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1 OCTOBER 28, 2025 SUPPLEMENTAL FINANCIAL REPORT THIRD QUARTER 2025
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2 CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements: operating costs and business disruption may be greater than expected; the Company's operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as in the Company’s other filings with the Securities and Exchange Commission; defaults by borrowers in paying debt service on outstanding indebtedness; borrowers’ abilities to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including the impact of higher interest expense, depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations, population shifts and migration, reduced demand for office, multifamily, hospitality or retail space) that may cause deterioration in the performance of our investments and, potentially, principal losses to us; the fair value of the Company's investments may be subject to uncertainties (including impacts associated with inflationary trends, the volatility of interest rates and credit spreads, increased market volatility affecting commercial real estate businesses and public securities); the Company's use of leverage and interest rate mismatches between the Company’s assets and borrowings could hinder its ability to make distributions and may significantly impact its liquidity position; the timing of and ability to generate additional liquidity and deploy available liquidity, including in senior mortgage loans; whether the Company will achieve its anticipated Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as adjusted) in the near term or ever; the Company’s ability to maintain or grow the dividend at all in the future; adverse impacts on the Company's corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on master repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; the ability to execute CRE CLO’s on a go forward basis, including at a reduced cost of capital; the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and mortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as in BrightSpire Capital’s other filings with the Securities and Exchange Commission. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so.
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3 Diversified Portfolio Liquidity & Capitalization Financial Results $3.5B 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 September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix COMPANY HIGHLIGHTS BrightSpire Capital, Inc. (“BRSP” or the “Company”) is a large publicly -traded, diversified and internally- managed commercial real estate credit REIT $2.4B Total Loan Portfolio (85 Total Loans) $28M Average Loan Size 97% Floating-Rate Loan Portfolio $280M Total Liquidity(2) $87M Total Unrestricted Cash (or $0.67 per share)(3) $165M Fully Undrawn Corporate Revolver(3) 1.9x Debt-to-Equity Ratio(4) 5.97% W.A. All-in Cost of Financing(5) $1.1B Master Repurchase Facilities Availability(3) 7.7% W.A. Unlevered All-in Yield(1) 91% <$50M Loan Size (Based on Loan Count) $0.16 Q3’25 Adjusted Distributable Earnings Per Share* $0.16 Q3’25 Quarterly Dividend Per Share 12.1% Annualized Dividend Yield(6) $1.1B Undepreciated Book Value** $8.68 Undepreciated Book Value Per Share** Ample Liquidity for New Loan Originations
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4 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE PORTFOLIO FINANCIAL RESULTS LIQUIDITY & CAPITALIZATION As of September 30, 2025, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix • $280 million of available liquidity ($87 million of unrestricted cash, $165 million of revolver capacity and $28 million of approved and undrawn borrowings available on our credit facilities)(3) • $2.0 billion of total master repurchase facility capacity with $1.1 billion of availability(3) • Repurchased 0.2 million shares or $1.0 million of Class A common stock at a blended price of $5.33 per share • GAAP Net Income of approximately $1.0 million, or $0.01 per share • Distributable Earnings of $3.3 million, or $0.03 per share • Adjusted Distributable Earnings of $21.2 million, or $0.16 per share • Declared and paid a dividend of $0.16 per share for Q3’25, 12.1% yield on current share price(6) • GAAP net book value of $7.53 per share and undepreciated book value of $8.68 per share • $2.4 billion loan portfolio with an average loan size of $28 million and W.A. unlevered yield of 7.7% • $49 million of positive net deployment during Q3’25 – Committed $146 million of capital across seven new loans and a preferred equity investment in Q3’25 – Subsequent to Q3’25, committed $320 million of capital across 10 new loans closed or in-execution(3) – $97 million of repayment proceeds across seven loans in Q3’25. Subsequent to Q3’25, received $12 million of repayment proceeds related to one loan(3) • W.A. risk ranking of 3.1 (vs. 3.1 as of Q2’25) – Watch list: one loan removed and one loan added – 5 watch list loans totaling $182 million or 8% of the loan portfolio, ~10% reduction (vs. $202 million at Q2’25) • Total CECL reserve of $127 million or $0.98 per share (no specific CECL reserve on balance sheet as of Q3’25) • Sold the Phoenix, AZ multifamily REO property for ~$16 million of net proceeds
