1 FEBRUARY 18, 2025 SUPPLEMENTAL FINANCIAL REPORT FOURTH QUARTER 2024 Exhibit 99.2
2 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 of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements: operating costs and business disruption may be greater than expected; the Company's operating results may differ materially from the information presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in the Company’s other filings with the Securities and Exchange Commission; defaults by borrowers in paying debt service on outstanding indebtedness; borrowers’ abilities to manage and stabilize properties; deterioration in the performance of the properties securing our investments (including the impact of higher interest expense, depletion of interest and other reserves or payment-in-kind concessions in lieu of current interest payment obligations, population shifts and migration, reduced demand for office, multifamily, hospitality or retail space) that may cause deterioration in the performance of our investments and, potentially, principal losses to us; the fair value of the Company's investments may be subject to uncertainties (including impacts associated with inflationary trends, the volatility of interest rates, credit spreads and the transition from LIBOR to SOFR, increased market volatility affecting commercial real estate businesses and public securities); the Company's use of leverage and interest rate mismatches between the Company’s assets and borrowings could hinder its ability to make distributions and may significantly impact its liquidity position; the timing of and ability to generate additional liquidity and deploy available liquidity, including in senior mortgage loans; whether the Company will achieve its anticipated Distributable Earnings per share (as adjusted), or maintain or produce higher Distributable Earnings per share (as adjusted) in the near term or ever; the Company’s ability to maintain or grow the dividend at all in the future; adverse impacts on the Company's corporate revolver, including covenant compliance and borrowing base capacity; adverse impacts on the Company's liquidity, including available capacity under and margin calls on master repurchase facilities; lease payment defaults or deferrals, demands for protective advances and capital expenditures; the ability of the Company to refinance certain mortgage debt on similar terms to those currently existing or at all; the ability to execute CRE CLO’s on a go forward basis, including at a reduced cost of capital; the impact of legislative, regulatory, tax and competitive changes, regime changes and the actions of government authorities and in particular those affecting the commercial real estate finance and mortgage industry or our business; and the ongoing impacts of global geopolitical uncertainties and unforeseen public health crises on the real estate market. The foregoing list of factors is not exhaustive. Additional information about these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in BrightSpire Capital’s other filings with the Securities and Exchange Commission. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. BrightSpire Capital is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and BrightSpire Capital does not intend to do so.
3 Diversified Portfolio Liquidity & Capitalization Earnings & Dividend $3.8B Total At-Share Assets (Undepreciated) * Refer to the Appendix for a definition and reconciliation to GAAP net income (loss) *** Refer to the Appendix for a definition and reconciliation to GAAP net book value As of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix COMPANY HIGHLIGHTS BrightSpire Capital, Inc. (“BRSP” or the “Company”) is a large publicly-traded, diversified and internally- managed commercial real estate credit REIT $2.5B Total Loan Portfolio (76 Total Loans) $33M Average Loan Size 98% Floating-Rate Loan Portfolio $418M Total Liquidity(2) $253M Total Unrestricted Cash (or $1.95 per share)(3) $165M Fully Undrawn Corporate Revolver(3) 2.2x Debt-to-Equity Ratio(4) 6.03% W.A. All-in Cost of Financing(5) $1.2B Master Repurchase Facilities Availability(3) 7.6% W.A. Unlevered All-in Yield(1) 87% <$50M Loan Size (Based on Loan Count) $0.18 Q4’24 Adjusted Distributable Earnings Per Share* $0.16 Q4’24 Quarterly Dividend Per Share 10.7% Annualized Dividend Yield(6) $1.2B Undepreciated Book Value** $8.89 Undepreciated Book Value Per Share** Ample Liquidity for New Loan Originations
4 SUMMARY RESULTS & SUBSEQUENT EVENTS UPDATE PORTFOLIO FINANCIAL RESULTS LIQUIDITY & CAPITALIZATION As of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix • $418 million of available liquidity ($253 million of unrestricted cash and $165 million of revolver capacity)(3) • $2.0 billion of total master repurchase facility capacity with $1.2 billion of availability(3) • $3.8 billion total at-share assets; predominantly floating rate senior loans • $2.5 billion loan portfolio with an average loan size of $33 million and W.A. unlevered yield of 7.6% • $93 million of repayment proceeds across four loans in Q4’24 (including a $49 million partial paydown related to one our largest office loans); $418 million of repayment proceeds across 22 loans for the full year 2024 • W.A. risk ranking of 3.2 in line with TTM (3.2 as of Q3’24) – Watch list: three loans removed and one loan added – 7 watch list loans totaling $411 million or 16% of the loan portfolio (vs. 9 loans totaling $456 million at Q3’24) • Total CECL reserve of $166 million or $1.28 per share (no specific CECL reserve on balance sheet as of Q4’24) • Committed $66 million of capital across three new loans in Q4’24 • Q4’24 and full year 2024 GAAP Net Loss of ($0.16) per share and ($1.05) per share, respectively • Q4’24 and full year 2024 Distributable Earnings of $0.11 per share and $0.55 per share, respectively • Q4’24 and full year 2024 Adjusted Distributable Earnings of $0.18 per share and $0.84 per share, respectively • GAAP net book value of $8.08 per share and undepreciated book value of $8.89 per share • Declared and paid a quarterly dividend of $0.16 per share for Q4’24, 10.7% yield on current share price(6) SUBSEQUENT EVENTS(3) • $100 million of repayment proceeds across six loans (including $50 million related to two office loan payoffs) • Sold the Oakland, CA office REO property for $5 million of net proceeds • Committed $53 million of capital across two new loans
5 32% 30% 21% 16% 1% Stockholders' equity (undepreciated) Securitization bonds payable (non-recourse) Master repurchase facilities (limited recourse) Mortgage debt (non-recourse) Other debt (non-recourse) F INANCIAL OVERVIEW * Includes equity-based compensation and other OCI adjustments As of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Undepreciated Book Value Per Share Bridge Capital StructureKey Financial Metrics GAAP Net Loss ($M) Per Share ($19.7) ($0.16) Distributable Earnings ($M) Per Share $13.7 $0.11 Adjusted Distributable Earnings ($M) Per Share $23.7 $0.18 Total At-Share Assets ($B) (Undepreciated) $3.8 Total Debt Outstanding (UPB) ($B) Debt-to-Equity(4) $2.5 2.2x Book Value (GAAP) ($B) Per Share $1.0 $8.08 Book Value (Undepreciated) ($B) Per Share $1.2 $8.89 CECL Reserve (General) ($M) Per Share / Basis Points (“BPS”)(7) $166.1 $1.28 / 634 bps CECL Reserve (Specific) ($M) Per Share -- -- Total capitalization $3.6B $9.11 $8.89 $0.02 $0.01 ($0.16) ($0.09) $8.25 $8.50 $8.75 $9.00 $9.25 9/30/24 Undepreciated BVPS Earnings in Excess of Dividends Other Change in CECL Reserve RE Impairment 12/31/24 Undepreciated BVPS *
