Group 1 - Rida Morwa is a former investment and commercial banker with over 35 years of experience, advising clients on high-yield investment strategies since 1991 [1] - The Investing Group High Dividend Opportunities focuses on sustainable income through high-yield investments with a targeted safe yield of over 9% [1] - The service includes a model portfolio with buy/sell alerts, preferred and baby bond portfolios for conservative investors, and regular market updates [1] Group 2 - The article emphasizes the importance of community and education in investing, suggesting that no one should invest alone [1]

Core Viewpoint - Pepkor Holdings Limited continues to achieve solid results despite a challenging economic environment, driven by effective strategic execution and strong retail brands [2]. Group 1: Company Performance - The company emphasizes its commitment to addressing customer needs, focusing on affordability and accessibility [2]. - The Annual General Meeting (AGM) was properly constituted with a quorum present, indicating strong shareholder engagement [1]. - A voluntary update was published on February 2, 2026, covering the three months ended December 2025 [1]. Group 2: Governance and Oversight - All directors, including committee chairs, were present at the AGM, highlighting the importance of governance oversight [2]. - The voting process for the AGM was determined to proceed by way of a poll, conducted electronically to ensure transparency [3]. - A representative from the transfer secretaries was nominated to act as scrutineer for the poll voting [3].

Operating Costs and Financial Risks - The company emphasizes that operating costs and business disruptions may exceed expectations, impacting revenue and distributions to stockholders[13] - Higher interest rates could adversely affect the value of variable-rate investments, increasing interest expenses and disrupting borrowers' refinancing capabilities[13] - The company has not established a minimum distribution payment level, raising concerns about future distribution capabilities[16] Credit Losses and Reserves - The CECL reserve represents a lifetime estimate of expected credit losses, influenced by factors such as loan-to-value ratios and borrower financial performance[384] - The CECL reserve is calculated using a probability of default and loss given default model, primarily based on historical loss rates from a commercial mortgage-backed securities database[386] Real Estate Investment Risks - Real estate investments are evaluated for impairment periodically, with losses recognized if carrying values exceed undiscounted future net cash flows[393] - The company faces risks related to competition in the real estate investment business, including attracting and retaining qualified personnel[16] - Changes in consumer patterns and market disruptions may adversely impact the value of certain debt and equity investments[16] Regulatory and Tax Considerations - The company is subject to extensive regulation, which could affect its ability to manage its business effectively[18] - The company may incur adverse tax consequences if it fails to qualify as a REIT, impacting cash available for distribution to stockholders[18]

Core Insights - BrightSpire Capital reported a fourth-quarter GAAP net loss of $14.4 million, or $0.12 per share, while adjusted distributable earnings were $19.3 million, or $0.15 per share, indicating a focus on portfolio rotation and new loan originations [5][6][3] Financial Performance - GAAP net book value decreased to $7.30 per share from $7.53 per share in the previous quarter, while undepreciated book value fell to $8.44 per share from $8.68 per share [1] - The company recorded a distributable earnings loss of $35.5 million for the quarter, with specific reserves of approximately $54.9 million and an impairment charge of about $8 million related to property sales [2][3] Asset Management - BrightSpire has reduced watchlist loans and REO exposure to approximately $66 million through accelerated sales and resolutions, with a focus on monetizing assets like the San Jose Hotel [4][7][12] - The company’s REO exposure stood at $315 million at year-end, increasing to about $360 million after a property moved into REO, with plans to market the majority of remaining REO assets [15][16] Loan Originations - Since restarting loan originations, BrightSpire closed 32 new loans totaling $941 million, growing the loan book to approximately $2.7 billion, with a target of $3.5 billion by year-end [8][10][11] - The company is modeling quarterly originations of roughly $300 million to $400 million going forward [11] Capital Markets and Liquidity - BrightSpire closed a $955 million CLO transaction, with liquidity totaling about $168 million, including $98 million in cash [18][19] - The company’s debt-to-assets ratio was reported at 66%, and debt-to-equity was 2.3 times [19] Future Priorities - Management outlined priorities for 2026, including growing the loan book to about $3.5 billion, resolving remaining watchlist and REO assets, and executing a fifth CLO [21] - The company aims to reestablish positive dividend coverage by year-end, with adjusted DE for the full year 2025 totaling $83.6 million, fully covering the annual dividend [20][21]