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5 34% 30% 24% 11% 1% Stockholders' equity (undepreciated) Securitization bonds payable (non-recourse) Master repurchase facilities (limited recourse) Mortgage debt (non-recourse) Other debt (non-recourse) FINANCIAL OVERVIEW * Includes a realized loss related to the sale of one multifamily REO property, non -GAAP impairment of real estate, equity -based compensation and other OCI adjustments As of September 30, 2025, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix Undepreciated Book Value Per Share Bridge Capital StructureKey Financial Metrics GAAP Net Income ($M) Per Share ~$1.0 ~$0.01 Distributable Earnings ($M) Per Share $3.3 $0.03 Adjusted Distributable Earnings ($M) Per Share $21.2 $0.16 Total At-Share Assets ($B) (Undepreciated) $3.5 Total Debt Outstanding (UPB) ($B) Debt-to-Equity (4) $2.2 1.9x Book Value (GAAP) ($B) Per Share $1.0 $7.53 Book Value (Undepreciated) ($B) Per Share $1.1 $8.68 CECL Reserve (General) ($M) Per Share / Basis Points (“BPS”) (7) $127.5 $0.98 / 517 bps CECL Reserve (Specific) ($M) Per Share -- -- Total capitalization $3.3B $8.75 $8.68 <$0.01 $0.01 ($0.06) ($0.02) $8.20 $8.35 $8.50 $8.65 $8.80 6/30/25 Undepreciated BVPS Earnings in Excess of Dividends Share Repurchases Change in CECL Reserve Other 9/30/25 Undepreciated BVPS *
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6 (At BRSP share) Investment count Carrying value Net carrying value Per share Senior mortgage loans 76 2,306$ 634$ 4.89$ Mezzanine loans 2 48 48 0.37 Preferred equity 7 10 10 0.07 General CECL reserves (127) (127) (0.98) Total loan portfolio 85 2,236 564 4.35 Net lease & other real estate 16 750 248 1.91 CRE debt securities(8) 1 2 2 0.02 Total investment portfolio 102 2,988$ 814$ 6.27$ Plus: cash & net assets(9) 321 162 1.25 Total - GAAP 3,309$ 976$ 7.53$ Plus: accumulated D&A(10) 180 180 1.38 Less: non-GAAP impariment of real estate(11) (31) (31) (0.24) Total - Undepreciated 3,458$ 1,126$ 8.68$ 74% 26% <1% Loan portfolio Net lease & other real estate CRE debt securities 52% 21% 7% 9% 6%4% 1%Multifamily Office (loan portfolio) Office (NNN & Other RE) Industrial Mixed-use & Other Hotel Retail Above charts exclude the impact of CECL reserves. In addition, “Property Type” chart excludes CRE debt securities $ in millions, except per share data; as of September 30, 2025; at BRSP share; per share data may differ due to rounding See footnotes in the appendix PORTFOLIO OVERVIEW Based on GAAP net carrying value as of September 30, 2025 Based on GAAP gross carrying value as of September 30, 2025 Investment Type Portfolio Overview (8) Property Type
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7 Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions, unless otherwise stated; as of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix LOAN PORTFOLIO OVERVIEW 98% 2% <1% Senior mortgage loans Mezzanine loans Preferred equity Overview Investment Type Property Type 85 Total number of investments $2.4B Total loan portfolio $28M Average investment size 0.8 yrs. W.A. remaining term(12) 1.7 yrs. W.A. extended remaining term(13) 7.7% W.A. unlevered all-in yield(1) 3.1 W.A. risk ranking 99% of senior loans are floating rate Northeast 14% Region Southeast 10% Southwest 38% West 38% 63% 28% 8% 1% Multifamily Office Mixed-use & Other Industrial Loan Portfolio Activity (16)(15) (14) (Initial Fundings) $2,392 $2,363 $134 $11 $1 ($97) ($78) 6/30/25 Loan Portfolio Total New Loans Additional Loan Fundings Other Repayments REO 9/30/2025 Loan Portfolio Total Loan Count 81 Total Loan Count 85
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8 Collateral Type Region Exposure as a % of Carrying Value (At BRSP share) Number of investments Carrying value % of carrying value West Southwest Northeast Southeast Multifamily 58 1,482,135$ 63% 24% 29% 2% 8% Office 20 653,230 28% 10% 9% 6% 3% Mixed-use 5 191,637 8% 2% -- 6% -- Industrial 2 36,213 1% 1% -- -- -- Total 85 2,363,215$ 100% 38% 38% 14% 10% General CECL reserves (127,484) Total – Net of general CECL reserves 2,235,731$ Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in thousands; as of September 30, 2025; at BRSP share LOAN PORTFOLIO DIVERSIFICATION Multifamily Office Mixed-use & Other Industrial Property Type Exposure by Region 47% 38% 12% 3% 38% 31% 20% 11% 100% West Southwest Northeast Southeast 81% 19%
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9 (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 75 2,284,460$ 97% 612,782$ 7.6% 1.7 Total / W.A. floating rate 75 2,284,460 97% 612,782 7.6% 1.7 Fixed rate Senior mortgage loans 1 21,428 1% 21,428 15.1% 1.4 Mezzanine loans 2 47,647 2% 47,647 8.3% 1.4 Preferred equity 7 9,681 0% 9,681 15.1% 1.3 Total / W.A. fixed rate 10 78,756 3% 78,756 11.0% 1.3 Total / W.A. 85 2,363,215$ 100% 691,538$ 7.7% 1.7 General CECL reserves (127,484) (127,484) Total / W.A. – Net of general CECL reserves 2,235,731$ 564,053$ $ in thousands; as of September 30, 2025; at BRSP share See footnotes in the appendix LOAN PORTFOLIO SUMMARY
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10 LOAN PORTFOLIO MATURITIES Fully Extended Loan Maturities(13) $165 $744 $1,015 $439 $8 $35 $38 $24 $0 $250 $500 $750 $1,000 $1,250 2025 2026 2027 2028+ Fully extended loan maturities (carrying value) Unfunded commitments $ in Millions Weighted average fully extended remaining term of approximately 1.7 years across the loan portfolio Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves As of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix
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11 0% 0% 91% 9% 0%0% 0% 92% 8% 0% 1 2 3 4 5 Q2'25* Q3'25 Risk Ranking Overview LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE * In July 2025, acquired a multifamily construction / development project in Santa Clara, CA through a deed- in-lieu of foreclosure. As a result, the Company held no risk rank 5 loans on its balance sheet as of July 25, 2025 and excluded this asset from the above Q2’25 risk rank metrics (based on prior quarter reporting) Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves, unless otherwise stated As of September 30, 2025, unless otherwise stated; at BRSP share CECL Reserve Overview $137M $127M Q2'25 Q3'25 Specific CECL Reserve General CECL Reserve Total Reserve $137M ($1.06/share) Total Reserve $127M ($0.98/share) Loan Count 75 Loan Count 80 Loan Count 5 Loan Count 5 Loan Count 0 Loan Count 0 No specific CECL reserve on balance sheet for Q2’25 & Q3’25 Risk Rank 4 & 5 Q2’25: 9% | 5 loans Q3’25: 8% | 5 loans Q2’25 W.A. Risk Ranking: 3.1 Q3’25 W.A. Risk Ranking: 3.1
