# EDGAR Filing Document

**Accession Number:** 0001717547
**File Stem:** 0001717547-25-000074
**Filing Date:** 2025-7
**Character Count:** 8270
**Document Hash:** 377ac1aa29071d603aa799613ede66f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001717547-25-000074.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001717547-25-000074

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250731

**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:** CORRESP

**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

![image_07.jpg](image_07.jpg)

590 Madison Avenue, 33rd Floor New York, NY 10022<br>212-287-2119<br>July 31, 2025 <br>

**<u>VIA EDGAR</u>**

United States Securities and Exchange Commission<br>Division of Corporation Finance

Office of Real Estate & Construction<br>100 F Street, NE<br>Washington, D.C. 20549<br>Attention: Ameen Hamady and Isaac Esquivel

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| | |
|:---|:---|
| **Re:** | **BrightSpire Capital, Inc.** |
| | **Form 10-K for the year ended December 31, 2024** |
| | **File No. 001-38377** |

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Dear Mr. Hamady and Mr. Esquivel:

&nbsp;&nbsp;&nbsp;&nbsp;This letter sets forth the response of BrightSpire Capital, Inc. (the "Company") to the comment from the staff (the "Staff") of the Division of Corporation Finance of the United States Securities and Exchange Commission (the "Commission") in a letter dated July 18, 2025 (the "Comment Letter") regarding the above referenced filings.

For ease of review, the Company has set forth below in bold type the numbered comment of the Staff in the Comment Letter, with the Company's response thereto immediately following the comment.

**<u>Form 10-K for year ended December 31, 2024</u>**

**<u>Non-GAAP Supplemental Financial Measures<br>Undepreciated Book Value Per Share, page 60</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.We note your presentation of undepreciated book value and undepreciated book value per share as non-GAAP financial measures. In regard to your presentation please address the following** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revise your disclosure regarding the definition of undepreciated book value as it does not appear to address all the items that are being adjusted from the most directly comparable GAAP measure, which appears to be stockholders' equity excluding noncontrolling interests in investment entities. Specifically,** 

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July 31, 2025

**your definition does not appear to discuss non-GAAP impairment of real estate as an adjustment; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expand your disclosure to indicate that the non-GAAP impairment adjustment is itself a non-GAAP financial measure, provide a reconciliation to its most directly comparable GAAP measure and expand your disclosure to discuss the usefulness of such measure.** 

**Refer to Item 10(e) of Regulation S-K*.***

*<u>Response to Comment No. 1</u>:* 

&nbsp;&nbsp;&nbsp;&nbsp;In the Company's future filings, the Company will enhance its disclosures regarding undepreciated book value and undepreciated book value per share (with additions underlined and deletions indicated by strikethroughs in the paragraph below) and to include a reconciliation of non-GAAP impairment of real estate as follows: &nbsp;&nbsp;&nbsp;&nbsp;

*Undepreciated Book Value Per Share*

We believe that presenting undepreciated book value per share is a more useful and consistent measure of the value of our current portfolio and operations for our investors <u>as it</u>. It additionally enhances the comparability to our peers who do not hold <u>similar</u> real estate investments. Undepreciated book value per share excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities) <u>and as of the quarter ended June 30, 2024, includes non-GAAP impairment of real estate and any related foreign currency translation.</u> Non-GAAP impairment of real estate and foreign currency translation excludes <u>is a non-GAAP measure that reflects</u> our share of <u>a property's</u> the carrying value (including any related foreign currency translation) on certain net leased and other real estate office properties whose non-recourse mortgages <u>have matured</u> mature within 12 months 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 <u>and have led</u>lead to foreclosures. <u>Cash flow sweeps restrict our ability to utilize earnings generated by a property.</u> Given this potential likelihood<u>As such</u>, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties.

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

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Stockholders' equity excluding noncontrolling interests in investment entities | XX | XX |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | XX | XX |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP impairment of real estate | XX | XX |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | XX | XX |
| Undepreciated book value | XX | XX |

---

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July 31, 2025

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| GAAP book value per share | XX | XX |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization per share | XX | XX |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP impairment of real estate | XX | XX |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | XX | XX |
| &nbsp;&nbsp;&nbsp;&nbsp;Undepreciated book value per share | XX | XX |
| Total outstanding shares - Class A common stock | XX | XX |

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Impairment attributable to BrightSpire Capital, Inc. | XX | XX |
| Adjustments: |  |  |
| Current year non-GAAP impairment of operating real estate | XX | XX |
| Non-GAAP impairment as of prior fiscal year-end | XX | XX |
| Impairment attributable to BrightSpire Capital, Inc. | (XX) | (XX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP impairment of real estate | XX | XX |

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\* \* \* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Company acknowledges that it is responsible for the accuracy and adequacy of the disclosure in its filings, notwithstanding any review, comments, action or absence of action by the Staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should the Staff have any questions or comments, or would like additional information, please do not hesitate to contact me at (212) 287-2119.

&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| Very truly yours, |
| BrightSpire Capital, Inc. |
| By: <u>/s/ Frank V. Saracino</u> |
| Name: Frank V. Saracino |
| Title: Chief Financial Officer |

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July 31, 2025

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| | |
|:---|:---|
| cc: | David Palamé |
| | *BrightSpire Capital, Inc.* |
| | David W. Bonser |
| | Tifarah R. Allen |
| | *Hogan Lovells US LLP* |
| | Eric Rubin |
| | Rivi Harari |
| | *Deloitte & Touche LLP* |
| | Tom Beversluis |
| | Andrew Harvazinski |
| | *Ernst & Young LLP* |

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