# EDGAR Filing Document

**Accession Number:** 0001717547
**File Stem:** 0001717547-26-000038
**Filing Date:** 2026-4
**Character Count:** 87590
**Document Hash:** 988bc34b58e705ac475b9fd33216ad3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001717547-26-000038.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001717547-26-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20260428

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BrightSpire Capital, Inc.
- **CENTRAL INDEX KEY:** 0001717547
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 384046290
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38377
- **FILM NUMBER:** 26907951

**BUSINESS ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-547-2631

**MAIL ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Colony Credit Real Estate, Inc.
- **DATE OF NAME CHANGE:** 20180621

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Colony NorthStar Credit Real Estate, Inc.
- **DATE OF NAME CHANGE:** 20170920

?xml version='1.0' encoding='ASCII'? brsp-20260428

**UNITED STATES 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): April 28, 2026**

 **BrightSpire Capital, Inc.** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **001-38377** | **38-4046290** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

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**590 Madison Avenue, 33rd Floor** 

**New York, NY 10022** 

(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:

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **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** |

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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. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

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On April 28, 2026, BrightSpire Capital, Inc. (the "Company") issued a press release announcing its financial position as of March 31, 2026 and its financial results for the first quarter ended March 31, 2026. 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 April 28, 2026, the Company made available a Supplemental Financial Disclosure Presentation for the first quarter ended March 31, 2026 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.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Exhibits.* The following exhibits are being furnished herewith to this Current Report on Form 8-K.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release, dated April 28, 2026](brspq126earningsrelease0.htm)</u> |
| 99.2 | <u>[Supplemental Financial Disclosure Presentation for the first quarter ended March 31, 2026](q126earningssupplement04.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**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.

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| | | |
|:---|:---|:---|
| Date: April 28, 2026 | BRIGHTSPIRE CAPITAL, INC. | BRIGHTSPIRE CAPITAL, INC. |
|  | By: | /s/ David A. Palamé |
|  | Name: | David A. Palamé |
|  | Title: | General Counsel & Secretary |

---

## Exhibit 99.1

![](brspq126earningsrelease0001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.1 BrightSpire Capital, Inc. Announces First Quarter 2026 Financial Results NEW YORK, April 28, 2026 – BrightSpire Capital, Inc. (NYSE: BRSP) ("BrightSpire Capital" or the "Company") today announced its financial results for the first quarter 2026 and certain updates. The Company reported first quarter 2026 GAAP net income attributable to common stockholders of $4.8 million, or $0.03 per share, Distributable Earnings of $15.6 million, or $0.12 per share, and Adjusted Distributable Earnings of $18.2 million, or $0.14 per share. The Company reported GAAP net book value of $7.05 per share and undepreciated book value of $8.24 per share as of March 31, 2026. Michael J. Mazzei, Chief Executive Officer, commented, "We had a productive start to 2026 highlighted by positive net deployment year-to-date, with $311 million of committed capital closed during the first quarter and subsequent as well as $283 million in-execution. We also had stability in our CECL reserves quarter over quarter. Most importantly, we reduced our watch list by approximately 39% year to date, meaningfully de-risking the portfolio, and remain actively engaged in resolving our remaining watch list loans and REO properties. The slight decrease in book value was largely attributable to equity grants as part of our annual compensation program, consistent with past practice." Mr. Mazzei continued, "As we look toward the remainder of 2026, our focus remains on growing the portfolio and earnings through new loan originations while continuing to resolve what remains of our REO and watch list loans." Supplemental Financial Report A First Quarter 2026 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" 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 First Quarter 2026 Supplemental Financial Report and is available on our website at www.brightspire.com. First Quarter 2026 Conference Call The Company will conduct a conference call to discuss the results on Wednesday, April 29, 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 April 29, 2026, at 1:00 p.m. ET / 10:00 a.m. PT, through May 6, 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 10207137. International callers should dial (412) 317-6671 and enter the same conference ID. Dividend Announcement On March 16, 2026, 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 first quarter of 2026, which was paid on April 15, 2026, to common stockholders of record as of March 31, 2026. Common Stock Repurchase Plan On April 22, 2026, the Company's Board of Directors have authorized a stock repurchase program, under which the Company may repurchase up to $50 million of its outstanding Class A common stock until April 30, 2027 (the "Stock Repurchase Program"). Under the Stock Repurchase Program, the Company may repurchase shares in open market purchases, in privately negotiated transactions or otherwise. The Stock Repurchase Program will be utilized at management's discretion and in accordance with the requirements of the Securities and Exchange Commission. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate requirements and other conditions. The Stock Repurchase Program replaces in its entirety the Company's prior repurchase program announced on April 29, 2025 and was set to expire on April 30, 2026.

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![](brspq126earningsrelease0002.jpg)

About BrightSpire Capital, Inc. BrightSpire Capital, Inc. (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. Cautionary Statement Regarding Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. 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, 2025, 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, 2025, 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

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## Exhibit 99.2

![](q126earningssupplement04001.jpg)

1 APRIL 28, 2026 SUPPLEMENTAL FINANCIAL REPORT FIRST QUARTER 2026 Exhibit 99.2

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![](q126earningssupplement04002.jpg)

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, 2025, 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, 2025, 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.

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![](q126earningssupplement04003.jpg)

3 Diversified Portfolio Liquidity & Capitalization Financial Results $3.8B 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 March 31, 2026, 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 (100 Total Loans) $27M Average Loan Size 97% Floating-Rate Loan Portfolio $206M Total Liquidity(2) $58M Total Unrestricted Cash (or $0.45 per share)(3) $120M Fully Undrawn Corporate Revolver(3) 2.4x Debt-to-Equity Ratio(4) 5.55% W.A. All-in Cost of Financing(5) $1.6B Master Repurchase Facilities Availability(3) 7.2% W.A. Unlevered All-in Yield(1) W.A. Cash Coupon 3.4% 83% <$50M Loan Size (Based on Carrying Value) $0.14 Q1'26 Adjusted Distributable Earnings Per Share\* $0.16 Q1'26 Quarterly Dividend Per Share 10.6% Annualized Dividend Yield(6) $1.1B Undepreciated Book Value\*\* $8.24 Undepreciated Book Value Per Share\*\*

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![](q126earningssupplement04004.jpg)

