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]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38377 BRIGHTSPIRE CAPITAL, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 38-4046290 (State or Other Ju ...

Financial Data and Key Metrics Changes - Adjusted distributable earnings for Q3 2021 were $0.26 per share, reflecting a 30% increase from the previous quarter [6] - Total GAAP net loss attributable to common stockholders was $70.1 million or $0.54 per share, influenced by a $98 million fair value adjustment related to the mezzanine loan participation interest [21][22] - The company's undepreciated book value per share decreased from $12.66 to $12, while total GAAP net book value fell from $11.75 to $11.04 per share [22] Business Line Data and Key Metrics Changes - The company closed or committed to 69 loans totaling $2.1 billion over the last 12 months, with a focus on middle-market office properties in addition to multi-family loans [8][16] - In Q3, 18 senior loans were originated with an aggregate commitment of $513 million, of which $458 million was initially funded [15] - The loan portfolio is diversified, with senior and mezzanine loans and preferred equity comprising 84% of the total portfolio [16][17] Market Data and Key Metrics Changes - The overall loan portfolio risk ranking improved to 3.2 from 3.5 in the previous quarter, attributed to the borrower of the largest senior loan emerging from bankruptcy [27] - The debt-to-assets ratio increased to 61% from 57% in the previous quarter, with a net debt-to-equity ratio of 1.6x [26][42] Company Strategy and Development Direction - The company aims to continue redeploying cash into new loan originations and complete the rotation of its asset portfolio, with plans to issue a third CLO in mid-2022 [8][14] - The focus remains on senior mortgage loans that deliver current and predictable earnings, while selectively considering mezzanine lending opportunities [16][18] - The company is targeting low double-digit returns on equity and plans to increase average loan sizes, particularly in the office sector [43][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the hotel sector and is actively looking for select opportunities in hospitality [63] - The company anticipates an increase in loan repayment activity due to pent-up demand and favorable economic conditions [15][41] - Management highlighted the importance of addressing the challenges posed by inflation and supply chain issues, which could impact future development [44][45] Other Important Information - The company announced the appointment of Kim Diamond to the Board, bringing over 30 years of experience in commercial real estate and risk oversight [12] - The company expects to file its Form 10-Q and has provided supplemental financial reports detailing asset-by-asset information [20] Q&A Session Summary Question: Recovery scenario for Century Plaza - Management acknowledged the disappointment regarding the Century Plaza asset but noted that there is still underlying value. However, the lack of capital and delays in hotel sales may lead to a potential foreclosure [30][31] Question: Updates on watchlist loans - The San Jose asset has returned to accrual status, and there have been positive developments in Long Island City properties, with capital contributions from borrowers [34][36] Question: Expectations for leverage and growth - The company anticipates net portfolio growth to approximately $3.5 billion in loans by the end of Q4 2021, with leverage potentially reaching the high 60s or 70% in 2022 [41][42] Question: Comments on cap rates and investment opportunities - Management noted that cap rates in multi-family properties have compressed significantly, leading to cautious investment strategies. They are focusing on suburban office properties and middle-market opportunities [43][44][46] Question: Thoughts on the hotel sector - Management is seeing a rebound in hotel performance and is looking for compelling opportunities in the hospitality space [63]

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, 2021 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 2021 Results Earnings Conference Call August 4, 2021 10:00 AM ET Company Participants David Palamé - General Counsel, Executive Vice President, Secretary Mike Mazzei - Chief Executive Officer, President Andy Witt - Chief Operating Officer, Executive Vice President Frank Saracino - Chief Financial Officer, Treasurer, Executive Vice President Conference Call Participants Ethan Saghi - BTIG Stephen Laws - Raymond James Matthew Howlett - B. Riley Steve Delaney - JMP Secu ...

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, 2021 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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-38377 COLONY CREDIT REAL ESTATE, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 38-4046290 (State or Other Jurisdiction of Incorpora ...

Colony Credit Real Estate, Inc. (CLNC) Q1 2021 Earnings Conference Call May 5, 2021 5:00 PM ET Company Participants David Palamé – General Counsel Mike Mazzei – President and Chief Executive Officer Andy Witt – Chief Operating Officer Frank Saracino – Chief Financial Officer Conference Call Participants Matthew Howlett – B.Riley Tim Hayes – BTIG Steve Delaney – JMP Securities Operator Greetings. Welcome to the Colony Credit Real Estate Incorporated First Quarter 2021 Earnings Call. At this time all partici ...

SUPPLEMENTAL FINANCIAL REPORT FOURTH QUARTER 2020 FEBRUARY 24, 2021 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 2 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 ...

Financial Data and Key Metrics Changes - For Q4 2020, the company reported a GAAP net loss attributable to common shareholders of $52.5 million or $0.41 per share, and a distributable loss of $25.7 million or $0.20 per share [34] - The year-end GAAP net book value decreased from $13.25 to $12.96 per share, while the undepreciated book value decreased from $14.53 to $14.14 per share [35] - The unrestricted cash position at year-end was $473 million, approximately $3.59 per share, with total liquidity standing at $689 million [11][41] Business Line Data and Key Metrics Changes - The core loan portfolio had a carrying value of approximately $2.3 billion at year-end, with a blended unlevered yield of approximately 5.8% [38] - During Q4, the company originated five senior loans for initial gross funding of $158 million, and subsequently originated four loans for approximately $147 million [39] - The legacy non-strategic portfolio has been significantly reduced, with only 14 remaining positions, down from 70 initially, now accounting for less than 1% of the total portfolio [28][40] Market Data and Key Metrics Changes - The company has focused its loan originations on multifamily and selective office properties due to market conditions created by COVID-19 [14] - The retail property sector has incurred lasting damage, leading to a supply and demand imbalance for credit across property sectors [15] - The overall risk ranking remained consistent at 3.7 at the end of Q4, with a slight decrease in the CECL provision to $38.5 million [42] Company Strategy and Development Direction - The company is transitioning its asset base towards floating rate first mortgages, with a goal to increase loan originations [12] - The company plans to selectively expand loan originations to other property types as economic conditions improve [16] - The management aims to build earnings and grow dividends as cornerstones to improve valuation, recognizing that CLNC continues to trade at a discount to book value [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 but expressed optimism about the business model in the current operating environment [17] - The company expects acquisition activity and loan refinancings to increase in the second half of 2021 as the economy reopens [16] - Management emphasized the importance of maintaining adequate liquidity to defend the balance sheet against potential future challenges [46] Other Important Information - The company reinstated a quarterly dividend of $0.10 per share for Q1 2021, payable on April 15 [36] - The company has made significant progress in resolving the legacy non-strategic portfolio, with substantial sales and resolutions completed [27] - The company will collapse the LNS recording segment starting with Q1 2021 reporting due to its limited size [28] Q&A Session Summary Question: Outlook for portfolio growth and CLO financing - Management indicated a target of over $1 billion in loan originations for the year, with plans to utilize CLO as a financing model [45] Question: Timing for reallocating capital from non-earning assets - Management stated that the timing for reallocating cash will depend on understanding which assets may need to be moved around [49] Question: Dividend policy moving forward - The dividend was established at a sustainable level with a view towards growth as capital is deployed [55] Question: Credit adjustments and fair value impacts - Management confirmed that the fair value adjustment was primarily due to the Dublin project, with no other significant impairments reported [81] Question: Use of corporate debt for balance sheet growth - Management acknowledged the potential for using corporate debt to enhance balance sheet flexibility and growth [92]