[8-K] BrightSpire Capital, Inc. Reports Material Event
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
BrightSpire Capital, Inc. reported a GAAP net loss attributable to common stockholders of $14.4 million, or ($0.12) per share for Q4 2025, and $31.1 million, or ($0.26) per share for full-year 2025. Despite these losses, Q4 Adjusted Distributable Earnings were $19.3 million, or $0.15 per share, and full-year Adjusted Distributable Earnings reached $83.6 million, or $0.64 per share, fully covering the 2025 dividend of $0.64 per share.
As of December 31, 2025, BrightSpire reported GAAP net book value of $7.30 per share and undepreciated book value of $8.44 per share. The company highlighted its strongest quarter of loan originations since late 2024, a $2.7 billion loan portfolio concentrated 67% in multifamily assets, and total undepreciated at-share assets of $3.7 billion.
Liquidity remained solid with $168 million of available liquidity, including $98 million of unrestricted cash and $70 million of revolver availability, and a 2.3x debt-to-equity ratio. BrightSpire executed a $955 million CRE CLO after quarter-end and made progress reducing problem assets, with watchlist loans of $220 million (8% of the loan portfolio) and six REO assets totaling $315 million, both expected to decline meaningfully through repayments, foreclosures and planned sales in early 2026.
Positive
- None.
Negative
- None.
Insights
BrightSpire combines a 2025 GAAP loss with fully covered dividends and active portfolio cleanup.
BrightSpire Capital posted a 2025 GAAP net loss of
The
Management emphasized asset resolution: watchlist loans of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 `
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 17, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||
| of incorporation) | File Number) | Identification No.) | ||||||||||||
(Address of Principal Executive Offices, Including Zip Code)
Registrant’s telephone number, including area code: (212 ) 547-2631
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 | Results of Operations and Financial Condition. | ||||
On February 17, 2026, BrightSpire Capital, Inc. (the “Company”) issued a press release announcing its financial position as of December 31, 2025 and its financial results for the fourth quarter and full year ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
On February 17, 2026, the Company made available a Supplemental Financial Disclosure Presentation for the fourth quarter and full year ended December 31, 2025 on the Company’s website at www.brightspire.com. A copy of the Supplemental Financial Disclosure Presentation is furnished herewith as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
In accordance with General Instructions B.2 and B.6 of Form 8-K, the information included in Item 2.02 and Item 9.01 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto), shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Use of Website to Distribute Material Company Information
The Company’s website address is www.brightspire.com. The Company uses its website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding the Company, is routinely posted on and accessible on the Shareholders subpage of its website, which is accessible by clicking on the tab labeled “Shareholders” on the website home page. The Company also uses its website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission disclosing the same information. Therefore, investors should look to the Shareholders subpage of the Company’s website for important and time-critical information. Visitors to the Company’s website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Shareholders subpage of the website.
Item 9.01 | Financial Statements and Exhibits. | |||||||
(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated February 17, 2026 | |||||||
| 99.2 | Supplemental Financial Disclosure Presentation for the fourth quarter and full year ended December 31, 2025 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 17, 2026 | BRIGHTSPIRE CAPITAL, INC. | |||||||
| By: | /s/ David A. Palamé | |||||||
| Name: | David A. Palamé | |||||||
| Title: | General Counsel & Secretary | |||||||
Exhibit 99.1 BrightSpire Capital, Inc. Announces Fourth Quarter & Full Year 2025 Financial Results NEW YORK, February 17, 2026 – BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2025 and certain updates. The Company reported fourth quarter 2025 GAAP net loss attributable to common stockholders of ($14.4) million, or ($0.12) per share, Distributable Loss of ($35.5) million, or ($0.28) per share, and Adjusted Distributable Earnings of $19.3 million, or $0.15 per share. For the full year 2025, the Company reported GAAP net loss attributable to common stockholders of ($31.1) million, or ($0.26) per share, Distributable Loss of ($17.5) million, or ($0.13) per share, and Adjusted Distributable Earnings of $83.6 million, or $0.64 per share. The Company reported GAAP net book value of $7.30 per share and undepreciated book value of $8.44 per share as of December 31, 2025. Michael J. Mazzei, Chief Executive Officer, commented, “The Company had its strongest quarter of originations since restarting back in late 2024, successfully executed on a new CRE CLO and made substantial progress, including subsequent to quarter end, on the resolution of REO and watchlist loans. The reduction in our book value this past quarter was largely driven by the decision to accelerate REO and watchlist resolutions and redeploy the capital.” Mr. Mazzei continued, “As we look ahead to 2026, our focus remains on growing the portfolio and earnings through new loan originations while continuing to resolve what remains of our REO and watchlist loans.” Supplemental Financial Report A Fourth Quarter 2025 Supplemental Financial Report is available on the Shareholders – Events and Presentations section of the Company’s website at www.brightspire.com. This information will be furnished to the SEC in a Current Report on Form 8-K. We refer to “Distributable Earnings (Loss)” and “Adjusted Distributable Earnings”, which are non-GAAP financial measures, in this release. A reconciliation to net income/(loss) attributable to BrightSpire Capital common stockholders, the most directly comparable GAAP measure, is included in our full detailed Fourth Quarter 2025 Supplemental Financial Report and is available on our website at www.brightspire.com. Fourth Quarter 2025 Conference Call The Company will conduct a conference call to discuss the results on Wednesday, February 18, 2026, at 10:00 a.m. ET / 7:00 a.m. PT. To participate in the event by telephone, please dial (833) 821-4389 ten minutes prior to the start time (to allow time for registration). International callers should dial (412) 652-1257. The call will also be broadcast live over the Internet and can be accessed on the ‘Shareholders’ section of the Company’s website at www.brightspire.com. A webcast of the call will be available for 90 days on the Company’s website. For those unable to participate during the live call, a replay will be available starting February 18, 2026, at 1:00 p.m. ET / 10:00 a.m. PT, through February 25, 2026, at 11:59 p.m. ET / 8:59 p.m. PT. To access the replay, dial (844) 512-2921 and use conference ID code 10204912. International callers should dial (412) 317-6671 and enter the same conference ID. Dividend Announcement On December 15, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share to holders of Class A common stock for the fourth quarter of 2025, which was paid on January 15, 2026, to common stockholders of record as of December 31, 2025. About BrightSpire Capital, Inc. BrightSpire Capital, Inc. (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. Cautionary Statement Regarding Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. 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; the Company's operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as in the Company’s other filings with the Securities and Exchange Commission; defaults by borrowers in paying debt service on outstanding indebtedness; borrowers’ 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, reduced demand for office, multifamily, hospitality or retail space) that may cause deterioration in the performance of our investments and, potentially, principal losses to us; the fair value of the Company's 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); the Company's use of leverage and interest rate mismatches between the Company’s assets and borrowings could hinder its ability to make distributions and may significantly impact its liquidity position; the timing of and ability to generate additional liquidity and deploy available liquidity, including in senior mortgage loans; whether the Company will achieve its anticipated Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as adjusted) in the near term or ever; the Company’s ability to maintain or grow the dividend at all in the future; adverse impacts on the Company's corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on master repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; the ability to execute CRE CLO’s on a go forward basis, including at a reduced cost of capital; whether transactions under letter of intent or contract will close on expected terms, in the expected time period or at all; the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and mortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as in BrightSpire Capital’s other filings with the Securities and Exchange Commission. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so. Investor Relations BrightSpire Capital, Inc. Addo Investor Relations Anne McGuinness 310-829-5400 brsp@addo.com
1 FEBRUARY 17, 2026 SUPPLEMENTAL FINANCIAL REPORT FOURTH QUARTER 2025 Exhibit 99.2
2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and 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; the Company's operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as in the Company’s other filings with the Securities and Exchange Commission; defaults by borrowers in paying debt service on outstanding indebtedness; borrowers’ 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, reduced demand for office, multifamily, hospitality or retail space) that may cause deterioration in the performance of our investments and, potentially, principal losses to us; the fair value of the Company's 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); the Company's use of leverage and interest rate mismatches between the Company’s assets and borrowings could hinder its ability to make distributions and may significantly impact its liquidity position; the timing of and ability to generate additional liquidity and deploy available liquidity, including in senior mortgage loans; whether the Company will achieve its anticipated Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as adjusted) in the near term or ever; the Company’s ability to maintain or grow the dividend at all in the future; adverse impacts on the Company's corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on master repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; the ability to execute CRE CLO’s on a go forward basis, including at a reduced cost of capital; whether transactions under letter of intent or contract will close on expected terms, in the expected time period or at all; the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and mortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as in BrightSpire Capital’s other filings with the Securities and Exchange Commission. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so.