4 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE NET DEPLOYMENT ACTIVITY FINANCIAL RESULTS LIQUIDITY & CAPITALIZATION \* Net deployment represents total committed capital less repayment proceeds As of March 31, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix • $206 million of available liquidity ($58 million of unrestricted cash, $120 million of revolver capacity and $28 million of approved and undrawn borrowings available on our credit facilities)(3) • 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 (fully utilized) and a 2.5-year reinvestment period • Entered into a new $250 million master repurchase facility agreement • GAAP Net Income of $4.8 million and $0.03 per share • Distributable Earnings of $15.6 million and $0.12 per share • Adjusted Distributable Earnings of $18.2 million and $0.14 per share • Declared and paid a dividend of $0.16 per share for Q1'26, 10.6% yield on current share price(6) • GAAP net book value of $7.05 per share and undepreciated book value of $8.24 per share • $110 million and $394 million of positive net deployment during Q1'26 and year-to-date(3), respectively\* • Q1'26 committed $279 million of capital across 7 new senior loans • Subsequent to Q1'26, committed $316 million of capital across 10 new senior loans closed or in-execution(3) • Q1'26 received $169 million of repayment proceeds across 6 loans • Subsequent to Q1'26, received $32 million of repayment proceeds across 1 loan(3)

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![](q126earningssupplement04005.jpg)

5 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE (CONT'D) LOAN PORTFOLIO As of March 31, 2026, 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 7.2% • Multifamily represents 69% of the loan portfolio • W.A. risk ranking of 3.1 (vs. 3.1 as of Q4'25) • Total CECL reserve of $87 million or $0.67 per share (no specific CECL reserve on balance sheet as of Q1'26) • $166 million of watch list loans or 6% of the loan portfolio (vs. $220 million or 8% as of Q4'25) • One risk rank 5 office loan and one risk rank 5 industrial loan repaid totaling $42 million in Q1'26 • Foreclosed on one risk rank 5 multifamily loan totaling $45 million in Q1'26 • Activity subsequent to Q1'26: – One risk rank 5 multifamily loan repaid totaling $32 million – Two risk rank 5 multifamily loans totaling $67 million are under contract to be sold with an expected repayment concurrent with sale closing in Q2'26 – Watchlist loans anticipated to decline by ~59% from $166 million to $67 million as a result of the above activity (see pg. 14 for additional detail) • 6 REO assets totaling $336 million (includes one hotel REO assets totaling $143 million or 43% of REO) • Sold one REO office property for ~$26 million of net proceeds in Q1'26 • Acquired one multifamily property through foreclosure totaling $45 million in Q1'26 • Activity subsequent to Q1'26: – Sales process underway for two REO multifamily properties totaling $69 million, which are expected to be under contract and sold in Q3'26 – REO assets anticipated to decline by ~20% from $336 million to $267 million as a result of the above activity (see pg. 17 for additional detail) REO ASSETS

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![](q126earningssupplement04006.jpg)

6 $8.44 $8.24 ($0.16) ($0.02) ($0.02) $7.25 $7.50 $7.75 $8.00 $8.25 $8.50 12/31/25 Undepreciated BVPS Equity-based Compensation Change in CECL Reserve & Other Earnings less Dividends 3/31/26 Undepreciated BVPS 39% 29% 21% 10% 1% Securitization bonds payable (non-recourse) Stockholders' equity (undepreciated) Master repurchase facilities (limited recourse) Mortgage debt (non-recourse) Other debt (non-recourse) F INANCIAL OVERVIEW \* Primarily related to equity grants as part of our annual stock compensation program \*\* Other includes non-GAAP impairment of real estate and other OCI adjustments As of March 31, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix Undepreciated Book Value Per Share Bridge Capital StructureKey Financial Metrics GAAP Net Income ($M) Per Share $4.8 $0.03 Distributable Earnings ($M) Per Share $15.6 $0.12 Adjusted Distributable Earnings ($M) Per Share $18.2 $0.14 Total At-Share Assets ($B) (Undepreciated) $3.8 Total Debt Outstanding (UPB) ($B) Debt-to-Equity(4) $2.6 2.4x Book Value (GAAP) ($B) Per Share $0.9 $7.05 Book Value (Undepreciated) ($B) Per Share $1.1 $8.24 CECL Reserve (General) ($M) Per Share / Basis Points ("BPS")(7) $87.2 $0.67 / 306 bps CECL Reserve (Specific) ($M) Per Share -- -- Total capitalization $3.7B \*\*\*

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![](q126earningssupplement04007.jpg)

7 76% 24% <1% Loan portfolio Net lease & other real estate CRE debt securities 60% 17% 4% 7% 6%5% 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 March 31, 2026; 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 March 31, 2026 Based on GAAP gross carrying value as of March 31, 2026 Investment Type Portfolio Overview (8) Property Type (At BRSP share) Investment count Carrying value Net carrying value Per share Loan portfolio 100 2,730$647$4.97$ General CECL reserves (87) (87) (0.67) Loan portfolio, net of general CECL reserves 100 2,643 560 4.30 Net lease 7 313 29 0.22 Other real estate 7 401 170 1.30 CRE debt securities(8) 1 2 2 0.02 Total investment portfolio 115 3,360$760$5.84$ Plus: cash & net assets(9) 296 158 1.21 Total - GAAP 3,656$918$7.05$ Plus: accumulated D&A(10) 187 187 1.43 Less: non-GAAP impariment of real estate(11) (32) (32) (0.24) Total - Undepreciated 3,811$1,073$8.24$

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![](q126earningssupplement04008.jpg)

8 LOAN ORIGINATION HIGHLIGHTS Key Metrics B U D G E T V S . A C T U A L Q1'26 YTD 2026(3) Total number of loans 7 17 Total committed capital $279M $594M Average loan size (committed capital) $40M $35M W.A. cash coupon S+2.59% S+2.57% % Floating rate (senior loans) 100% 100% Above charts based on YTD 2026 total committed capital $ in millions. As of March 31, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding See footnotes in the appendix Property Type Region Acquisition vs. Refinance 85% 10% 5% Multifamily Industrial Hotel 38% 38% 20% 4% West Southwest Southeast Midwest 57%43% Acquisition Refinance$144 $416 $279 $33 $283 Q3'25 Q4'25 Q1'26 YTD Q2'26 Originations by Quarter In-execution $316 Closed (3)

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![](q126earningssupplement04009.jpg)

9 $2,678 $2,730 $258 $10 ($169) ($45) ($2) 12/31/2025 Loan Portfolio Total New Loans Additional Loan Fundings Repayments REO Other 3/31/2026 Loan Portfolio <$25M 25% $25M-$50M 58% $51M-$75M 14% >$75M 3% Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions, unless otherwise stated; as of March 31, 2026, 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 100 Total number of investments $2.7B Total loan portfolio $27M Average investment size 1.1 yrs. W.A. remaining term(12) 2.2 yrs. W.A. extended remaining term(13) 7.2% W.A. unlevered all-in yield(1) 3.1 W.A. risk ranking 99% of senior loans are floating rate 69% 21% 8%1%1% Multifamily Office Mixed-use & Other Industrial Hotel Loan Portfolio Activity (16)(15) (14)(Initial Fundings) Loan Size Diversification Total Loan Count 98 Total Loan Count 100

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![](q126earningssupplement04010.jpg)