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12 33% 30% 17% 15% 5% Industrial Office Multifamily Hotel Retail NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY 56%30% 14% 5.0+ 2.5 - 5.0 <2.5 Region Property Type W.A. Remaining Lease Term(18) West 62% Northeast 10%Midwest 16%Southwest 12% * Q3’25 NOI excludes approximately $0.3M of NOI related to the sale of the Phoenix, AZ multifamily property, which sold duri ng the third quarter of 2025 ** Includes $364M of undepreciated (“undep.”) carrying value related to eight REO assets and $92M of undep. carrying value relat ed to one equity investment Above charts based on undepreciated carrying value; $ and RSF in thousands; as of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix (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.) Q3'25 NOI (at BRSP share)* W.A. % leased at end of period(17) W.A. remaining lease term (years)(18) Net lease real estate ("NNN") Industrial 1 100% 2,787 RSF 292,156$ 92,156$ 24% 5,039$ 100% 12.9 Office 2 100% 522 RSF 94,004 44,975 12% 1,805 100% 3.5 Retail 4 100% 468 RSF 42,462 5,782 2% 962 100% 3.1 Total / W.A. - NNN 7 100% 3,777 RSF 428,623$ 142,913$ 37% 7,806$ 100% 9.8 Other real estate ("Other RE")** Hotel 1 100% 541 Keys 136,760$ 108,863$ 29% 2,146$ 67% n/a Office 4 97% 1,493 RSF 172,140 79,392 21% 2,426 56% 3.7 Multifamily 4 100% 1075 Units 146,749 50,775 13% 281 75% n/a Total / W.A. – Other RE 9 99% n/a 455,649$ 239,031$ 63% 4,852$ 65% 3.7 Total / W.A. 16 99% n/a 884,272$ 381,944$ 100% 12,657$ 82% 8.1
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13 LOAN PORTFOLIO WATCH LIST LOANS * Loans that are on non-accrual status As of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Investment Austin, TX Senior Loan (Loan 3) Austin, TX Senior Loan (Loan 31) Reston, VA Senior Loan (Loan 62) Dallas, TX Senior Loan (Loan 63) Ontario, CA Senior Loan (Loan 84) Risk Ranking (Q3’25 / Q2’25) 4 / 4 4 / 3 4 / 4 4 / 4 4 / 4 Investment Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Origination Date / Transaction Type March 2022 / Acquisition November 2021 / Acquisition September 2021 / Refinancing November 2021 / Refinancing July 2022 / Acquisition Collateral Multifamily / 312 Units Multifamily / 150 Units Office / 270k RSF Office / 328k RSF Industrial / 73k RSF Carrying Value $51M $23M $42M $41M $25M Loan Basis $163k / Unit $153k / Unit $156 / RSF $125 / RSF $342 / RSF Cash Coupon SOFR + 3.3% SOFR + 3.4% SOFR + 2.1% SOFR + 4.0% n/a * Extended Maturity Date(13) March 2027 November 2026 October 2026 December 2025 August 2027
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14 REAL ESTATE OWNED As of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Investment San Jose, CA (Other RE 1) Santa Clara, CA (Other RE 3) Arlington, TX (Other RE 4) Fort Worth, TX (Other RE 5) Mesa, AZ (Other RE 6) Long Island City, NY (Other RE 7) Long Island City, NY (Other RE 8) Tualatin, OR (Other RE 9) Acquisition Date May 2025 July 2025 July 2024 November 2024 February 2025 June 2023 June 2023 September 2025 Collateral Hotel / 541 Keys Multifamily (Pre-dev) Multifamily / 436 Units Multifamily / 354 Units Multifamily / 285 Units Office / 221k RSF Office / 128k RSF Office / 296k RSF Collateral Basis $253k / Key n/a $89k / Unit $102k / Unit $112k / Unit $140 / RSF $227 / RSF $68 / RSF Undepreciated Carrying Value $137M $40M $39M $36M $32M $31M $29M $20M Outstanding Debt $28M $34M $26M $17M $19M -- -- -- Undepreciated Net Carrying Value $109M $6M $14M $19M $13M $31M $29M $20M W.A. % Leased (17) 67% n/a 58% 83% 86% 31% 2% 65% W.A. Lease Term (Yrs.) (18) n/a n/a n/a n/a n/a 3.4 4.4 3.1
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15 INVESTMENT DETAIL $ in millions; as of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix Loan Portfolio Origination Carrying Coupon Cash Unlevered Extended Q3'25 Risk Q2'25 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 Apr-25 Oxnard, CA 70$ Floating S+2.3% 7.4% Apr-29 68% 3 3 Loan 2 Senior May-22 Las Vegas, NV 56 Floating S+2.0% 6.1% Jun-27 74% 3 3 Loan 3 Senior Mar-22 Austin, TX 51 Floating S+3.3% 7.4% Mar-27 75% 4 4 Loan 4 Senior Jul-21 Dallas, TX 51 Floating S+3.4% 7.7% Aug-26 74% 3 3 Loan 5 Senior May-21 Las Vegas, NV 48 Floating S+3.0% 8.8% Jun-26 89% 3 3 Loan 6 Senior Jul-21 Jersey City, NJ 42 Floating S+3.1% 7.2% Aug-26 66% 3 3 Loan 7 Senior Mar-22 Louisville, KY 41 Floating S+2.8% 6.9% Apr-27 70% 3 3 Loan 8 Senior Jul-21 Dallas, TX 40 Floating S+3.2% 7.3% Aug-26 77% 3 3 Loan 9 Senior Mar-22 Long Beach, CA 40 Floating S+3.4% 7.5% Apr-27 80% 3 3 Loan 10 Senior Jul-22 Irving, TX 38 Floating S+3.6% 7.9% Aug-27 75% 3 3 Subtotal / W.A. top 10 multifamily 478$ 2.9% 7.4% Apr-27 n/a 3.1 n/a Loan 11 Senior Jan-22 Dallas, TX 37$ Floating S+3.5% 7.8% Feb-27 75% 3 3 Loan 12 Senior Dec-20 Austin, TX 37 Floating S+3.2% 7.3% Jan-26 54% 3 3 Loan 13 Senior Jan-22 Los Angeles, CA 36 Floating S+3.4% 7.5% Feb-27 76% 3 3 Loan 14 Senior Jul-21 Phoenix, AZ 33 Floating S+3.4% 7.5% Aug-26 73% 3 3 Loan 15 Mezzanine Feb-22 Las Vegas, NV 33 Fixed 7.0% 12.0% Feb-27 57% – 82% 3 3 Loan 16 Senior Feb-25 Las Vegas, NV 33 Floating S+3.4% 8.0% Mar-30 59% 3 3 Loan 17 Senior Apr-21 Las Vegas, NV 31 Floating S+3.2% 7.3% May-26 76% 3 3 Loan 18 Senior Feb-22 Long Beach, CA 31 Floating S+3.4% 7.5% Mar-27 71% 3 3 Loan 19 Senior Apr-22 Mesa, AZ 30 Floating S+3.4% 7.5% May-27 75% 3 3 Loan 20 Senior Feb-25 Las Vegas, NV 29 Floating S+2.7% 7.3% Mar-30 70% 3 3 Subtotal / W.A. top 20 multifamily 809$ 3.2% 7.6% May-27 n/a 3.1 n/a Loan 21 Senior Aug-21 Glendale, AZ 29$ Floating S+3.3% 7.4% Mar-27 85% 3 3 Loan 22 Senior Sep-25 Nashville, TN 29 Floating S+2.6% 7.1% Oct-30 68% 3 n/a Loan 23 Senior Sep-25 Nashville, TN 28 Floating S+2.7% 7.3% Oct-30 65% 3 n/a Loan 24 Senior May-21 Houston, TX 28 Floating S+3.1% 7.2% Jun-26 66% 3 3 Loan 25 Senior Dec-21 Fort Mill, SC 27 Floating S+3.3% 7.4% Jan-27 71% 3 3 Loan 26 Senior Dec-21 Phoenix, AZ 26 Floating S+3.6% 7.7% Jan-27 75% 3 3 Loan 27 Senior Jul-22 Irving, TX 25 Floating S+3.6% 7.9% Aug-27 72% 3 3 Loan 28 Senior Mar-22 Glendale, AZ 25 Floating S+3.5% 7.6% Mar-27 73% 3 3 Loan 29 Senior Feb-25 Denver, CO 24 Floating S+3.3% 7.9% Mar-28 68% 3 3 Loan 30 Senior Mar-22 Phoenix, AZ 24 Floating S+3.7% 7.8% Apr-27 74% 3 3 Loan 31 Senior Nov-21 Austin, TX 23 Floating S+3.4% 7.5% Nov-26 78% 4 3 Loan 32 Senior Jan-25 Lebanon, TN 22 Floating S+3.4% 8.5% Feb-30 71% 3 3 Loan 33 Senior Jun-21 Phoenix, AZ 22 Floating S+3.3% 7.4% Jul-26 71% 3 3 Loan 34 Senior Dec-24 Seattle, WA 22 Floating S+2.8% 7.4% Jan-30 65% 3 3
