acquisitions, offset by $3.1 million related to properties sold during 2024 and 2025 and $1.3 million related to two deconsolidated subsidiaries.

Transaction, investment and servicing expense

Transaction, investment and servicing expense increased by $0.8 million to $2.0 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The increase was primarily due to higher deal-level expenses incurred during the nine months ended September 30, 2025.

Interest expense on real estate

Interest expense on real estate decreased by $1.8 million to $18.5 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. This decrease was primarily driven by $2.5 million related to two deconsolidated subsidiaries, partially offset by $0.4 million related to 2024 and 2025 property acquisitions.

Depreciation and amortization

Depreciation and amortization expense decreased by $1.1 million to $28.3 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease was primarily driven by $3.5 million related to two deconsolidated subsidiaries and $2.7 million related to properties sold during 2025, partially offset by $5.8 million from 2024 and 2025 property acquisitions.

Increase of current expected credit loss reserve

During the nine months ended September 30, 2025, we recorded a net increase in CECL reserves of $8.6 million. The increase was primarily driven by a net increase in specific CECL reserves of $46.2 million partially offset by a net decrease in general reserves of $37.6 million. The increase in specific CECL reserves was attributable to two multifamily loans, one office loan and one hotel loan, all of which were charged off during the nine months ended September 30, 2025.

During the nine months ended September 30, 2024, we recorded a net increase in CECL reserves of $115.3 million. The increase was primarily driven by a net increase in general reserves of $87.3 million and net increase in specific CECL reserves of $28.0 million. The increase in our general CECL reserves was primarily driven by macroeconomic conditions, as well as specific inputs on certain office and multifamily properties utilized in our general CECL model. The specific CECL reserves

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related to two multifamily loans, one office loan and one development mezzanine loan, all of which were charged off during the nine months ended September 30, 2024.

Impairment of operating real estate

We recorded $53.6 million of impairment during the nine months ended September 30, 2025 related to our Norwegian net lease office campus and our Pennsylvania office property. We deconsolidated the assets and liabilities of both properties during the nine months ended September 30, 2025.

We recorded $45.2 million of impairment on three office properties following a reduction in the current expected holding period during the nine months ended September 30, 2024 in connection with the review and preparation of our quarterly financials.

Compensation and benefits

Compensation and benefits increased by $0.2 million to $26.7 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The increase was driven by $1.3 million in stock compensation expense following a one-time vesting event in March 2025, offset by lower compensation costs.

Operating expense

Operating expense decreased by $0.1 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024 primarily due lower third-party costs incurred during the nine months ended September 30, 2025.

Other income (loss)

Other gain (loss), net

Other gain, net decreased by $3.3 million to other loss, net of $3.1 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease is related to reclassification of $22.0 million of foreign currency translation loss offset by $18.6 million of designated hedge gains from accumulated other comprehensive income following the resolution of our Norwegian net lease office campus in the second quarter of 2025.

Income tax benefit (expense)

Income tax benefit increased by $22.2 million to $21.5 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. This increase is related to a deferred tax liability write-off when an investment subsidiary reached a maturity default on its bond financing collateralized by our Norwegian net lease office campus. Following the maturity default, the lenders exercised remedies and took control by equity pledge of the underlying investment subsidiary.

Non-GAAP Supplemental Financial Measures

Distributable Earnings

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 flow from operating activities determined in accordance with GAAP, and this metric is a useful indicator for investors in evaluating and comparing our operating performance to our peers and our ability to pay dividends. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2018. As a REIT, we are required to distribute substantially all of our taxable income and we believe that dividends are one of the principal reasons investors invest in credit or commercial mortgage REITs such as our company. Over time, Distributable Earnings has been a useful indicator of our dividends per share and we consider that measure in determining the dividend, if any, to be paid. This supplemental financial measure also helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations.

We define Distributable Earnings as GAAP net income (loss) attributable to our common stockholders (or, without duplication, the owners of the common equity of our direct subsidiaries, such as our OP) and excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with our formation or other strategic transactions, (iii) acquisition costs from successful acquisitions, (iv) gains or losses from sales of real estate property and impairment write-downs of depreciable real estate, including unconsolidated joint ventures and preferred equity investments, (v) general CECL reserves, (vi) depreciation and amortization, (vii) any unrealized gains or losses or other similar non-cash items that are included in net income for the current quarter, regardless of whether such items are included in other comprehensive income or loss, or in net income, (viii) one-time events pursuant to changes in GAAP and (ix) certain material non-cash income or expense items that in the judgment

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of management should not be included in Distributable Earnings. For clauses (viii) and (ix), such exclusions shall only be applied after approval by a majority of our independent directors. Distributable Earnings include specific CECL reserves.

Additionally, we define Adjusted Distributable Earnings as Distributable Earnings excluding (i) realized gains and losses on asset sales, (ii) fair value adjustments, which represent mark-to-market adjustments to investments in unconsolidated ventures based on an exit price, defined as the estimated price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants, (iii) unrealized gains or losses, (iv) specific CECL reserves and (v) one-time gains or losses that in the judgement of management should not be included in Adjusted Distributable Earnings. We believe Adjusted Distributable Earnings is a useful indicator for investors to further evaluate and compare our operating performance to our peers and our ability to pay dividends, net of the impact of any gains or losses on assets sales or fair value adjustments, as described above.

Distributable Earnings and Adjusted Distributable Earnings do not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income or an indication of our cash flows from operating activities determined in accordance with GAAP, a measure of our liquidity, or an indication of funds available to fund our cash needs. In addition, our methodology for calculating Distributable Earnings and Adjusted Distributable Earnings may differ from methodologies employed by other companies to calculate the same or similar non-GAAP supplemental financial measures, and accordingly, our reported Distributable Earnings and Adjusted Distributable Earnings may not be comparable to the Distributable Earnings and Adjusted Distributable Earnings reported by other companies.

