Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38377 BRIGHTSPIRE CAPITAL, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Mary ...

Financial Data and Key Metrics Changes - The company reported GAAP net income attributable to common stockholders of $5.3 million or $0.04 per share for the first quarter [5] - Distributable earnings were $11.4 million or $0.09 per share, while adjusted distributable earnings were $20.1 million or $0.16 per share [5][19] - Current liquidity stands at $310 million, including $145 million in unrestricted cash [5][22] - GAAP net book value decreased to $7.92 per share from $8.08 in the previous quarter [19] - Undepreciated book value decreased to $8.75 per share from $8.89 [19] Business Line Data and Key Metrics Changes - The company received $133 million in repayments across nine loans, including five full payoffs [14] - New loan commitments totaled $182 million across five new loan originations during the quarter [14] - The loan portfolio consists of 74 investments with an average loan balance of $33 million [14] - Watch list loan exposure stands at $396 million, a reduction of $15 million quarter over quarter [18] Market Data and Key Metrics Changes - The commercial real estate (CRE) market is experiencing wider credit spreads, but lenders have not withdrawn from the market [8] - The Manhattan leasing market is recovering, with an uptick in leasing inquiries for Long Island City properties [12] - The mortgage REIT sector has seen a significant decline in valuation, with the company's stock trading at a 45% discount to its undepreciated book value [13] Company Strategy and Development Direction - The company aims to maintain its dividend while regrowing earnings and improving its balance sheet [14] - The focus is on increasing loan inquiries and evaluating new loans daily, despite challenges in refinancing [9][10] - The company is optimistic about the market dynamics and is seeing more lenders encouraging borrowers to refinance [11] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing market volatility due to tariff discussions and credit market conditions [7] - There is a concern about potential recessionary impacts, but lower interest rates could benefit borrowers seeking refinancing [31] - The company expects to maintain its dividend and aims to grow its portfolio to $3.5 billion to support this goal [46] Other Important Information - The company is in the final stages of exiting its Phoenix multifamily property and anticipates selecting a buyer soon [12] - The San Jose hotel loan remains in default, with progress being made toward foreclosure [17] Q&A Session Summary Question: What is the remaining buyback authorization? - The share repurchase program was reapproved at $50 million for the upcoming year [26] Question: What is the impact of lower rates on the portfolio and borrowers? - Lower rates are expected to help borrowers refinance, but spreads may widen, which could affect credit performance [31][32] Question: Is the company still targeting $1 billion in originations this year? - The company needs to increase its portfolio to $3.5 billion to sustain and grow its dividend, with current challenges in actionable deals [42][46] Question: Can you provide an update on the San Jose hotel property? - The asset is unlevered, and the company is awaiting resolution of the foreclosure process [54][56] Question: What is the expectation for CLO issuance? - The company plans to execute a CLO in the fourth quarter of the year, despite recent market widening [60][61]

Financial Data and Key Metrics Changes - The company reported GAAP net income attributable to common stockholders of $5.3 million or $0.04 per share for Q1 2025 [4] - Distributable earnings were $11.4 million or $0.09 per share, while adjusted distributable earnings were $20.1 million or $0.16 per share [4][18] - Current liquidity stands at $310 million, with $145 million in unrestricted cash [4][21] - GAAP net book value decreased to $7.92 per share from $8.08 in the previous quarter [18] - Undepreciated book value decreased to $8.75 per share from $8.89 [18] Business Line Data and Key Metrics Changes - The company received $133 million in repayments across nine loans, including five full payoffs [13] - New loan commitments totaled $182 million across five new loan originations during the quarter [13] - The loan portfolio consists of 74 investments with an average loan balance of $33 million [13] - Watch list loan exposure stands at $396 million, a reduction of $15 million quarter over quarter [17] Market Data and Key Metrics Changes - The commercial real estate (CRE) market is experiencing increased loan inquiries, although transaction volume remains below historic levels [7][8] - The Manhattan leasing market is recovering, with an uptick in leasing inquiries for Long Island City properties [11] - The mortgage REIT sector has seen a significant decline in valuation, with BrightSpire trading at a 45% discount to its undepreciated book value [12] Company Strategy and Development Direction - The company aims to maintain its dividend while regrowing earnings and improving its balance sheet [12] - The focus is on increasing loan originations to reach a portfolio size of $3.5 billion, which would support a return to $0.20 per share in earnings [44] - The company is navigating complex market dynamics, with a shift towards lender-driven transactions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current environment for CRE lenders, despite market volatility and challenges in refinancing [6][7] - The company is encouraged by the progress in portfolio management, with year-to-date deployments outpacing repayments for the first time since 2022 [10] - Management highlighted the need for borrowers to refinance existing debt, indicating a strong demand for new loans [35] Other Important Information - The company has no corporate debt or final facility maturities due until 2027 [21] - Specific CECL reserves of approximately $9 million were recorded related to the resolution of a multifamily loan [19] Q&A Session Summary Question: What is the remaining buyback authorization? - The share repurchase program was reapproved at $50 million for the upcoming year [25] Question: Impact of lower rates on the portfolio and borrowers? - Lower rates are expected to help borrowers refinance, although spreads may widen [30][31] Question: Any hesitancy among borrowers regarding loan demand? - There is a significant need for refinancing, but borrowers are cautious about putting equity into properties [36] Question: Is the goal of $1 billion in originations still valid? - The company needs to increase the portfolio to $3.5 billion to sustain and grow the dividend [44] Question: Update on the San Jose hotel property? - The asset is unlevered, and the company is awaiting resolution of the foreclosure process [52] Question: Expectations for CLO issuance? - The company plans to execute a CLO in the fourth quarter of the year [58]