6 $0.16 Quarterly Dividend $0.23 $0.22 $0.21 $0.18 Adjusted Distributable Earnings Earnings Per Share FINANCIAL PERFORMANCE * Refer to the Appendix for a definition and reconciliation to GAAP net income (loss) *** Refer to the Appendix for a definition and reconciliation to GAAP net book value As of December 31, 2024, unless otherwise stated; at BRSP share Book Value Per Share Q1’24 Q2’24 Q3’24 Q4’24 GAAP Net Income (Loss) ($0.45) ($0.53) $0.10 ($0.16) Adjusted Distributable Earnings* $0.23 $0.22 $0.21 $0.18 Dividend Distribution $0.20 $0.20 $0.16 $0.16 Dividend Coverage (Adjusted Distributable Earnings) 115% 110% 131% 113% Q1’24 Q2’24 Q3’24 Q4’24 GAAP Net Book Value $9.10 $8.41 $8.39 $8.08 Undepreciated Book Value** $10.67 $9.08 $9.11 $8.89 $9.10 $8.41 $8.39 $8.08 $10.67 $9.08 $9.11 $8.89 GAAP Net Book Value Undepreciated Book Value $0.20 Quarterly Dividend
7 80% 20% <1% Loan portfolio Net lease & other real estate CRE debt securities 42% 23% 14% 8% 6% 6% 1%Multifamily Office (loan portfolio) Office (NNN & Other RE) Industrial Mixed-use & Other Hotel Retail Above charts exclude the impact of CECL reserves. In addition, “Property Type” chart excludes CRE debt securities $ in millions, except per share data; as of December 31, 2024; at BRSP share See footnotes in the appendix PORTFOLIO OVERVIEW Based on GAAP net carrying value as of December 31, 2024 Based on GAAP gross carrying value as of December 31, 2024 Investment Type Portfolio Overview (8) Property Type (At BRSP share) Investment count Carrying value Net carrying value Per share Senior mortgage loans 74 2,474$ 665$ 5.13$ Mezzanine loans 2 45 45 0.35 General CECL reserves (166) (166) (1.28) Total loan portfolio 76 2,353 544 4.20 Net lease & other real estate 16 815$ 178$ 1.37$ CRE debt securities(8) 1 2 2 0.02 Total investment portfolio 93 3,170$ 724$ 5.59$ Plus: cash & net assets(9) 544 324 2.50 Total - GAAP 3,714$ 1,048$ 8.08$ Plus: accumulated D&A(10) 232 232 1.79 Less: non-GAAP impairment of real estate (128) (128) (0.99) Total - Undepreciated 3,818$ 1,152$ 8.89$
8 $2,586 $2,519 $53 $16 ($93) ($42) ($1) 9/30/24 Loan Portfolio Total New Loans Additional Loan Fundings Total Repayments REO Other 12/31/24 Loan Portfolio Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in millions, unless otherwise stated; as of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix LOAN PORTFOLIO OVERVIEW 98% 2% Senior mortgage loans Mezzanine loans Overview Investment Type Property Type 76 Total number of investments $2.5B Total loan portfolio $33M Average investment size 0.4 yrs. W.A. remaining term(12) 1.6 yrs. W.A. extended remaining term(13) 7.6% W.A. unlevered all-in yield(1) 3.2 W.A. risk ranking 100% of senior loans are floating rate Northeast 13% Region Southeast 7% Southwest 34% West 46% 51% 31% 9% 8% 1% Multifamily Office Mixed-use & Other Hotel Industrial Loan Portfolio Activity Total Loan Count 76 Total Loan Count 76 (16)(15) (14)(Initial Fundings)
9 Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves $ in thousands; as of December 31, 2024; at BRSP share LOAN PORTFOLIO DIVERSIFICATION Multifamily Office Mixed-use & Other Hotel Industrial Property Type Exposure by Region 50% 40% 7% 3% 45% 27% 17% 11% 100% West Southwest Northeast Southeast 72% 28% 100% Collateral Type Region Exposure as a % of Carrying Value (At BRSP share) Number of investments Carrying value % of carrying value West Southwest Northeast Southeast Multifamily 43 1,292,316$ 51% 20% 26% 2% 4% Office 23 768,617 31% 14% 8% 5% 3% Mixed-use & Other 6 214,184 9% 2% -- 6% -- Hotel 2 208,131 8% 8% -- -- -- Industrial 2 35,677 1% 1% -- -- -- Total 76 2,518,925$ 100% 46% 34% 13% 7% General CECL reserves (166,121) Total – Net of general CECL reserves 2,352,804$
10 $ in thousands; as of December 31, 2024; at BRSP share See footnotes in the appendix LOAN PORTFOLIO SUMMARY (At BRSP share) Number of investments Carrying value % of carrying value Net carrying value W.A. unlevered all-in yield(11) W.A. extended term (years)(10) Floating rate Senior mortgage loans 74 2,473,793$ 98% 665,353$ 7.6% 1.6 Total / W.A. floating rate 74 2,473,793 98% 665,353 7.6% 1.6 Fixed rate Mezzanine loans 2 45,132 2% 45,132 8.4% 1.5 Total / W.A. fixed rate 2 45,132 2% 45,132 8.4% 1.5 Total / W.A. 76 2,518,925$ 100% 710,485$ 7.6% 1.6 General CECL reserves (166,121) (166,121) Total / W.A. – Net of general CECL reserves 2,352,804$ 544,364$
11 LOAN PORTFOLIO MATURITIES Fully Extended Loan Maturities(13) $648 $986 $833 $53 $21 $41 $31 $13 $0 $250 $500 $750 $1,000 $1,250 2025 2026 2027 2028+ Fully extended loan maturities (carrying value) Unfunded commitments $ in M ill io ns Weighted average fully extended remaining term of approximately 1.6 years across the loan portfolio Above chart based on GAAP gross carrying value and excludes the impact of CECL reserves As of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix
12 0% 0% 82% 11% 7% 0% 0% 84% 8% 8% 1 2 3 4 5 Q3'24 Q4'24 Risk Ranking Overview LOAN PORTFOLIO RISK RANKINGS & CECL RESERVE Above charts based on GAAP gross carrying value and excludes the impact of CECL reserves, unless otherwise stated As of December 31, 2024, unless otherwise stated; at BRSP share CECL Reserve Overview $156M $166M Q3'24 Q4'24 Specific CECL Reserve General CECL Reserve Total Reserve $156M ($1.20/share) Total Reserve $166M ($1.28/share) Loan Count 67 Loan Count 69 Loan Count 7 Loan Count 5 Loan Count 2 Loan Count 2 No specific CECL reserve on balance sheet for Q3’24 & Q4’24 Risk Rank 4 & 5 Q3’24: 18% | 9 loans Q4’24: 16% | 7 loans Q3’24 W.A. Risk Ranking: 3.2 Q4’24 W.A. Risk Ranking: 3.2
13 50% 33% 12% 5% Office Industrial Multifamily Retail NET LEASE REAL ESTATE & OTHER REAL ESTATE SUMMARY Europe 15% 72% 28% <1% 5.0+ 2.5 - 5.0 <2.5 Region Property Type W.A. Remaining Lease Term(18) West 39% Northeast 17% Midwest 17% Southwest 12% * Includes $174M of undepreciated (“undep.”) carrying value related to six REO assets (three office and three multifamily) ** Includes $5M of undepreciated carrying value related to one other real estate office property, which was sold subsequent to the fourth quarter 2024 Above charts based on undepreciated carrying value; $ and RSF in thousands; as of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix (At BRSP share) Number of investments BRSP ownership % Rentable square feet ("RSF") / Units Carrying value (Undep.) Net carrying value (Undep.) % of net carrying value (Undep.) Q4'24 NOI (at BRSP share) W.A. % leased at end of period(17) W.A. remaining lease term (years)(18) Net lease real estate ("NNN") Industrial 1 100% 2,787 RSF 292,156$ 92,156$ 36% 5,042$ 100% 13.6 Office 3 100% 1,812 RSF 226,886 43,969 17% 6,094 100% 4.9 Retail 4 100% 468 RSF 42,440 5,081 2% 1,055 100% 3.4 Total / W.A. - NNN 8 100% 5,068 RSF 561,483$ 141,206$ 56% 12,191$ 100% 9.3 Other real estate ("Other RE") * Office ** 5 95% 1,784 RSF 222,495$ 65,085$ 26% 4,195$ 64% 4.2 Multifamily 3 100% 1,026 Units 109,081 46,826 18% 558 82% n/a Total / W.A. – Other RE 8 97% n/a 331,576$ 111,911$ 44% 4,753$ 70% 4.2 Total / W.A. 16 99% n/a 893,059$ 253,117$ 100% 16,943$ 89% 7.9