The following tables present a reconciliation of net income (loss) attributable to our common stockholders to Distributable Earnings and Adjusted Distributable Earnings attributable to our common stockholders (dollars and share amounts in thousands, except per share data) for the three months ended September 30, 2025, June 30, 2025, and March 31, 2025 and for the three months ended September 30, 2024, June 30, 2024 and March 31, 2024:

						Three Months Ended
						September 30, 2025						June 30, 2025						March 31, 2025
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders						$	984					$	(23,118)					$	5,342
Adjustments:
Non-cash equity compensation expense						2,794						2,913						4,213
Depreciation and amortization						7,514						10,676						10,748
Net unrealized loss (gain):
Impairment of operating real estate, net of associated income tax benefit						2,509						28,820						—
Other unrealized loss on investments						—						3,361						2
General CECL reserves						(9,676)						(18,900)						(9,018)
(Gain) loss on sales of real estate, preferred equity and investments in unconsolidated joint ventures						(538)						—						239
Adjustments related to noncontrolling interests						(266)						(358)						(172)
Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders						$	3,321					$	3,394					$	11,354
Distributable Earnings per share(1)						$	0.03					$	0.03					$	0.09
Adjustments:
Specific CECL reserves						$	17,891					$	19,482					$	8,782
Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders						$	21,212					$	22,876					$	20,136
Adjusted Distributable Earnings per share(1)						$	0.16					$	0.18					$	0.16
Weighted average number of shares of Class A common stock(1)						129,845						130,186						129,860

________________________________________

(1)We calculate Distributable Earnings (Loss) per share, and Adjusted Distributable Earnings per share, non-GAAP financial measures, based on a weighted-average number of common shares.

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						Three Months Ended
						September 30, 2024						June 30, 2024						March 31, 2024
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders						$	12,729					$	(67,860)					$	(57,103)
Adjustments:
Non-cash equity compensation expense						3,422						3,150						2,170
Depreciation and amortization						10,196						9,120						10,531
Net unrealized loss (gain):
Impairment of operating real estate						—						45,216						—
Other unrealized loss (gain) on investments						—						278						(151)
General CECL reserves						(8,102)						28,096						67,284
Gain on sales of real estate, preferred equity and investments in unconsolidated joint ventures						(144)						—						—
Adjustments related to noncontrolling interests						(169)						(1,029)						(189)
Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders						$	17,932					$	16,971					$	22,542
Distributable Earnings per share(1)						$	0.14					$	0.13					$	0.17
Adjustments:
Specific CECL reserves						$	9,102					$	11,804					$	7,128
Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders						$	27,034					$	28,775					$	29,670
Adjusted Distributable Earnings per share(1)						$	0.21					$	0.22					$	0.23
Weighted average number of shares of Class A common stock(1)						130,144						130,665						130,100

________________________________________

(1)We calculate Distributable Earnings (Loss) per share, and Adjusted Distributable Earnings per share, non-GAAP financial measures, based on a weighted-average number of common shares.

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Undepreciated Book Value Per Share

We believe that presenting Undepreciated Book Value per share is a more useful and consistent measure of the value of our current portfolio and operations for our investors as it enhances the comparability to our peers who do not hold similar real estate investments. Undepreciated Book Value per share excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities) and as of the quarter ended June 30, 2024, includes non-GAAP impairment of real estate and any related foreign currency translation. Non-GAAP impairment of real estate is a non-GAAP measure that reflects our share of a property’s carrying value on certain net leased and other real estate office properties whose non-recourse mortgages have matured or who have been placed in a cash flow sweep by their lender. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders’ aversion to finance or refinance office properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can and have led to foreclosures. Cash flow sweeps restrict our ability to utilize earnings generated by a property. As such, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties.

The following table calculates our GAAP book value per share and Undepreciated Book Value per share ($ in thousands, except per share data):

						September 30, 2025						December 31, 2024
Stockholders’ equity excluding noncontrolling interests in investment entities						$	976,413					$	1,048,218
Accumulated depreciation and amortization						179,677						232,177
Non-GAAP impairment of real estate						(30,521)						(134,578)
Foreign currency translation						—						6,624
Undepreciated Book Value						$	1,125,569					$	1,152,441
GAAP book value per share						$	7.53					$	8.08
Accumulated depreciation and amortization per share						1.38						1.79
Non-GAAP impairment of real estate						(0.24)						(1.04)
Foreign currency translation						—						0.05
Undepreciated Book Value per share(1)						$	8.68					$	8.89
Total outstanding shares - Class A common stock						129,733						129,685

________________________________________

(1)Per share data may differ due to rounding.

						September 30, 2025						December 31, 2024
Impairment attributable to BrightSpire Capital, Inc.						$	53,636					$	54,211
Adjustments:
Current year non-GAAP impairment of operating real estate						(104,057)						134,578
Non-GAAP impairment as of prior fiscal year-end						134,578						—
Impairment attributable to BrightSpire Capital, Inc.						(53,636)						(54,211)
Non-GAAP impairment of real estate						$	30,521					$	134,578

NOI

We believe NOI to be a useful measure of operating performance of our net leased and other real estate portfolios as they are more closely linked to the direct results of operations at the property level. NOI excludes historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as adjustments for the effects of real estate impairment and gains or losses on sales of depreciated properties, which eliminate differences arising from investment and disposition decisions. Additionally, by excluding corporate level expenses or benefits such as interest expense, any gain or loss on early extinguishment of debt and income taxes, which are incurred by the parent entity and are not directly linked to the operating performance of the Company’s properties, NOI provides a measure of operating performance independent of the Company’s capital structure and indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the operating performance of the

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Company’s properties, and transaction costs and administrative costs, may limit the usefulness of NOI. NOI may fail to capture significant trends in these components of GAAP net income (loss) which further limits its usefulness.

NOI should not be considered as an alternative to net income (loss), determined in accordance with GAAP, as an indicator of operating performance. In addition, our methodology for calculating NOI involves subjective judgment and discretion and may differ from the methodologies used by other companies, when calculating the same or similar supplemental financial measures and may not be comparable with other companies.

The following tables present a reconciliation of net income (loss) on our net leased and other real estate portfolios attributable to our common stockholders to NOI attributable to our common stockholders (dollars in thousands) for the three months ended September 30, 2025, June 30, 2025 and March 31, 2025 and for the three months ended September 30, 2024, June 30, 2024 and March 31, 2024:

						Three Months Ended
						September 30, 2025						June 30, 2025						March 31, 2025
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders						$	984					$	(23,118)					$	5,342
Adjustments:
Net (income) loss attributable to non-net leased and other real estate portfolios(1)						292						(5,917)						(6,287)
Net loss attributable to noncontrolling interests in investment entities						(2,288)						(2,054)						(1,634)
Amortization of above-and below-market lease intangibles						180						1						59
Net interest expense						11						53						39
Interest expense on real estate						5,170						6,765						7,940
Other income						(213)						(86)						(34)
Transaction, investment and servicing expense						22						14						38
Depreciation and amortization						7,154						10,575						10,519
Impairment of operating real estate						2,509						51,127						—
Operating expense						1						1						1
Other (gain) loss on investments, net						(538)						3,428						742
Income tax (benefit) expense						(245)						(21,770)						254
NOI attributable to noncontrolling interest in investment entities						(103)						(277)						(267)
Total NOI, at share						$	12,936					$	18,742					$	16,712

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(1)Net (income) loss attributable to non-net leased and other real estate portfolios includes net (income) loss on our senior and mezzanine loans and preferred equity and corporate and other business segments.