3 Diversified Portfolio Liquidity & Capitalization Financial Results $3.7B Total At-Share Assets (Undepreciated) * Refer to the Appendix for a definition and reconciliation to GAAP net income (loss) ** Refer to the Appendix for a definition and reconciliation to GAAP net book value As of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix COMPANY HIGHLIGHTS BrightSpire Capital, Inc. (“BRSP” or the “Company”) is a large publicly-traded, diversified and internally- managed commercial real estate credit REIT $2.7B Total Loan Portfolio (98 Total Loans) $27M Average Loan Size 97% Floating-Rate Loan Portfolio $168M Total Liquidity(2) $98M Total Unrestricted Cash (or $0.76 per share)(2)(3) $70M Corporate Revolver Availability(3) 2.3x Debt-to-Equity Ratio(4) 5.57% W.A. All-in Cost of Financing(5) $1.0B Master Repurchase Facilities Availability(3) 7.3% W.A. Unlevered All-in Yield(1) W.A. Cash Coupon 3.4% 80% <$50M Loan Size (Based on Carrying Value) $0.15 Q4'25 Adjusted Distributable Earnings Per Share* $0.16 Q4'25 Quarterly Dividend Per Share 11.2% Annualized Dividend Yield(6) $1.1B Undepreciated Book Value** $8.44 Undepreciated Book Value Per Share** $0.64 FY25 Adjusted Distributable Earnings Per Share*
4 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE NET DEPLOYMENT ACTIVITY FINANCIAL RESULTS LIQUIDITY & CAPITALIZATION * Net deployment represents total committed capital less repayment proceeds As of December 31, 2025, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix • $168 million of available liquidity ($98 million of unrestricted cash, $70 million of undrawn borrowings available on our revolving credit facility)(2)(3) • Amended and extended the revolving credit facility to $120 million (with an accordion feature allowing for a maximum facility size of $180 million) with a 3-year term (December 2028 maturity) • Amended and upsized one of our master repurchase facilities from $400 million to $500 million • Subsequent to Q4’25, closed a $955 million CLO with an 87.25% advance rate and S+1.69% cost of funds (pre- transaction costs); includes $98 million of available ramp-up proceeds and a 2.5-year reinvestment period • Q4’25 and full year 2025 GAAP Net Loss of ($0.12) per share and ($0.26) per share, respectively • Q4’25 and full year 2025 Distributable Loss of ($0.28) per share and ($0.13) per share, respectively • Q4’25 and full year 2025 Adjusted Distributable Earnings of $0.15 per share and $0.64 per share, respectively • Declared and paid a dividend of $0.16 per share and $0.64 per share for Q4’25 and full year 2025, respectively • GAAP net book value of $7.30 per share and undepreciated book value of $8.44 per share • Q4’25 repurchased 1.1 million shares or $6.0 million of Class A common stock at a blended price of $5.39 per share • $376 million and $481 million of positive net deployment during Q4’25 and the full year 2025, respectively* • Q4’25 committed $416 million of capital across 13 new senior loans in Q4’25; full year 2025 committed $756 million of capital across 26 new senior loans • Subsequent to Q4’25, committed $251 million of capital across 6 new senior loans closed or in-execution(3) • Q4’25 received $40 million of repayment proceeds across 5 loans; full year 2025 received $275 million of repayment proceeds across 24 loans • Subsequent to Q4’25, received $130 million of repayment proceeds across 4 loans(3)
5 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE (CONT’D) LOAN PORTFOLIO As of December 31, 2025, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix • $2.7 billion loan portfolio with an average loan size of $27 million and W.A. unlevered yield of 7.3% • Multifamily represents 67% of the loan portfolio • W.A. risk ranking of 3.1 (vs. 3.1 as of Q3'25) • Total CECL reserve of $88 million or $0.68 per share (no specific CECL reserve on balance sheet as of Q4'25) • $220 million of watch list loans or 8% of the loan portfolio • Activity subsequent to Q4’25: – One risk rank 5 office loan and one risk rank 5 industrial loan repaid totaling $42 million – Foreclosed on one risk rank 5 multifamily loan totaling $45 million – Two risk rank 5 multifamily loans totaling $67 million are anticipated to be sold with an expected repayment concurrent with sale closing in late Q1’26 / early Q2’26 – Watchlist loans anticipated to decline by ~70% from $220 million to $66 million as a result of the above activity (see pg. 16 for additional detail) • 6 REO assets totaling $315 million (includes one hotel REO assets totaling $142 million or 45% of REO) • Sold two REO office properties for ~$42 million of net proceeds in Q4’25 • Activity subsequent to Q4’25: – Acquired one multifamily property through foreclosure totaling $45 million – One REO office property under contract to be sold for ~$26 million of net proceeds with an expected closing in Q1’26 – Listed two REO multifamily properties totaling $68 million, which are expected to be under contract and sold in 1H’26 – REO assets anticipated to decline by ~15% from $315 million to $266 million as a result of the above activity (see pg. 18 for additional detail) REO ASSETS
6 $8.68 $8.44 $0.03 ($0.14) ($0.12) ($0.01) $7.75 $8.00 $8.25 $8.50 $8.75 9/30/25 Undepreciated BVPS Share Repurchases RE Impairment Change in CECL Reserve Earnings less Dividends 12/31/25 Undepreciated BVPS 30% 30% 28% 11% 1% Stockholders' equity (undepreciated) Master repurchase facilities (limited recourse) Securitization bonds payable (non-recourse) Mortgage debt (non-recourse) Other debt (non-recourse) F INANCIAL OVERVIEW * Primarily related to the sale of one Long Island City, NY office REO asset, which closed in Q4’25 and one Long Island City, NY office REO asset which is under contract to be sold with an expected closing in Q1’26 As of December 31, 2025, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix Undepreciated Book Value Per Share Bridge Capital StructureKey Financial Metrics GAAP Net Loss ($M) Per Share ($14.4) ($0.12) Distributable Loss ($M) Per Share ($35.5) ($0.28) Adjusted Distributable Earnings ($M) Per Share $19.3 $0.15 Total At-Share Assets ($B) (Undepreciated) $3.7 Total Debt Outstanding (UPB) ($B) Debt-to-Equity(4) $2.5 2.3x Book Value (GAAP) ($B) Per Share $0.9 $7.30 Book Value (Undepreciated) ($B) Per Share $1.1 $8.44 CECL Reserve (General) ($M) Per Share / Basis Points (“BPS”)(7) $88.1 $0.68 / 315 bps CECL Reserve (Specific) ($M) Per Share -- -- Total capitalization $3.6B *
7 $0.16 Quarterly Dividend $0.16 $0.18 $0.16 $0.15 Adjusted Distributable Earnings ("Adj. DE") Earnings Per Share FINANCIAL PERFORMANCE * Refer to the Appendix for a definition and reconciliation to GAAP net income (loss) *** Refer to the Appendix for a definition and reconciliation to GAAP net book value As of December 31, 2025, unless otherwise stated; at BRSP share; per share data may differ due to rounding Book Value Per Share Q1’25 Q2’25 Q3’25 Q4’25 GAAP Net Income (Loss) $0.04 ($0.19) $0.01 ($0.12) Adjusted Distributable Earnings* $0.16 $0.18 $0.16 $0.15 Dividend Distribution $0.16 $0.16 $0.16 $0.16 Dividend Coverage (Adjusted Distributable Earnings) 100% 113% 100% 94% Q1’25 Q2’25 Q3’25 Q4’25 GAAP Net Book Value $7.92 $7.65 $7.53 $7.30 Undepreciated Book Value** $8.75 $8.75 $8.68 $8.44 $7.92 $7.65 $7.53 $7.30 $8.75 $8.75 $8.68 $8.44 GAAP Net Book Value Undepreciated Book ValueFY25 Adj. DE: $0.64/share FY25 Dividend: $0.64/share (fully covered)