10 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 73 26$1,877$69% 28% 28% 1% 9% 3% Office 19 30 577 21% 8% 7% 5% 1% -- Mixed-use & Other 6 37 220 8% 2% -- 6% -- -- Industrial 1 32 32 1% -- -- -- -- 1% Hotel 1 24 24 1% -- -- -- -- 1% Total 100 27$2,730$100% 38% 35% 12% 10% 5% General CECL reserves (87) Total – Net of general CECL reserves 2,643$ Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions; as of March 31, 2026; at BRSP share LOAN PORTFOLIO DIVERSIFICATION Northeast 12% Region Southeast 10% Southwest 35% West 38% Midwest 5% Collateral Type Migration 53% 67% 69% 29% 24% 21% 8% 8% 8%8% 1% 2% 1% 1% Q1'25 Q4'25 Q1'26 Multifamily Office Mixed-use & Other Hotel Industrial

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11 (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 87 2,643,650$97% 560,587$7.1% 2.2 Total / W.A. floating rate 87 2,643,650 97% 560,587 7.1% 2.2 Fixed rate Senior mortgage loans 1 25,808 1% 25,808 20.0% 0.2 Mezzanine loans 2 46,425 2% 46,425 -- 0.9 Preferred equity 10 14,188 < 1% 14,188 14.9% 0.8 Total / W.A. fixed rate 13 86,422 3% 86,422 8.4% 0.6 Total / W.A. 100 2,730,072$100% 647,008$7.2% 2.2 General CECL reserves (87,180) (87,180) Total / W.A. – Net of general CECL reserves 2,642,892$559,828$$ in thousands; as of March 31, 2026; at BRSP share See footnotes in the appendix LOAN PORTFOLIO SUMMARY

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12 LOAN PORTFOLIO MATURITIES Fully Extended Loan Maturities(13) $723 $891 $133 $983 $39 $26 $2 $50 $0 $250 $500 $750 $1,000 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 2.2 years across the loan portfolio Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves As of March 31, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix

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13 92% 2% 6% 94% 2% 4% 1 2 3 4 5 Q4'25 Q1'26 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 March 31, 2026, unless otherwise stated; at BRSP share CECL Reserve Overview $137M $127M $88M $87M Q2'25 Q3'25 Q4'25 Q1'26 Specific CECL Reserve General CECL Reserve Total Reserve $87M ($0.67/share) Total Reserve $137M ($1.06/share) Loan Count 89 Loan Count 93 Loan Count 4 Loan Count 4 Loan Count 3 No specific CECL reserve on balance sheet for Q2'25 to Q1'26 Risk Rank 4 & 5 Q4'25: 8% \| 9 loans Q1'26: 6% \| 7 loans Q4'25 W.A. Risk Ranking: 3.1 Q1'26 W.A. Risk Ranking: 3.1 Total Reserve $88M ($0.68/share) Total Reserve $127M ($0.98/share) Loan Count 5

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14 Carrying Carrying Carrying Investment value Investment value Investment value Dallas, TX Office / RR4 (Loans 77 & 91) $43 Dallas, TX Office / RR4 (Loans 77 & 91) $43 Dallas, TX Office / RR4 (Loans 77 & 91) $43 Austin, TX Multifamily / RR4 (Loans 40 & 72) $24 Austin, TX Multifamily / RR4 (Loans 40 & 72) $24 Austin, TX Multifamily / RR4 (Loans 40 & 72) $24 Austin, TX Multifamily / RR5 (Loan 18) $36 Under PSA Austin, TX Multifamily / RR5 (Loan 18) $36 Repayment (Post Property Sale) Dallas, TX Multifamily / RR5 (Loan 26) $31 Under PSA Dallas, TX Multifamily / RR5 (Loan 26) $31 Repayment (Post Property Sale) Las Vegas, NV Multifamily / RR5 (Loan 23) $32 Repaid Q2 Total Watchlist $166 Total Watchlist $134 Total Watchlist $67 % Change vs. Q1'26 (19%) % Change vs. Q1'26 (59%) 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 March 31, 2026, unless otherwise stated; at BRSP share Q1'26 At Earnings Call Pro Forma\*Pro Forma Activity Intra-Period Activity

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15 LOAN PORTFOLIO WATCH LIST LOANS (Q1'26) \* Subsequent to March 31, 2026, Loan 23 was resolved following repayment \*\* Carrying value includes $0.7M related to a preferred equity investment (Loan 72) as the Company holds both the senior and junior positions; all other metrics reflect the senior loan only \*\*\* Carrying value includes $1.6M related to a preferred equity investment (Loan 91) as the Company holds both the senior and junior positions; all other metrics reflect the senior loan only As of March 31, 2026, unless otherwise stated; at BRSP share. See footnotes in the appendix Investment Austin, TX Senior Loan (Loan 18) Las Vegas, NV Mezzanine Loan (Loan 23)\* Dallas, TX Senior Loan (Loan 26) Austin, TX Senior Loan (Loans 40 & 72)\*\* Dallas, TX Senior Loan (Loan 77 & 91)\*\*\* Risk Ranking (Q1'26 / Q4'25) 5 / 5 5 / 3 5 / 5 4 / 4 4 / 4 Investment Type Floating-Rate Senior Loan Fixed-Rate Mezzanine Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Origination Date / Transaction Type March 2022 / Acquisition February 2022 / Construction January 2022 / Acquisition November 2021 / Acquisition November 2021 / Refinancing Collateral Multifamily / 312 Units Multifamily / 294 Units Multifamily / 275 Units Multifamily / 150 Units Office / 328k RSF Carrying Value $36M $32M $31M $24M $43M Loan Basis $115k / Unit $109k / Unit $113k / Unit $160k / Unit $131 / RSF Cash Coupon SOFR + 3.3% n/a SOFR + 3.5% SOFR + 3.4% SOFR + 4.0% Extended Maturity Date(13) March 2027 February 2027 February 2027 November 2026 December 2026

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16 (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.) Q1'26 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$27% 5,037$100% 12.4 Office 2 100% 522 RSF 94,004 45,671 13% 1,796 100% 3.0 Retail 4 100% 468 RSF 42,462 4,730 1% 834 100% 3.2 Total / W.A. - NNN 7 100% 3,777 RSF 428,623$142,557$42% 7,666$100% 9.4 Other real estate ("Other RE")\*\* Hotel 1 100% 541 Keys 143,299$87,506$26% 2,450$72% n/a Office 1 95% 848 RSF 88,828 -- -- 2,168 81% 3.4 Multifamily 5 100% 1,699 Units 192,660 108,248 32% 295 79% n/a Total / W.A. – Other RE 7 99% n/a 424,788$195,754$58% 4,913$77% 3.4 Total / W.A. 14 99% n/a 853,410$338,311$100% 12,579$89% 8.4 34% 23% 21% 17% 5% Industrial Multifamily Office Hotel Retail NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY 57%32% 11% 5.0+ 2.5 - 5.0 <2.5 Region Property Type W.A. Remaining Lease Term(18) West 62% Northeast 4% Midwest 16% Southwest 18% \* Q1'26 NOI excludes approximately ($0.1)M of NOI related to the sale of the Long Island City, NY office property, which was sold during the first quarter of 2026 \*\* Includes $336M of undepreciated ("undep.") carrying value related to six (6) REO assets and $89M of undep. carrying value related to one (1) equity investment Above charts based on undepreciated carrying value; $ and RSF in thousands; as of March 31, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix