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						Three Months Ended
						September 30, 2024						June 30, 2024						March 31, 2024
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders						$	12,729					$	(67,860)					$	(57,103)
Adjustments:
Net (income) loss attributable to non-net leased and other real estate portfolios(1)						(12,022)						24,942						56,456
Net loss attributable to noncontrolling interests in investment entities						(1,308)						(823)						(4)
Amortization of above- and below-market lease intangibles						9						143						112
Net interest income						(352)						(13)						(17)
Interest expense on real estate						7,896						6,748						6,782
Other income						167						(325)						(189)
Transaction, investment and servicing expense						(52)						84						122
Depreciation and amortization						10,069						8,917						10,353
Impairment of operating real estate						—						45,216						—
Operating expense						7						1						24
Other (gain) loss on investments, net						242						224						(150)
Income tax expense						244						164						240
NOI attributable to noncontrolling interest in investment entities						(299)						(330)						(307)
Total NOI, at share						$	17,330					$	17,088					$	16,319

________________________________________

(1)Net (income) loss attributable to non-net leased and other real estate portfolios includes net (income) loss on our senior and mezzanine loans and preferred equity and corporate and other business segments.

Liquidity and Capital Resources

Overview

Our material cash commitments include commitments to repay borrowings, finance our assets and operations, meet future funding obligations, make distributions to our stockholders and fund other general business needs. We use significant cash to make investments, meet commitments to existing investments, repay the principal of and interest on our borrowings and pay other financing costs, make distributions to our stockholders and fund our operations.

Our primary sources of liquidity include cash on hand, cash generated from our operating activities and cash generated from asset sales and investment maturities. However, subject to maintaining our qualification as a REIT and our Investment Company Act exclusion, we may use several sources to finance our business, including bank credit facilities (including term loans and revolving facilities), Master Repurchase Facilities and securitizations, as described below. In addition to our current sources of liquidity, there may be opportunities from time to time to access liquidity through public offerings of debt and equity securities. We have sufficient sources of liquidity to meet our material cash commitments for the next 12 months and the foreseeable future.

Financing Strategy

We have a multi-pronged financing strategy that includes an up to $165.0 million secured revolving credit facility as of September 30, 2025, up to approximately $2.0 billion in secured revolving repurchase facilities, $1.0 billion in non-recourse securitization financing, $383.3 million in commercial mortgages and $34.2 million in other asset-level financing structures.

In addition, we may use other forms of financing, including additional warehouse facilities, public and private secured and unsecured debt issuances and equity or equity-related securities issuances by us or our subsidiaries. We may also finance a portion of our investments through the syndication of one or more interests in a whole loan. We will seek to match the nature and duration of the financing with the underlying asset’s cash flow, including using hedges, as appropriate.

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Debt-to-Equity Ratio

The following table presents our debt-to-equity ratio:

September 30, 2025

December 31, 2024

Debt-to-equity ratio(1)

2.1x

2.1x

_________________________________________

(1)Represents (i) total consolidated outstanding secured debt less cash and cash equivalents of $113.4 million and $302.2 million at September 30, 2025 and December 31, 2024, respectively to (ii) total equity, in each case, at period end.

Potential Sources of Liquidity

As discussed in greater detail above under “Trends Affecting our Business,” and “Factors Impacting Our Operating Results” overall market uncertainty coupled with rising inflation and high interest rates have tempered the loan financing markets recently. A high interest rate environment will result in increased interest expense on our variable rate debt that is not hedged and may result in disruptions to our borrowers’ and tenants’ ability to finance their activities, which would similarly adversely impact their ability to make their monthly mortgage payments and meet their loan obligations. Additionally, due to the current market conditions, warehouse lenders may take a more conservative stance by increasing funding costs, which may lead to margin calls.

Our primary sources of liquidity include borrowings available under our credit facilities, Master Repurchase Facilities and monthly mortgage payments from our borrowers.

Bank Credit Facilities

We use bank credit facilities (including term loans and revolving facilities) to finance our business. These financings may be collateralized or non-collateralized and may involve one or more lenders. Credit facilities typically have maturities ranging from two to five years and may accrue interest at either fixed or floating rates.

On January 28, 2022, the OP (together with certain subsidiaries of the OP from time to time party thereto as borrowers, collectively, the “Borrowers”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the several lenders from time to time party thereto (the “Lenders”), pursuant to which the Lenders agreed to provide a revolving credit facility in the aggregate principal amount of up to $165.0 million, of which up to $25.0 million is available as letters of credit. Loans under the Credit Agreement may be advanced in U.S. dollars and certain foreign currencies, including euros, pounds sterling and Swiss francs. The Credit Agreement amended and restated the OP’s prior $300.0 million revolving credit facility that would have matured on February 1, 2022.

The Credit Agreement also includes an option for the Borrowers to increase the maximum available principal amount of up to $300.0 million, subject to one or more new or existing Lenders agreeing to provide such additional loan commitments and satisfaction of other customary conditions.

Advances under the Credit Agreement accrue interest at a per annum rate equal to, at the applicable Borrower’s election, either (x) an adjusted SOFR rate plus a margin of 2.25%, or (y) a base rate equal to the highest of (i) the Wall Street Journal’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted SOFR rate plus 1.00%, plus a margin of 1.25%. An unused commitment fee at a rate of 0.25% or 0.35%, per annum, depending on the amount of facility utilization, applies to un-utilized borrowing capacity under the Credit Agreement. Amounts owed under the Credit Agreement may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings with respect to which a SOFR rate election is in effect.

The maximum amount available for borrowing at any time under the Credit Agreement is limited to a borrowing base valuation of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value. As of September 30, 2025, the borrowing base valuation is sufficient to permit borrowings of up to the entire $165.0 million. If any borrowing is outstanding for more than 180 days after its initial draw, the borrowing base valuation will be reduced by 50% until all outstanding borrowings are repaid in full. The ability to borrow new amounts under the Credit Agreement terminates on January 31, 2026, at which time the OP may, at its election and by written notice to the Administrative Agent, extend the termination date for two additional terms of six months each, subject to the terms and conditions in the Credit Agreement, resulting in a latest termination date of January 31, 2027.