14 LOAN PORTFOLIO WATCH LIST LOANS * Loans that are on non-accrual status As of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Investment San Jose, CA Senior Loan (Loan 67) Santa Clara, CA Senior Loan (Loan 1) Las Vegas, NV Senior Loan (Loan 2) Tualatin, OR Senior Loan (Loan 47) Reston, VA Senior Loan (Loan 50) Denver, CO Senior Loan (Loan 9) Dallas, TX Senior Loan (Loan 51) Risk Ranking (Q4’24 / Q3’24) 5 / 5 5 / 4 4 / 3 4 / 4 4 / 4 4 / 4 4 / 4 Investment Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Origination Date / Transaction Type January 2018 / Acquisition June 2019 / Acquisition May 2022 / Acquisition November 2021 / Refinancing September 2021 / Refinancing December 2021 / Acquisition November 2021 / Refinancing Collateral Hotel / 541 keys Multifamily (Land) / 950 units Multifamily / 240 units Office / 342k RSF Office/ 270k RSF Multifamily / 197 units Office / 328k RSF Carrying Value $136M $57M $55M $42M $40M $40M $40M Loan Basis $251k / Key $60k / Unit $229k / Unit $123 / RSF $148 / RSF $203k / Unit $122 / RSF Cash Coupon n/a* SOFR + 5.5% SOFR + 2.0% SOFR + 1.5% SOFR + 2.1% SOFR + 3.3% SOFR + 4.0% Extended Maturity Date(13) November 2026 February 2025 June 2027 December 2026 October 2026 December 2026 December 2025
15 REAL ESTATE OWNED * Subsequent to the fourth quarter 2024, the Company sold the Oakland, CA office REO property As of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Investment Multifamily Arlington, TX (Other Real Estate 3) Multifamily Phoenix, AZ (Other Real Estate 4) Multifamily Fort Worth, TX (Other Real Estate 5) Office Long Island City, NY (Other Real Estate 6) Office Long Island City, NY (Other Real Estate 7) Office* Oakland, CA (Other Real Estate 8) Acquisition Date July 2024 December 2023 November 2024 June 2023 June 2023 July 2023 Rentable Square Feet (“RSF”) / Units 436 units 236 Units 354 Units 221k RSF 128k RSF 91k RSF Collateral Basis $89k / Unit $157k / Unit $93k / Unit $140 / RSF $227 / RSF $55 / RSF Undepreciated Carrying Value $39M $37M $33M $31M $29M $5M Outstanding Debt $26M $20M $17M -- -- -- Undepreciated Net Carrying Value $14M $17M $16M $31M $29M $5M W.A. % Leased(17) 72% 92% 84% 31% 2% 42% W.A. Lease Term (Yrs.)(18) n/a n/a n/a 4.1 5.2 2.8
16 INVESTMENT DETAIL * Loans in which the underlying collateral is related to a construction/development project $ in millions; as of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Loan Portfolio Origination Carrying Coupon Cash Unlevered Extended Q4'24 Risk Q3'24 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Multifamily Loan 1 * Senior Jun-19 Santa Clara, CA 57$ Floating S+5.5% 9.8% Feb-25 69% 5 4 Loan 2 Senior May-22 Las Vegas, NV 55 Floating S+2.0% 7.9% Jun-27 74% 4 3 Loan 3 Senior Mar-22 Austin, TX 50 Floating S+3.3% 7.6% Mar-27 75% 3 3 Loan 4 Senior Jul-21 Dallas, TX 50 Floating S+3.4% 7.7% Aug-26 74% 3 3 Loan 5 Senior May-21 Las Vegas, NV 47 Floating S+3.5% 7.8% Jun-26 70% 3 4 Loan 6 Senior Mar-22 Louisville, KY 43 Floating S+3.7% 8.0% Apr-27 72% 3 3 Loan 7 Senior Jul-21 Jersey City, NJ 43 Floating S+3.1% 7.4% Aug-26 66% 3 3 Loan 8 Senior Jul-21 Dallas, TX 40 Floating S+3.2% 7.5% Aug-26 77% 3 3 Loan 9 Senior Dec-21 Denver, CO 40 Floating S+3.3% 7.6% Dec-26 74% 4 4 Loan 10 Senior Mar-22 Long Beach, CA 40 Floating S+3.4% 7.7% Apr-27 80% 3 3 Subtotal / W.A. top 10 multifamily 468$ 3.5% 8.0% Sep-26 n/a 3.4 n/a Loan 11 Senior Jul-22 Irving, TX 38$ Floating S+3.6% 7.9% Aug-27 75% 3 3 Loan 12 Senior Dec-20 Austin, TX 37 Floating S+3.2% 7.5% Jan-26 54% 3 3 Loan 13 Senior Jan-22 Dallas, TX 37 Floating S+3.5% 7.8% Feb-27 75% 3 3 Loan 14 Senior Jan-22 Los Angeles, CA 36 Floating S+3.4% 8.0% Feb-27 76% 3 3 Loan 15 Senior Jul-21 Phoenix, AZ 33 Floating S+3.4% 7.7% Aug-26 73% 3 3 Loan 16 Senior Mar-21 Mesa, AZ 33 Floating S+3.8% 11.4% Apr-26 71% 3 3 Loan 17 Senior Apr-21 Las Vegas, NV 31 Floating S+3.2% 7.5% May-26 76% 3 3 Loan 18 Mezzanine Feb-22 Las Vegas, NV 31 Fixed 7.0% 12.3% Feb-27 56% – 79% 3 3 Loan 19 Senior Feb-22 Long Beach, CA 30 Floating S+3.4% 7.7% Mar-27 71% 3 3 Loan 20 Senior Apr-22 Mesa, AZ 30 Floating S+3.4% 8.0% May-27 75% 3 3 Subtotal / W.A. top 20 multifamily 804$ 3.6% 8.2% Oct-26 n/a 3.3 n/a Loan 21 Senior Aug-21 Glendale, AZ 29$ Floating S+3.3% 7.6% Sep-26 75% 3 3 Loan 22 Senior May-21 Houston, TX 28 Floating S+3.1% 7.4% Jun-26 67% 3 3 Loan 23 Senior Dec-21 Fort Mill, SC 27 Floating S+3.3% 7.9% Jan-27 71% 3 3 Loan 24 Senior Dec-21 Phoenix, AZ 26 Floating S+3.6% 8.3% Jan-27 75% 3 3 Loan 25 Senior Jul-22 Irving, TX 25 Floating S+3.6% 7.9% Aug-27 72% 3 3 Loan 26 Senior Mar-22 Glendale, AZ 25 Floating S+3.5% 8.1% Mar-27 73% 3 3 Loan 27 Senior Mar-22 Phoenix, AZ 24 Floating S+3.7% 8.3% Apr-27 74% 3 3 Loan 28 Senior Nov-21 Austin, TX 23 Floating S+3.4% 7.9% Nov-26 78% 3 3 Loan 29 Senior Jun-21 Phoenix, AZ 22 Floating S+3.3% 7.6% Jul-26 71% 3 3 Loan 30 Senior Jul-21 Oregon City, OR 22 Floating S+3.4% 7.7% Aug-26 73% 3 3 Loan 31 Senior Jul-21 Aurora, CO 21 Floating S+3.2% 7.6% Jul-26 73% 3 3 Loan 32 Senior Dec-24 Seattle, WA 21 Floating S+2.8% 7.6% Jan-30 65% 3 3
17 Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) $ in millions; as of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Origination Carrying Coupon Cash Unlevered Extended Q4'24 Risk Q3'24 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Loan 33 Senior Jan-22 Austin, TX 20 Floating S+3.4% 7.7% Feb-27 76% 3 3 Loan 34 Senior Aug-21 La Mesa, CA 20 Floating S+3.0% 7.3% Aug-25 72% 3 3 Loan 35 Senior Oct-24 Garland, TX 20 Floating S+3.7% 8.3% Nov-29 70% 3 3 Loan 36 Senior Dec-21 Gresham, OR 19 Floating S+3.6% 7.9% Jan-27 76% 3 3 Loan 37 Senior Sep-21 Bellevue, WA 19 Floating S+3.0% 7.3% Sep-25 71% 3 3 Loan 38 Senior May-22 Charlotte, NC 19 Floating S+3.5% 7.8% May-27 70% 3 3 Loan 39 Senior Jul-21 Salt Lake City, UT 18 Floating S+3.4% 7.7% Aug-26 73% 3 3 Loan 40 Senior Apr-22 Tacoma, WA 18 Floating S+3.0% 7.3% May-27 64% 3 3 Loan 41 Senior Jun-21 Phoenix, AZ 18 Floating S+3.2% 7.6% Jul-26 75% 3 3 Loan 42 Senior Nov-24 Garland, TX 12 Floating S+3.5% 8.1% Dec-29 63% 3 3 Loan 43 Senior Mar-22 Glendale, AZ 12 Floating S+3.5% 8.1% Mar-27 73% 3 3 Total / W.A. multifamily loans 1,292$ 3.5% 8.1% Dec-26 n/a 3.2 n/a Office Loan 44 Senior Jan-21 Phoenix, AZ 76$ Floating S+3.7% 8.0% Feb-26 70% 3 3 Loan 45 Senior Aug-18 San Jose, CA 74 Floating S+2.6% 6.9% Aug-25 81% 3 3 Loan 46 Senior Feb-19 Baltimore, MD 59 Floating S+3.6% 7.9% Feb-25 74% 3 3 Loan 47 Senior Nov-21 Tualatin, OR 42 Floating S+1.5% 5.8% Dec-26 66% 4 4 Loan 48 Senior Apr-22 Plano, TX 41 Floating S+4.1% 8.4% May-27 70% 3 3 Loan 49 Senior May-22 Plano, TX 41 Floating