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16 Origination Carrying Coupon Cash Unlevered Extended Q3'25 Risk Q2'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Loan 35 Senior Jul-21 Aurora, CO 21 Floating S+3.2% 7.4% Jul-26 73% 3 3 Loan 36 Senior Jan-22 Austin, TX 20 Floating S+3.4% 7.5% Feb-27 76% 3 3 Loan 37 Senior Dec-21 Gresham, OR 20 Floating S+2.8% 6.9% Jul-28 76% 3 3 Loan 38 Senior Aug-25 Dallas, TX 20 Floating S+3.0% 7.6% Sep-30 59% 3 n/a Loan 39 Senior Aug-21 La Mesa, CA 20 Floating S+2.8% 6.9% Aug-28 72% 3 3 Loan 40 Senior Oct-24 Garland, TX 20 Floating S+3.7% 8.1% Nov-29 70% 3 3 Loan 41 Senior Sep-21 Bellevue, WA 19 Floating S+3.4% 7.5% Sep-26 75% 3 3 Loan 42 Senior Jul-21 Salt Lake City, UT 19 Floating S+2.8% 6.9% Aug-28 67% 3 3 Loan 43 Senior May-22 Charlotte, NC 19 Floating S+3.5% 7.6% May-27 70% 3 3 Loan 44 Senior Apr-22 Tacoma, WA 18 Floating S+3.0% 7.1% May-27 64% 3 3 Loan 45 Senior Jun-21 Phoenix, AZ 18 Floating S+3.2% 7.4% Jul-26 75% 3 3 Loan 46 Senior Sep-25 Glendale, AZ 17 Floating S+2.6% 7.1% Oct-30 73% 3 n/a Loan 47 Senior May-25 Dallas, TX 14 Floating S+2.9% 7.5% May-30 65% 3 3 Loan 48 Senior Aug-25 Phoenix, AZ 14 Floating S+2.7% 7.2% Sep-30 75% 3 n/a Loan 49 Senior Jul-25 Northridge, CA 13 Floating S+3.3% 7.9% Jul-30 74% 3 n/a Loan 50 Senior Sep-25 Mobile, AL 13 Floating S+2.8% 7.3% Oct-30 73% 3 n/a Loan 51 Senior Nov-24 Garland, TX 12 Floating S+3.5% 7.9% Dec-29 63% 3 3 Loan 52 Senior Mar-22 Glendale, AZ 12 Floating S+3.5% 7.6% Mar-27 73% 3 3 Loan 53 Preferred May-25 Mesa, AZ 2 Fixed n/a 15.0% May-27 n/a 3 3 Loan 54 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Apr-27 n/a 3 3 Loan 55 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Jan-27 n/a 3 3 Loan 56 Preferred May-25 Phoenix, AZ 2 Fixed n/a 15.0% Aug-26 n/a 3 3 Loan 57 Preferred May-25 Glendale, AZ 1 Fixed n/a 15.0% Mar-27 n/a 3 3 Loan 58 Preferred May-25 Phoenix, AZ 1 Fixed n/a 15.0% Jul-26 n/a 3 3 Total / W.A. multifamily loans 1,482$ 3.2% 7.6% Oct-27 n/a 3.1 n/a Office Loan 59 Senior Jan-21 Phoenix, AZ 74$ Floating S+3.7% 8.3% Feb-26 71% 3 3 Loan 60 Senior Aug-18 San Jose, CA 74 Floating S+4.9% 9.0% Feb-27 81% 3 3 Loan 61 Senior Feb-19 Baltimore, MD 59 Floating S+3.6% 7.7% Feb-27 74% 3 3 Loan 62 Senior Sep-21 Reston, VA 42 Floating S+2.1% 6.2% Oct-26 71% 4 4 Loan 63 Senior Nov-21 Dallas, TX 41 Floating S+4.0% 8.1% Dec-25 61% 4 4 Loan 64 Senior Apr-22 Plano, TX 39 Floating S+4.1% 8.2% May-27 68% 3 3 Loan 65 Senior May-22 Plano, TX 38 Floating S+4.3% 8.4% Jun-27 60% 3 3 Loan 66 Senior Apr-22 San Jose, CA 32 Floating S+4.2% 8.3% Apr-27 67% 3 3 Loan 67 Senior Apr-21 San Diego, CA 32 Floating S+3.6% 7.8% May-26 57% 3 3 Loan 68 Senior Oct-21 Blue Bell, PA 29 Floating S+3.8% 7.9% Apr-26 78% 3 3 Subtotal / W.A. top 10 office 460$ 3.9% 8.1% Oct-26 n/a 3.2 n/a Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) $ in millions; as of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix
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17 Origination Carrying Coupon Cash Unlevered Extended Q3'25 Risk Q2'25 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 69 Senior Mar-22 Blue Bell, PA 29$ Floating S+4.2% 8.3% Apr-26 81% 3 3 Loan 70 Senior Feb-19 Charlotte, NC 27 Floating S+4.3% 8.4% Jul-26 70% 3 3 Loan 71 Senior Dec-18 Carlsbad, CA 27 Floating S+3.9% 8.0% Dec-25 73% 3 3 Loan 72 Senior Jul-21 Denver, CO 23 Floating S+5.0% 9.1% Aug-26 71% 3 3 Loan 73 Senior Aug-19 San Francisco, CA 23 Floating S+2.9% 7.1% Sep-26 89% 3 3 Loan 74 Senior Oct-21 Burbank, CA 18 Floating S+4.0% 8.1% Nov-26 51% 3 3 Loan 75 Senior Oct-20 Denver, CO 18 Floating S+3.7% 7.8% Nov-25 64% 3 3 Loan 76 * Mezzanine Feb-23 Baltimore, MD 15 Fixed n/a n/a Feb-27 74% – 75% 3 3 Loan 77 Senior Nov-21 Richardson, TX 13 Floating S+4.1% 8.2% Dec-26 68% 3 3 Loan 78 Preferred Sep-25 San Francisco, CA 0 Fixed n/a 20.0% Sep-26 n/a 3 3 Total / W.A. office loans 653$ 3.8% 7.9% Sep-26 n/a 3.1 n/a Mixed-use & Other Loan 79 Senior Oct-19 Brooklyn, NY 79$ Floating S+4.2% 8.3% Nov-25 74% 3 3 Loan 80 Senior Jan-22 New York, NY 46 Floating S+3.5% 7.6% Feb-27 76% 3 3 Loan 81 Senior May-22 Brooklyn, NY 29 Floating S+4.4% 8.5% May-27 68% 3 3 Loan 82 Senior Apr-24 South Pasadena, CA 21 Fixed 15.1% 15.1% Feb-27 28% 3 3 Loan 83 Senior Aug-21 Los Angeles, CA 16 Floating S+4.6% 8.7% Sep-26 58% 3 3 Total / W.A. mixed-use & other loans 192$ 5.3% 9.0% Aug-26 n/a 3.0 n/a Industrial Loan 84 * Senior Jul-22 Ontario, CA 25$ Floating n/a n/a Aug-27 66% 4 4 Loan 85 Senior Mar-22 Commerce, CA 12 Floating S+3.3% 7.4% Apr-27 60% 3 3 Total / W.A. industrial loans 36$ 1.0% 2.4% Jun-27 n/a 3.7 n/a Total / W.A. loan portfolio 2,363$ 3.5% 7.7% May-27 n/a 3.1 n/a General CECL reserves (127) Total / W.A. loan portfolio, net of general CECL reserves 2,236$ Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) * Loans that are on non-accrual status $ in millions; as of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix
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18 INVESTMENT DETAIL (CONT’D) CRE Debt Securities * Q3’25 NOI excludes approximately $0.3M of NOI related to the sale of the Phoenix, AZ multifamily property, which sold du ring the third quarter of 2025 ** Related to construction / development project $ in millions; rentable square feet in thousands; as of September 30, 2025 ; at BRSP share See footnotes in the appendix Net Lease Real Estate & Other Real Estate Carrying (At BRSP share) value CRE debt securities CRE debt securities (1 investment)(8) 2$ Total / W.A. CRE debt securities 2$ Undepreciated Rentable square Investment Collateral Undepreciated net carrying Q3'25 # of feet ("RSF") / W.A. W.A. lease (At BRSP share) date type City, State carrying value value NOI* properties Units / Keys % leased(17) term (yrs)(18) Net lease real estate Net lease 1 Aug-18 Industrial Various - U.S. 292$ 92$ 5.0$ 2 2,787 RSF 100% 12.9 Net lease 2 Jul-06 Office Aurora, CO 55 26 1.1 1 184 RSF 100% 2.2 Net lease 3 Jun-06 Office Indianapolis, IN 39 18 0.7 1 338 RSF 100% 5.3 Net lease 4 Sep-06 Retail Various - U.S. 28 -- 0.6 7 320 RSF 100% 2.3 Net lease 5 Sep-06 Retail Keene, NH 7 -- 0.1 1 45 RSF 100% 3.3 Net lease 6 Sep-06 Retail South Portland, ME 5 5 0.2 1 53 RSF 100% 6.3 Net lease 7 Sep-06 Retail Fort Wayne, IN 3 -- 0.1 1 50 RSF 100% 4.9 Total / W.A. net lease real estate 429$ 143$ 7.8$ 14 3,777 RSF 100% 9.8 Other real estate Other real estate 1 May-25 Hotel San Jose, CA 137$ 109$ 2.1$ 1 541 Keys 67% n/a Other real estate 2 Sep-14 Office Creve Coeur, MO 92 -- 2.0 7 848 RSF 79% 3.7 Other real estate 3 ** Jul-25 Multifamily (Pre-Dev) Santa Clara, CA 40 6 0.0 1 n/a n/a n/a Other real estate 4 Jul-24 Multifamily Arlington, TX 39 14 (0.0) 1 436 Units 58% n/a Other real estate 5 Nov-24 Multifamily Fort Worth, TX 36 19 (0.0) 1 354 Units 83% n/a Other real estate 6 Feb-25 Multifamily Mesa, AZ 32 13 0.3 1 285 Units 86% n/a Other real estate 7 Jun-23 Office Long Island City, NY 31 31 0.5 1 221 RSF 31% 3.4 Other real estate 8 Jun-23 Office Long Island City, NY 29 29 (0.1) 1 128 RSF 2% 4.4 Other real estate 9 Sep-25 Office Tualatin, OR 20 20 0.2 1 296 RSF 65% 3.1 Total / W.A. other real estate 456$ 239$ 4.9$ 15 n/a 65% 3.7 Total / W.A. net lease real estate and other real estate 884$ 382$ 12.7$ 29 n/a 82% 8.1
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19 As of September 30, 2025, unless otherwise stated; at BRSP share See footnotes in the appendix CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 1.9x debt-to-equity ratio. Embedded capacity under existing financing facilities including an undrawn corporate revolver and $1.1B of repurchase facilities availability 34% 30% 24% 11% 1% Stockholders' equity (undepreciated) Securitization bonds payable (non-recourse) Master repurchase facilities (limited recourse) Mortgage debt (non-recourse) Other debt (non-recourse) $3.3B Total capitalization (excluding cash) $2.2B Total outstanding debt $165M Corporate revolving credit facility availability As of October 24, 2025 (fully undrawn) $1.1B Master repurchase facilities availability As of October 24, 2025 1.9x Debt-to-equity ratio(4) 63% Debt-to-asset ratio(19) 5.97% Blended all-in cost of financing(5) Capital StructureKey Financial Metrics Total capitalization $3.3B
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20 (At BRSP share) Recourse vs. non-recourse(20) W.A. extended maturity(21) W.A. contractual interest rate(21) W.A. all-in COF(5) Outstanding debt (UPB) Corporate debt Corporate revolving credit facility Recourse Jan-27 S + 2.25% 6.49% -$ Investment-level debt Master repurchase facilities Limited recourse Nov-28 S + 2.04% 6.17% 778,671 Securitization bonds payable (2024-FL2) Non-recourse Aug-37 S + 2.47% 6.60% 583,875 Securitization bonds payable (2021-FL1) Non-recourse Aug-38 S + 1.72% 5.96% 398,762 Mortgage debt – net lease (fixed) Non-recourse Sep-31 4.74% 4.74% 285,709 Mortgage debt – other real estate (fixed) Non-recourse Dec-28 4.47% 4.47% 92,748 Other debt Non-recourse Jul-28 5.50% 5.50% 34,240 Total / W.A. debt (BRSP share) May-33 5.97% 2,174,006$ Book value Stockholders' equity 976,413$ GAAP net book value (BRSP share) 976,413 Accumulated depreciation and amortization 179,677 Non-GAAP impairment of real estate (30,521) Undepreciated book value (BRSP share) 1,125,569 Total capitalization (undepreciated) 3,299,575$ Note: During the third quarter 2025, the Company recorded approximately $1.9M of amortization of deferred financing costs, wh ich implies approximately 22 bps of annualized financing costs on the Company’s total debt capacity as of September 30, 2025 $ in thousands; as of September 30, 2025; at BRSP share See footnotes in the appendix CAPITALIZATION SUMMARY
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21 ($4.8) ($3.8) ($2.6) ($1.3) $1.4 ($7.5) ($5.0) ($2.5) $0.0 $2.5 (1.00%) (0.75%) (0.50%) (0.25%) 0.25% * Reflects incremental changes to SOFR spot rate as of September 30, 2025 $ in millions, except per share data; as of September 30, 2025; at BRSP share INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Investment Portfolio $ in Millions SOFR: 4.13% (As of September 30, 2025) Incremental Rate of Change* ($0.04) per share ($0.03) per share ($0.02) per share ($0.01) per share $0.01 per share
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22 22 APPENDIX
