Table of Contents 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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38377 BRIGHTSPIRE CAPITAL, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 38-4046290 (State or Other Jurisdiction of Incorporation o ...

BrightSpire Capital, Inc. (NYSE:BRSP) Q4 2022 Earnings Conference Call February 21, 2023 10:00 AM ET Company Participants David Palame - General Counsel Mike Mazzei - Chief Executive Officer Andy Witt - President and Chief Operating Officer Frank Saracino - Chief Financial Officer Conference Call Participants Steve Delaney - JMP Securities Eric Hagen - BTIG Jason Sabshon - KBW Operator Greetings and welcome to the BrightSpire Capital Inc. Fourth Quarter 2022 Earnings Conference Call. At this time, all parti ...

Holders of our common stock are entitled to receive distributions if and when the Board of Directors authorizes and declares a distribution. The Board of Directors has not established any minimum distribution level. In order to maintain our qualification as a REIT, we intend to pay dividends to our stockholders that, on an annual basis, will represent at least 90% of our taxable income (which may not necessarily equal net income as calculated in accordance with U.S. GAAP), determined without regard to the d ...

BrightSpire Capital, Inc. (NYSE:BRSP) Q3 2022 Earnings Conference Call November 2, 2022 10:00 AM ET Company Participants David Palame - General Counsel Mike Mazzei - Chief Executive Officer Andy Witt - President & Chief Operating Officer Frank Saracino - Chief Financial Officer Conference Call Participants Ethan Saghi - BTIG Stephen Laws - Raymond James Chris Muller - JMP Securities Matthew Erdner - JonesTrading Matthew Howlett - B. Riley Jade Rahmani - KBW Operator Greetings, and welcome to the BrightSp ...

Table of Contents 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 September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38377 BRIGHTSPIRE CAPITAL, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 38-4046290 (State or Other Jurisdiction of Incorporati ...

BrightSpire Capital, Inc. (NYSE:BRSP) Q2 2022 Earnings Conference Call August 3, 2022 10:00 AM ET Company Participants David Palame - General Counsel, Secretary & Executive Vice President Michael Mazzei - Chief Executive Officer & Board Member Andrew Witt - President & Chief Operating Officer Frank Saracino - Chief Financial Officer, Treasurer & Executive Vice President Conference Call Participants Eric Hagen - BTIG Chris Muller - JMP Securities Operator Greetings, ladies and gentlemen and welcome to the Br ...

Table of Contents 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 June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38377 BRIGHTSPIRE CAPITAL, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 38-4046290 (State or Other Jurisdiction of Incorporation or ...

Table of Contents 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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38377 BRIGHTSPIRE CAPITAL, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 38-4046290 (State or Other Jurisdiction of Incorporation o ...

BrightSpire Capital, Inc. (NYSE:BRSP) Q1 2022 Earnings Conference Call May 3, 2022 10:00 AM ET Company Participants David Palamé - General Counsel, Secretary & Executive Vice President Michael Mazzei - Chief Executive Officer & Board Member Andrew Witt - President & Chief Operating Officer Frank Saracino - Chief Financial Officer, Treasurer & Executive Vice President Conference Call Participants Eric Hagen - BTIG Steven DeLaney - JMP Securities Derek Hewett - Bank of America Operator Greetings. Welcome to t ...

Financial Data and Key Metrics Changes - The company reported fourth quarter 2021 GAAP net income attributable to common stockholders of $81 million, or $0.63 per share, and distributable earnings of $22.9 million or $0.17 per share [6][35] - Adjusted distributable earnings for the fourth quarter of 2021 was $36.1 million or $0.27 per share, while full year adjusted distributable earnings was $0.87 per share [34][35] - GAAP net book value increased to $11.22 from $11.04 per share, and undepreciated book value increased to $12.37 from $12 per share [37] Business Line Data and Key Metrics Changes - The company originated 64 loans totaling $1.9 billion in 2021, growing the loan book to $3.5 billion and reducing average loan size from $48 million to $36 million [11][25] - Multi-family exposure increased from 34% to 52%, while development exposure decreased from 16% to 4% [26] - Non-performing loans were reduced from 6% to 0%, with new loans now constituting 96% of the loan portfolio, up from 86% a year ago [26] Market Data and Key Metrics Changes - The overall commercial property markets have continued to stabilize, with notable performance variations by property type and region [15] - Multi-family properties have shown strong performance, particularly in states like Florida, Texas, and Arizona, which are experiencing population migration [15][16] - The company is mindful of inflation rates at their highest levels in 40 years, which may lead to decelerating rent growth and adjustments in cap rates [17] Company Strategy and Development Direction - The company has transitioned to a pure-play commercial mortgage REIT, focusing on first mortgages backed by high-quality assets and sponsors [13] - The primary mission for 2022 is to net deploy capital and grow assets while closing the gap between current stock price and undepreciated book value [14] - The company aims to simplify its portfolio by focusing on senior mortgages with in-place cash flow, generating current and predictable earnings [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to increase loan originations by 10% to 20% while maintaining credit quality [56] - The company anticipates repayments of $300 million to $400 million each quarter, indicating strong borrower performance [62] - Management is cautious about the impact of rising interest rates on economic slowdown and potential deceleration in rents [70][74] Other Important Information - The company has successfully internalized its management structure, resulting in annualized G&A cost savings of $16 million or $0.12 per share [8] - The company has a total at-share underappreciated assets of approximately $5 billion as of December 31, 2021, with a debt-to-assets ratio of 63% [45] - The CECL provision was $35.8 million, a reduction from previous quarters, reflecting improved borrower performance [48] Q&A Session Summary Question: Dividend trajectory and growth expectations - Management expects to increase the dividend in 2022 based on run rate earnings and new originations [52] Question: Confidence in loan origination capacity - Management is confident in the platform's ability to originate more loans while maintaining credit quality [56] Question: Impact of Fed rate increases on borrowers - Rising rates may lead to economic slowdown and deceleration in rents, but the company is focused on value-add sectors [70] Question: Portfolio mix and asset class focus - The company has increased exposure to multi-family properties due to transaction volume and CLO market preferences [86] Question: Capital capacity and preferred market outlook - Management does not expect to issue preferred shares in the near term due to sufficient cash on hand [103] Question: Operating expense guidance - The expected run rate for operating expenses is around $9 million per quarter, with no significant hiring planned [104]