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17 Undepreciated Undepreciated Undepreciated Investment carrying value Investment carrying value Investment carrying value San Jose, CA Hotel $143 San Jose, CA Hotel $143 San Jose, CA Hotel $143 / 53% Dallas, TX Multifamily $45 Dallas, TX Multifamily $45 Dallas, TX Multifamily $45 / 17% 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 $37 In Market Fort Worth, TX Multifamily $37 Sales Process Underway Mesa, AZ Multifamily $32 In Market Mesa, AZ Multifamily $32 Sales Process Underway Total REO $336 Total REO $336 Total REO $267 % Change vs. Q1'26 -- % Change vs. Q1'26 (20%) REAL ESTATE OWNED MIGRATION \* Pro forma adjusted for anticipated sales Above chart based on undepreciated carrying value $ in millions. As of March 31, 2026, unless otherwise stated; at BRSP share Q1'26 At Earnings Call Pro Forma\*Pro Forma Activity Intra-Period Activity Medium-term hold 2026 Plan

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18 Investment San Jose, CA (Other RE 1) Dallas, TX (Other RE 3) Santa Clara, CA (Other RE 4) Arlington, TX (Other RE 5) Fort Worth, TX (Other RE 6)\* Mesa, AZ (Other RE 7)\* Acquisition Date May 2025 January 2026 July 2025 July 2024 November 2024 February 2025 Collateral Hotel / 541 Keys Multifamily / 624 Units Multifamily (Pre-development) Multifamily / 436 Units Multifamily / 354 Units Multifamily / 285 Units Collateral Basis $264k / Key $72k / Unit n/a $89k / Unit $105k / Unit $112k / Unit Undepreciated Carrying Value $143M $45M $40M $39M $37M $32M Outstanding Debt $56M -- $34M $26M $5M $19M Undepreciated Net Carrying Value $88M $45M $6M $14M $32M $13M W.A. % Leased(17) 72% 70% n/a 69% 90% 92% REAL ESTATE OWNED (Q1'26) \* Reflects properties currently in the market for sale As of March 31, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding See footnotes in the appendix

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19 SELECT NNN ASSETS (Q1'26) \* Currently in negotiation with tenant for TI / extension package. Debt matures August 2026 As of March 31, 2026, unless otherwise stated; at BRSP share; amounts may differ due to rounding See footnotes in the appendix Investment Tracy, CA & Tolleson, AZ (Net lease 1) Aurora, CO (Net lease 2)\* Indianapolis, IN (Net lease 3) Acquisition Date August 2018 July 2006 June 2006 Collateral Industrial / 2,787k RSF Office / 184k RSF Office / 338k RSF Collateral Basis $105 / RSF $299 / RSF $115 / RSF Undepreciated Carrying Value $292M $55M $39M Outstanding Debt $200M $28M $21M Undepreciated Net Carrying Value $92M $27M $19M W.A. % Leased(17) 100% 100% 100% W.A. Lease Term (Yrs.)(18) 12.4 1.7 4.8 Final Debt Maturity September 2033 August 2026 October 2027 All-in COF 4.77% 4.08% 4.45%

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20 As of March 31, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.4x debt-to-equity ratio. Embedded capacity under existing financing facilities including an undrawn $120M corporate revolver and $1.6B of repurchase facilities availability 39% 29% 21% 10% 1% Securitization bonds payable (non-recourse) Stockholders' equity (undepreciated) Master repurchase facilities (limited recourse) Mortgage debt (non-recourse) Other debt (non-recourse) $3.7B Total capitalization (excluding cash) $2.6B Total outstanding debt $120M Corporate revolving credit facility availability As of April 24, 2026 $1.6B Master repurchase facilities availability As of April 24, 2026 2.4x Debt-to-equity ratio(4) 68% Debt-to-asset ratio(19) 5.55% Blended all-in cost of financing(5) Capital StructureKey Financial Metrics Total capitalization $3.7B

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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% 5.91% -$ Investment-level debt Securitization bonds payable (2026-FL3) Non-recourse Aug-43 S + 1.69% 5.35% 833,237 Securitization bonds payable (2024-FL2) Non-recourse Aug-37 S + 2.47% 6.13% 583,875 Master repurchase facilities Limited recourse Jan-29 S + 2.12% 5.78% 772,327 Mortgage debt – net lease (fixed) Non-recourse Sep-31 4.74% 4.74% 284,552 Mortgage debt – other real estate (fixed) Non-recourse Dec-28 4.47% 4.47% 91,690 Other debt Non-recourse Jul-28 5.50% 5.50% 33,831 Total / W.A. debt (BRSP share) Nov-35 5.55% 2,599,511$ Book value Stockholders' equity 917,918$ GAAP net book value (BRSP share) 917,918 Accumulated depreciation and amortization 186,777 Non-GAAP impairment of real estate (31,712) Undepreciated book value (BRSP share) 1,072,983 Total capitalization (undepreciated) 3,672,494$ Note: During the first quarter 2026, the Company recorded approximately $2.5M of amortization of deferred financing costs, which implies approximately 23 bps of annualized financing costs on the Company's total debt capacity as of March 31, 2026 $ in thousands; as of March 31, 2026; at BRSP share See footnotes in the appendix CAPITALIZATION SUMMARY

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22 ($2.1) ($1.3) $1.3 $2.7 ($3.0) ($1.5) $0.0 $1.5 $3.0 (0.50%) (0.25%) 0.25% 0.50% \* Reflects incremental changes to SOFR spot rate as of March 31, 2026 $ in millions, except per share data; as of March 31, 2026; 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: 3.66% (As of March 31, 2026) Incremental Rate of Change\* ($0.01) per share $0.01 per share $0.02 per share ($0.02) per share

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23 APPENDIX

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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.

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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. 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. 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. 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. 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)

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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").