S+4.3% 8.6% Jun-27 64% 3 3 Loan 50 Senior Sep-21 Reston, VA 40 Floating S+2.1% 8.4% Oct-26 71% 4 4 Loan 51 Senior Nov-21 Dallas, TX 40 Floating S+4.0% 8.3% Dec-25 61% 4 4 Loan 52 Senior Apr-22 San Jose, CA 34 Floating S+4.2% 8.5% Apr-27 70% 3 3 Loan 53 Senior Apr-21 San Diego, CA 34 Floating S+3.6% 8.0% May-26 55% 3 3 Subtotal / W.A. top 10 office 481$ 3.3% 7.8% May-26 n/a 3.3 n/a Loan 54 Senior Mar-22 Blue Bell, PA 29$ Floating S+4.2% 8.5% Apr-25 80% 3 3 Loan 55 Senior Oct-21 Blue Bell, PA 29 Floating S+3.8% 8.1% Apr-25 78% 3 3 Loan 56 Senior Feb-19 Charlotte, NC 28 Floating S+3.3% 7.7% Jul-25 72% 3 3 Loan 57 Senior Dec-18 Carlsbad, CA 27 Floating S+3.9% 8.2% Dec-25 73% 3 3 Loan 58 Senior Dec-21 Hillsboro, OR 26 Floating S+4.0% 8.3% Feb-25 77% 3 3 Loan 59 Senior Jul-21 Denver, CO 24 Floating S+4.4% 8.7% Aug-26 66% 3 3 Loan 60 Senior Sep-19 San Francisco, CA 24 Floating S+3.3% 7.6% Jan-25 54% 3 3 Loan 61 Senior Aug-19 San Francisco, CA 23 Floating S+2.9% 7.3% Mar-25 84% 3 3 Loan 62 Senior Oct-21 Burbank, CA 18 Floating S+4.0% 8.3% Nov-26 51% 3 3 Loan 63 Senior Oct-20 Denver, CO 18 Floating S+3.7% 8.0% Nov-25 64% 3 3 Subtotal / W.A. top 20 office 726$ 3.5% 7.9% Feb-26 n/a 3.2 n/a
18 Loan Portfolio (Cont’d) INVESTMENT DETAIL (CONT’D) * Loans that are on non-accrual status $ in millions; as of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix Origination Carrying Coupon Cash Unlevered Extended Q4'24 Risk Q3'24 Risk (At BRSP share) Investment Type date City, State value type coupon all-in yield(1) maturity date(13) LTV ranking ranking Office Loan 64 Senior Nov-21 Charlotte, NC 15$ Floating S+4.5% 8.8% Dec-26 67% 3 3 Loan 65 * Mezzanine Feb-23 Baltimore, MD 14 Fixed n/a n/a Feb-25 74% – 75% 3 3 Loan 66 Senior Nov-21 Richardson, TX 13 Floating S+4.1% 8.4% Dec-26 68% 3 4 Total / W.A. office loans 769$ 3.4% 7.8% Feb-26 n/a 3.2 n/a Hotel Loan 67 * Senior Jan-18 San Jose, CA 136$ Floating n/a n/a Nov-26 76% 5 5 Loan 68 Senior Jun-18 Englewood, CO 72 Floating S+3.5% 8.1% May-25 68% 3 3 Total / W.A. hotel loans 208$ 1.2% 2.8% May-26 n/a 4.3 n/a Mixed-use & Other Loan 69 Senior Oct-19 Brooklyn, NY 79$ Floating S+4.2% 8.5% Nov-25 79% 3 3 Loan 70 Senior Jan-22 New York, NY 46 Floating S+3.5% 7.8% Feb-27 76% 3 3 Loan 71 Senior Jun-21 South Pasadena, CA 34 Floating S+5.0% 9.5% Jun-26 71% 3 3 Loan 72 Senior May-22 Brooklyn, NY 29 Floating S+4.4% 8.7% May-27 68% 3 3 Loan 73 Senior Aug-21 Los Angeles, CA 16 Floating S+4.6% 8.9% Sep-26 58% 3 3 Loan 74 Senior Apr-24 South Pasadena, CA 10 Floating S+9.8% 15.1% Jan-25 84% 3 3 Total / W.A. mixed-use & other loans 214$ 4.5% 8.9% Jun-26 n/a 3.0 n/a Industrial Loan 75 Senior Jul-22 Ontario, CA 24$ Floating S+3.3% 8.0% Aug-27 66% 3 3 Loan 76 Senior Mar-22 Commerce, CA 12 Floating S+3.3% 7.6% Apr-27 60% 3 3 Total / W.A. industrial loans 36$ 3.3% 7.8% Jun-27 n/a 3.0 n/a Total / W.A. loan portfolio 2,519$ 3.4% 7.6% Aug-26 n/a 3.2 n/a General CECL reserves (166) Total / W.A. loan portfolio, net of general CECL reserves 2,353$
19 INVESTMENT DETAIL (CONT’D) CRE Debt Securities * The current maturity of the debt on Other real estate 1 is December 2028. The current maturity of the debt on Other real estate 2 is January 2025; the Company is currently negotiating an extension with its lender and remains current on interest payments ** Subsequent to the fourth quarter 2024, the Company sold the Oakland, CA office REO property $ in millions; rentable square feet in thousands; as of December 31, 2024; at BRSP share See footnotes in the appendix Net Lease Real Estate & Other Real Estate Carrying (At BRSP share) value CRE debt securities CRE debt securities (1 investment)(8) 2$ Total / W.A. CRE debt securities 2$ Undepreciated Origination Collateral Undepreciated net carrying Q4'24 # of Rentable square W.A. W.A. lease (At BRSP share) date type City, State carrying value value NOI properties feet ("RSF") / Units % leased(17) term (yrs)(18) Net lease real estate Net lease 1 Aug-18 Industrial Various - U.S. 292$ 92$ 5.0$ 2 2,787 RSF 100% 13.6 Net lease 2 Jul-18 Office Stavenger, Norway 133 -- 4.3 1 1,291 RSF 100% 5.4 Net lease 3 Jul-06 Office Aurora, CO 55 26 1.1 1 184 RSF 100% 2.9 Net lease 4 Jun-06 Office Indianapolis, IN 39 18 0.7 1 338 RSF 100% 6.0 Net lease 5 Sep-06 Retail Various - U.S. 28 -- 0.7 7 320 RSF 100% 3.0 Net lease 6 Sep-06 Retail Keene, NH 7 -- 0.1 1 45 RSF 100% 4.1 Net lease 7 Sep-06 Retail South Portland, ME 5 5 0.2 1 53 RSF 100% 7.1 Net lease 8 Sep-06 Retail Fort Wayne, IN 3 -- 0.1 1 50 RSF 100% 0.7 Total / W.A. net lease real estate 561$ 141$ 12.2$ 15 5,068 RSF 100% 9.3 Other real estate Other real estate 1 * Sep-14 Office Creve Coeur, MO 95$ -- 1.7$ 7 848 RSF 82% 3.5 Other real estate 2 * Dec-14 Office Warrendale, PA 62 -- 1.6 5 497 RSF 85% 5.1 Other real estate 3 Jul-24 Multifamily Arlington, TX 39 14 -- 1 436 Units 72% n/a Other real estate 4 Dec-23 Multifamily Phoenix, AZ 37 17 0.5 1 236 Units 92% n/a Other real estate 5 Nov-24 Multifamily Fort Worth, TX 33 16 0.1 1 354 Units 84% n/a Other real estate 6 Jun-23 Office Long Island City, NY 31 31 0.4 1 221 RSF 31% 4.1 Other real estate 7 Jun-23 Office Long Island City, NY 29 29 0.4 1 128 RSF 2% 5.2 Other real estate 8 ** Jul-23 Office Oakland, CA 5 5 0.2 1 91 RSF 42% 2.8 Total / W.A. other real estate 332$ 112$ 4.8$ 18 n/a 70% 4.2 Total / W.A. net lease real estate and other real estate 893$ 253$ 16.9$ 33 n/a 89% 7.9
20 As of December 31, 2024, unless otherwise stated; at BRSP share See footnotes in the appendix CAPITALIZATION HIGHLIGHTS Diversified capital structure of primarily non-recourse debt and a 2.2x debt-to-equity ratio. Embedded capacity under existing financing facilities including an undrawn corporate revolver and $1.2B of repurchase facilities availability 32% 30% 21% 16% 1% Stockholders' equity (undepreciated) Securitization bonds payable (non-recourse) Master repurchase facilities (limited recourse) Mortgage debt (non-recourse) Other debt (non-recourse) $3.6B Total capitalization (excluding cash) $2.5B Total outstanding debt $165M Corporate revolving credit facility availability As of February 14, 2025 (fully undrawn) $1.2B Master repurchase facilities availability As of February 14, 2025 2.2x Debt-to-equity ratio(4) 65% Debt-to-asset ratio(19) 6.03% Blended all-in cost of financing(5) Capital StructureKey Financial Metrics Total capitalization $3.6B
21 Note: during the fourth quarter 2024, the Company recorded approximately $2.1M of amortization of deferred financing costs, which implies approximately 21 bps of annualized financing costs on the Company’s total debt capacity as of December 31, 2024 $ in thousands; as of December 31, 2024; at BRSP share See footnotes in the appendix CAPITALIZATION SUMMARY (At BRSP share) Recourse vs. non-recourse(20) W.A. extended maturity(21) W.A. contractual interest rate(21) W.A. all-in COF(5) Outstanding debt (UPB) Corporate debt Corporate revolving credit facility Recourse Jan-27 S + 2.25% 6.70% -$ Investment-level debt Master repurchase facilities Limited recourse May-27 S + 2.20% 6.53% 785,183 Securitization bonds payable (2024-FL2) Non-recourse Aug-37 S + 2.47% 6.80% 583,875 Securitization bonds payable (2021-FL1) Non-recourse Aug-38 S + 1.59% 6.04% 510,497 Mortgage debt – net lease (fixed) Non-recourse Sep-29 4.40% 4.40% 420,277 Mortgage debt – other real estate (fixed) Non-recourse May-27 4.40% 4.40% 154,515 Other debt Non-recourse Jun-26 S + 4.25% 8.58% 34,466 Total / W.A. debt (BRSP share) Jun-32 6.03% 2,488,813$ Book value Stockholders' equity 1,048,218$ GAAP net book value (BRSP share) 1,048,218 Accumulated depreciation and amortization 232,177 Non-GAAP impairment of real estate (127,954) Undepreciated book value (BRSP share) 1,152,441 Total capitalization (undepreciated) 3,641,254$