8 (At BRSP share) Investment count Carrying value Net carrying value Per share Loan portfolio 98 2,678$ 727$ 5.66$ General CECL reserves (88) (88) (0.68) Loan portfolio, net of general CECL reserves 98 2,590 639 4.97 Net lease 7 316 31 0.24 Other real estate 7 386 151 1.17 CRE debt securities(8) 1 2 2 0.02 Total investment portfolio 113 3,295$ 823$ 6.40$ Plus: cash & net assets(9) 276 115 0.89 Total - GAAP 3,571$ 938$ 7.30$ Plus: accumulated D&A(10) 181 181 1.41 Less: non-GAAP impariment of real estate(11) (34) (34) (0.26) Total - Undepreciated 3,718$ 1,086$ 8.44$ 80% 20% <1% Loan portfolio Net lease & other real estate CRE debt securities 57% 19% 5% 7% 7% 4% 1%Multifamily Office (loan portfolio) Office (NNN & Other RE) Industrial Mixed-use & Other Hotel Retail Above charts exclude the impact of CECL reserves. In addition, “Property Type” chart excludes CRE debt securities $ in millions, except per share data; as of December 31, 2025; at BRSP share; per share data may differ due to rounding See footnotes in the appendix PORTFOLIO OVERVIEW Based on GAAP net carrying value as of December 31, 2025 Based on GAAP gross carrying value as of December 31, 2025 Investment Type Portfolio Overview (8) Property Type
9 LOAN ORIGINATION HIGHLIGHTS Key Metrics B U D G E T V S . A C T U A L Q4’25 2025 YTD 2026(3) Total number of loans 13 26 6 Total committed capital $416M $756M $251M Average loan size (committed capital) $32M $29M $42M W.A. cash coupon S+2.72% S+2.75% S+2.59% % Floating rate (senior loans) 100% 100% 100% Above charts based on 2025 and YTD 2026 total committed capital $ in millions. As of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Property Type Region Acquisition vs. Refinance 94% 3% 3% Multifamily Industrial Mixed-use & Other 48% 25% 19% 7%1% West Southwest Southeast Midwest Northeast 57%43% Refinance Acquisition$112 $85 $144 $416 $118 $133 Q1'25 Q2'25 Q3'25 Q4'25 YTD'26 Originations by Quarter $251 In-execution Closed
10 $2,363 $2,678$398 $11 ($40) ($53) 9/30/2025 Loan Portfolio Total New Loans Additional Loan Fundings Repayments Other 12/31/2025 Loan Portfolio <$25M 29% $25M-$50M 51% $51M-$75M 17% >$75M 3% Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions, unless otherwise stated; as of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix LOAN PORTFOLIO OVERVIEW 98% 2% <1% Senior mortgage loans Mezzanine loans Preferred equity Overview Investment Type Property Type 98 Total number of investments $2.7B Total loan portfolio $27M Average investment size 0.9 yrs. W.A. remaining term(12) 2.0 yrs. W.A. extended remaining term(13) 7.3% W.A. unlevered all-in yield(1) 3.1 W.A. risk ranking 99% of senior loans are floating rate 67% 24% 8%1% Multifamily Office Mixed-use & Other Industrial Loan Portfolio Activity (16) (15) (14)(Initial Fundings) Loan Size Diversification Total Loan Count 98Total Loan Count 85
11 Collateral Type Region Exposure as a % of Carrying Value (At BRSP share) Number of investments Average investment size Carrying value % of carrying value W SW NE SE MW Multifamily 70 26$ 1,805$ 67% 25% 28% 2% 9% 3% Office 21 30 634 24% 9% 8% 5% 2% - Mixed-use & Other 6 36 218 8% 2% -- 6% -- - Industrial 1 22 22 1% 1% -- -- -- - Total 98 27$ 2,678$ 100% 38% 36% 12% 11% 3% General CECL reserves (88) Total – Net of general CECL reserves 2,590$ Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions; as of December 31, 2025; at BRSP share LOAN PORTFOLIO DIVERSIFICATION Northeast 12% Region Southeast 11% Southwest 36% West 38% Midwest 3% Collateral Type Migration 51% 63% 67% 31% 28% 24% 9% 8% 8%8% 1% 1% 1% Q4'24 Q3'25 Q4'25 Multifamily Office Mixed-use & Other Hotel Industrial
12 (At BRSP share) Number of investments Carrying value % of carrying value Net carrying value W.A. unlevered all-in yield(1) W.A. extended term (years)(13) Floating rate Senior mortgage loans 86 2,593,694$ 97% 642,823$ 7.1% 2.0 Total / W.A. floating rate 86 2,593,694 97% 642,823 7.1% 2.0 Fixed rate Senior mortgage loans 1 24,139 1% 24,139 20.0% 0.4 Mezzanine loans 2 49,069 2% 49,069 8.4% 1.1 Preferred equity 9 11,413 0% 11,413 15.2% 1.0 Total / W.A. fixed rate 12 84,621 3% 84,621 12.6% 0.9 Total / W.A. 98 2,678,315$ 100% 727,444$ 7.3% 2.0 General CECL reserves (88,070) (88,070) Total / W.A. – Net of general CECL reserves 2,590,245$ 639,374$ $ in thousands; as of December 31, 2025; at BRSP share See footnotes in the appendix LOAN PORTFOLIO SUMMARY
13 LOAN PORTFOLIO MATURITIES Fully Extended Loan Maturities(13) $931 $910 $84 $754 $46 $28 $2 $36 $0 $300 $600 $900 $1,200 2026 2027 2028 2029+ Fully extended loan maturities (carrying value) Unfunded commitments $ in M ill io ns Weighted average fully extended remaining term of approximately 2.0 years across the loan portfolio Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves As of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix
14 92% 8% 92% 2% 6% 1 2 3 4 5 Q3'25 Q4'25 Risk Ranking Overview LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves, unless otherwise stated As of December 31, 2025, unless otherwise stated; at BRSP share CECL Reserve Overview $156M $137M $127M $88M Q1'25 Q2'25 Q3'25 Q4'25 Specific CECL Reserve General CECL Reserve Total Reserve $88M ($0.68/share) Total Reserve $156M ($1.19/share) Loan Count 80 Loan Count 89 Loan Count 5 Loan Count 4 Loan Count 5 No specific CECL reserve on balance sheet for Q1’25 to Q4'25 Risk Rank 4 & 5 Q3'25: 8% | 5 loans Q4'25: 8% | 9 loans Q3'25 W.A. Risk Ranking: 3.1 Q4'25 W.A. Risk Ranking: 3.1 Total Reserve $127M ($0.98/share) Total Reserve $137M ($1.06/share)
15 (At BRSP share) Number of investments BRSP ownership % Rentable square feet ("RSF") / Units / Keys Carrying value (Undep.) Net carrying value (Undep.) % of net carrying value (Undep.) Q4'25 NOI (at BRSP share)* W.A. % leased at end of period(17) W.A. remaining lease term (years)(18) Net lease real estate ("NNN") Industrial 1 100% 2,787 RSF 292,156$ 92,156$ 29% 5,038$ 100% 12.6 Office 2 100% 522 RSF 94,004 45,317 14% 1,801 100% 3.2 Retail 4 100% 468 RSF 42,462 4,730 2% 805 100% 2.9 Total / W.A. - NNN 7 100% 3,777 RSF 428,623$ 142,203$ 46% 7,644$ 100% 9.6 Other real estate ("Other RE")** Hotel 1 100% 541 Keys 142,007$ 86,214$ 27% 1,791$ 53% n/a Office 2 96% 976 RSF 117,134 24,907 8% 2,574 63% 3.7 Multifamily 4 100% 1,075 Units 147,187 59,585 19% 37 77% n/a Total / W.A. – Other RE 7 99% n/a 406,328$ 170,705$ 54% 4,400$ 63% 3.7 Total / W.A. 14 99% n/a 834,950$ 312,909$ 100% 12,043$ 83% 8.3 35% 25% 18% 17% 5% Industrial Office Multifamily Hotel Retail NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY 54% 31% 15% 5.0+ 2.5 - 5.0 <2.5 Region Property Type W.A. Remaining Lease Term(18) West 63% Northeast 7% Midwest 17% Southwest 13% * Q4'25 NOI excludes approximately $0.9M of NOI related to the sale of the Tualatin, OR office property and the Long Island City, NY office property, which sold during the fourth quarter of 2025 ** Includes $315M of undepreciated (“undep.”) carrying value related to six (6) REO assets and $91M of undep. carrying value related to one (1) equity investment Above charts based on undepreciated carrying value; $ and RSF in thousands; as of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix
16 Carrying Carrying Carrying Investment value Investment value Investment value Dallas, TX Office / RR4 (Loans 74 & 90) $42 Dallas, TX Office / RR4 (Loans 74 & 90) $42 Dallas, TX Office / RR4 (Loans 74 & 90) $42 Austin, TX Multifamily / RR4 (Loans 37 & 70) $24 Austin, TX Multifamily / RR4 (Loans 37 & 70) $24 Austin, TX Multifamily / RR4 (Loans 37 & 70) $24 Austin, TX Multifamily / RR5 (Loan 16) $36 Under PSA Austin, TX Multifamily / RR5 (Loan 16) $36 Repayment (Post Property Sale) Dallas, TX Multifamily / RR5 (Loan 24) $31 Under LOI Dallas, TX Multifamily / RR5 (Loan 24) $31 Repayment (Post Property Sale) Reston, VA Office / RR5 (Loan 85) $20 Repaid Q1 Ontario, CA Industrial / RR5 (Loan 98) $22 Repaid Q1 Dallas, TX Multifamily / RR5 (Loan 6) $45 Q1 REO Total Watchlist $220 Total Watchlist $133 Total Watchlist $66 % Change vs. Q4'25 (39%) % Change vs. Q4'25 (70%) LOAN PORTFOLIO WATCH LIST MIGRATION * Pro forma adjusted for anticipated repayments Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions. As of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Q4’25 At Earnings Call Pro Forma*Pro Forma Activity Intra-Period Activity
