BrightSpire Capital : 1st Quarter 2026 Earnings Supplemental Presentation

Published: 2026-04-28 17:14:24 ET BRSP

Published on 04/28/2026 at 05:14 pm EDT

FIRST QUARTER 2026

COMPANY HIGHLIGHTS

Diversified Portfolio

$3.8B

Total At-Share Assets (Undepreciated)

$2.7B

Total Loan Portfolio (100 Total Loans)

97%

Floating-Rate Loan Portfolio

$27M

Average Loan Size

83%

<$50M Loan Size (Based on Carrying Value)

7.2%

W.A. Unlevered All-in Yield(1)

W.A. Cash Coupon 3.4%

Liquidity & Capitalization

$206M $58M

Total Liquidity(2) Total Unrestricted Cash

(or $0.45 per share)(3)

$120M

Fully Undrawn Corporate Revolver(3)

$1.6B

Master Repurchase Facilities Availability(3)

2.4x

Debt-to-Equity Ratio(4)

5.55%

W.A. All-in Cost of Financing(5)

Financial Results

$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 $8.24

Undepreciated Undepreciated Book Value** Book Value Per Share**

* 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

SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE

FINANCIAL RESULTS

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

LIQUIDITY & CAPITALIZATION

$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

NET DEPLOYMENT ACTIVITY

$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)

* 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 4

SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE ( CONT'D)

LOAN PORTFOLIO

$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)

REO ASSETS

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)

As of March 31, 2026, unless otherwise stated; at BRSP share; per share data may differ due to rounding See footnotes in the appendix

FINANCIAL OVERVIEW

Key Financial Metrics

GAAP Net Income ($M)

Per Share

Distributable Earnings ($M)

Per Share

Adjusted Distributable Earnings ($M)

Per Share

(Undepreciated)

Total Debt Outstanding (UPB) ($B)

$2.6

Debt-to-Equity(4)

2.4x

Book Value (GAAP) ($B)

$0.9

Per Share

$7.05

Book Value (Undepreciated) ($B)

$1.1

Per Share

$8.24

CECL Reserve (General) ($M)

$87.2

Per Share / Basis Points ("BPS")(7)

$0.67 / 306 bps

CECL Reserve (Specific) ($M)

Per Share

Total At-Share Assets ($B)

$4.8

Other debt (non-recourse)

29%

Stockholders' equity (undepreciated)

Master repurchase facilities (limited recourse) Mortgage debt (non-recourse)

39%

Total capitalization

$3.7B

21%

Securitization bonds payable (non-recourse)

10% 1%

Capital Structure

$0.03

$15.6

$0.12

$18.2

$0.14

$3.8

($0.02)

$8.25

$8.24

$8.00

$7.75

$7.50

$7.25

12/31/25

Undepreciated BVPS

Equity-based Compensation*

Change in CECL Earnings less Reserve & Other ** Dividends

3/31/26

Undepreciated BVPS

($0.02)

($0.16)

$8.44

$8.50

Undepreciated Book Value Per Share Bridge

* 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

PORTFOLIO OVERVIEW

Investment Type

Portfolio Overview

Based on GAAP net carrying value as of March 31, 2026

<1%

24%

76%

(At BRSP share)

Investment count

Carrying value

Net carrying

value Per share

Loan portfolio 100 $ 2,730 $ 647 $ 4.97

Property Type

Based on GAAP gross carrying value as of March 31, 2026

General CECL reserves (87) (87) (0.67)

Loan portfolio, net of general CECL reserves

100

2,643

560

4.30

Net lease

313

0.22

Other real estate

401

170

1.30

CRE debt securities(8)

0.02

6% 5%

17%

60%

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

1.43

Less: non-GAAP impariment of real estate(11)

(32)

(0.24)

Total - Undepreciated

$ 3,811

$ 1,073

$ 8.24

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 7

LOAN ORIGINATION HIGHLIGHTS

Property Type

10% 5%

85%

Key Metrics

Q1'26

YTD 2026(3)

Total number of loans

Total committed capital

$279M

$594M

Average loan size (committed capital)

20%

38%

Region

W.A. cash coupon S+2.59% S+2.57%

% Floating rate (senior loans)

100% 100%

Originations by Quarter

Acquisition vs. Refinance

$283

In-execution

43%

57%

$33

Closed

Q3'25 Q4'25 Q1'26 YTD Q2'26 (3)

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 8

LOAN PORTFOLIO OVERVIEW

Overview

Investment Type

Property Type

8%1% 1%

21%

69%

100

$2.7B

Total number of investments

Total loan portfolio

2% <1%

$27M

Average investment size

1.1 yrs.

W.A. remaining term(12)

2.2 yrs.

W.A. extended remaining term(13)

98%

7.2%

W.A. unlevered all-in yield(1)

Loan Size Diversification

Loan Portfolio Activity

>$75M

$51M-$75M 3%

14%

<$25M

25%

$25M-$50M

58%

$2,678

$258 $10 ($169)

($45) ($2)

$2,730

Total Loan Count 98

Total Loan Count 100

12/31/2025

Loan Portfolio

Total New Loans

(Initial Fundings)

Additional Loan

Fundings (14)

Repayments REO (15)

Other (16)

3/31/2026

Loan Portfolio

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 9

LOAN PORTFOLIO DIVERSIFICATION

Collateral Type

Region Exposure as a % of Carrying Value

(At BRSP share)

Number of Average Carrying % of carrying investments investment size value value

Multifamily

$ 26

$ 1,877

69%

28%

Office

577

21%

Mixed-use & Other

220

Industrial

Hotel

Total

100

$ 27

$ 2,730

100%

38%

35%

12%

10%

General CECL reserves

(87)