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23 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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24 The Company presents pro rata (“at share” or “at BRSP share”) financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro rata financial information by applying its economic interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests’ (“NCI”) share of assets, liabilities, profits and losses was computed by applying noncontrolling interests’ economic interest to each financial statement line item. The Company provides pro rata financial information because it may assist investors and analysts in estimating the Company’s economic interest in its investments. However, pro rata financial information as an analytical tool has limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company’s pro rata information may not be comparable to other companies pro rata information. As such, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP, but may be used as a supplement to financial information as reported under GAAP. We present undepreciated book value, which is a non-GAAP supplemental financial measure. We believe that presenting undepreciated book value is a more useful and consistent measure of the value of our current portfolio and operations for our investors as it enhances the comparability to our peers who do not hold similar real estate investments. Undepreciated book value excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities) and as of the quarter ended June 30, 2024, includes non-GAAP impairment of real estate and any related foreign currency translation. Non-GAAP impairment of real estate is a non-GAAP measure that reflects our share of a property’s carrying value on certain net leased and other real estate office properties whose non-recourse mortgages have matured or who have been placed in a cash flow sweep by their lender. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders’ aversion to finance or refinance office properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can and have led to foreclosures. Cash flow sweeps restrict our ability to utilize earnings generated by a property. As such, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties. The Company calculates undepreciated book value per share based on the total number of outstanding common shares. We present loan-to-value which reflects the initial loan amount divided by the as-is appraised value as of the date the loan was originated, or by the principal amount divided by the appraisal value for the in-place collateral as of the date of the most recent as-is appraisal. For construction loans, loan-to-value reflects the total commitment amount of the loan divided by the as-completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Senior loans reflect the initial loan amount divided by the as-is value as of the date the loan was originated, or the principal amount divided by the appraised value for the in-place collateral as of the date of the most recent as-is appraisal. Construction senior loans’ loan-to-value reflect the total commitment amount of the loan divided by the as completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Mezzanine loans include attachment and detachment loan-to-values, respectively. Attachment loan-to-value reflects initial funding of loans senior to our position divided by the as-is value as of the date the loan was originated, or the principal amount divided by the appraised value for the in-place collateral as of the date of the most recent appraisal. Detachment loan-to-value reflects the cumulative initial funding of our loan and the loans senior to our position divided by the as-is value as of the date the loan was originated, or the cumulative principal amount divided by the appraised value for the in-place collateral as of the date of the most recent appraisal. Construction mezzanine loans include attachment and detachment loan-to-value, respectively. Attachment loan-to-value reflects the total commitment amount of loans senior to our position divided by as-completed appraised value, or the total commitment amount of loans senior to our position divided by projected total cost basis. Detachment loan-to-value reflect the cumulative commitment amount of our loan and the loans senior to our position divided by as-completed appraised value, or the cumulative commitment amount of our loan and loans senior to our position divided by projected total cost basis. We present risk rankings, which is a supplemental financial disclosure, for loans held for investment. In addition to reviewing loans held for investment for impairment quarterly, we evaluate loans held for investment to determine if a current expected credit losses reserve should be established. In conjunction with this review, we assess the risk factors of each senior and mezzanine loans and preferred equity and assign a risk ranking based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five- point scale, our loans held for investment are ranked “1” through “5,” from less risk to greater risk, and the rankings are updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “3” and will move accordingly going forward based on the rankings which are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk / Potential for Loss – A loan that has a high risk of realizing a principal loss 5. Impaired / Loss Likely – A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss IMPORTANT NOTE REGARDING NON -GAAP FINANCIAL MEASURES AND DEFINITIONS (CONT’D)
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25 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, six 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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26 $ in thousands, except per share data; as of September 30, 2025 , unless otherwise stated CONSOLIDATED BALANCE SHEET September 30, 2025 (Unaudited) December 31, 2024 Assets Cash and cash equivalents 113,378$ 302,173$ Restricted cash 108,189 148,523 Loans and preferred equity held for investment 2,363,215 2,518,925 Current expected credit loss reserve (126,905) (165,932) Loans and preferred equity held for investment, net 2,236,310 2,352,993 Real estate, net 719,711 777,421 Receivables, net 43,379 38,732 Deferred leasing costs and intangible assets, net 35,629 47,172 Assets held for sale - 5,170 Other assets 47,860 51,294 Total assets 3,304,456$ 3,723,478$ Liabilities Securitization bonds payable, net 976,998$ 1,087,074$ Mortgage and other notes payable, net 415,182 619,055 Credit facilities 778,671 785,183 Accrued and other liabilities 68,190 82,625 Intangible liabilities, net 835 2,805 Escrow deposits payable 75,794 80,132 Dividends payable 20,756 20,793 Total liabilities 2,336,426 2,677,667 Commitments and contingencies Equity Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively - - Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 129,732,929 and 129,685,185 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 1,297 1,297 Additional paid-in capital 2,866,411 2,865,341 Accumulated deficit (1,891,295) (1,812,083) Accumulated other comprehensive loss - (6,337) Total stockholders’ equity 976,413 1,048,218 Noncontrolling interests in investment entities (8,383) (2,407) Total equity 968,030 1,045,811 Total liabilities and equity 3,304,456$ 3,723,478$