17 LOAN PORTFOLIO WATCH LIST LOANS (Q4’25) * Subsequent to December 31, 2025, Loan 6 was resolved when the property was acquired through a foreclosure and reclassified to real estate ** Subsequent to December 31, 2025, the loan was resolved following repayment *** Carrying value includes $0.1M related to a preferred equity investment (Loan 70) as the Company holds both the senior and junior positions; all other metrics reflect the senior loan only **** Carrying value includes $1.0M related to a preferred equity investment (Loan 90) as the Company holds both the senior and junior positions; all other metrics reflect the senior loan only As of December 31, 2025, unless otherwise stated; at BRSP share. See footnotes in the appendix Investment Dallas, TX Senior Loan (Loan 6)* Austin, TX Senior Loan (Loan 16) Dallas, TX Senior Loan (Loan 24) Reston, VA Senior Loan (Loan 85)** Ontario, CA Senior Loan (Loan 98)** Austin, TX Senior Loan (Loans 37 & 70)*** Dallas, TX Senior Loan (Loan 74 & 90)**** Risk Ranking (Q4'25 / Q3'25) 5 / 3 5 / 4 5 / 3 5 / 4 5 / 4 4 / 4 4 / 4 Investment Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Origination Date / Transaction Type July 2021 / Acquisition March 2022 / Acquisition January 2022 / Acquisition September 2021 / Refinancing July 2022 / Acquisition November 2021 / Acquisition November 2021 / Refinancing Collateral Multifamily / 624 Units Multifamily / 312 Units Multifamily / 275 Units Office / 270k RSF Industrial / 73k RSF Multifamily / 150 Units Office / 328k RSF Carrying Value $45M $36M $31M $20M $22M $24M $42M Loan Basis $72k / Unit $115k / Unit $113k / Unit $74 / RSF $301 / RSF $160k / Unit $128 / RSF Cash Coupon SOFR + 3.4% SOFR + 3.3% SOFR + 3.5% SOFR + 2.1% n/a SOFR + 3.4% SOFR + 4.0% Extended Maturity Date(13) August 2026 March 2027 February 2027 October 2026 January 2026 November 2026 December 2026
18 Undepreciated Undepreciated Undepreciated Investment carrying value Investment carrying value Investment carrying value San Jose, CA Hotel $142 San Jose, CA Hotel $142 San Jose, CA Hotel $142 / 53% Santa Clara, CA Multifamily (Pre-Dev) $40 Santa Clara, CA Multifamily (Pre-Dev) $40 Santa Clara, CA Multifamily (Pre-Dev) $40 / 15% Arlington, TX Multifamily $39 Arlington, TX Multifamily $39 Arlington, TX Multifamily $39 / 15% Fort Worth, TX Multifamily $36 In Market Fort Worth, TX Multifamily $36 Sales Process Underway Mesa, AZ Multifamily $32 In Market Mesa, AZ Multifamily $32 Sales Process Underway Long Island City, NY Office $26 Under PSA Long Island City, NY Office $26 Sale Q1 REO Dallas, TX Multifamily $45 Dallas, TX Multifamily $45 / 17% Total REO $315 Total REO $360 Total REO $266 % Change vs. Q4'25 14% % Change vs. Q4'25 (15%) REAL ESTATE OWNED MIGRATION * Pro forma adjusted for anticipated sales Above chart based on undepreciated carrying value $ in millions. As of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Q4’25 At Earnings Call Pro Forma*Pro Forma Activity Intra-Period Activity Medium-term hold Medium-term hold 2026 Plan
19 REAL ESTATE OWNED (Q4’25) As of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Investment San Jose, CA (Other RE 1) Santa Clara, CA (Other RE 3) Arlington, TX (Other RE 4) Fort Worth, TX (Other RE 5) Mesa, AZ (Other RE 6) Long Island City, NY (Other RE 7) Acquisition Date May 2025 July 2025 July 2024 November 2024 February 2025 June 2023 Collateral Hotel / 541 Keys Multifamily (Pre-development) Multifamily / 436 Units Multifamily / 354 Units Multifamily / 285 Units Office / 128k RSF Collateral Basis $262k / Key n/a $89k / Unit $102k / Unit $112k / Unit $203 / RSF Undepreciated Carrying Value $142M $40M $39M $36M $32M $26M Outstanding Debt $56M $34M $26M $8M $19M -- Undepreciated Net Carrying Value $86M $6M $14M $28M $13M $26M W.A. % Leased(17) 53% n/a 62% 85% 85% 2% W.A. Lease Term (Yrs.)(18) n/a n/a n/a n/a n/a 4.2
20 As of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.3x debt-to-equity ratio. Embedded capacity under existing financing facilities including $70M of corporate revolver availability and $1.0B of repurchase facilities availability 30% 30% 28% 11% 1% Stockholders' equity (undepreciated) Master repurchase facilities (limited recourse) Securitization bonds payable (non-recourse) Mortgage debt (non-recourse) Other debt (non-recourse) $3.6B Total capitalization (excluding cash) $2.5B Total outstanding debt $70M Corporate revolving credit facility availability As of February 13, 2026 $1.0B Master repurchase facilities availability As of February 13, 2026 2.3x Debt-to-equity ratio(4) 66% Debt-to-asset ratio(19) 5.57% Blended all-in cost of financing(5) Capital StructureKey Financial Metrics Total capitalization $3.6B
21 (At BRSP share) Recourse vs. non-recourse(20) W.A. extended maturity(21) W.A. contractual interest rate(21) W.A. all-in COF(5) Outstanding debt (UPB) Corporate debt Corporate revolving credit facility Recourse Dec-28 S + 2.25% 5.94% -$ Investment-level debt Master repurchase facilities Limited recourse Jan-29 S + 1.92% 5.61% 1,078,098 Securitization bonds payable (2024-FL2) Non-recourse Aug-37 S + 2.47% 6.16% 583,875 Securitization bonds payable (2021-FL1) Non-recourse Aug-38 S + 1.72% 5.52% 398,215 Mortgage debt – net lease (fixed) Non-recourse Sep-31 4.74% 4.74% 285,141 Mortgage debt – other real estate (fixed) Non-recourse Dec-28 4.47% 4.47% 92,228 Other debt Non-recourse Jul-28 5.50% 5.50% 34,078 Total / W.A. debt (BRSP share) Nov-32 5.57% 2,471,634$ Book value Stockholders' equity 938,432$ GAAP net book value (BRSP share) 938,432 Accumulated depreciation and amortization 180,937 Non-GAAP impairment of real estate (33,617) Undepreciated book value (BRSP share) 1,085,752 Total capitalization (undepreciated) 3,557,386$ Note: During the fourth quarter 2025, the Company recorded approximately $2.1M of amortization of deferred financing costs, which implies approximately 23 bps of annualized financing costs on the Company’s total debt capacity as of December 31, 2025 $ in thousands; as of December 31, 2025; at BRSP share See footnotes in the appendix CAPITALIZATION SUMMARY
22 ($1.6) ($2.5) ($2.4) ($1.3) $1.4 ($5.0) ($2.5) $0.0 $2.5 (1.00%) (0.75%) (0.50%) (0.25%) 0.25% * Reflects incremental changes to SOFR spot rate as of December 31, 2025 $ in millions, except per share data; as of December 31, 2025; at BRSP share INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Investment Portfolio $ in M ill io ns SOFR: 3.69% (As of December 31, 2025) Incremental Rate of Change* ($0.02) per share ($0.01) per share $0.01 per share ($0.02) per share ($0.01) per share
23 APPENDIX
24 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS We present Distributable Earnings, which is a non-GAAP supplemental financial measure of our performance. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income and cash 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 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 Company calculates Distributable Earnings per share and Adjusted Distributable Earnings per share, which are non-GAAP supplemental financial measures, based on a weighted average number of common shares. 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 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.