2,643

Total - Net of general CECL reserves

Collateral Type Migration

Region

West

38%

Midwest

Northeast

12%

Southwest

35%

Southeast

10%

2% 1% 1%

53%

69%

67%

29%

21%

24%

Q1'25 Q4'25 Q1'26

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 SUMMARY

Number of

(At BRSP share) 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

$ 2,643,650

97%

$ 560,587

7.1%

2.2

Total / W.A. floating rate

2,643,650

97%

560,587

7.1%

2.2

Fixed rate

Senior mortgage loans

25,808

20.0%

0.2

Mezzanine loans

46,425

0.9

Preferred equity

14,188

< 1%

14,188

14.9%

0.8

Total / W.A. fixed rate

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)

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 MATURITIES

Fully Extended Loan Maturities(13)

Fully extended loan maturities (carrying value)

Unfunded commitments

$983

$723

$39

$26

$50

$133

$891

$1,000

$750

$ in Millions

$500

$250

2026 2027 2028 2029+

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 12

LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE

Risk Ranking Overview

CECL Reserve Overview

No specific CECL reserve on balance sheet for Q2'25 to Q1'26

Q4'25 W.A. Risk Ranking: 3.1

Q1'26 W.A. Risk Ranking: 3.1

Loan Count 89

Loan Count 93

Risk Rank 4 & 5

Q4'25: 8% | 9 loans

Q1'26: 6% | 7 loans

92%

94%

Total Reserve

$137M

($1.06/share)

Total Reserve

$127M

$137M

$127M

$88M

$87M

($0.98/share)

Total Reserve

$88M

($0.68/share)

Total Reserve

$87M

($0.67/share)

Loan Count 4

Loan Count 5

Loan Count 3

1 2 3 4 5 Q2'25 Q3'25 Q4'25 Q1'26

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

LOAN PORTFOLIO WATCH LIST MIGRATION

Q1'26

Intra-Period Activity

At Earnings Call

Pro Forma Activity

Pro Forma*

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%)

* 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 14

LOAN PORTFOLIO WATCH LIST LOANS ( Q1 '26 )

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

Investment Type

Floating-Rate Senior Loan

Fixed-Rate Mezzanine 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

November 2026

December 2026

* 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

NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY

(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

100%

2,787 RSF

$ 292,156

$ 92,156

27%

$ 5,037

100%

12.4

Office

100%

522 RSF

94,004

45,671

13%

1,796

100%

3.0

Retail

100%

468 RSF

42,462

4,730

834

100%

3.2

Total / W.A. - NNN

100%

3,777 RSF

$ 428,623

$ 142,557

42%

$ 7,666

100%

9.4

Other real estate ("Other RE")**

Hotel

100%

541 Keys

$ 143,299

$ 87,506

26%

$ 2,450

72%

n/a

Office

95%

848 RSF

88,828

2,168

81%

3.4

Multifamily

100%

1,699 Units

192,660

108,248

32%

295

79%

n/a

Total / W.A. - Other RE

99%

n/a

$ 424,788

$ 195,754

58%

$ 4,913

77%

3.4

Total / W.A.

99%

n/a

$ 853,410

$ 338,311

100%

$ 12,579

89%

8.4

Region

Property Type

W.A. Remaining Lease Term(18)

West 62%

Industrial

Multifamily

11%

5.0+

Southwest 18%

Midwest 16%

Northeast 4%

Office Hotel

Retail

32%

57%

2.5 - 5.0

<2.5

17%

34%

21%

23%

* 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

REAL ESTATE OWNED MIGRATION

Q1'26

Intra-Period Activity

At Earnings Call

Pro Forma Activity

Pro Forma*

2026

Plan

Undepreciated

Investment

carrying value

Investment

carrying value

Investment

carrying value

San Jose, CA Hotel

$143

San Jose, CA Hotel

$143

Dallas, TX Multifamily

$45

Dallas, TX Multifamily

$45

Dallas, TX Multifamily

$45 / 17%

Santa Clara, CA Multifamily (Pre-Dev)

$40 / 15%

San Jose, CA Hotel

$143 / 53%

Arlington, TX Multifamily

$39 / 15%

Santa Clara, CA Multifamily (Pre-Dev)

$40

Santa Clara, CA Multifamily (Pre-Dev)

$40

Fort Worth, TX Multifamily

$37

Fort Worth, TX Multifamily

$37

Medium-term hold

Arlington, TX Multifamily

$39

Arlington, TX Multifamily

$39

Mesa, AZ Multifamily

$32

Mesa, AZ Multifamily

$32

Total REO

% Change vs. Q1'26

$336

Total REO $336

Sales Process Underway

In Market

Total REO

% Change vs. Q1'26

$267

(20%)

In Market

Sales Process Underway

* 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 17

REAL ESTATE OWNED ( Q1 '26 )

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%

* 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 18

SELECT NNN ASSETS ( Q1 '26 )

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%

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%

* 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 19

CAPITALIZATION HIGHLIGHTS

Key Financial Metrics

Securitization bonds payable (non-recourse) Stockholders' equity (undepreciated)

Master repurchase facilities (limited recourse) Mortgage debt (non-recourse)

Other debt (non-recourse)

29%

39%

Total capitalization

$3.7B

21%

10% 1%

Capital Structure

Total capitalization

(excluding cash)

Corporate revolving credit facility availability

As of April 24, 2026

Master repurchase facilities availability

As of April 24, 2026

As of March 31, 2026, unless otherwise stated; at BRSP share See footnotes in the appendix

Disclaimer

Brightspire Capital Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 20:59 UTC.