The obligations of the Borrowers under the Credit Agreement are guaranteed pursuant to a Guarantee and Collateral Agreement by substantially all material wholly owned subsidiaries of the OP (the “Guarantors”) in favor of the Administrative Agent (the “Guarantee and Collateral Agreement”) and, subject to certain exceptions, secured by a pledge of substantially all equity

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interests owned by the Borrowers and the Guarantors, as well as by a security interest in deposit accounts of the Borrowers and the Guarantors in which the proceeds of investment asset distributions are maintained.

The Credit Agreement contains various affirmative and negative covenants, including, among other things, the obligation of the Company to maintain REIT status and be listed on the New York Stock Exchange, and limitations on debt, liens and restricted payments. In addition, the Credit Agreement includes the following financial covenants applicable to the OP and its consolidated subsidiaries: (a) minimum consolidated tangible net worth of the OP to be greater than or equal to the sum of (i) $1,112,000,000 and (ii) 70% of the net cash proceeds received by the OP from any offering of its common equity after September 30, 2021 and of the net cash proceeds from any offering by the Company of its common equity to the extent such proceeds are contributed to the OP, excluding any such proceeds that are contributed to the OP within ninety (90) days of receipt and applied to acquire capital stock of the OP; (b) the OP’s ratio of EBITDA plus lease expenses to fixed charges for any period of four consecutive fiscal quarters to be not less than 1.50 to 1.00; (c) the OP’s minimum interest coverage ratio to be not less than 3.00 to 1.00; and (d) the OP’s ratio of consolidated total debt to consolidated total assets to be not more than 0.80 to 1.00. The Credit Agreement also includes customary events of default, including, among other things, failure to make payments when due, breach of covenants or representations, cross default to material indebtedness, material judgment defaults, bankruptcy matters involving any Borrower or any Guarantor and certain change of control events. The occurrence of an event of default will limit the ability of the OP and its subsidiaries to make distributions and may result in the termination of the credit facility, acceleration of repayment obligations and the exercise of remedies by the Lenders with respect to the collateral.

As of September 30, 2025, we were in compliance with all of our financial covenants under the Credit Agreement.

Master Repurchase Facilities

Currently, our primary sources of financing the origination of first mortgage loans and senior loan participations secured by senior loan investments are our repurchase agreements with multiple global financial institutions (each, a “Master Repurchase Facility” and collectively, the “Master Repurchase Facilities”). The Master Repurchase Facilities, effectively allow us to borrow against loans that we own in an amount generally equal to (i) the market value of such loans multiplied by (ii) the applicable advance rate. Under these agreements, we sell our loans to a counterparty and agree to repurchase the same loans from the counterparty at a price equal to the original sales price plus an interest factor. During the term of a repurchase agreement, we receive the principal and interest on the related loans and pay interest to the lender under the master repurchase agreement. We intend to maintain formal relationships with multiple counterparties to obtain master repurchase financing.

The following table presents a summary of our Master Repurchase Facilities and Bank Credit Facility as of September 30, 2025 (dollars in thousands):

						Maximum Facility Size						Current Borrowings						Weighted Average Final Maturity (Years)						Weighted Average Interest Rate(1)
Master Repurchase Facilities
Bank 1						$	600,000					$	361,230					1.5						SOFR + 2.35%
Bank 2						600,000						118,350						4.5						SOFR + 1.93%
Bank 3						400,000						276,454						4.7						SOFR + 1.69%
Bank 4						400,000						22,637						4.1						SOFR + 1.90%
Total Master Repurchase Facilities						2,000,000						778,671
Bank Credit Facility						165,000						—						1.3						SOFR + 2.25%
Total Facilities						$	2,165,000					$	778,671

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(1)All facilities utilize Term SOFR at September 30, 2025.

The following table presents the quarterly average unpaid principal balance (“UPB”), end of period UPB and the maximum UPB at any month-end related to our Master Repurchase Facilities and Bank Credit Facility (dollars in thousands):

Quarter Ended						Quarterly Average UPB						End of Period UPB						Maximum UPB at Any Month-End
September 30, 2025						$	784,202					$	778,671					$	823,583
June 30, 2025						761,613						789,729						791,532
March 31, 2025						759,339						733,494						818,603
December 31, 2024						816,782						785,183						848,381
September 30, 2024						923,540						848,381						987,017

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June 30, 2024						1,015,107						998,699						1,031,514
March 31, 2024						1,092,119						1,031,516						1,121,264

The decrease in our end of period UPB from June 30, 2025 to September 30, 2025 was driven by financing paydowns during the period.

Securitizations

We may seek to utilize non-recourse long-term securitizations of our investments in mortgage loans, especially loan originations, to the extent consistent with the maintenance of our REIT qualification and exclusion from the Investment Company Act in order to generate cash for funding new investments. This would involve conveying a pool of assets to a special purpose vehicle (or the issuing entity), which would issue one or more classes of non-recourse notes pursuant to the terms of an indenture. The notes would be secured by the pool of assets. In exchange for the transfer of assets to the issuing entity, we would receive the cash proceeds on the sale of non-recourse notes and a 100% interest in the equity of the issuing entity. The securitization of our portfolio investments might magnify our exposure to losses on those portfolio investments because any equity interest we retain in the issuing entity would be subordinate to the notes issued to investors and we would, therefore, absorb all of the losses sustained with respect to a securitized pool of assets before the owners of the notes experience any losses.

BRSP 2021-FL1

In July 2021, we executed a securitization transaction through our subsidiaries, BRSP 2021-FL1, Ltd. and BRSP 2021-FL1, LLC, which resulted in the sale of $670.0 million of investment grade notes.

BRSP 2021-FL1 included a two-year reinvestment feature that allowed us to contribute existing or newly originated loan investments in exchange for proceeds from repayments or repurchases of loans held in BRSP 2021-FL1, subject to the satisfaction of certain conditions set forth in the indenture. The reinvestment period for BRSP 2021-FL1 expired on July 20, 2023. At September 30, 2025, we had $528.8 million of unpaid principal balance of CRE debt investments financed with BRSP 2021-FL1. As of September 30, 2025, the securitization reflects an advance rate of 75.4% at a weighted average cost of funds of Term SOFR plus 1.72% (before transaction costs), and is collateralized by a pool of 19 senior loan investments.