22 ($3.8) ($3.0) ($2.1) ($1.1) $1.1 ($5.0) ($4.0) ($3.0) ($2.0) ($1.0) $0.0 $1.0 $2.0 (1.00%) (0.75%) (0.50%) (0.25%) 0.25% * Reflects incremental changes to SOFR spot rate as of December 31, 2024 $ in millions, except per share data; as of December 31, 2024; at BRSP share 100% of senior mortgage loan value is floating rate INTEREST RATE SENSITIVITY Annual Net Interest Income Sensitivity to Changes in Benchmark Rates – Total Portfolio $ in M ill io ns SOFR: 4.33% (As of December 31, 2024) Incremental Rate of Change* ($0.03) per share ($0.02) per share ($0.02) per share ($0.01) per share $0.01 per share
23 APPENDIX
24 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS We present Distributable Earnings, which is a non-GAAP supplemental financial measure of our performance. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income and cash flow from operating activities determined in accordance with GAAP, and this metric is a useful indicator for investors in evaluating and comparing our operating performance to our peers and our ability to pay dividends. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2018. As a REIT, we are required to distribute substantially all of our taxable income and we believe that dividends are one of the principal reasons investors invest in credit or commercial mortgage REITs such as our company. Over time, Distributable Earnings has been a useful indicator of our dividends per share and we consider that measure in determining the dividend, if any, to be paid. This supplemental financial measure also helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current portfolio and operations. We define Distributable Earnings as GAAP net income (loss) attributable to our common stockholders (or, without duplication, the owners of the common equity of our direct subsidiaries, such as our OP) and excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with our formation or other strategic transactions, (iii) acquisition costs from successful acquisitions, (iv) gains or losses from sales of real estate property and impairment write-downs of depreciable real estate, including unconsolidated joint ventures and preferred equity investments, (v) general CECL reserves, (vi) depreciation and amortization, (vii) any unrealized gains or losses or other similar non-cash items that are included in net income for the current quarter, regardless of whether such items are included in other comprehensive income or loss, or in net income, (viii) one-time events pursuant to changes in GAAP and (ix) certain material non-cash income or expense items that in the judgment of management should not be included in Distributable Earnings. For clauses (viii) and (ix), such exclusions shall only be applied after approval by a majority of our independent directors. Distributable Earnings include specific CECL reserves. Additionally, we define Adjusted Distributable Earnings as Distributable Earnings excluding (i) realized gains and losses on asset sales, (ii) fair value adjustments, which represent mark-to- market adjustments to investments in unconsolidated ventures based on an exit price, defined as the estimated price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants, (iii) unrealized gains or losses, (iv) specific CECL reserves and (v) one-time gains or losses that in the judgement of management should not be included in Adjusted Distributable Earnings. We believe Adjusted Distributable Earnings is a useful indicator for investors to further evaluate and compare our operating performance to our peers and our ability to pay dividends, net of the impact of any gains or losses on assets sales or fair value adjustments, as described above. Distributable Earnings and Adjusted Distributable Earnings do not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income or an indication of our cash flows from operating activities determined in accordance with GAAP, a measure of our liquidity, or an indication of funds available to fund our cash needs. In addition, our methodology for calculating Distributable Earnings and Adjusted Distributable Earnings may differ from methodologies employed by other companies to calculate the same or similar non-GAAP supplemental financial measures, and accordingly, our reported Distributable Earnings and Adjusted Distributable Earnings may not be comparable to the Distributable Earnings and Adjusted Distributable Earnings reported by other companies. The Company calculates Distributable Earnings per share and Adjusted Distributable Earnings per share, which are non-GAAP supplemental financial measures, based on a weighted average number of common shares. We believe NOI to be a useful measure of operating performance of our net leased and other real estate portfolios as they are more closely linked to the direct results of operations at the property level. NOI excludes historical cost depreciation and amortization, which are based on different useful life estimates depending on the age of the properties, as well as adjustments for the effects of real estate impairment and gains or losses on sales of depreciated properties, which eliminate differences arising from investment and disposition decisions. Additionally, by excluding corporate level expenses or benefits such as interest expense, any gain or loss on early extinguishment of debt and income taxes, which are incurred by the parent entity and are not directly linked to the operating performance of the Company’s properties, NOI provides a measure of operating performance independent of the Company’s capital structure and indebtedness. However, the exclusion of these items as well as others, such as capital expenditures and leasing costs, which are necessary to maintain the operating performance of the Company’s properties, and transaction costs and administrative costs, may limit the usefulness of NOI. NOI may fail to capture significant trends in these components of GAAP net income (loss) which further limits its usefulness. NOI should not be considered as an alternative to net income (loss), determined in accordance with GAAP, as an indicator of operating performance. In addition, our methodology for calculating NOI involves subjective judgment and discretion and may differ from the methodologies used by other companies, when calculating the same or similar supplemental financial measures and may not be comparable with other companies.