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27 INVESTMENT DETAIL \* Subsequent to March 31, 2026, Loan 23 was resolved \*\* Loans that are on non-accrual status $ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix Loan Portfolio Origination Carrying Coupon Cash Unlevered Extended Q1'26 Risk Q4'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Multifamily Loan 1 Senior Dec-25 Los Angeles, CA 70$ Floating S+2.4% 6.3% Jan-31 76% 3 3 Loan 2 Senior May-22 Las Vegas, NV 56 Floating S+2.0% 5.7% Jun-27 74% 3 3 Loan 3 Senior Dec-25 St. Louis, MO 53 Floating S+2.5% 6.7% Jan-31 68% 3 3 Loan 4 Senior May-21 Las Vegas, NV 48 Floating S+3.0% 8.4% Jun-28 80% 3 3 Loan 5 Senior Mar-26 San Diego, CA 47 Floating S+2.4% 6.6% Apr-31 65% 3 n/a Loan 6 Senior Mar-26 San Jose, CA 46 Floating S+2.4% 6.3% Apr-31 68% 3 n/a Loan 7 Senior Jan-26 San Bernadino, CA 42 Floating S+2.7% 6.7% Feb-31 71% 3 n/a Loan 8 Senior Jul-21 Jersey City, NJ 42 Floating S+3.1% 6.8% Aug-26 66% 3 3 Loan 9 Senior Mar-22 Louisville, KY 41 Floating S+2.8% 6.5% Apr-27 72% 3 3 Loan 10 Senior Dec-25 Madison, AL 41 Floating S+2.5% 6.5% Jan-31 75% 3 3 Subtotal / W.A. top 10 multifamily 486$2.5% 6.6% Sep-29 n/a 3.0 n/a Loan 11 Senior Nov-25 Mesa, AZ 41$ Floating S+2.6% 6.6% Nov-30 68% 3 3 Loan 12 Senior Jul-21 Dallas, TX 40 Floating S+3.2% 6.9% Aug-26 77% 3 3 Loan 13 Senior Mar-22 Long Beach, CA 40 Floating S+3.4% 7.1% Apr-27 74% 3 3 Loan 14 Senior Jan-26 Tucson, AZ 39 Floating S+2.6% 6.5% Jan-31 74% 3 n/a Loan 15 Senior Jul-22 Irving, TX 38 Floating S+3.6% 7.4% Aug-27 73% 3 3 Loan 16 Senior Dec-20 Austin, TX 37 Floating S+3.1% 6.8% Jan-29 54% 3 3 Loan 17 Senior Jan-22 Los Angeles, CA 37 Floating S+3.4% 7.0% Feb-27 65% 3 3 Loan 18 Senior Mar-22 Austin, TX 36 Floating S+3.3% 6.9% Mar-27 75% 5 5 Loan 19 Senior Jul-21 Phoenix, AZ 33 Floating S+3.4% 7.0% Aug-26 75% 3 3 Loan 20 Senior Feb-25 Las Vegas, NV 33 Floating S+3.4% 7.6% Mar-30 59% 3 3 Subtotal / W.A. top 20 multifamily 861$2.8% 6.8% Feb-29 n/a 3.1 n/a Loan 21 Senior Dec-25 Jackson, TN 33$ Floating S+3.0% 7.0% Jan-31 62% 3 3 Loan 22 Senior Oct-25 San Antonio, TX 32 Floating S+2.6% 6.8% Nov-30 68% 3 3 Loan 23 \*, \*\* Mezzanine Feb-22 Las Vegas, NV 32 Fixed n/a n/a Feb-27 56% – 79% 5 3 Loan 24 Senior Apr-21 Las Vegas, NV 31 Floating S+3.2% 6.9% May-26 76% 3 3 Loan 25 Senior Feb-22 Long Beach, CA 31 Floating S+3.4% 7.3% Mar-27 67% 3 3 Loan 26 Senior Jan-22 Dallas, TX 31 Floating S+3.5% 7.1% Feb-27 75% 5 5 Loan 27 Senior Apr-22 Mesa, AZ 30 Floating S+3.4% 7.0% May-27 75% 3 3 Loan 28 Senior Feb-25 Las Vegas, NV 30 Floating S+2.7% 6.8% Mar-30 70% 3 3 Loan 29 Senior Sep-25 Nashville, TN 29 Floating S+2.6% 6.6% Oct-30 68% 3 3 Loan 30 Senior Aug-21 Glendale, AZ 29 Floating S+3.3% 6.9% Mar-27 75% 3 3 Loan 31 Senior Sep-25 Nashville, TN 28 Floating S+2.7% 6.9% Oct-30 65% 3 3 Loan 32 Senior Jan-26 Costa Mesa, CA 28 Floating S+2.4% 6.6% Feb-31 63% 3 n/a Loan 33 Senior May-21 Houston, TX 28 Floating S+3.1% 6.8% Jun-26 67% 3 3 Loan 34 Senior Dec-21 Phoenix, AZ 26 Floating S+3.6% 7.3% Jan-27 75% 3 3 Loan 35 Senior Jul-22 Irving, TX 25 Floating S+3.6% 7.4% Aug-27 72% 3 3 Loan 36 Senior Feb-25 Denver, CO 25 Floating S+3.3% 7.4% Mar-28 68% 3 3 Loan 37 Senior Mar-22 Glendale, AZ 25 Floating S+3.5% 7.1% Mar-27 73% 3 3 Loan 38 Senior Nov-25 Santa Rosa, CA 24 Floating S+2.8% 6.8% Dec-30 74% 3 3

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![](q126earningssupplement04028.jpg)