Financial Data and Key Metrics Changes - The company reported a fourth quarter GAAP net loss attributable to common stockholders of $14.4 million, or $0.12 per share [3] - Distributable earnings loss was $35.5 million or $0.28 per share, with adjusted distributable earnings of $19.3 million or $0.15 per share [4] - Current liquidity stands at $168 million, including $98 million in unrestricted cash [4] - GAAP net book value decreased to $7.30 per share from $7.53 in the previous quarter, while undepreciated book value decreased to $8.44 from $8.68 [18] Business Line Data and Key Metrics Changes - The loan portfolio increased by $315 million to $2.7 billion, representing a 13% increase from the third quarter [7] - The company closed 32 new loans for $941 million in total commitments since the end of 2024, with 13 loans of $416 million closed in the fourth quarter [7] - The average loan balance in the portfolio is $27 million, with a risk ranking of 3.1, consistent with the previous quarter [12] Market Data and Key Metrics Changes - The commercial real estate debt capital markets are experiencing a surge in new issuance, particularly for CRE CLOs, driven by strong historical credit performance [10] - There is significant demand for loan originations, particularly in the multifamily sector, as property equity investors seek to monetize legacy assets [49] Company Strategy and Development Direction - The company aims to grow the loan book to approximately $3.5 billion by year-end 2026 [11] - Key strategies include resolving remaining watchlist loans and monetizing REO assets, with a focus on the San Jose Hotel [11] - The company plans to execute a fifth CLO in the second half of the year to enhance capital deployment efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for loan originations in 2026, anticipating a solid demand as more assets change hands [11] - The company is focused on improving portfolio quality by addressing challenged investments and increasing new loan originations [5] - Management noted that the current economic environment is favorable for commercial real estate, with strong investor demand [10] Other Important Information - The company repurchased approximately 1.1 million shares of stock at an average price of $5.39, resulting in approximately $0.03 of book value accretion [18] - Specific reserves of approximately $54.9 million were recorded during the fourth quarter [17] Q&A Session Summary Question: What is the amount of leverageable capital tied up in resolved or in-process assets? - Management indicated that approximately $200 million of equity is tied up in REO assets, which are currently a drag on the portfolio [26] Question: Can you provide an update on the San Jose property? - Management reported that the San Jose property performed well during the Super Bowl and is undergoing upgrades, with expectations of reaching approximately $9 million in NOI [33] Question: How is the pace of originations expected to trend in 2026? - Management anticipates a pace of originations between $300 million and $400 million per quarter moving forward [41] Question: What sectors are seeing demand for loan originations? - Management noted strong demand in the multifamily sector, driven by the need for property equity investors to monetize legacy assets [48] Question: How are spreads and competition affecting the market? - Management acknowledged ongoing competition but highlighted strong demand in the CRE market, with spreads remaining stable [54]

Financial Data and Key Metrics Changes - The company reported a fourth quarter GAAP net loss attributable to common stockholders of $14.4 million, or $0.12 per share [3] - Distributable earnings loss was $35.5 million or $0.28 per share, while adjusted distributable earnings were $19.3 million or $0.15 per share [4][19] - Current liquidity stands at $168 million, including $98 million in unrestricted cash [4][23] - GAAP net book value decreased to $7.30 per share from $7.53 in the previous quarter, and undepreciated book value decreased to $8.44 from $8.68 [20] Business Line Data and Key Metrics Changes - The loan portfolio increased by $315 million to $2.7 billion, representing a 13% increase from the third quarter [7] - The company closed 32 new loans for $941 million of total commitments since restarting originations, with 13 loans of $416 million closed in the fourth quarter [7][13] - The average loan balance in the portfolio is $27 million, with a risk ranking consistent with the previous quarter [13] Market Data and Key Metrics Changes - The commercial real estate debt capital markets are experiencing a surge in new issuance, particularly for CRE CLOs, driven by strong historical credit performance [10] - There is significant demand for loan originations, particularly in the multifamily sector, as property equity investors seek to monetize legacy assets [11][52] Company Strategy and Development Direction - The company aims to grow the loan book to approximately $3.5 billion by year-end 2026 [12] - Key strategies include resolving remaining watchlist loans, monetizing REO assets, and executing a fifth CLO in the second half of the year [12] - The company is focused on improving portfolio quality by addressing challenged investments and increasing new loan originations [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for loan originations in 2026, anticipating a solid demand as more assets change hands [11][52] - The company plans to achieve positive dividend coverage by mid-year and grow earnings by year-end [9][12] - Management noted that the resolution of watchlist and REO assets is a critical source of capital for new loan originations [8][12] Other Important Information - The company repurchased approximately 1.1 million shares of stock at an average price of $5.39, resulting in book value accretion [20] - Specific CECL reserves recorded during the fourth quarter were approximately $54.9 million [19][22] Q&A Session Summary Question: How do you think about the amount of leverageable capital? - Management indicated that approximately $200 million of equity is tied up in REO assets, which are currently a drag on the portfolio [28] Question: Can you provide an update on the San Jose property? - Management reported that the San Jose property performed well during the Super Bowl and is undergoing upgrades, with expectations of reaching approximately $9 million in NOI [36][37] Question: What is the plan for the net lease and other real estate portfolio in 2026? - Management stated that there is currently no significant activity in the net lease portfolio and they are not looking to grow it at this time [40] Question: How are you thinking about the pace of originations in 2026? - Management expects to maintain a pace of $300 million to $400 million in originations per quarter going forward [44] Question: How are you thinking about spreads and competition in the market? - Management noted that while competition is typical, the demand for CRE CLOs has been strong, and they do not anticipate significant tightening in loan spreads [56][58]

