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]

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 ...