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27 Three Months Ended September 30, 2025 2024 Net interest income Interest income 48,889$ 59,587$ Interest expense (31,364) (38,862) Net interest income 17,525 20,725 Property and other income Property operating income 32,536 26,051 Other income 2,513 2,513 Total property and other income 35,049 28,564 Expenses Property operating expense 19,675 8,431 Transaction, investment and servicing expense 854 225 Interest expense on real estate 5,170 6,747 Depreciation and amortization 7,188 10,087 Increase of current expected credit loss reserve 8,215 1,001 Impairment of operating real estate 2,509 - Compensation and benefits (including $2,794 and $3,421 of equity-based compensation expense, respectively) 8,077 8,191 Operating expense 2,857 2,979 Total expenses 54,545 37,661 Other income Other gain, net 538 37 Income (loss) before income taxes (1,433) 11,665 Income tax benefit (expense) 129 (244) Net income (loss) (1,304) 11,421 Net loss attributable to noncontrolling interests: Investment entities 2,288 1,308 Net income attributable to BrightSpire Capital, Inc. common stockholders 984$ 12,729$ Net income per common share – basic 0.00$ 0.10$ Net income per common share – diluted 0.00$ 0.09$ Weighted average shares of common stock outstanding – basic 126,940 127,515 Weighted average shares of common stock outstanding – diluted 129,845 130,144 In thousands, except per share data; as of September 30, 2025, unless otherwise stated; unaudited CONSOLIDATED STATEMENT OF OPERATIONS
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28 Three Months Ended September 30, 2025 Loan portfolio Net leased and other real estate Corporate and other Total Net interest income Interest income 48,889$ -$ -$ 48,889$ Interest expense (31,046) (11) (307) (31,364) Net interest income (expense) 17,843 (11) (307) 17,525 Property and other income Property operating income - 32,536 - 32,536 Other income - 212 2,301 2,513 Total property and other income - 32,748 2,301 35,049 Expenses Property operating expense - 19,675 - 19,675 Transaction, investment and servicing expense 616 23 215 854 Interest expense on real estate - 5,170 - 5,170 Depreciation and amortization - 7,155 33 7,188 Increase of current expected credit loss reserve 8,215 - - 8,215 Impairment of operating real estate - 2,509 - 2,509 Compensation and benefits - - 8,077 8,077 Operating expense (9) 1 2,865 2,857 Total expenses 8,822 34,533 11,190 54,545 Other income Other gain, net - 538 - 538 Income (loss) before income taxes 9,021 (1,258) (9,196) (1,433) Income tax benefit (expense) (86) 244 (29) 129 Net income (loss) 8,935 (1,014) (9,225) (1,304) Net loss attributable to noncontrolling interests: Investment entities - 2,288 - 2,288 Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders 8,935$ 1,274$ (9,225)$ 984$ $ in thousands; as of September 30, 2025; unaudited CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT
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29 As of September 30, 2025 Consolidated NCI(22) At BRSP share(23) Assets Loans and preferred equity held for investment, net 2,236,310$ -$ 2,236,310$ Real estate, net 719,711 4,256 715,455 Deferred leasing costs and intangible assets, net 35,629 189 35,440 Cash, restricted cash, receivables and other assets 312,806 (8,541) 321,347 Total assets 3,304,456$ (4,096)$ 3,308,552$ Liabilities Securitization bonds payable, net 976,998$ -$ 976,998$ Mortgage and other notes payable, net 415,182 3,974 411,208 Credit facilities 778,671 - 778,671 Intangible liabilities, net 835 - 835 Other liabilities, escrow deposits payable and dividends payable 164,740 313 164,427 Total liabilities 2,336,426$ 4,287$ 2,332,139$ Total equity 968,030$ (8,383)$ 976,413$ Total liabilities and equity 3,304,456$ (4,096)$ 3,308,552$ Total common shares 129,733 129,733 129,733 GAAP net book value per share 7.46$ (0.06)$ 7.53$ Accumulated depreciation and amortization (10) 182,375$ 2,698$ 179,677$ Accumulated depreciation and amortization per share (10) 1.41$ 0.02$ 1.38$ Non-GAAP impairment of real estate (11) (32,056)$ (1,535)$ (30,521)$ Non-GAAP impairment of real estate (11) (0.25)$ (0.01)$ (0.24)$ Undepreciated book value 1,118,349$ (7,220)$ 1,125,569$ Undepreciated book value per share 8.62$ (0.06)$ 8.68$ Reconciliation of consolidated balance sheet to at share balance sheet In thousands, except per share data; as of September 30, 2025; 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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30 As of September 30, 2025 GAAP net book value (excluding noncontrolling interests in investment entities) 976,413$ Accumulated depreciation and amortization (10) 179,677 Non-GAAP impairment of real estate (11) (30,521) Undepreciated book value 1,125,569$ GAAP net book value per share (excluding noncontrolling interests in investment entities) 7.53$ Accumulated depreciation and amortization per share (10) 1.38 Non-GAAP impairment of real estate per share (11) (0.24) Undepreciated book value per share 8.68$ Total common shares 129,733 As of September 30, 2025 Impairment attributable to BrightSpire Capital, Inc. 53,636$ Adjustments: Current year non-GAAP impairment of real estate (104,057) Non-GAAP impairment as of prior fiscal year-end 134,578 Impairment attributable to BrightSpire Capital, Inc. (53,636) Non-GAAP impairment of real estate 30,521$ 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 September 30, 2025; unaudited; per share data may differ due to rounding See footnotes in the appendix