25 The Company presents pro rata (“at share” or “at BRSP share”) financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro rata financial information by applying its economic interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests’ (“NCI”) share of assets, liabilities, profits and losses was computed by applying noncontrolling interests’ economic interest to each financial statement line item. The Company provides pro rata financial information because it may assist investors and analysts in estimating the Company’s economic interest in its investments. However, pro rata financial information as an analytical tool has limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company’s pro rata information may not be comparable to other companies pro rata information. As such, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP, but may be used as a supplement to financial information as reported under GAAP. We present undepreciated book value, which is a non-GAAP supplemental financial measure. We believe that presenting undepreciated book value 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 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 Company calculates undepreciated book value per share based on the total number of outstanding common shares. We present loan-to-value which reflects the initial loan amount divided by the as-is appraised value as of the date the loan was originated, or by the principal amount divided by the appraisal value for the in-place collateral as of the date of the most recent as-is appraisal. For construction loans, loan-to-value reflects the total commitment amount of the loan divided by the as-completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. 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. Construction senior loans’ loan-to-value reflect the total commitment amount of the loan divided by the as completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Mezzanine loans include attachment and detachment loan-to-values, 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. Construction mezzanine loans include attachment and detachment loan-to-value, respectively. Attachment loan-to-value reflects the total commitment amount of loans senior to our position divided by as-completed appraised value, or the total commitment amount of loans senior to our position divided by projected total cost basis. Detachment loan-to-value reflect the cumulative commitment amount of our loan and the loans senior to our position divided by as-completed appraised value, or the cumulative commitment amount of our loan and loans senior to our position divided by projected total cost basis. We present risk rankings, which is a supplemental financial disclosure, for loans held for investment. 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 loans and preferred equity 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 ranked “1” through “5,” from less risk to greater risk, and the rankings are updated quarterly. 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 rankings 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 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS (CONT’D)
26 NOTES REGARDING REPORTABLE SEGMENTS BrightSpire Capital, Inc. (“BRSP”, “BrightSpire Capital”, the “Company” or “We”) currently holds investment interests through the reportable segments below, which are based on how management reviews and manages its business. Senior and Mezzanine Loans and Preferred Equity (“Loans & Preferred Equity Portfolio” or “Loan Portfolio”) The Company’s Loan Portfolio may include senior mortgage loans, mezzanine loans and preferred equity interests (“preferred equity”) as well as participations in such loans. The Loan Portfolio may also include acquisition, development and construction loan arrangements accounted for as equity method investments. • Senior mortgage loans may include junior participations in our originated senior mortgage loans for which we have syndicated the senior participations to other investors and retained the junior participations for our portfolio and contiguous mezzanine loans where we own both the senior and junior loan positions. We believe these investments are more similar to the senior mortgage loans we originate than other loan types given their credit quality and risk profile • Mezzanine loans may include other subordinated loans • Preferred equity interests may include related equity participation interests Net Leased Real Estate and Other Real Estate (“Net Lease and Other Real Estate”) The Company’s Net Lease Real Estate investments includes direct investments in commercial real estate principally composed of long-term leases to tenants on a net lease basis, where such tenants are generally responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. Other Real Estate investments includes direct ownership in commercial real estate, with an emphasis on properties with stable cash flow. Net lease and other real estate includes deferred leasing costs and other net intangibles. Other real estate currently consists of one investment with direct ownership in commercial real estate, four additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure and two properties that we consolidate as the primary beneficiary of the VIEs. Corporate and Other The Corporate segment includes corporate-level asset management and other fees including operating expenses, compensation and benefits and other fees including expenses related to our secured revolving credit facility. It currently includes CRE Debt Securities, which consists of one sub-portfolio of a real estate private equity interest ("Private Equity Interest" or "PE Interest").
27 INVESTMENT DETAIL * Subsequent to December 31, 2025, Loan 6 was resolved when the property was acquired through a foreclosure and reclassified to real estate $ in millions; as of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Loan Portfolio Origination Carrying Coupon Cash Unlevered Extended Q4'25 Risk Q3'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Multifamily Loan 1 Senior Dec-25 Los Angeles, CA 70$ Floating S+2.4% 6.4% Jan-31 76% 3 n/a Loan 2 Senior Apr-25 Oxnard, CA 70 Floating S+2.3% 6.9% Apr-29 68% 3 3 Loan 3 Senior May-22 Las Vegas, NV 56 Floating S+2.0% 5.7% Jun-27 74% 3 3 Loan 4 Senior Dec-25 St. Louis, MO 52 Floating S+2.5% 6.7% Jan-31 68% 3 n/a Loan 5 Senior May-21 Las Vegas, NV 48 Floating S+3.0% 8.4% Jun-26 89% 3 3 Loan 6 * Senior Jul-21 Dallas, TX 45 Floating S+3.4% 7.3% Aug-26 74% 5 3 Loan 7 Senior Jul-21 Jersey City, NJ 42 Floating S+3.1% 6.8% Aug-26 70% 3 3 Loan 8 Senior Mar-22 Louisville, KY 41 Floating S+2.8% 6.5% Apr-27 70% 3 3 Loan 9 Senior Dec-25 Madison, AL 41 Floating S+2.5% 6.5% Jan-31 75% 3 n/a Loan 10 Senior Jul-21 Dallas, TX 40 Floating S+3.2% 6.9% Aug-26 76% 3 3 Subtotal / W.A. top 10 multifamily 507$ 2.6% 6.8% Jul-28 n/a 3.2 n/a Loan 11 Senior Nov-25 Mesa, AZ 40$ Floating S+2.6% 6.6% Nov-30 68% 3 n/a Loan 12 Senior Mar-22 Long Beach, CA 40 Floating S+3.4% 7.1% Apr-27 86% 3 3 Loan 13 Senior Jul-22 Irving, TX 38 Floating S+3.6% 7.4% Aug-27 75% 3 3 Loan 14 Senior Dec-20 Austin, TX 37 Floating S+3.2% 7.2% Jan-26 74% 3 3 Loan 15 Senior Jan-22 Los Angeles, CA 36 Floating S+3.4% 7.0% Feb-27 76% 3 3 Loan 16 Senior Mar-22 Austin, TX 36 Floating S+3.3% 6.9% Mar-27 75% 5 4 Loan 17 Mezzanine Feb-22 Las Vegas, NV 34 Fixed 7.0% 12.0% Feb-27 57% – 82% 3 3 Loan 18 Senior Jul-21 Phoenix, AZ 33 Floating S+3.4% 7.1% Aug-26 73% 3 3 Loan 19 Senior Feb-25 Las Vegas, NV 33 Floating S+3.4% 7.6% Mar-30 59% 3 3 Loan 20 Senior Dec-25 Jackson, TN 33 Floating S+3.0% 7.0% Jan-31 62% 3 n/a Subtotal / W.A. top 20 multifamily 868$ 3.0% 7.1% May-28 n/a 3.2 n/a Loan 21 Senior Oct-25 San Antonio, TX 32$ Floating S+2.6% 6.8% Nov-30 68% 3 n/a Loan 22 Senior Apr-21 Las Vegas, NV 31 Floating S+3.2% 6.9% May-26 76% 3 3 Loan 23 Senior Feb-22 Long Beach, CA 31 Floating S+3.4% 7.0% Mar-27 71% 3 3 Loan 24 Senior Jan-22 Dallas, TX 31 Floating S+3.5% 7.4% Feb-27 75% 5 3 Loan 25 Senior Apr-22 Mesa, AZ 30 Floating S+3.4% 7.0% May-27 75% 3 3 Loan 26 Senior Feb-25 Las Vegas, NV 30 Floating S+2.7% 6.8% Mar-30 70% 3 3 Loan 27 Senior Aug-21 Glendale, AZ 29 Floating S+3.3% 7.0% Mar-27 79% 3 3 Loan 28 Senior Sep-25 Nashville, TN 29 Floating S+2.6% 6.6% Oct-30 68% 3 3 Loan 29 Senior Sep-25 Nashville, TN 28 Floating S+2.7% 6.9% Oct-30 65% 3 3 Loan 30 Senior May-21 Houston, TX 28 Floating S+3.1% 6.8% Jun-26 77% 3 3 Loan 31 Senior Dec-21 Phoenix, AZ 26 Floating S+3.6% 7.3% Jan-27 75% 3 3 Loan 32 Senior Jul-22 Irving, TX 25 Floating S+3.6% 7.4% Aug-27 72% 3 3 Loan 33 Senior Mar-22 Glendale, AZ 25 Floating S+3.5% 7.1% Mar-27 73% 3 3 Loan 34 Senior Feb-25 Denver, CO 25 Floating S+3.3% 7.4% Mar-28 68% 3 3 Loan 35 Senior Nov-25 Santa Rosa, CA 24 Floating S+2.8% 6.8% Dec-30 74% 3 n/a