28 Origination Carrying Coupon Cash Unlevered Extended Q1'26 Risk Q4'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Loan 39 Senior Mar-22 Phoenix, AZ 24 Floating S+3.7% 7.3% Apr-27 75% 3 3 Loan 40 Senior Nov-21 Austin, TX 24 Floating S+3.4% 7.0% Nov-26 71% 4 4 Loan 41 Senior Dec-24 Seattle, WA 23 Floating S+2.8% 6.9% Jan-30 65% 3 3 Loan 42 Senior Jan-25 Lebanon, TN 23 Floating S+3.4% 7.0% Feb-30 71% 3 3 Loan 43 Senior Jun-21 Phoenix, AZ 22 Floating S+3.3% 6.9% Jul-26 75% 3 3 Loan 44 Senior Jul-21 Aurora, CO 21 Floating S+3.2% 6.9% Jul-26 73% 3 3 Loan 45 Senior Dec-25 Minneapolis, MN 21 Floating S+2.5% 6.7% Jan-31 65% 3 3 Loan 46 Senior Aug-25 Dallas, TX 21 Floating S+3.0% 7.1% Sep-30 59% 3 3 Loan 47 Senior Jan-22 Austin, TX 20 Floating S+3.4% 7.0% Feb-27 75% 3 3 Loan 48 Senior Dec-21 Gresham, OR 20 Floating S+2.8% 6.4% Jul-28 74% 3 3 Loan 49 Senior Aug-21 La Mesa, CA 20 Floating S+2.8% 6.4% Aug-28 70% 3 3 Loan 50 Senior Oct-24 Garland, TX 20 Floating S+3.7% 7.6% Nov-29 70% 3 3 Loan 51 Senior Sep-21 Bellevue, WA 19 Floating S+3.4% 7.1% Sep-26 64% 3 3 Loan 52 Senior Jul-21 Salt Lake City, UT 19 Floating S+2.8% 6.4% Aug-28 73% 3 3 Loan 53 Senior May-22 Charlotte, NC 18 Floating S+3.5% 7.2% May-27 61% 3 3 Loan 54 Senior Nov-25 Los Angeles, CA 18 Floating S+2.5% 6.7% Dec-30 59% 3 3 Loan 55 Senior Jun-21 Phoenix, AZ 18 Floating S+3.2% 6.9% Jul-26 75% 3 3 Loan 56 Senior Oct-25 Huntsville, AL 18 Floating S+2.8% 7.0% Nov-30 55% 3 3 Loan 57 Senior Sep-25 Glendale, AZ 17 Floating S+2.6% 6.6% Oct-30 73% 3 3 Loan 58 Senior Sep-25 Mobile, AL 14 Floating S+2.8% 6.8% Oct-30 73% 3 3 Loan 59 Senior May-25 Dallas, TX 14 Floating S+2.9% 7.1% May-30 65% 3 3 Loan 60 Senior Aug-25 Phoenix, AZ 14 Floating S+2.7% 6.7% Sep-30 75% 3 3 Loan 61 Senior Jul-25 Northridge, CA 13 Floating S+3.3% 7.4% Jul-30 74% 3 3 Loan 62 Senior Nov-24 Garland, TX 13 Floating S+3.5% 7.4% Dec-29 63% 3 3 Loan 63 Senior Nov-25 Hoboken, NJ 12 Floating S+2.4% 6.6% Dec-30 61% 3 3 Loan 64 Senior Mar-22 Glendale, AZ 12 Floating S+3.5% 7.1% Mar-27 73% 3 3 Loan 65 Senior Dec-25 Mesa, AZ 11 Floating S+2.8% 6.8% Jan-31 70% 3 3 Loan 66 Preferred May-25 Glendale, AZ 2 Fixed n/a 14.0% Mar-27 n/a 3 3 Loan 67 Preferred May-25 Mesa, AZ 2 Fixed n/a 15.0% May-27 n/a 3 3 Loan 68 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Apr-27 n/a 3 3 Loan 69 Preferred May-25 Phoenix, AZ 2 Fixed n/a 14.0% Jan-27 n/a 3 3 Loan 70 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Aug-26 n/a 3 3 Loan 71 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Jul-26 n/a 3 3 Loan 72 Preferred Dec-25 Austin, TX 1 Fixed n/a 15.0% Nov-26 n/a 4 4 Loan 73 Preferred Feb-26 Austin, TX 1 Fixed n/a 15.0% Feb-27 n/a 3 3 Total / W.A. multifamily loans 1,877$2.9% 6.8% Dec-28 n/a 3.1 n/a Loan Portfolio (Cont'd) INVESTMENT DETAIL (CONT'D) $ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix

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![](q126earningssupplement04029.jpg)

29 Loan Portfolio (Cont'd) INVESTMENT DETAIL (CONT'D) \* Loans that are on non-accrual status $ in millions; as of March 31, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix Origination Carrying Coupon Cash Unlevered Extended Q1'26 Risk Q4'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 74 Senior Jan-21 Phoenix, AZ 74$ Floating S+3.7% 7.3% Aug-26 70% 3 3 Loan 75 Senior Aug-18 San Jose, CA 74 Floating S+4.9% 8.5% Feb-27 69% 3 3 Loan 76 Senior Feb-19 Baltimore, MD 59 Floating S+3.6% 7.3% Feb-27 74% 3 3 Loan 77 Senior Nov-21 Dallas, TX 42 Floating S+4.0% 7.6% Dec-26 61% 4 4 Loan 78 Senior May-22 Plano, TX 39 Floating S+4.3% 7.9% Jun-27 64% 3 3 Loan 79 Senior Apr-22 Plano, TX 39 Floating S+4.1% 7.8% May-27 70% 3 3 Loan 80 Senior Apr-22 San Jose, CA 32 Floating S+4.2% 7.8% Apr-27 70% 3 3 Loan 81 Senior Oct-21 Blue Bell, PA 30 Floating S+3.8% 7.4% Apr-26 67% 3 3 Loan 82 Senior Mar-22 Blue Bell, PA 29 Floating S+4.2% 7.8% Apr-26 59% 3 3 Loan 83 Senior Feb-19 Charlotte, NC 27 Floating S+4.3% 7.9% Jul-26 56% 3 3 Subtotal / W.A. top 10 office 444$4.1% 7.7% Dec-26 n/a 3.1 n/a Loan 84 Senior Dec-18 Carlsbad, CA 27 Floating S+3.9% 7.5% Dec-26 74% 3 3 Loan 85 Senior Jul-21 Denver, CO 24 Floating S+5.0% 8.7% Aug-26 72% 3 3 Loan 86 Senior Aug-19 San Francisco, CA 23 Floating S+2.9% 6.6% Sep-26 74% 3 3 Loan 87 Senior Oct-21 Burbank, CA 18 Floating S+4.0% 7.7% Nov-26 65% 3 3 Loan 88 \* Mezzanine Feb-23 Baltimore, MD 15 Fixed n/a n/a Feb-27 84% – 85% 3 3 Loan 89 Senior Nov-21 Richardson, TX 13 Floating S+4.1% 7.8% Dec-26 71% 3 3 Loan 90 Senior Oct-20 Denver, CO 11 Floating S+3.7% 7.4% Nov-26 64% 3 3 Loan 91 Preferred Dec-25 Dallas, TX 2 Fixed n/a 15.0% Dec-26 n/a 4 4 Loan 92 Preferred Sep-25 San Francisco, CA 0 Fixed n/a 20.0% Sep-26 n/a 3 3 Total / W.A. office loans 577$3.9% 7.6% Nov-26 n/a 3.1 n/a Mixed-use & Other Loan 93 Senior Oct-19 Brooklyn, NY 79$ Floating S+4.2% 7.8% Nov-26 66% 3 3 Loan 94 Senior Jan-22 New York, NY 46 Floating S+3.5% 7.2% Feb-27 67% 3 3 Loan 95 Senior May-22 Brooklyn, NY 29 Floating S+4.4% 8.0% May-27 68% 3 3 Loan 96 Senior Apr-24 South Pasadena, CA 26 Fixed 20.0% 20.0% Jun-26 84% 3 3 Loan 97 Senior Oct-25 Venice, CA 24 Floating S+4.8% 8.9% Oct-30 67% 3 3 Loan 98 Senior Aug-21 Los Angeles, CA 16 Floating S+4.6% 8.3% Sep-26 66% 3 3 Total / W.A. mixed-use & other loans 220$6.0% 9.3% May-27 n/a 3.0 n/a Industrial Loan 99 Senior Mar-26 Oklahoma City, OK 32$ Floating S+2.8% 6.9% Apr-31 56% 3 n/a Total / W.A. industrial loans 32$2.8% 6.9% Apr-31 n/a 3.0 n/a Hotel Loan 100 Senior Mar-26 Chicago, IL 24$ Floating S+3.2% 7.4% Apr-31 50% 3 n/a Total / W.A. hotel loans 24$3.2% 7.4% Apr-31 n/a 3.0 n/a Total / W.A. loan portfolio 2,730$3.4% 7.2% May-28 n/a 3.1 n/a General CECL reserves (87) Total / W.A. loan portfolio, net of general CECL reserves 2,643$