Financial Performance - GAAP net income was $53 million, or $004 per share[8] - Distributable earnings were $114 million, or $009 per share[8] - Adjusted distributable earnings reached $201 million, or $016 per share[8] - A dividend of $016 per share was declared and paid for Q1'25, representing a 134% yield on the current share price[8] Portfolio Overview - Total at-share assets amounted to $37 billion, predominantly in floating-rate senior loans[6,8] - The loan portfolio totaled $25 billion, comprising 74 loans with an average size of $33 million and a weighted average unlevered yield of 74%[6,8] - The company deployed $49 million of net capital year-to-date, committing $112 million across four new loans in Q1'25 and subsequently committing $70 million to one new loan[8] Liquidity and Capitalization - Available liquidity stood at $310 million, including $145 million in unrestricted cash and $165 million in corporate revolver capacity[6,8] - The company has $20 billion in total master repurchase facility capacity, with $12 billion available[8] - The debt-to-equity ratio was 20x, and the weighted average all-in cost of financing was 596%[6]

分组1 - BrightSpire (BRSP) reported quarterly earnings of $0.16 per share, matching the Zacks Consensus Estimate, but down from $0.23 per share a year ago [1] - Colony Credit posted revenues of $15.88 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 10.31%, and down from $27.43 million year-over-year [2] - Colony Credit shares have declined approximately 12.1% since the beginning of the year, compared to a 6% decline in the S&P 500 [3] 分组2 - The earnings outlook for Colony Credit is currently unfavorable, leading to a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] - The current consensus EPS estimate for Colony Credit is $0.16 on $16.4 million in revenues for the upcoming quarter, and $0.65 on $66.5 million in revenues for the current fiscal year [7] - The REIT and Equity Trust industry is ranked in the bottom 42% of Zacks industries, suggesting potential challenges for stocks in this sector [8] 分组3 - MFA Financial, another company in the same industry, is expected to report quarterly earnings of $0.39 per share, reflecting an 11.4% year-over-year increase, with revenues projected at $57.59 million, up 20.5% from the previous year [9][10]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 29, 2025 (Exact name of registrant as specified in its charter) (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) Maryland 001-38377 38-4046290 590 Madison Avenue, 33rd Floor New York, NY 10022 (Address of Principal Executive Offices ...

Wall Street expects a year-over-year decline in earnings on lower revenues when BrightSpire (BRSP) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 29. On th ...

We first wrote about BrightSpire Capital, Inc. (NYSE: BRSP ) about a year back. Our rationale to avoid this REIT was fairly straightforward. The performance has been a bit middle-of-the road since then. Certainly, those that stayed out and bought a money market fund, have outperformed Trapping Value provides Covered Calls, and Preferred Stock Trader covers Fixed Income. The Covered Calls Portfolio is designed to provide lower volatility income investing with a focus on capital preservation. The fixed income ...

Group 1 - The importance of timing in investment strategies, whether defensive or offensive, is emphasized, particularly in sectors facing negative sentiment or high dividend opportunities [1] Group 2 - A portfolio that generates income without the need for selling is promoted, suggesting it can save investors significant amounts of money [2] - The Income Method is highlighted as a strategy that yields strong returns, aiming to simplify retirement investing [2] - Access to a Model Portfolio targeting a yield of 9-10% is offered, along with a promotional month-long trial for $49 and an additional discount [2]

Operating Costs and Financial Risks - The company cautions that operating costs and business disruptions may exceed expectations, impacting revenue and distributions to stockholders[12] - Higher interest rates could adversely affect the value of variable-rate investments, increasing interest expenses and hindering borrowers' refinancing capabilities[12] - The company has not established a minimum distribution payment level, raising concerns about future distribution capabilities[15] Credit Losses and Impairment - The CECL reserve represents a lifetime estimate of expected credit losses, influenced by factors such as loan-to-value ratios and borrower financial performance[373] - The company evaluates real estate for impairment based on undiscounted future net cash flows, with impairment losses recognized if carrying values exceed estimated fair values[380] Competition and Market Risks - The company faces risks related to competition in the real estate investment business, including attracting and retaining qualified personnel[15] - The transition from LIBOR to SOFR and increased market volatility may impact the fair value of investments[12] - The company’s operations in foreign markets expose it to additional risks inherent in those environments[15] - Legislative and regulatory changes could adversely affect the commercial real estate finance and mortgage industry, impacting the company's operations[12] - The company’s investments in preferred equity interests and mezzanine loans involve greater risks of loss compared to senior loans[15]