28 Origination Carrying Coupon Cash Unlevered Extended Q4'25 Risk Q3'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Loan 36 Senior Mar-22 Phoenix, AZ 24 Floating S+3.7% 7.3% Apr-27 74% 3 3 Loan 37 Senior Nov-21 Austin, TX 24 Floating S+3.4% 7.1% Nov-26 78% 4 4 Loan 38 Senior Dec-24 Seattle, WA 23 Floating S+2.8% 6.9% Jan-30 65% 3 3 Loan 39 Senior Jan-25 Lebanon, TN 22 Floating S+3.4% 8.0% Feb-30 71% 3 3 Loan 40 Senior Jun-21 Phoenix, AZ 22 Floating S+3.3% 7.0% Jul-26 71% 3 3 Loan 41 Senior Jul-21 Aurora, CO 21 Floating S+3.2% 7.0% Jul-26 89% 3 3 Loan 42 Senior Dec-25 Minneapolis, MN 21 Floating S+2.5% 6.7% Jan-31 65% 3 n/a Loan 43 Senior Aug-25 Dallas, TX 21 Floating S+3.0% 7.1% Sep-30 59% 3 3 Loan 44 Senior Jan-22 Austin, TX 20 Floating S+3.4% 7.0% Feb-27 76% 3 3 Loan 45 Senior Dec-21 Gresham, OR 20 Floating S+2.8% 6.4% Jul-28 76% 3 3 Loan 46 Senior Aug-21 La Mesa, CA 20 Floating S+2.8% 6.4% Aug-28 72% 3 3 Loan 47 Senior Oct-24 Garland, TX 20 Floating S+3.7% 7.7% Nov-29 70% 3 3 Loan 48 Senior Sep-21 Bellevue, WA 19 Floating S+3.4% 7.1% Sep-26 75% 3 3 Loan 49 Senior Jul-21 Salt Lake City, UT 19 Floating S+2.8% 6.4% Aug-28 67% 3 3 Loan 50 Senior Apr-22 Tacoma, WA 19 Floating S+3.0% 6.6% May-27 64% 3 3 Loan 51 Senior May-22 Charlotte, NC 18 Floating S+3.5% 7.2% May-27 68% 3 3 Loan 52 Senior Jun-21 Phoenix, AZ 18 Floating S+3.2% 6.9% Jul-26 77% 3 3 Loan 53 Senior Nov-25 Los Angeles, CA 18 Floating S+2.5% 6.7% Dec-30 59% 3 n/a Loan 54 Senior Oct-25 Huntsville, AL 18 Floating S+2.8% 7.0% Nov-30 55% 3 n/a Loan 55 Senior Sep-25 Glendale, AZ 17 Floating S+2.6% 6.6% Oct-30 71% 3 3 Loan 56 Senior May-25 Dallas, TX 14 Floating S+2.9% 7.1% May-30 65% 3 3 Loan 57 Senior Aug-25 Phoenix, AZ 14 Floating S+2.7% 6.7% Sep-30 75% 3 3 Loan 58 Senior Jul-25 Northridge, CA 13 Floating S+3.3% 7.4% Jul-30 74% 3 3 Loan 59 Senior Sep-25 Mobile, AL 13 Floating S+2.8% 6.8% Oct-30 73% 3 3 Loan 60 Senior Nov-25 Hoboken, NJ 12 Floating S+2.4% 6.6% Dec-30 61% 3 n/a Loan 61 Senior Nov-24 Garland, TX 12 Floating S+3.5% 7.5% Dec-29 63% 3 3 Loan 62 Senior Mar-22 Glendale, AZ 12 Floating S+3.5% 7.1% Mar-27 73% 3 3 Loan 63 Senior Dec-25 Mesa, AZ 11 Floating S+2.8% 6.8% Jan-31 70% 3 n/a Loan 64 Preferred May-25 Mesa, AZ 2 Fixed n/a 15.0% May-27 n/a 3 3 Loan 65 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Apr-27 n/a 3 3 Loan 66 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Jan-27 n/a 3 3 Loan 67 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Aug-26 n/a 3 3 Loan 68 Preferred May-25 Glendale, AZ 2 Fixed n/a 15.0% Mar-27 n/a 3 3 Loan 69 Preferred May-25 Phoenix, AZ 1 Fixed n/a 15.0% Jul-26 n/a 3 3 Loan 70 Preferred Dec-25 Austin, TX 0 Fixed n/a 15.0% Nov-26 n/a 4 n/a Total / W.A. multifamily loans 1,805$ 3.0% 7.1% Jun-28 n/a 3.1 n/a Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) $ in millions; as of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix
29 Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) * Subsequent to December 31, 2025, Loan 85 was resolved following repayment ** Loans that are on non-accrual status *** Subsequent to December 31, 2025, Loan 98 was resolved following repayment $ in millions; as of December 31, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Origination Carrying Coupon Cash Unlevered Extended Q4'25 Risk Q3'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 71 Senior Jan-21 Phoenix, AZ 74$ Floating S+3.7% 7.9% Feb-26 71% 3 3 Loan 72 Senior Aug-18 San Jose, CA 74 Floating S+4.9% 8.5% Feb-27 81% 3 3 Loan 73 Senior Feb-19 Baltimore, MD 59 Floating S+3.6% 7.3% Feb-27 74% 3 3 Loan 74 Senior Nov-21 Dallas, TX 42 Floating S+4.0% 7.7% Dec-26 61% 4 4 Loan 75 Senior May-22 Plano, TX 39 Floating S+4.3% 7.9% Jun-27 60% 3 3 Loan 76 Senior Apr-22 Plano, TX 39 Floating S+4.1% 7.8% May-27 68% 3 3 Loan 77 Senior Apr-22 San Jose, CA 32 Floating S+4.2% 7.8% Apr-27 67% 3 3 Loan 78 Senior Apr-21 San Diego, CA 32 Floating S+3.6% 7.3% May-26 73% 3 3 Loan 79 Senior Oct-21 Blue Bell, PA 30 Floating S+3.8% 7.5% Apr-26 78% 3 3 Loan 80 Senior Mar-22 Blue Bell, PA 29 Floating S+4.2% 7.8% Apr-26 81% 3 3 Subtotal / W.A. top 10 office 449$ 4.0% 7.8% Oct-26 n/a 3.1 n/a Loan 81 Senior Feb-19 Charlotte, NC 27$ Floating S+4.3% 7.9% Jul-26 70% 3 3 Loan 82 Senior Dec-18 Carlsbad, CA 27 Floating S+3.9% 7.6% Dec-26 73% 3 3 Loan 83 Senior Jul-21 Denver, CO 23 Floating S+5.0% 8.7% Aug-26 71% 3 3 Loan 84 Senior Aug-19 San Francisco, CA 23 Floating S+2.9% 6.6% Sep-26 89% 3 3 Loan 85 * Senior Sep-21 Reston, VA 20 Floating S+2.1% 5.8% Oct-26 71% 5 4 Loan 86 Senior Oct-21 Burbank, CA 18 Floating S+4.0% 7.7% Nov-26 51% 3 3 Loan 87 Senior Oct-20 Denver, CO 18 Floating S+3.7% 7.4% Nov-26 94% 3 3 Loan 88 ** Mezzanine Feb-23 Baltimore, MD 15 Fixed n/a n/a Feb-27 74% – 75% 3 3 Loan 89 Senior Nov-21 Richardson, TX 13 Floating S+4.1% 7.8% Dec-26 68% 3 3 Loan 90 Preferred Dec-25 Dallas, TX 1 Floating n/a 15.0% Dec-26 n/a 4 n/a Loan 91 Preferred Sep-25 San Francisco, CA 0 Fixed n/a 20.0% Sep-26 n/a 3 3 Total / W.A. office loans 634$ 3.9% 7.6% Oct-26 n/a 3.1 n/a Mixed-use & Other Loan 92 Senior Oct-19 Brooklyn, NY 79$ Floating S+4.2% 7.8% Nov-26 74% 3 3 Loan 93 Senior Jan-22 New York, NY 46 Floating S+3.5% 7.2% Feb-27 76% 3 3 Loan 94 Senior May-22 Brooklyn, NY 29 Floating S+4.4% 8.0% May-27 68% 3 3 Loan 95 Senior Apr-24 South Pasadena, CA 24 Fixed 20.0% 20.0% Jun-26 28% 3 3 Loan 96 Senior Oct-25 Venice, CA 24 Floating S+4.8% 8.9% Oct-30 67% 3 n/a Loan 97 Senior Aug-21 Los Angeles, CA 16 Floating S+4.6% 8.3% Sep-26 58% 3 3 Total / W.A. mixed-use & other loans 218$ 5.9% 9.2% May-27 n/a 3.0 n/a Industrial Loan 98 **, *** Senior Jul-22 Ontario, CA 22$ Floating n/a n/a Jan-26 66% 5 4 Total / W.A. industrial loans 22$ n/a n/a Jan-26 n/a 5.0 n/a Total / W.A. loan portfolio 2,678$ 3.4% 7.3% Dec-27 n/a 3.1 n/a General CECL reserves (88) Total / W.A. loan portfolio, net of general CECL reserves 2,590$
30 Undepreciated Rentable square Collateral Undepreciated net carrying Q4'25 # of feet ("RSF") / W.A. W.A. lease Final debt All-in (At BRSP share) type City, State carrying value value NOI* properties Units / Keys % leased(17) term (yrs)(18) maturity COF Net lease real estate Net lease 1 Industrial Various - U.S. 292$ 92$ 5.0$ 2 2,787 RSF 100% 12.6 Sep-33 4.77% Net lease 2 Office Aurora, CO 55 27 1.1 1 184 RSF 100% 1.9 Aug-26 4.08% Net lease 3 Office Indianapolis, IN 39 19 0.7 1 338 RSF 100% 5.0 Oct-27 4.45% Net lease 4 Retail Various - U.S. 28 -- 0.4 7 320 RSF 100% 2.1 Nov-26 & Mar-28 5.57% Net lease 5 Retail Keene, NH 7 -- 0.1 1 45 RSF 100% 3.1 Nov-26 4.45% Net lease 6 Retail South Portland, ME 5 5 0.2 1 53 RSF 100% 6.1 n/a -- Net lease 7 Retail Fort Wayne, IN 3 -- 0.1 1 50 RSF 100% 4.7 Nov-26 4.45% Total / W.A. net lease real estate 429$ 142$ 7.6$ 14 3,777 RSF 100% 9.6 n/a n/a Other real estate Other RE 1 Hotel San Jose, CA 142$ 86$ 1.8$ 1 541 Keys 53% n/a n/a 6.39% Other RE 2 Office Creve Coeur, MO 91 -- 2.7 7 848 RSF 80% 3.6 Dec-28 4.47% Other RE 3 ** Multifamily (Pre-Dev) Santa Clara, CA 40 6 (0.6) 1 n/a n/a n/a Jul-28 5.50% Other RE 4 Multifamily Arlington, TX 39 14 (0.0) 1 436 Units 62% n/a n/a 6.34% Other RE 5 Multifamily Fort Worth, TX 36 28 0.0 1 354 Units 85% n/a n/a 6.34% Other RE 6 Multifamily Mesa, AZ 32 13 0.6 1 285 Units 85% n/a n/a 6.34% Other RE 7 Office Long Island City, NY 26 26 (0.2) 1 128 RSF 2% 4.2 n/a -- Total / W.A. other real estate 406$ 171$ 4.4$ 13 n/a 63% 3.7 n/a n/a Total / W.A. net lease real estate and other real estate 835$ 313$ 12.0$ 27 n/a 83% 8.3 n/a n/a INVESTMENT DETAIL (CONT’D) CRE Debt Securities * Q4'25 NOI excludes approximately $0.9M of NOI related to the sale of the Tualatin, OR office property and the Long Island City, NY office property, which sold during the fourth quarter of 2025 ** Related to construction / development project $ in millions; rentable square feet in thousands; as of December 31, 2025; at BRSP share See footnotes in the appendix Net Lease Real Estate & Other Real Estate Carrying (At BRSP share) value CRE debt securities CRE debt securities (1 investment)(8) 2$ Total / W.A. CRE debt securities 2$