25 The Company presents pro rata (“at share” or “at BRSP share”) financial information, which is not, and is not intended to be, a presentation in accordance with GAAP. The Company computes pro rata financial information by applying its economic interest to each financial statement line item on an investment-by-investment basis. Similarly, noncontrolling interests’ (“NCI”) share of assets, liabilities, profits and losses was computed by applying noncontrolling interests’ economic interest to each financial statement line item. The Company provides pro rata financial information because it may assist investors and analysts in estimating the Company’s economic interest in its investments. However, pro rata financial information as an analytical tool has limitations. Other companies may not calculate their pro rata information in the same methodology, and accordingly, the Company’s pro rata information may not be comparable to other companies pro rata information. As such, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP, but may be used as a supplement to financial information as reported under GAAP. We present undepreciated book value, which is a non-GAAP supplemental financial measure. We believe that presenting undepreciated book value is a more useful and consistent measure of the value of our current portfolio and operations for our investors. It additionally enhances the comparability to our peers who do not hold real estate investments. Undepreciated book value excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities). It also excludes our share of the carrying value (including any related foreign currency translation) on certain net leased and other real estate office properties whose non-recourse mortgages mature within 12 months or who have been placed in a cash flow sweep by their lender. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders’ aversion to finance or refinance office properties and/or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can lead to foreclosures. Given this potential likelihood, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties. The Company calculates undepreciated book value per share based on the total number of outstanding common shares. We present loan-to-value which reflects the initial loan amount divided by the as-is appraised value as of the date the loan was originated, or by the principal amount divided by the appraisal value for the in-place collateral as of the date of the most recent as-is appraisal. For construction loans, loan-to-value reflects the total commitment amount of the loan divided by the as-completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Senior loans reflect the initial loan amount divided by the as-is value as of the date the loan was originated, or the principal amount divided by the appraised value for the in-place collateral as of the date of the most recent as-is appraisal. Construction senior loans’ loan-to-value reflect the total commitment amount of the loan divided by the as completed appraised value, or the total commitment amount of the loan divided by the projected total cost basis. Mezzanine loans include attachment and detachment loan-to-values, respectively. Attachment loan-to-value reflects initial funding of loans senior to our position divided by the as-is value as of the date the loan was originated, or the principal amount divided by the appraised value for the in-place collateral as of the date of the most recent appraisal. Detachment loan-to-value reflects the cumulative initial funding of our loan and the loans senior to our position divided by the as-is value as of the date the loan was originated, or the cumulative principal amount divided by the appraised value for the in-place collateral as of the date of the most recent appraisal. Construction mezzanine loans include attachment and detachment loan-to-value, respectively. Attachment loan-to-value reflects the total commitment amount of loans senior to our position divided by as-completed appraised value, or the total commitment amount of loans senior to our position divided by projected total cost basis. Detachment loan-to-value reflect the cumulative commitment amount of our loan and the loans senior to our position divided by as-completed appraised value, or the cumulative commitment amount of our loan and loans senior to our position divided by projected total cost basis. We present risk rankings, which is a supplemental financial disclosure, for loans held for investment. In addition to reviewing loans held for investment for impairment quarterly, we evaluate loans held for investment to determine if a current expected credit losses reserve should be established. In conjunction with this review, we assess the risk factors of each senior and mezzanine loans and preferred equity and assign a risk ranking based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five- point scale, our loans held for investment are ranked “1” through “5,” from less risk to greater risk, and the rankings are updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “3” and will move accordingly going forward based on the rankings which are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk / Potential for Loss – A loan that has a high risk of realizing a principal loss 5. Impaired / Loss Likely – A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES AND DEFINITIONS (CONT’D)
26 NOTES REGARDING REPORTABLE SEGMENTS BrightSpire Capital, Inc. (“BRSP”, “BrightSpire Capital”, the “Company” or “We”) currently holds investment interests through the reportable segments below, which are based on how management reviews and manages its business. Senior and Mezzanine Loans and Preferred Equity (“Loans & Preferred Equity Portfolio” or “Loan Portfolio”) The Company’s Loan Portfolio may include senior mortgage loans, mezzanine loans and preferred equity interests (“preferred equity”) as well as participations in such loans. The Loan Portfolio may also include acquisition, development and construction loan arrangements accounted for as equity method investments. • Senior mortgage loans may include junior participations in our originated senior mortgage loans for which we have syndicated the senior participations to other investors and retained the junior participations for our portfolio and contiguous mezzanine loans where we own both the senior and junior loan positions. We believe these investments are more similar to the senior mortgage loans we originate than other loan types given their credit quality and risk profile • Mezzanine loans may include other subordinated loans • Preferred equity interests may include related equity participation interests Net Leased Real Estate and Other Real Estate (“Net Lease and Other Real Estate”) The Company’s Net Lease Real Estate investments includes direct investments in commercial real estate principally composed of long-term leases to tenants on a net lease basis, where such tenants are generally responsible for property operating expenses such as insurance, utilities, maintenance, capital expenditures and real estate taxes. Other Real Estate investments includes direct ownership in commercial real estate, with an emphasis on properties with stable cash flow. Net lease and other real estate includes deferred leasing costs and other net intangibles. Other real estate currently consists of two investments with direct ownership in commercial real estate, five additional properties that we acquired through foreclosure or deed-in-lieu of foreclosure and one property that we consolidate as the primary beneficiary of a VIE. Corporate and Other The Corporate segment includes corporate-level asset management and other fees including operating expenses, compensation and benefits and other fees including expenses related to our secured revolving credit facility. It currently includes CRE Debt Securities, which consists of one sub-portfolio of a real estate private equity interest ("Private Equity Interest" or "PE Interest").