Additionally, BRSP 2021-FL1 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. We did not fail any note protection tests during the nine months ended September 30, 2025 and September 30, 2024. While we continue to closely monitor all loan investments contributed to BRSP 2021-FL1, a deterioration in the performance of an underlying loan could negatively impact our liquidity position.

BRSP 2024-FL2

In August 2024, we executed a $675.0 million securitization transaction through wholly-owned subsidiaries, BRSP 2024-FL2, Ltd. and BRSP 2024-FL2, LLC (collectively, “BRSP 2024-FL2”), which resulted in the sale of $583.9 million of the 2024-FL2 Notes.

BRSP 2024-FL2 included a six-month ramp-up acquisition period that allowed us to contribute existing or newly originated loan investments in exchange for $84.8 million in unused proceeds held in BRSP 2024-FL2, subject to the satisfaction of certain conditions set forth in the indenture. BRSP 2024-FL2 also includes a two-year reinvestment feature that allows us to contribute existing or newly originated loan investments in exchange for proceeds from repayments of loans held in BRSP 2024-FL2, subject to the satisfaction of certain conditions set forth in the indenture. As of September 30, 2025, the securitization reflects an advance rate of 86.5% at a weighted average cost of funds of Term SOFR plus 2.47% (before transaction costs), and is collateralized by a pool of 27 senior loan investments. During the nine months ended September 30, 2025, we contributed existing or newly originated loan investments totaling $101.5 million, in exchange for a combination of reinvestment and unused proceeds. At September 30, 2025, the unused proceeds have been fully utilized and we had $675.0 million of unpaid principal balance of CRE debt investments financed with BRSP 2024-FL2.

Additionally, BRSP 2024-FL2 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. We did not fail any note protection tests during the nine months ended September 30, 2025. While we continue to closely monitor all loan investments contributed to BRSP 2024-FL2, a deterioration in the performance of an underlying loan could negatively impact our liquidity position.

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Other potential sources of financing

In the future, we may also use other sources of financing to fund the acquisition of our target assets, including secured and unsecured forms of borrowing and selective wind-down and dispositions of assets. We may also seek to raise equity capital or issue debt securities in order to fund our future investments.

Liquidity Needs

In addition to our loan origination activity and general operating expenses, our primary liquidity needs include interest and principal payments under our Bank Credit Facility, securitization bonds, and secured debt. Information concerning our contractual obligations and commitments to make future payments, including our commitments to repay borrowings, is included in the following table as of September 30, 2025. This table excludes our obligations that are not fixed and determinable (dollars in thousands):

						Payments Due by Period
						Total						Less than a Year						1-3 Years						3-5 Years						More than 5 Years
Bank credit facility(1)						$	1,238					$	413					$	825					$	—					$	—
Secured debt(2)						1,309,060						721,507						194,613						164,531						228,409
Securitization bonds payable(3)						1,028,545						804,649						223,896						—						—
Ground lease obligations(4)						23,849						3,186						5,794						3,980						10,889
Office leases						4,719						1,320						2,685						714						—
						$	2,367,411					$	1,531,075					$	427,813					$	169,225					$	239,298
Lending commitments(5)						105,469
Total						$	2,472,880

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(1)Future interest payments were estimated based on the applicable index at September 30, 2025 and unused commitment fee of 0.25% per annum, assuming principal is repaid on the current maturity date of January 2027.

(2)Amounts include minimum principal and interest obligations through the initial maturity date of the collateral assets. Interest on floating rate debt was determined based on Term SOFR at September 30, 2025.

(3)The timing of future principal payments was estimated based on expected future cash flows of underlying collateral loans. Repayments are estimated to be earlier than contractual maturity only if proceeds from underlying loans are repaid by the borrowers.

(4)The amounts represent minimum future base rent commitments through initial expiration dates of the respective noncancellable operating ground leases, excluding any contingent rent payments. Rents paid under ground leases are recoverable from tenants.

(5)Future lending commitments may be subject to certain conditions that borrowers must meet to qualify for such fundings. Commitment amount assumes future fundings meet the terms to qualify for such fundings.

Share Repurchases

In April 2025, our board of directors authorized a stock repurchase program (“Stock Repurchase Program”) under which we may repurchase up to $50.0 million of our outstanding Class A common stock until April 30, 2026. The Stock Repurchase Program replaces the prior stock repurchase program authorization which expired on April 30, 2025. Under the Stock Repurchase Program, we may repurchase shares in open market purchases, in privately negotiated transactions or otherwise. We have a written trading plan as part of the Share Repurchase Program that provides for share repurchases in open market transactions that is intended to comply with Rule 10b-18 under the Exchange Act. The Stock Repurchase Program will be utilized at our discretion and in accordance with the requirements of the SEC. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate requirements and other conditions.

During the nine months ended September 30, 2025, we repurchased 0.9 million shares of Class A common stock at a weighted average price of $5.30 per share for an aggregate cost of $5.0 million.

As of September 30, 2025, there was $46.1 million remaining available to make repurchases under the Stock Repurchase Program.

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Cash Flows

The following presents a summary of our consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

						Nine Months Ended September 30,
Cash flow provided by (used in):						2025						2024									Change
Operating activities						$	57,800					$	78,701								$	(20,901)
Investing activities						(88,066)						235,662									(323,728)
Financing activities						(198,683)						(237,540)									38,857

Operating Activities

Cash inflows from operating activities are generated primarily through interest received from loans and preferred equity held for investment, and property operating income from our real estate portfolio. This is partially offset by payment of interest expenses for credit facilities and mortgages payable, and operating expenses supporting our various lines of business, including property management and operations, loan servicing and workout of loans in default, investment transaction costs, as well as general administrative costs.

Our operating activities provided net cash inflows of $57.8 million and $78.7 million for the nine months ended September 30, 2025 and 2024, respectively. Net cash provided by operating activities decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to lower net interest income recorded during the nine months ended September 30, 2025.

We believe cash flows from operations, available cash balances and our ability to generate cash through short and long-term borrowings are sufficient to fund our operating liquidity needs.

Investing Activities

Investing activities include cash outlays for disbursements on new and/or existing loans, which are partially offset by repayments of loans held for investment.