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![](q126earningssupplement04030.jpg)

30 Undepreciated Rentable square Collateral Undepreciated net carrying Q1'26 SL Rent\*\* # of feet ("RSF") / W.A. W.A. lease Final debt All-in (At BRSP share) type City, State carrying value value NOI\* Receivable properties Units / Keys % leased(17) term (yrs)(18) maturity COF Net lease real estate Net lease 1 Industrial Various - U.S. 292$92$5.0$14.0$2 2,787 RSF 100% 12.4 Sep-33 4.77% Net lease 2 Office Aurora, CO 55 27 1.1 0.3 1 184 RSF 100% 1.7 Aug-26 4.08% Net lease 3 Office Indianapolis, IN 39 19 0.7 0.6 1 338 RSF 100% 4.8 Oct-27 4.45% Net lease 4 Retail Various - U.S. 28 -- 0.4 0.0 7 320 RSF 100% 2.7 Nov-26 & Mar-28 5.57% Net lease 5 Retail Keene, NH 7 -- 0.1 0.0 1 45 RSF 100% 2.8 Nov-26 4.45% Net lease 6 Retail South Portland, ME 5 5 0.2 0.1 1 53 RSF 100% 5.8 n/a -- Net lease 7 Retail Fort Wayne, IN 3 -- 0.1 -- 1 50 RSF 100% 4.4 Nov-26 4.45% Total / W.A. net lease real estate 429$143$7.7$15.1$14 3,777 RSF 100% 9.4 n/a n/a Other real estate Other RE 1 Hotel San Jose, CA 143$88$2.5$$-- 1 541 Keys 72% n/a n/a 6.36% Other RE 2 Office Creve Coeur, MO 89 -- 2.2 3.0 7 848 RSF 81% 3.4 Dec-28 4.47% Other RE 3 Multifamily Dallas, TX 45 45 (0.1) -- 1 624 Units 70% n/a n/a -- Other RE 4 \*\*\* Multifamily (Pre-Dev) Santa Clara, CA 40 6 (0.3) -- 1 n/a n/a n/a Jul-28 5.50% Other RE 5 Multifamily Arlington, TX 39 14 0.1 -- 1 436 Units 69% n/a n/a 6.31% Other RE 6 Multifamily Fort Worth, TX 37 32 0.2 -- 1 354 Units 90% n/a n/a 6.31% Other RE 7 Multifamily Mesa, AZ 32 13 0.5 -- 1 285 Units 92% n/a n/a 6.31% Total / W.A. other real estate 425$196$4.9$3.0$13 n/a 77% 3.4 n/a n/a Total / W.A. net lease real estate and other real estate 853$338$12.6$18.1$27 n/a 89% 8.4 n/a n/a INVESTMENT DETAIL (CONT'D) CRE Debt Securities \* Q1'26 NOI excludes approximately ($0.1)M of NOI related to the sale of the Long Island City, NY office property, which was sold during the first quarter of 2026 \*\* Represents straight line rent receivable as of March 31, 2026. This is included in "Receivables, net" on our consolidated balance sheet \*\*\* Related to construction / development project $ in millions; rentable square feet in thousands; as of March 31, 2026; 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$

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![](q126earningssupplement04031.jpg)

31 $ in thousands, except per share data; as of March 31, 2026, unless otherwise stated CONSOLIDATED BALANCE SHEET March 31, 2026 (Unaudited) December 31, 2025 Assets Cash and cash equivalents 96,561$66,789$ Restricted cash 92,715 107,046 Loans and preferred equity held for investment 2,730,072 2,678,315 Current expected credit loss reserve (85,316) (87,401) Loans and preferred equity held for investment, net 2,644,756 2,590,914 Real estate, net 690,961 679,779 Receivables, net 50,506 45,591 Deferred leasing costs and intangible assets, net 28,144 27,646 Other assets 44,205 47,065 Total assets 3,647,848$3,564,830$ Liabilities Securitization bonds payable, net 1,406,860$977,082$ Mortgage and other notes payable, net 412,814 414,060 Credit facilities 772,327 1,078,098 Accrued and other liabilities 60,621 63,709 Escrow deposits payable 66,878 82,511 Dividends payable 22,179 20,576 Total liabilities 2,741,679 2,636,425 Commitments and contingencies Equity Stockholders' equity Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively - - Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 130,278,065 and 128,627,246 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1,303 1,286 Additional paid-in capital 2,861,488 2,863,377 Accumulated deficit (1,944,873) (1,926,231) Total stockholders' equity 917,918 938,432 Noncontrolling interests in investment entities (11,749) (10,027) Total equity 906,169 928,405 Total liabilities and equity 3,647,848$3,564,830$

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![](q126earningssupplement04032.jpg)

32 In thousands, except per share data; as of March 31, 2026, unless otherwise stated; unaudited CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended March 31, 2026 2025 Net interest income Interest income 49,515$48,086$ Interest expense (33,394) (32,211) Net interest income 16,121 15,875 Property and other income Property operating income 32,654 26,858 Other income 2,971 2,618 Total property and other income 35,625 29,476 Expenses Property operating expense 20,078 9,966 Transaction, investment and servicing expense 832 629 Interest expense on real estate 5,091 6,565 Depreciation and amortization 8,627 10,552 Increase (decrease) of current expected credit loss reserve 1,746 (235) Compensation and benefits (including $2,918 and $4,213 of equity-based compensation expense, respectively) 9,056 10,429 Operating expense 3,095 3,214 Total expenses 48,525 41,120 Other income Other loss, net (4) (241) Income before income taxes 3,217 3,990 Income tax expense (94) (282) Net income 3,123 3,708 Net loss attributable to noncontrolling interests in investment entities 1,722 1,634 Net income attributable to BrightSpire Capital, Inc. common stockholders 4,845$5,342$ Net income per common share – basic 0.03$0.04$ Net income per common share – diluted 0.03$0.04$ Weighted average shares of common stock outstanding – basic 125,934 127,082 Weighted average shares of common stock outstanding – diluted 128,921 129,860

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![](q126earningssupplement04033.jpg)