27 December 31, 2024 December 31, 2023 Assets Cash and cash equivalents 302,173$ 257,506$ Restricted cash 148,523 104,583 Loans held for investment 2,518,925 2,936,506 Current expected credit loss reserve (165,932) (76,028) Loans held for investment, net 2,352,993 2,860,478 Real estate, net 777,421 807,985 Receivables, net 38,732 41,451 Deferred leasing costs and intangible assets, net 47,172 58,971 Assets held for sale 5,170 19,600 Other assets 51,294 47,680 Total assets 3,723,478$ 4,198,254$ Liabilities Securitization bonds payable, net 1,087,074$ 912,545$ Mortgage and other notes payable, net 619,055 650,293 Credit facilities 785,183 1,152,723 Accrued and other liabilities 82,625 85,501 Intangible liabilities, net 2,805 4,138 Escrow deposits payable 80,132 88,603 Dividends payable 20,793 25,985 Total liabilities 2,677,667 2,919,788 Commitments and contingencies Equity Stockholders’ equity Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively - - Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 129,685,185 and 129,985,107 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 1,297 1,300 Additional paid-in capital 2,865,341 2,864,883 Accumulated deficit (1,812,083) (1,586,292) Accumulated other comprehensive loss (6,337) (2,556) Total stockholders’ equity 1,048,218 1,277,335 Noncontrolling interests in investment entities (2,407) 1,131 Total equity 1,045,811 1,278,466 Total liabilities and equity 3,723,478$ 4,198,254$ $ in thousands, except per share data; as of December 31, 2024, unless otherwise stated CONSOLIDATED BALANCE SHEET
28 In thousands, except per share data; as of December 31, 2024, unless otherwise stated CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net interest income Interest income 54,305$ 73,118$ 244,773$ 298,702$ Interest expense (36,848) (42,905) (153,910) (173,309) Net interest income 17,457 30,213 90,863 125,393 Property and other income Property operating income 26,108 24,877 102,443 93,403 Other income 3,053 4,763 11,589 13,921 Total property and other income 29,161 29,640 114,032 107,324 Expenses Property operating expense 8,907 7,953 33,887 26,640 Transaction, investment and servicing expense 402 533 1,641 2,499 Interest expense on real estate 6,748 6,793 27,026 25,909 Depreciation and amortization 11,076 8,716 40,506 33,504 Increase of current expected credit loss reserve 20,486 31,899 135,798 108,149 Impairment of operating real estate 8,995 7,590 54,211 7,590 Compensation and benefits (including $2,908, $2,804, $11,649 and $14,056 of equity-based compensation expense, respectively) 8,103 9,356 34,644 39,501 Operating expense 2,681 3,119 11,867 13,150 Total expenses 67,398 75,959 339,580 256,942 Other income Other gain, net 2 3 228 613 Loss before equity in earnings of unconsolidated ventures and income taxes (20,778) (16,103) (134,457) (23,612) Equity in earnings of unconsolidated ventures - - - 9,055 Income tax expense (370) (213) (1,060) (1,062) Net loss (21,148) (16,316) (135,517) (15,619) Net (income) loss attributable to noncontrolling interests: Investment entities 1,404 (15) 3,538 70 Net loss attributable to BrightSpire Capital, Inc. common stockholders (19,744)$ (16,331)$ (131,979)$ (15,549)$ Net loss per common share – basic (0.16)$ (0.13)$ (1.05)$ (0.12)$ Net loss per common share – diluted (0.16)$ (0.13)$ (1.05)$ (0.12)$ Weighted average shares of common stock outstanding – basic 126,942 127,197 127,441 127,060 Weighted average shares of common stock outstanding – diluted 126,942 127,197 127,441 127,060
29 $ in thousands; as of December 31, 2024 CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Three Months Ended December 31, 2024 Loans and preferred equity Net leased and other real estate Corporate and other Total Net interest income Interest income $ 54,278 (41)$ 68$ 54,305$ Interest expense (36,473) (68) (307) (36,848) Net interest income (expense) 17,805 (109) (239) 17,457 Property and other income Property operating income - 26,108 - 26,108 Other income - 31 3,022 3,053 Total property and other income - 26,139 3,022 29,161 Expenses Property operating expense - 8,907 - 8,907 Transaction, investment and servicing expense 401 14 (13) 402 Interest expense on real estate - 6,748 - 6,748 Depreciation and amortization - 11,044 32 11,076 Increase of current expected credit loss reserve 20,486 - - 20,486 Impairment of operating real estate - 8,995 - 8,995 Compensation and benefits - - 8,103 8,103 Operating expense (10) 30 2,661 2,681 Total expenses 20,877 35,738 10,783 67,398 Other income Other gain, net - 2 - 2 Loss before equity in earnings of unconsolidated ventures and income taxes (3,072) (9,706) (8,000) (20,778) Income tax expense (55) (315) - (370) Net loss (3,127) (10,021) (8,000) (21,148) Net loss attributable to noncontrolling interests: Investment entities - 1,404 - 1,404 Net loss attributable to BrightSpire Capital, Inc. common stockholders $ (3,127) (8,617)$ (8,000)$ (19,744)$
30 $ in thousands; as of December 31, 2024 CONSOLIDATED STATEMENT OF OPERATIONS BY SEGMENT Year Ended December 31, 2024 Loans and preferred equity Net leased and other real estate Corporate and other Total Net interest income Interest income $ 244,159 342$ 272$ 244,773$ Interest expense (152,417) (272) (1,221) (153,910) Net interest income (expense) 91,742 70 (949) 90,863 Property and other income Property operating income - 102,443 - 102,443 Other income 157 144 11,288 11,589 Total property and other income 157 102,587 11,288 114,032 Expenses Property operating expense - 33,887 - 33,887 Transaction, investment and servicing expense 1,497 32 112 1,641 Interest expense on real estate - 27,026 - 27,026 Depreciation and amortization - 40,382 124 40,506 Increase of current expected credit loss reserve 135,798 - - 135,798 Impairment of operating real estate - 54,211 - 54,211 Compensation and benefits - - 34,644 34,644 Operating expense 4 63 11,800 11,867 Total expenses 137,299 155,601 46,680 339,580 Other income Other gain, net - 228 - 228 Loss before equity in earnings of unconsolidated ventures and income taxes (45,400) (52,716) (36,341) (134,457) Income tax expense (97) (963) - (1,060) Net loss (45,497) (53,679) (36,341) (135,517) Net loss attributable to noncontrolling interests: Investment entities - 3,538 - 3,538 Net loss attributable to BrightSpire Capital, Inc. common stockholders $ (45,497) (50,141)$ (36,341)$ (131,979)$
31 Reconciliation of consolidated balance sheet to at share balance sheet In thousands, except per share data; as of December 31, 2024; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION As of December 31, 2024 Consolidated NCI(22) At BRSP share(23) Assets Loans and preferred equity held for investment, net 2,352,993$ -$ 2,352,993$ Real estate, net 777,421 11,789 765,632 Deferred leasing costs and intangible assets, net 47,172 560 46,612 Assets held for sale 5,170 - 5,170 Cash, restricted cash, receivables and other assets 540,722 (2,392) 543,114 Total assets 3,723,478$ 9,957$ 3,713,521$ Liabilities Securitization bonds payable, net 1,087,074$ -$ 1,087,074$ Mortgage and other notes payable, net 619,055 11,485 607,570 Credit facilities 785,183 - 785,183 Intangible liabilities, net 2,805 243 2,562 Other liabilities, escrow deposits payable and dividends payable 183,550 636 182,914 Total liabilities 2,677,667$ 12,364$ 2,665,303$ Total equity 1,045,811$ (2,407)$ 1,048,218$ Total liabilities and equity 3,723,478$ 9,957$ 3,713,521$ Total common shares 129,685 129,685 129,685 GAAP net book value per share 8.06$ (0.02)$ 8.08$ Accumulated depreciation and amortization(10) 237,088$ 4,911$ 232,177$ Accumulated depreciation and amortization per share(10) 1.83$ 0.04$ 1.79$ Non-GAAP impairment of real estate(11) (145,810)$ (17,857)$ (127,954)$ Non-GAAP impairment of real estate(11) (1.12)$ (0.13)$ (0.99)$ Undepreciated book value 1,137,089$ (15,353)$ 1,152,441$ Undepreciated book value per share 8.77$ (0.12)$ 8.89$