Financial Data and Key Metrics Changes - The company reported a fourth quarter GAAP net loss attributable to common stockholders of $14.4 million, or $0.12 per share [3] - Distributable earnings loss was $35.5 million or $0.28 per share, while adjusted distributable earnings were $19.3 million or $0.15 per share [4] - Current liquidity stands at $168 million, including $98 million in unrestricted cash [4] - GAAP net book value decreased to $7.30 per share from $7.53 in the previous quarter, and undepreciated book value decreased to $8.44 from $8.68 [18] Business Line Data and Key Metrics Changes - The loan portfolio increased by $315 million to $2.7 billion, representing a 13% increase from the third quarter [6] - The company closed 32 new loans for $941 million of total commitments since restarting originations, with 13 loans of $416 million closed in the fourth quarter [6] - The average loan balance in the portfolio is $27 million, with a risk ranking consistent with the previous quarter [12] Market Data and Key Metrics Changes - The commercial real estate debt capital markets are experiencing high investor demand, particularly for CRE CLOs [10] - The company announced the closing of its fourth managed CLO, totaling $955 million, which expands lending capacity [10] - There is an anticipated significant tailwind for loan demand due to increased property sales transactions [11] Company Strategy and Development Direction - The company aims to grow the loan book to approximately $3.5 billion by year-end 2026 [11] - Key strategies include resolving remaining watchlist loans and monetizing REO assets, particularly the San Jose Hotel [11] - The company plans to execute a fifth CLO in the second half of the year to enhance capital deployment efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the credit quality of the portfolio, noting positive developments in resolving watchlist and REO assets [28] - The company anticipates strong demand for multifamily loans driven by the need for borrowers to refinance or sell assets [49] - Management expects to achieve positive dividend coverage by mid-year and grow earnings by year-end [9] Other Important Information - The company repurchased approximately 1.1 million shares at an average price of $5.39, resulting in book value accretion [18] - Specific CECL reserves recorded during the fourth quarter were approximately $54.9 million [17] Q&A Session Summary Question: How do you think about the amount of leverageable capital? - Management indicated that approximately $200 million of equity is tied up in REO assets, which is a drag on the portfolio, but plans to resolve this by year-end [26] Question: Can you provide an update on the San Jose property? - Management reported that the San Jose property performed well during the Super Bowl and is undergoing upgrades, with expectations of reaching around $9 million in NOI [34] Question: How is the pace of originations expected to be in 2026? - Management expects a quarterly origination rate between $300 million and $400 million going forward, with a strong start in Q1 [42] Question: What sectors are seeing demand for loan originations? - Management noted strong demand in the multifamily sector, driven by the need for borrowers to move assets and refinance [48] Question: How are spreads and competition affecting the market? - Management acknowledged ongoing competition but noted strong demand for CRE CLOs and stable loan spreads, indicating a healthy market environment [53]

FEBRUARY 17, 2026 SUPPLEMENTAL FINANCIAL REPORT FOURTH QUARTER 2025 1 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 o ...

分组1 - BrightSpire (BRSP) reported quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.16 per share, and down from $0.18 per share a year ago, representing an earnings surprise of -4.28% [1] - Colony Credit posted revenues of $17.48 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.76%, and showing a slight increase from year-ago revenues of $17.46 million [2] - The stock of Colony Credit has increased by approximately 2.3% since the beginning of the year, while the S&P 500 has declined by 0.1% [3] 分组2 - The earnings outlook for Colony Credit is crucial for investors, with current consensus EPS estimates at $0.17 for the coming quarter and $0.68 for the current fiscal year, alongside revenues of $17.85 million and $75.25 million respectively [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust sector is currently in the bottom 24% of over 250 Zacks industries, suggesting potential challenges for stocks in this category [8] - Adamas Trust, another stock in the same industry, is expected to report quarterly earnings of $0.24 per share, reflecting a year-over-year increase of +154.6%, with revenues anticipated to be $42.4 million, up 58.7% from the previous year [9][10]