31 $ in thousands, except per share data; as of December 31, 2025, unless otherwise stated CONSOLIDATED BALANCE SHEET December 31, 2025 December 31, 2024 Assets Cash and cash equivalents 66,789$ 302,173$ Restricted cash 107,046 148,523 Loans and preferred equity held for investment 2,678,315 2,518,925 Current expected credit loss reserve (87,401) (165,932) Loans and preferred equity held for investment, net 2,590,914 2,352,993 Real estate, net 679,779 777,421 Receivables, net 45,591 38,732 Deferred leasing costs and intangible assets, net 27,646 47,172 Assets held for sale - 5,170 Other assets 47,065 51,294 Total assets 3,564,830$ 3,723,478$ Liabilities Securitization bonds payable, net 977,082$ 1,087,074$ Mortgage and other notes payable, net 414,060 619,055 Credit facilities 1,078,098 785,183 Accrued and other liabilities 63,709 82,625 Intangible liabilities, net 389 2,805 Escrow deposits payable 82,511 80,132 Dividends payable 20,576 20,793 Total liabilities 2,636,425 2,677,667 Commitments and contingencies Equity Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively - - Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 128,627,246 and 129,685,185 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 1,286 1,297 Additional paid-in capital 2,863,377 2,865,341 Accumulated deficit (1,926,231) (1,812,083) Accumulated other comprehensive loss - (6,337) Total stockholders’ equity 938,432 1,048,218 Noncontrolling interests in investment entities (10,027) (2,407) Total equity 928,405 1,045,811 Total liabilities and equity 3,564,830$ 3,723,478$
32 In thousands, except per share data; as of December 31, 2025, unless otherwise stated CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net interest income Interest income 49,250$ 54,305$ 194,888$ 244,773$ Interest expense (31,766) (36,848) (127,275) (153,910) Net interest income 17,484 17,457 67,613 90,863 Property and other income Property operating income 32,587 26,108 127,649 102,443 Other income 1,326 3,053 8,050 11,589 Total property and other income 33,913 29,161 135,699 114,032 Expenses Property operating expense 19,622 8,907 65,915 33,887 Transaction, investment and servicing expense 651 402 2,697 1,641 Interest expense on real estate 5,207 6,748 23,707 27,026 Depreciation and amortization 7,990 11,076 36,336 40,506 Increase of current expected credit loss reserve 15,439 20,486 24,001 135,798 Impairment of operating real estate 7,984 8,995 61,620 54,211 Compensation and benefits (including $2,916, $2,908, $12,836 and $11,649 of equity- based compensation expense, respectively) 8,287 8,103 34,986 34,644 Operating expense 3,019 2,681 12,067 11,867 Total expenses 68,199 67,398 261,329 339,580 Other income Other gain (loss), net 813 2 (2,252) 228 Loss before income taxes (15,989) (20,778) (60,269) (134,457) Income tax benefit (expense) (10) (370) 21,501 (1,060) Net loss (15,999) (21,148) (38,768) (135,517) Net loss attributable to noncontrolling interests in investment entities 1,646 1,404 7,620 3,538 Net loss attributable to BrightSpire Capital, Inc. common stockholders (14,353)$ (19,744)$ (31,148)$ (131,979)$ Net loss per common share – basic (0.12)$ (0.16)$ (0.26)$ (1.05)$ Net loss per common share – diluted (0.12)$ (0.16)$ (0.26)$ (1.05)$ Weighted average shares of common stock outstanding – basic 126,274 126,942 126,883 127,441 Weighted average shares of common stock outstanding – diluted 126,274 126,942 126,883 127,441
33 $ in thousands; as of December 31, 2025; unaudited CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended December 31, 2025 Loan portfolio Net leased and other real estate Corporate and other Total Net interest income Interest income 49,250$ -$ -$ 49,250$ Interest expense (31,247) (13) (506) (31,766) Net interest income (expense) 18,003 (13) (506) 17,484 Property and other income Property operating income - 32,587 - 32,587 Other income 20 577 729 1,326 Total property and other income 20 33,164 729 33,913 Expenses Property operating expense - 19,622 - 19,622 Transaction, investment and servicing expense 571 (4) 84 651 Interest expense on real estate - 5,207 - 5,207 Depreciation and amortization - 7,957 33 7,990 Increase of current expected credit loss reserve 15,439 - - 15,439 Impairment of operating real estate - 7,984 - 7,984 Compensation and benefits - - 8,287 8,287 Operating expense (15) 9 3,025 3,019 Total expenses 15,995 40,775 11,429 68,199 Other income Other gain, net - 813 - 813 Income (loss) before income taxes 2,028 (6,811) (11,206) (15,989) Income tax expense (10) - - (10) Net income (loss) 2,018 (6,811) (11,206) (15,999) Net loss attributable to noncontrolling interests in investment entities - 1,646 - 1,646 Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders 2,018$ (5,165)$ (11,206)$ (14,353)$
34 $ in thousands; as of December 31, 2025; unaudited CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Year Ended December 31, 2025 Loans and preferred equity Net leased and other real estate Corporate and other Total Net interest income Interest income $ 194,710 43$ 135$ 194,888$ Interest expense (125,701) (158) (1,416) (127,275) Net interest income (expense) 69,009 (115) (1,281) 67,613 Property and other income Property operating income - 127,650 - 127,650 Other income - 937 7,112 8,049 Total property and other income - 128,587 7,112 135,699 Expenses Property operating expense - 65,915 - 65,915 Transaction, investment and servicing expense 2,025 70 602 2,697 Interest expense on real estate - 23,707 - 23,707 Depreciation and amortization - 36,206 130 36,336 Increase of current expected credit loss reserve 24,001 - - 24,001 Impairment of operating real estate - 61,620 - 61,620 Compensation and benefits - - 34,986 34,986 Operating expense (26) 12 12,081 12,067 Total expenses 26,000 187,530 47,799 261,329 Other income Other gain (loss), net 56 (2,320) 12 (2,252) Income (loss) before income taxes 43,065 (61,379) (41,955) (60,269) Income tax benefit (expense) (229) 21,759 (29) 21,501 Net income (loss) 42,836 (39,620) (41,983) (38,768) Net loss attributable to noncontrolling interests in investment entities - 7,620 - 7,620 Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders $ 42,836 (32,000)$ (41,983)$ (31,148)$
35 Reconciliation of consolidated balance sheet to at share balance sheet In thousands, except per share data; as of December 31, 2025; unaudited; per share data may differ due to rounding See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION As of December 31, 2025 Consolidated NCI(22) At BRSP share(23) Assets Loans and preferred equity held for investment, net 2,590,914$ -$ 2,590,914$ Real estate, net 679,779 4,265 675,514 Deferred leasing costs and intangible assets, net 27,646 177 27,469 Cash, restricted cash, receivables and other assets 266,491 (10,395) 276,886 Total assets 3,564,830$ (5,953)$ 3,570,783$ Liabilities Securitization bonds payable, net 977,082$ -$ 977,082$ Mortgage and other notes payable, net 414,060 3,951 410,109 Credit facilities 1,078,098 - 1,078,098 Intangible liabilities, net 389 - 389 Other liabilities, escrow deposits payable and dividends payable 166,796 123 166,673 Total liabilities 2,636,425$ 4,074$ 2,632,351$ Total equity 928,405$ (10,027)$ 938,432$ Total liabilities and equity 3,564,830$ (5,953)$ 3,570,783$ Total common shares 128,627 128,627 128,627 GAAP net book value per share 7.22$ (0.08)$ 7.30$ Accumulated depreciation and amortization(10) 183,701$ 2,764$ 180,937$ Accumulated depreciation and amortization per share(10) 1.43$ 0.02$ 1.41$ Non-GAAP impairment of real estate(11) (35,235)$ (1,618)$ (33,617)$ Non-GAAP impairment of real estate(11) (0.27)$ (0.01)$ (0.26)$ Undepreciated book value 1,076,871$ (8,881)$ 1,085,752$ Undepreciated book value per share 8.37$ (0.07)$ 8.44$
36 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Reconciliation of GAAP net book value to undepreciated book value In thousands, except per share data; as of December 31, 2025; unaudited; per share data may differ due to rounding See footnotes in the appendix As of December 31, 2025 GAAP net book value (excluding noncontrolling interests in investment entities) 938,432$ Accumulated depreciation and amortization(10) 180,937 Non-GAAP impairment of real estate(11) (33,617) Undepreciated book value 1,085,752$ GAAP net book value per share (excluding noncontrolling interests in investment entities) 7.30$ Accumulated depreciation and amortization per share(10) 1.41 Non-GAAP impairment of real estate per share(11) (0.26) Undepreciated book value per share 8.44$ Total common shares 128,627 As of December 31, 2025 Impairment attributable to BrightSpire Capital, Inc. 61,620$ Adjustments: Current year non-GAAP impairment of real estate (100,961) Non-GAAP impairment as of prior fiscal year-end 134,578 Impairment attributable to BrightSpire Capital, Inc. (61,620) Non-GAAP impairment of real estate 33,617$