Investing activities used net cash of $88.1 million for the nine months ended September 30, 2025. Net cash used in investing activities during the nine months ended September 30, 2025 resulted primarily from origination and fundings on our loans and preferred equity held for investment, net of $356.6 million, partially offset by repayments on loans and preferred equity held for investment, net of $243.6 million and proceeds from the sale of real estate $39.6 million.

Investing activities generated net cash inflows of $235.7 million for the nine months ended September 30, 2024. Net cash provided by investing activities during the nine months ended September 30, 2024 resulted primarily from repayments on loans and preferred equity held for investment, net of $282.9 million partially offset by the origination and fundings on our loans and preferred equity held for investment, net of $47.2 million.

Financing Activities

We finance our investing activities largely through borrowings secured by our investments along with capital from third party investors. We also have the ability to raise capital in the public markets through issuances of common stock, as well as draws upon our corporate credit facility, to finance our investing and operating activities. Accordingly, we incur cash outlays for payments on third party debt and dividends to our common stockholders.

Financing activities used net cash of $198.7 million for the nine months ended September 30, 2025, which resulted primarily from repayment of credit facilities of $235.8 million, repayment of securitization bonds of $111.7 million and distributions paid on common stock of $62.4 million partially offset by borrowings from credit facilities of $229.3 million.

Financing activities used net cash of $237.5 million for the nine months ended September 30, 2024, which resulted primarily from repayment of credit facilities of $602.0 million, repayment of securitization bonds of $403.4 million and distributions paid on common stock of $78.3 million, partially offset by borrowings from securitization bonds of $582.5 million and borrowings from credit facilities $297.6 million.

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Our Investment Strategy

Our objective is to generate consistent and attractive risk-adjusted returns to our stockholders. We seek to achieve this objective primarily through cash distributions and the preservation of invested capital. We believe our investment strategy provides flexibility through economic cycles to achieve attractive risk-adjusted returns. This approach is driven by a disciplined investment strategy, focused on:

•leveraging long standing relationships, our organization structure and the experience of the team;

•the underlying real estate and market dynamics to identify investments with attractive risk-return profiles;

•primarily originating and structuring CRE senior loans and selective investments in mezzanine loans and preferred equity with attractive return profiles relative to the underlying value and financial operating performance of the real estate collateral, given the strength and quality of the sponsorship;

•structuring transactions with a prudent amount of leverage, if any, given the risk of the underlying asset’s cash flows, attempting to match the structure and duration of the financing with the underlying asset’s cash flows, including through the use of hedges, as appropriate; and

•operating our net leased real estate investments and selectively pursuing new investments based on property location and purpose, tenant credit quality, market lease rates and potential appreciation of, and alternative uses for, the real estate.

The period for which we intend to hold our investments will vary depending on the type of asset, interest rates, investment performance, micro and macro real estate environment, capital markets and credit availability, among other factors. We generally expect to hold debt investments until the stated maturity and equity investments in accordance with each investment’s proposed business plan. We may sell all or a partial ownership interest in an investment before the end of the expected holding period if we believe that market conditions have maximized its value to us, or the sale of the asset would otherwise be in the best interests of our stockholders.

Our investment strategy is flexible, enabling us to adapt to shifts in economic, real estate and capital market conditions and to exploit market inefficiencies. We may expand or change our investment strategy or target assets over time in response to opportunities available in different economic and capital market conditions. This flexibility in our investment strategy allows us to employ a customized, solutions-oriented approach, which we believe is attractive to borrowers and tenants. We believe that our diverse portfolio, our ability to originate, acquire and manage our target assets and the flexibility of our investment strategy positions us to capitalize on market inefficiencies and generate attractive long-term risk-adjusted returns for our stockholders through a variety of market conditions and economic cycles.

Underwriting, Asset and Risk Management

We closely monitor our portfolio and actively manage risks associated with, among other things, our assets and interest rates. Prior to investing in any particular asset, the underwriting team, in conjunction with third party providers, undertakes a rigorous asset-level due diligence process, involving intensive data collection and analysis, to ensure that we understand fully the state of the market and the risk-reward profile of the asset. Beginning in 2021, our investment and portfolio management and risk assessment practices diligence the environmental, social and governance (“ESG”) standards of our business counterparties, including borrowers, sponsors and that of our investment assets and underlying collateral, which may include sustainability initiatives, recycling, energy efficiency and water management, volunteer and charitable efforts, anti-money laundering and know-your-client policies, and engagement and belonging practices in workforce leadership, composition and hiring practices. Prior to making a final investment decision, we focus on portfolio diversification to determine whether a target asset will cause our portfolio to be too heavily concentrated with, or cause too much risk exposure to, any one borrower, real estate sector, geographic region, source of cash flow for payment or other geopolitical issues. If we determine that a proposed acquisition presents excessive concentration risk, we may determine not to acquire an otherwise attractive asset.

For each asset that we acquire, our asset management team engages in active management of the asset, the intensity of which depends on the attendant risks. The asset manager works collaboratively with the underwriting team to formulate a strategic plan for the particular asset, which includes evaluating the underlying collateral and updating valuation assumptions to reflect changes in the real estate market and the general economy. This plan also generally outlines several strategies for the asset to extract the maximum amount of value from each asset under a variety of market conditions. Such strategies may vary depending on the type of asset, the availability of refinancing options, recourse and maturity, but may include, among others, the restructuring of non-performing or sub-performing loans, the negotiation of discounted payoffs or other modification of the terms governing a loan, and the foreclosure and management of assets underlying non-performing loans in order to reposition them for profitable disposition. We continuously track the progress of an asset against the original business plan to ensure that the attendant risks of continuing to own the asset do not outweigh the associated rewards. Under these circumstances, certain assets will require intensified asset management in order to achieve optimal value realization.

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Our asset management team engages in a proactive and comprehensive on-going review of the credit quality of each asset it manages. In particular, for debt investments on at least an annual basis, the asset management team will evaluate the financial wherewithal of individual borrowers to meet contractual obligations as well as review the financial stability of the assets securing such debt investments. Further, there is ongoing review of borrower covenant compliance including the ability of borrowers to meet certain negotiated debt service coverage ratios and debt yield tests. For equity investments, the asset management team, with the assistance of third-party property managers, monitors and reviews key metrics such as occupancy, same-store sales, tenant payment rates, property budgets and capital expenditures. If through this analysis of credit quality, the asset management team encounters declines in credit quality not in accordance with the original business plan, the team evaluates the risks and determines what changes, if any, are required to the business plan to ensure that the attendant risks of continuing to hold the investment do not outweigh the associated rewards.