Financial Performance - Q4 2025 reported a GAAP net loss of $0.12 per share and a full year loss of $0.26 per share[9]. - Adjusted distributable earnings for Q4 2025 were $0.15 per share, with a full year total of $0.64 per share[10]. - The company declared a dividend of $0.16 per share for Q4 2025 and $0.64 per share for the full year 2025[10]. - FY25 Adjusted Distributable Earnings (Adj. DE) per share was $0.64, fully covering the FY25 dividend of $0.64 per share[24]. - GAAP Net Income (Loss) for Q4'25 was ($0.12) with a quarterly dividend distribution of $0.16[26]. - The company reported a net loss attributable to common stockholders of $14,353 for the three months ended December 31, 2025, compared to a net loss of $19,744 in the same period of 2024, indicating a reduction in losses by 27.06%[134]. - The company’s net loss per common share for the year ended December 31, 2025, was $0.26, an improvement from $1.05 in 2024, reflecting a decrease in loss per share by 75.24%[134]. - The total Distributable Loss attributable to BrightSpire Capital, Inc. common stockholders for the year ended December 31, 2025, is $17,459,000, with a Distributable Loss per share of $0.13[151]. Loan Portfolio - Total at-share assets amounted to $3.7 billion, with a total loan portfolio of $2.7 billion[8]. - The loan portfolio is 97% floating-rate, with an average loan size of $27 million and a weighted average unlevered yield of 7.3%[11]. - The company committed $416 million of capital across 13 new senior loans in Q4 2025, totaling $756 million for the full year[10]. - A total of $376 million in positive net deployment was achieved during Q4 2025, with $481 million for the full year[10]. - The total carrying value of the multifamily loan portfolio is $1,805 million with an all-in yield of 7.1% and a weighted average maturity date of June 2028[122]. - The total carrying value of the office loan portfolio is $634 million with an all-in yield of 3.9% and a weighted average maturity date of October 2026[125]. - The total carrying value of mixed-use and other loans is $218 million with an all-in yield of 5.9% and a weighted average maturity date of May 2027[125]. - The company has a total loan portfolio value of $898 million, with a weighted average coupon of 3.0% and an all-in yield of 7.1%[118]. - The company has a total of 70 loans in the portfolio, with a significant portion being senior loans[122][125]. Risk Management - The company has a debt-to-equity ratio of 2.3x and a weighted average all-in cost of financing of 5.57%[14]. - The CECL reserve stands at $88 million, equating to $0.68 per share[14]. - The total CECL reserve is $156 million, equating to $1.19 per share, with a weighted average risk ranking of 3.1 for Q4'25[62]. - Loan-to-value ratios reflect the initial loan amount divided by the appraised value, providing insight into the risk profile of loans[106]. - Risk rankings for loans held for investment are updated quarterly, ranging from "1" (Very Low Risk) to "5" (Impaired / Loss Likely)[109][111]. - The company is actively managing its risk, with consistent rankings across the loan portfolio[122][125]. Real Estate Investments - The investment portfolio includes 98 loans, with a net carrying value of $2.59 billion after general CECL reserves[49]. - The portfolio is diversified across property types, with 67% in multifamily, 24% in office, and 8% in mixed-use and other[49]. - The net lease real estate portfolio has a carrying value of $428.6 million, with a net carrying value of $142.2 million, representing 46% of the net carrying value[65]. - The company reported a net operating income (NOI) of $12.0 million for Q4'25, with 83% of the properties leased[65]. - The company reported a total real estate owned (REO) carrying value of $360 million, reflecting a 14% increase compared to Q4'25[76]. Liquidity and Capitalization - Total liquidity available is $168 million, including $98 million in unrestricted cash[10]. - As of December 31, 2025, the total capitalization of the company is $3.6 billion, with total outstanding debt of $2.5 billion, resulting in a debt-to-equity ratio of 2.3x[81]. - The total liabilities decreased to $2,636,425,000 from $2,677,667,000 in the previous year[130]. - The company has a corporate revolving credit facility availability of $70 million and master repurchase facilities availability of $1.0 billion as of February 13, 2026[81]. Future Outlook - The company expects to close the sale of a Long Island City office REO asset in Q1'26, following a previous sale in Q4'25[22]. - Future outlook remains positive with expectations of continued growth in the loan portfolio[126]. - The company is exploring new strategies in real estate management following the foreclosure of Loan 6, which may lead to future asset acquisitions[121].