33 $ in thousands; as of March 31, 2026; unaudited CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended March 31, 2026 Loan portfolio Net leased and other real estate Corporate and other Total Net interest income Interest income 49,515$-$-$49,515$ Interest expense (32,574) (12) (808) (33,394) Net interest income (expense) 16,941 (12) (808) 16,121 Property and other income Property operating income - 32,654 - 32,654 Other income 60 38 2,873 2,971 Total property and other income 60 32,692 2,873 35,625 Expenses Property operating expense - 20,078 - 20,078 Transaction, investment and servicing expense 657 30 145 832 Interest expense on real estate - 5,091 - 5,091 Depreciation and amortization - 8,594 33 8,627 Increase of current expected credit loss reserve 1,746 - - 1,746 Compensation and benefits - - 9,056 9,056 Operating expense (11) 1 3,105 3,095 Total expenses 2,392 33,794 12,339 48,525 Other income Other loss, net - (4) - (4) Income (loss) before income taxes 14,609 (1,118) (10,274) 3,217 Income tax expense (1) - (93) (94) Net income (loss) 14,608 (1,118) (10,367) 3,123 Net loss attributable to noncontrolling interests in investment entities - 1,722 - 1,722 Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders 14,608$604$(10,367)$4,845$

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![](q126earningssupplement04034.jpg)

34 As of March 31, 2026 Consolidated NCI(22) At BRSP share(23) Assets Loans and preferred equity held for investment, net 2,644,756$-$2,644,756$ Real estate, net 690,961 4,189 686,772 Deferred leasing costs and intangible assets, net 28,144 171 27,973 Cash, restricted cash, receivables and other assets 283,987 (12,029) 296,016 Total assets 3,647,848$(7,669)$3,655,517$ Liabilities Securitization bonds payable, net 1,406,860$-$1,406,860$ Mortgage and other notes payable, net 412,814 3,927 408,887 Credit facilities 772,327 - 772,327 Other liabilities, escrow deposits payable and dividends payable 149,678 153 149,525 Total liabilities 2,741,679$4,080$2,737,599$ Total equity 906,169$(11,749)$917,918$ Total liabilities and equity 3,647,848$(7,669)$3,655,517$ Total common shares 130,278 130,278 130,278 GAAP net book value per share 6.96$(0.09)$7.05$ Accumulated depreciation and amortization(10) 189,555$2,778$186,777$ Accumulated depreciation and amortization per share(10) 1.46$0.02$1.43$ Non-GAAP impairment of real estate(11) (33,310)$(1,598)$(31,712)$ Non-GAAP impairment of real estate(11) (0.26)$(0.01)$(0.24)$ Undepreciated book value 1,062,414$(10,569)$1,072,983$ Undepreciated book value per share 8.15$(0.08)$8.24$ Reconciliation of consolidated balance sheet to at share balance sheet In thousands, except per share data; as of March 31, 2026; unaudited; per share data may differ due to rounding See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

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![](q126earningssupplement04035.jpg)

35 As of March 31, 2026 As of December 31, 2025 GAAP net book value (excluding noncontrolling interests in investment entities) 917,918$938,432$ Accumulated depreciation and amortization(10) 186,777 180,937 Non-GAAP impairment of real estate(11) (31,712) (33,617) Undepreciated book value 1,072,983$1,085,752$ GAAP net book value per share (excluding noncontrolling interests in investment entities) 7.05$7.30$ Accumulated depreciation and amortization per share(10) 1.43 1.41 Non-GAAP impairment of real estate per share(11) (0.24) (0.26) Undepreciated book value per share 8.24$8.44$ Total outstanding shares – Class A common stock 130,278 128,627 As of March 31, 2026 As of December 31, 2025 Impairment attributable to BrightSpire Capital, Inc. -$61,620$ Adjustments: Current year non-GAAP impairment of real estate (1,905) (100,961) Non-GAAP impairment as of prior fiscal year-end 33,617 134,578 Impairment attributable to BrightSpire Capital, Inc. - (61,620) Non-GAAP impairment of real estate 31,712$33,617$ 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 March 31, 2026; unaudited; per share data may differ due to rounding See footnotes in the appendix

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![](q126earningssupplement04036.jpg)

36 Reconciliation of GAAP net income to Distributable Earnings and Adjusted Distributable Earnings In thousands, except per share data; as of March 31, 2026; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT'D) Three Months Ended March 31, 2026 Net income attributable to BrightSpire Capital, Inc. common stockholders 4,845$ Net income per common share – basic & diluted 0.03$ Adjustments: Non-cash equity compensation expense 2,918 Depreciation and amortization 8,763 Net unrealized loss (gain): General CECL reserves (889) Loss on sales of real estate, preferred equity and investments in unconsolidated joint ventures 4 Adjustments related to noncontrolling interests (73) Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 15,568$ Distributable Earnings per share(24) 0.12$ Weighted average number of common shares(24) 128,921 Three Months Ended March 31, 2026 Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 15,568$ Adjustments: Specific CECL reserves 2,634 Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 18,202$ Adjusted Distributable Earnings per share(24) 0.14$ Weighted average number of common shares(24) 128,921

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![](q126earningssupplement04037.jpg)

37 Three Months Ended March 31, 2026 Net income attributable to BrightSpire Capital, Inc. common stockholders 4,845$ Adjustments: Net income attributable to non-net leased and other real estate portfolios(25) (4,218) Net loss attributable to noncontrolling interests in investment entities (1,722) Amortization of above- and below-market lease intangibles (12) Net interest expense 12 Interest expense on real estate 5,091 Other income (38) Transaction, investment and servicing expense 29 Depreciation and amortization 8,594 Operating expense 3 Other gain on investments, net (19) NOI attributable to noncontrolling interest in investment entities (122) Total NOI attributable to BrightSpire Capital, Inc. common stockholders 12,443$ Reconciliation of GAAP net income to NOI $ in thousands; as of March 31, 2026; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT'D)

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38 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 March 31, 2026 2. Includes unrestricted cash, availability under the corporate revolving credit facility and $28 million of approved and undrawn borrowings available on our credit facilities as of April 24, 2026 3. As of April 24, 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 March 31, 2026 and is weighted on outstanding debt (UPB); excludes amortization of financing costs 6. Based on annualized Q1'26 quarterly dividend of $0.16/share and BRSP closing share price of $6.06 as of April 24, 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 March 31, 2026 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 March 31, 2026 14. Represents loan fundings related to the existing loan portfolio as of March 31, 2026 15. During the first quarter of 2026, the Company acquired legal title to one multifamily property through foreclosure, which is included in real estate, net on the Company's consolidated balance sheets 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 March 31, 2026 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 March 31, 2026 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

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39 COM P AN Y IN F OR M ATION 39 BrightSpire Capital (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments predominantly in 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 Citizens JMP Securities Chris Muller 212-906-3559 Raymond James Gabe Poggi 571-227-9641

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40 THANK YOU

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