In addition, the audit committee of our board of directors, in consultation with management, periodically reviews our policies with respect to risk assessment and risk management, including key risks to which we are subject, including credit risk, liquidity risk and market risk, and the steps that management has taken to monitor and control such risks.

Inflation

Virtually all of our assets and liabilities are interest rate sensitive in nature. As a result, interest rates and other factors influence our performance significantly more than inflation does. A change in interest rates may correlate with the inflation rate. Substantially all of the leases at our multifamily properties allow for monthly or annual rent increases which provide us with the opportunity to achieve increases, where justified by the market, as each lease matures. Such types of leases generally minimize the risks of inflation on our multifamily properties.

Refer to Item 3, “Quantitative and Qualitative Disclosures About Market Risk” for additional details.

Critical Accounting Estimates

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, which requires the use of estimates and assumptions that involve the exercise of judgment and that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. There have been no material changes to our critical accounting estimates described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Recent Accounting Updates

For recent accounting updates, refer to Note 2, “Summary of Significant Accounting Policies” in our accompanying consolidated financial statements included in Part I, Item 1, “Financial Statements.”

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our primary market risks are interest rate risk, prepayment risk, extension risk, credit risk, real estate market risk, capital market risk and foreign currency risk, either directly through the assets held or indirectly through investments in unconsolidated ventures.

Interest Rate Risk

Interest rate risk relates to the risk that the future cash flow of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk is highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic and political considerations, international conflicts, inflation and other factors beyond our control. Credit curve spread risk is highly sensitive to the dynamics of the markets for loans and securities we hold. Excessive supply of these assets combined with reduced demand will cause the market to require a higher yield. This demand for higher yield will cause the market to use a higher spread over the U.S. Treasury securities yield curve, or other benchmark interest rates, to value these assets.

As U.S. Treasury securities are priced to a higher yield and/or the spread to U.S. Treasuries used to price the assets increases, the price at which we could sell some of our fixed rate financial assets may decline. Conversely, as U.S. Treasury securities are priced to a lower yield and/or the spread to U.S. Treasuries used to price the assets decreases, the value of our fixed rate financial assets may increase. Fluctuations in SOFR may affect the amount of interest income we earn on our floating rate borrowings and interest expense we incur on borrowings indexed to SOFR, including under credit facilities and investment-level financing.

We have utilized, and in the future may utilize, a variety of financial instruments on some of our investments, including interest rate swaps, caps, floors and other interest rate exchange contracts, in order to limit the effects of fluctuations in interest rates on

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our operations. The use of these types of derivatives to hedge interest-earning assets and/or interest-bearing liabilities carries certain risks, including the risk that losses on a hedge position will reduce the funds available for distribution and that such losses may exceed the amount invested in such instruments. A hedge may not perform its intended purpose of offsetting losses of rising interest rates. Moreover, with respect to certain of the instruments used as hedges, there is exposure to the risk that the counterparties may cease making markets and quoting prices in such instruments, which may inhibit the ability to enter into an offsetting transaction with respect to an open position. Our profitability may be adversely affected during any period as a result of changing interest rates. At September 30, 2025, we held no derivative instruments.

As of September 30, 2025, a hypothetical 100 basis point increase or decrease in the applicable interest rate benchmark on our loan portfolio would increase or decrease interest income by $5.2 million annually, net of interest expense.

See the “Factors Impacting Our Operating Results” section in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion on interest rates.

Prepayment risk

Prepayment risk is the risk that principal will be repaid at a different rate than anticipated, resulting in a less than expected return on an investment. As prepayments of principal are received, any premiums paid on such assets are amortized against interest income, while any discounts on such assets are accreted into interest income. Therefore, an increase in prepayment rates has the following impact: (i) accelerates amortization of purchase premiums, which reduces interest income earned on the assets; and conversely, (ii) accelerates accretion of purchase discounts, which increases interest income earned on the assets.

Extension risk

The weighted average life of assets is projected based on assumptions regarding the rate at which borrowers will prepay or extend their mortgages. If prepayment rates decrease or extension options are exercised by borrowers at a rate that deviates significantly from projections, the life of fixed rate assets could extend beyond the term of the secured debt agreements. This in turn could negatively impact liquidity to the extent that assets may have to be sold and losses may be incurred as a result.

Credit risk

Investment in loans held for investment is subject to a high degree of credit risk through exposure to loss from loan defaults. Default rates are subject to a wide variety of factors, including, but not limited to, borrower financial condition, property performance, property management, supply/demand factors, construction trends, consumer behavior, regional economics, interest rates, the strength of the U.S. economy and other factors beyond our control. All loans are subject to a certain probability of default. We manage credit risk through the underwriting process, acquiring investments at the appropriate discount to face value, if any, and establishing loss assumptions. We carefully monitor performance of all loans, including those held through joint venture investments, as well as the external factors that may affect their value.

We are also subject to the credit risk of the tenants in our properties, including business closures, occupancy levels, meeting rent or other expense obligations, lease concessions, and ESG standards and practices among other factors. We seek to undertake a rigorous credit evaluation of the tenants prior to acquiring properties. This analysis includes an extensive due diligence investigation of the tenants’ businesses, as well as an assessment of the strategic importance of the underlying real estate to the respective tenants’ core business operations. Where appropriate, we may seek to augment the tenants’ commitment to the properties by structuring various credit enhancement mechanisms into the underlying leases. These mechanisms could include security deposit requirements or guarantees from entities that are deemed credit worthy.

Our in-depth understanding of CRE and real estate-related investments, and in-house underwriting, asset management and resolution capabilities, provides us and management with a sophisticated full-service platform to regularly evaluate our investments and determine primary, secondary or alternative strategies to manage the credit risks described above. This includes intermediate servicing and complex and creative negotiating, restructuring of non-performing investments, foreclosure considerations, intense management or development of owned real estate, in each case to manage the risks faced to achieve value realization events in our interests and our stockholders. Solutions considered may include defensive loan or lease modifications, temporary interest or rent deferrals or forbearances, converting current interest payment obligations to payment-in-kind, repurposing reserves and/or covenant waivers. Depending on the nature of the underlying investment and credit risk, we may pursue repositioning strategies through judicious capital investment in order to extract value from the investment or limit losses.

There can be no assurance that the measures we take will be sufficient to address or mitigate the impact of credit risk on our future operating results, liquidity and financial condition.

