BrightSpire Capital (BRSP) investor relations material

Executive summary

• Q4 2025 marked by strong loan origination momentum, active portfolio rotation, and significant reduction in watchlist loans and REO exposure, setting a foundation for future growth.

• Closed 32 new loans totaling $941 million since late 2024, with $416 million in Q4, the most active funding quarter since restarting originations.

• Q4 2025 GAAP net loss was $14.4 million ($0.12 per share); full year net loss was $31.1 million ($0.26 per share).

• Adjusted Distributable Earnings were $19.3 million ($0.15 per share) for Q4 and $83.6 million ($0.64 per share) for the full year; Q4 dividend was $0.16 per share, fully covered for the year.

• Multifamily loans comprised 67% of the $2.7B loan portfolio, with a weighted average unlevered yield of 7.3%.

Financial highlights

• Q4 GAAP net loss attributable to common stockholders was $14.4 million, or $0.12 per share; full year net loss was $31.1 million, or $0.26 per share.

• Distributable earnings loss of $35.5 million ($0.28 per share) in Q4; adjusted DE of $19.3 million ($0.15 per share).

• Full-year 2025 adjusted DE was $83.6 million ($0.64 per share), with a 7.4% return on undepreciated average equity.

• GAAP net book value per share was $7.30; undepreciated book value per share was $8.44 at year-end.

• Total liquidity stood at $168 million, including $98 million in unrestricted cash.

Outlook and guidance

• Targeting loan book growth to $3.5 billion by year-end 2026, with positive dividend coverage expected by year-end.

• Plan to resolve remaining watchlist loans and monetize most REO, especially the San Jose Hotel, and execute a fifth CLO in H2 2026.

• Watchlist loans are anticipated to decline by 70% from $220 million to $66 million due to repayments and asset sales in early 2026.

• REO assets are expected to decrease by 15% from $315 million to $266 million as a result of planned sales.

• Anticipate $300–$400 million in new loan originations per quarter in 2026.