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31 Three Months Ended September 30, 2025 Net income attributable to BrightSpire Capital, Inc. common stockholders 984$ Adjustments: Non-cash equity compensation expense 2,794 Depreciation and amortization 7,514 Net unrealized loss (gain): Impairment of operating real estate 2,509 General CECL reserves (9,676) Gain on sales of real estate, preferred equity and investments in unconsolidated joint ventures (538) Adjustments related to noncontrolling interests (266) Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 3,321$ Distributable Earnings per share (24) 0.03$ Weighted average number of common shares (24) 129,845 Three Months Ended September 30, 2025 Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 3,321$ Adjustments: Specific CECL reserves 17,891 Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 21,212$ Adjusted Distributable Earnings per share (24) 0.16$ Weighted average number of common shares (24) 129,845 Reconciliation of GAAP net income to Distributable Earnings and Adjusted Distributable Earnings In thousands, except per share data; as of September 30, 2025; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON -GAAP FINANCIAL INFORMATION (CONT’D)
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32 Three Months Ended September 30, 2025 Net income attributable to BrightSpire Capital, Inc. common stockholders 984$ Adjustments: Net loss attributable to non-net leased and other real estate portfolios (25) 292 Net loss attributable to noncontrolling interests in investment entities (2,288) Amortization of above- and below-market lease intangibles 180 Net interest expense 11 Interest expense on real estate 5,170 Other income (213) Transaction, investment and servicing expense 22 Depreciation and amortization 7,154 Impairment of operating real estate 2,509 Operating expense 1 Other gain on investments, net (538) Income tax benefit (245) NOI attributable to noncontrolling interest in investment entities (103) Total NOI attributable to BrightSpire Capital, Inc. common stockholders 12,936$ Reconciliation of GAAP net income to NOI $ in thousands; as of September 30, 2025; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON -GAAP FINANCIAL INFORMATION (CONT’D)
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33 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 September 30, 2025 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 October 24, 2025 3. As of October 24, 2025 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 September 30, 2025 and is weighted on outstanding debt (UPB); excludes amortization of financing costs 6. Based on annualized Q3’25 quarterly dividend of $0.16/share and BRSP closing share price of $5.30 as of October 24, 2025 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 24 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 September 30, 2025 13. Represents the remaining loan term based on the maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at BRSP share as of September 30, 2025 14. Represents loan fundings related to the existing loan portfolio as of September 30, 2025 15. Other includes non-cash payment-in-kind (“PIK”) interest income, accrual of origination and exit fees and other adjustments 16. During the third quarter of 2025, the Company acquired legal title to a office property in Tualatin, Oregon and a multifamily construction/development project in Santa Clara, California. As a result, the properties were consolidated as real estate (included in the Other Real Estate segment) and removed from loans held from investment, net 17. Represents the percent leased as of September 30, 2025 and is weighted by undepreciated carrying value; excludes one multifamily property related to a construction/development project 18. Based on in-place leases (defined as occupied and paying leases) as of September 30, 2025 and assumes that no renewal options are exercised. W.A. calculation based on undepreciated carrying value; excludes multifamily and hotel property types 19. Debt-to-asset ratio based on total outstanding UPB at BRSP share divided by total assets at BRSP share excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate 20. Subject to customary non-recourse carve-outs 21. W.A. calculation based on outstanding debt (UPB) 22. Represents interests in assets held by third party partners 23. Represents the proportionate share attributed to BRSP based on BRSP’s ownership percentage by asset 24. The Company calculates Distributable Earnings 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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34 COMPANY INFORMATION 3434 BrightSpire Capital (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. HEADQUARTERS New York 590 Madison Avenue 33rd Floor New York,NY 10022 212-547-2631 STOCK & TRANSFER AGENT EQ (Equiniti Trust Company, LLC) 800-937-5449 helpast@equiniti.com INVESTOR RELATIONS ADDO Investor Relations Anne McGuinness 310-829-5400 brsp@addo.com BofA Securities Eric Dray 646-855-5780 Jones Research Jason Weaver 646-454-2710 Alliance Global Partners Gaurav Mehta 646-908-3825 WWW.BRIGHTSPIRE.COM NYSE: BRSP ANALYST COVERAGE BTIG Thomas Catherwood 212-738-6140 Barclays Terry Ma 212-526-7965 JMP Securities Steve DeLaney 212-906-3517
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35 THANK YOU