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Real estate market risk

We are exposed to the risks generally associated with the commercial real estate market. The market values of commercial real estate are subject to volatility and may be affected adversely by a number of factors, including, but not limited to, national, regional, and local economic conditions, as well as changes or weakness in specific industry segments, and other macroeconomic factors beyond our control which have and may continue to affect occupancy rates, capitalization rates and absorption rates. This in turn could impact the performance of tenants and borrowers. We seek to manage these risks through our underwriting due diligence and asset management processes and the solutions-oriented process described above.

Capital markets risk

We are exposed to risks related to the debt capital markets, specifically the ability to finance our business through borrowings under secured revolving repurchase facilities, secured and unsecured warehouse facilities or other debt instruments. We seek to mitigate these risks by monitoring the debt capital markets to inform our decisions on the amount, timing and terms of our borrowings.

Our Master Repurchase Facilities are partial recourse, and margin call provisions do not permit valuation adjustments based on capital markets events; rather they are limited to collateral-specific credit marks generally determined on a commercially reasonable basis. For the nine months ended September 30, 2025, and through October 28, 2025, we have not received any margin calls under our Master Repurchase Facilities.

We have amended our Bank Credit Facility and Master Repurchase Facilities to adjust certain covenants (such as the tangible net worth covenant), reduce advance rates on certain financed assets, obtain margin call holidays and permitted modification flexibilities, in an effort to mitigate the risk of future compliance issues, including margin calls, under our financing arrangements.

Foreign Currency Risk

We previously had foreign currency rate exposures related to our prior foreign currency-denominated investments held by our foreign subsidiaries. Changes in foreign currency rates could have adversely affected the fair values and earning of our non-U.S. holdings. We generally mitigated this foreign currency risk by utilizing currency instruments to hedge our prior net investments in our foreign subsidiaries. The type of hedging instruments that we employed on our foreign subsidiary investments were put options.

We had no foreign exchange contracts in place at September 30, 2025. The maturity dates of the prior instruments approximated the projected dates of related cash flows for specific investments. Termination or maturity of currency hedging instruments may have resulted in an obligation for payment to or from the counterparty to the hedging agreement. We were exposed to credit loss in the event of non-performance by counterparties for these contracts. To manage this risk, we selected major international banks and financial institutions as counterparties and performed a quarterly review of the financial health and stability of our trading counterparties. No counterparty defaulted on its obligations when we held foreign exchange contracts.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As required by Rule 13a-15(b) under the Exchange Act, our management carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of September 30, 2025, our disclosure controls and procedures were effective at providing reasonable assurance regarding the reliability of the information required to be disclosed by us in reports that we file under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

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Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—Other Information

Item 1. Legal Proceedings

The Company is not currently subject to any material legal proceedings. We anticipate that we may from time to time be involved in legal actions arising in the ordinary course of business, the outcome of which we would not expect to have a material adverse effect on our financial position, results of operations or cash flow.

Item 1A. Risk Factors

In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, in Part I, Item 1A, Risk Factors, and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results. There have been no material changes to the risk factors relating to the Company disclosed in our Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no sales of unregistered securities of our Company during the nine months ended September 30, 2025.

Purchases of Equity Securities by Issuer

The following table summarizes the repurchase of common stock for the three months ended September 30, 2025 (in thousands, except per share data):

Period						Total number of shares purchased						Average price paid per share						Total number of shares purchased as part of publicly announced plans or programs						Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs(1)
July 1 - 31, 2025						—						$	—					—						$	—
August 1 - 31, 2025						181						5.33						181						46,126
September 1 - 30, 2025						—						—						—						—
Total						181						$	5.33					181						$	46,126

________________________________________

(1)In April 2025, the Company’s board of directors authorized a Stock Repurchase Program under which the Company may repurchase up to $50.0 million of its outstanding Class A common stock until April 30, 2026.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended September 30, 2025, no director or officer of the Company adopted, terminated or modified a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

New Tax Legislation

Effective July 4, 2025, certain changes to U.S. tax law were approved that impact us and our stockholders. Among other changes, this legislation (i) permanently extended the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers under Section 199A of the Internal Revenue Code of 1986, as amended (the “Code”), (ii) increased the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries (“TRSs”) from 20% to 25% for taxable years beginning after December 31, 2025, and (iii) increases the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization and depletion from the definition of “adjusted taxable income” (i.e. based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.

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Item 6. Exhibits

EXHIBIT INDEX

Exhibit Number						Description of Exhibit
3.1						Articles of Amendment and Restatement of BrightSpire Capital, Inc., as amended (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q (No. 001-38377) for the quarter ended June 30, 2021 filed on August 5, 2021)
3.2						Fifth Amended and Restated Bylaws of BrightSpire Capital, Inc., as amended (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q (No. 001-38377) for the quarter ended March 31, 2023 filed on May 3, 2023)
31.1*						Certification by the Chief Executive Officer pursuant to 17 CFR 240.13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification by the Chief Financial Officer pursuant to 17 CFR 240.13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*						Certification by the Chief Executive Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*						Certification by the Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*						Inline XBRL Taxonomy Extension Schema Document
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

______________________________________

*    Filed herewith

†    Denotes a management contract or compensatory plan, contract or arrangement.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: October 29, 2025

BRIGHTSPIRE CAPITAL, INC.
By:						/s/ Michael J. Mazzei
						Michael J. Mazzei
						Chief Executive Officer
						(Principal Executive Officer)
By:						/s/ Frank V. Saracino
						Frank V. Saracino
						Chief Financial Officer
						(Principal Accounting Officer)

FAQ

What was BRSP’s Q3 2025 net income attributable to common stockholders?

Q3 2025 net income attributable to common stockholders was $0.98 million.

How did BrightSpire’s revenue components trend in Q3 2025?

Net interest income was $17.53 million, while property operating income increased to $35.05 million.

What credit and impairment charges did BRSP record?

Q3 included an $8.22 million increase in CECL reserve and $2.51 million of real estate impairment; year-to-date impairments total $53.64 million.

What were BRSP’s total assets and key debt balances at September 30, 2025?

Total assets were $3.30 billion; securitization bonds payable were $976.998 million and mortgage/other notes payable were $415.182 million.

How many BRSP shares were outstanding as of October 28, 2025?

There were 129,732,929 shares of Class A common stock outstanding.

What was BRSP’s year-to-date 2025 result?

For the nine months ended September 30, 2025, net loss attributable to common stockholders was $16.79 million.

Did property operating expenses change in Q3 2025?

Property operating expense rose to $19.68 million from $8.43 million a year earlier.