37 Reconciliation of GAAP net income (loss) to Distributable Earnings (Loss) and Adjusted Distributable Earnings In thousands, except per share data; as of December 31, 2025; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended December 31, 2025 Year Ended December 31, 2025 Net loss attributable to BrightSpire Capital, Inc. common stockholders (14,353)$ (31,148)$ Net loss per common share – basic & diluted (0.12)$ (0.26)$ Adjustments: Non-cash equity compensation expense 2,916 12,836 Depreciation and amortization 8,221 37,157 Net unrealized loss (gain): Impairment of operating real estate 7,984 39,313 Other unrealized loss on investments - 3,365 General CECL reserves (39,415) (77,008) Gain on sales of real estate, preferred equity and investments in unconsolidated joint ventures (813) (1,112) Adjustments related to noncontrolling interests (67) (862) Distributable Loss attributable to BrightSpire Capital, Inc. common stockholders (35,527)$ (17,459)$ Distributable Loss per share(24) (0.28)$ (0.13)$ Weighted average number of common shares(24) 129,139 129,756 Three Months Ended December 31, 2025 Year Ended December 31, 2025 Distributable Loss attributable to BrightSpire Capital, Inc. common stockholders (35,527)$ (17,459)$ Adjustments: Specific CECL reserves 54,854 101,009 Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 19,327$ 83,550$ Adjusted Distributable Earnings per share(24) 0.15$ 0.64$ Weighted average number of common shares(24) 129,139 129,756
38 Three Months Ended December 31, 2025 Net loss attributable to BrightSpire Capital, Inc. common stockholders (14,353)$ Adjustments: Net loss attributable to non-net leased and other real estate portfolios(25) 11,133 Net loss attributable to noncontrolling interests in investment entities (1,644) Amortization of above- and below-market lease intangibles 84 Net interest expense 13 Interest expense on real estate 3,832 Other income (601) Transaction, investment and servicing expense (4) Depreciation and amortization 7,958 Impairment of operating real estate 7,984 Operating expense 37 Other gain on investments, net (1,387) NOI attributable to noncontrolling interest in investment entities (147) Total NOI attributable to BrightSpire Capital, Inc. common stockholders 12,905$ Reconciliation of GAAP net income (loss) to NOI $ in thousands; as of December 31, 2025; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D)
39 1. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash PIK interest income and the accrual of origination and exit fees. For W.A. calculations, unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate or benchmark floor as of December 31, 2025 2. Includes unrestricted cash and availability under the corporate revolving credit facility as of February 13, 2026. Unrestricted cash includes $64 million related to the new CLO execution and unwind of CLO 2021-FL1, which is expected to settle February 19, 2026 3. As of February 13, 2026 4. Debt-to-equity ratio based on BRSP’s share of total outstanding unpaid principal balance (“UPB”) divided by total stockholders’ equity excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate; stockholders’ equity excludes noncontrolling interests in investment entities 5. For W.A. calculations, assumes the applicable floating benchmark rate or benchmark floor as of December 31, 2025 and is weighted on outstanding debt (UPB); excludes amortization of financing costs 6. Based on annualized Q4'25 quarterly dividend of $0.16/share and BRSP closing share price of $5.73 as of February 13, 2026 7. Reflects general CECL reserve as a % (or bps) of the aggregate commitment amount of the total loan portfolio excluding loans that were evaluated for specific CECL reserves 8. Includes one private equity secondary interest for approximately $2 million 9. Includes cash, restricted cash, net receivables, other assets, accrued and other liabilities, escrow deposits payable and dividends payable 10. Represents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities 11. Reflects non-GAAP impairment of real estate related to six properties; refer to page 25 for additional disclosure on undepreciated book value 12. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at BRSP share as of December 31, 2025 13. Represents the remaining loan term based on the maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at BRSP share as of December 31, 2025 14. Initial fundings are presented net of the impact of originations fees 15. Represents loan fundings related to the existing loan portfolio as of December 31, 2025 16. Other includes non-cash payment-in-kind (“PIK”) interest income, accrual of origination and exit fees, write downs / charge-offs of CECL reserves and other adjustments 17. Represents the percent leased as of December 31, 2025 and is weighted by undepreciated carrying value; excludes one multifamily property related to a construction/development project 18. Based on in-place leases (defined as occupied and paying leases) as of December 31, 2025 and assumes that no renewal options are exercised. W.A. calculation based on undepreciated carrying value; excludes multifamily and hotel property types 19. Debt-to-asset ratio based on total outstanding UPB at BRSP share divided by total assets at BRSP share excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate 20. Subject to customary non-recourse carve-outs 21. W.A. calculation based on outstanding debt (UPB) 22. Represents interests in assets held by third party partners 23. Represents the proportionate share attributed to BRSP based on BRSP’s ownership percentage by asset 24. The Company calculates Distributable Earnings (Loss) and Adjusted Distributable Earnings per share, which are non-GAAP financial measures, based on a weighted average number of common shares 25. 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 FOOTNOTES
40 COM P AN Y IN F OR M ATION 40 BrightSpire Capital (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. HEADQUARTERS New York 590 Madison Avenue 33rd Floor New York, NY 10022 212-547-2631 STOCK & TRANSFER AGENT EQ (Equiniti Trust Company, LLC) 800-937-5449 helpast@equiniti.com INVESTOR RELATIONS ADDO Investor Relations Anne McGuinness 310-829-5400 brsp@addo.com BofA Securities Eric Dray 646-855-5780 Jones Research Jason Weaver 646-454-2710 Alliance Global Partners Gaurav Mehta 646-908-3825 B. Riley Securities Timothy D’Agostino 646-885-5406 WWW.BRIGHTSPIRE.COM NYSE: BRSP ANALYST COVERAGE BTIG Thomas Catherwood 212-738-6140 Barclays Terry Ma 212-526-7965 JMP Securities Steve DeLaney 212-906-3517 Raymond James Gabe Poggi 571-227-9641
41 THANK YOU
FAQ
How did BrightSpire Capital (BRSP) perform financially in Q4 2025?
BrightSpire reported a Q4 2025 GAAP net loss attributable to common stockholders of $14.4 million, or ($0.12) per share. However, it generated Adjusted Distributable Earnings of $19.3 million, or $0.15 per share, highlighting stronger cash-based performance than GAAP results.
What were BrightSpire Capital’s full-year 2025 earnings and dividend coverage?
For 2025, BrightSpire posted a GAAP net loss of $31.1 million, or ($0.26) per share. Full-year Adjusted Distributable Earnings were $83.6 million, or $0.64 per share, fully covering the total 2025 dividend of $0.64 per share paid to common stockholders.
What is BrightSpire Capital’s book value per share as of December 31, 2025?
As of December 31, 2025, BrightSpire reported GAAP net book value of $7.30 per share. On an undepreciated basis, which adds back accumulated depreciation and certain non-GAAP real estate impairments, undepreciated book value was $8.44 per share, reflecting the underlying portfolio value.
How large is BrightSpire Capital’s loan portfolio and what does it focus on?
BrightSpire’s loan portfolio totaled $2.7 billion across 98 loans at year-end 2025, with an average size of $27 million. The portfolio is 67% multifamily by carrying value, 97% floating-rate, and carries a weighted average unlevered all-in yield of 7.3%.
What liquidity and leverage metrics did BrightSpire Capital report?
The company reported total liquidity of $168 million, including $98 million of unrestricted cash and $70 million of revolving credit facility availability. Total debt outstanding was about $2.5 billion, resulting in a 2.3x debt-to-equity ratio and a blended financing cost of 5.57%.
What is the status of BrightSpire Capital’s watchlist loans and REO assets?
At December 31, 2025, watchlist loans totaled $220 million, or 8% of the loan portfolio, and REO assets totaled $315 million. Management detailed specific repayments, foreclosures, and planned sales that are expected to significantly reduce both balances in early 2026.
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[10-K] BrightSpire Capital, Inc. Files Annual Report