32 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Reconciliation of GAAP net book value to undepreciated book value In thousands, except per share data; as of December 31, 2024; unaudited See footnotes in the appendix As of December 31, 2024 GAAP net book value (excluding noncontrolling interests in investment entities) 1,048,218$ Accumulated depreciation and amortization(10) 232,177 Non-GAAP impairment of real estate(11) (127,954) Undepreciated book value 1,152,441$ GAAP net book value per share (excluding noncontrolling interests in investment entities) 8.08$ Accumulated depreciation and amortization per share(10) 1.79 Non-GAAP impairment of real estate per share(11) (0.99) Undepreciated book value per share 8.89$ Total common shares 129,685
33 Reconciliation of GAAP net loss to Distributable Earnings and Adjusted Distributable Earnings In thousands, except per share data; as of December 31, 2024; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended December 31, 2024 Year Ended December 31, 2024 Net loss attributable to BrightSpire Capital, Inc. common stockholders (19,744)$ (131,979)$ Adjustments: Non-cash equity compensation expense 2,908 11,649 Depreciation and amortization 11,235 41,082 Net unrealized loss (gain): Impairment of operating real estate 8,995 54,211 Other unrealized loss (gain) on investments (2) 125 General CECL reserves 10,489 97,767 Gain on sales of real estate, preferred equity and investments in unconsolidated joint ventures - (144) Adjustments related to noncontrolling interests (166) (1,552) Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 13,715$ 71,159$ Distributable Earnings per share(24) 0.11$ 0.55$ Weighted average number of common shares(24) 129,685 130,150 Three Months Ended December 31, 2024 Year Ended December 31, 2024 Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 13,715$ 71,159$ Adjustments: Specific CECL reserves 9,997 38,031 Adjusted Distributable Earnings attributable to BrightSpire Capital, Inc. common stockholders 23,712$ 109,190$ Adjusted Distributable Earnings per share(24) 0.18$ 0.84$ Weighted average number of common shares(24) 129,685 130,150
34 Reconciliation of GAAP net loss to NOI $ in thousands; as of December 31, 2024; unaudited See footnotes in the appendix RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (CONT’D) Three Months Ended December 31, 2024 Net loss attributable to BrightSpire Capital, Inc. common stockholders (19,744)$ Adjustments: Net loss attributable to non-net leased and other real estate portfolios(25) 9,748 Net loss attributable to noncontrolling interests in investment entities (1,404) Amortization of above- and below-market lease intangibles 22 Net interest expense 112 Interest expense on real estate 7,758 Other income (30) Transaction, investment and servicing expense 14 Depreciation and amortization 11,043 Impairment of operating real estate 8,995 Operating expense 31 Other loss on investments, net 367 Income tax expense 312 NOI attributable to noncontrolling interest in investment entities (281) Total NOI attributable to BrightSpire Capital, Inc. common stockholders 16,943$
35 1. In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash PIK interest income and the accrual of origination and exit fees. For W.A. calculations, unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate or benchmark floor as of December 31, 2024 2. Includes availability under the corporate revolving credit facility and unrestricted cash as of February 14, 2025 3. As of February 14, 2025 4. Debt-to-equity ratio based on BRSP’s share of total outstanding unpaid principal balance (“UPB”) divided by total stockholders’ equity excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate; stockholders’ equity excludes noncontrolling interests in investment entities 5. For W.A. calculations, assumes the applicable floating benchmark rate or benchmark floor as of December 31, 2024 and is weighted on outstanding debt (UPB); excludes amortization of financing costs 6. Based on annualized Q4’24 quarterly dividend of $0.16/share and BRSP closing share price of $5.97 as of February 14, 2025 7. Reflects general CECL reserve as a % (or bps) of the aggregate commitment amount of the total loan portfolio excluding loans that were evaluated for specific CECL reserves 8. Includes one private equity secondary interest for approximately $2 million 9. Includes cash, restricted cash, net receivables, other assets, accrued and other liabilities, escrow deposits payable and dividends payable 10. Represents net accumulated depreciation and amortization on real estate investments, including related intangible assets and liabilities 11. Reflects non-GAAP impairment of real estate related to nine properties as well as any related foreign currency translation; refer to page 25 for additional disclosure on undepreciated book value 12. Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at BRSP share as of December 31, 2024 13. Represents the remaining loan term based on the maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at BRSP share as of December 31, 2024 14. Represents loan fundings related to the existing loan portfolio as of December 31, 2024 15. During the fourth quarter 2024, the Company acquired one Fort Worth, Texas multifamily property through foreclosure. Following the acquisition, the property is included as real estate in the Other Real Estate segment 16. Other includes non-cash payment-in-kind (“PIK”) interest income, accrual of origination and exit fees, and write downs / charge-offs of specific CECL reserves 17. Represents the percent leased as of December 31, 2024 and is weighted by undepreciated carrying value 18. Based on in-place leases (defined as occupied and paying leases) as of December 31, 2024 and assumes that no renewal options are exercised. W.A. calculation based on undepreciated carrying value; excludes multifamily property type 19. Debt-to-asset ratio based on total outstanding UPB at BRSP share divided by total assets at BRSP share excluding the impact of accumulated depreciation and amortization on real estate investments and including the impact of non-GAAP impairment of real estate 20. Subject to customary non-recourse carve-outs 21. W.A. calculation based on outstanding debt (UPB) 22. Represents interests in assets held by third party partners 23. Represents the proportionate share attributed to BRSP based on BRSP’s ownership percentage by asset 24. The Company calculates Distributable Earnings and Adjusted Distributable Earnings per share, which are non-GAAP financial measures, based on a weighted average number of common shares 25. Net (income) loss attributable to non-net leased and other real estate portfolios includes net (income) loss on our senior and mezzanine loans and preferred equity and corporate and other business segments FOOTNOTES
36 COM P AN Y IN F OR M ATION 36 BrightSpire Capital (NYSE: BRSP) is internally managed and one of the largest publicly traded commercial real estate (CRE) credit REITs, focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.brightspire.com. HEADQUARTERS New York 590 Madison Avenue 33rd Floor New York, NY 10022 212-547-2631 STOCK & TRANSFER AGENT EQ (Equiniti Trust Company, LLC) 800-937-5449 helpast@equiniti.com INVESTOR RELATIONS ADDO Investor Relations Anne McGuinness 310-829-5400 brsp@addo.com JMP Securities Steve DeLaney 212-906-3517 BofA Securities Eric Dray 646-855-5780 Jones Research Jason Weaver 646-454-2710 Alliance Global Partners Gaurav Mehta 646-908-3825 WWW.BRIGHTSPIRE.COM NYSE: BRSP ANALYST COVERAGE Raymond James Stephen Laws 901-579-4868 B. Riley Randy Binner 703-312-1890 BTIG Thomas Catherwood 212-738-6140 Barclays Terry Ma 212-526-7965
37 THANK YOU
