BrightSpire Capital (BRSP) investor relations material

Executive summary

• Reported a GAAP net loss attributable to common stockholders of $18.3 million ($0.15 per share) for Q2 2026, with distributable earnings of $15.8 million ($0.12 per share) and adjusted distributable earnings of $16.8 million ($0.13 per share).

• Completed the largest quarterly share buyback to date, repurchasing 3.8 million shares for $21 million at an average price of $5.46.

• Achieved strong loan origination activity, closing 10 loans for $319 million in Q2 and an additional three loans for $117 million post-quarter, with the loan book growing over 20% year-over-year to $2.9 billion.

• Executed a strategic sale of a triple-net lease asset for $300 million, including $200 million of assumed debt, to reduce refinancing risk and redeploy capital at higher ROE.

• Continued progress on resolving watchlist loans and REO assets, with three watchlist loans resolved ($99 million) and two multifamily REO properties under contract for sale.

Financial highlights

• GAAP net book value per share was $6.81; undepreciated book value per share was $8.10 as of June 30, 2026.

• Operating real estate impairment charges totaled approximately $9 million, primarily related to legacy retail triple-net assets and an REO multifamily property.

• CECL reserves increased to $100 million (327 bps of total loan commitments), up from $87 million (306 bps) in Q1, driven by macroeconomic factors and specific loan inputs.

• Liquidity stood at $131 million, including $45 million in cash, $30 million available under a credit facility, and $56 million of approved but undrawn warehouse borrowings.

• Quarterly cash dividend of $0.16 per share declared and paid for Q2 2026, representing a 12.2% annualized yield.

Outlook and guidance

• Loan book expected to reach $3.5 billion by year-end 2026, with a longer-term goal of $4 billion by mid-2027.

• Dividend coverage anticipated as the loan book grows, though the Albertsons sale delays full coverage by two quarters; positive coverage expected as the loan book exceeds $3.5 billion.

• Plans to issue a second CLO in 2026, marking the first time two CLOs will be issued in a single year.

• Ongoing focus on recycling capital from REO and watchlist resolutions into new loan originations, with a shift toward multifamily and away from office exposure.

• Management expects the sale of an industrial portfolio ($223.1 million) and a multifamily property ($25.3 million) to close in Q3 2026.