BrightSpire Capital (BRSP) investor relations material

Executive summary

• Q1 2026 GAAP net income attributable to common stockholders was $4.8 million ($0.03/share), with Distributable Earnings of $15.6 million ($0.12/share) and Adjusted Distributable Earnings of $18.2 million ($0.14/share).

• Declared and paid a $0.16 per share dividend, representing a 10.6% annualized yield on the current share price.

• Loan book reached $2.7 billion across 100 loans, with a focus on middle-market multifamily lending and increased diversification.

• Portfolio benefited from payoffs and resolutions of office loans, reducing office exposure to just over 20%.

• Watchlist exposure declined to $166 million (6% of portfolio), with further reductions expected in Q2.

Financial highlights

• GAAP net book value per share was $7.05, undepreciated book value $8.24 as of March 31, 2026.

• Liquidity stood at $206 million, including $58 million in cash and $120 million in undrawn revolver capacity.

• Debt-to-assets ratio was 68%, and debt-to-equity ratio ranged from 2.4x to 2.7x.

• General CECL provision decreased to $87 million (306 bps of commitments), down from $88 million (315 bps) in Q4.

• Weighted average unlevered all-in yield was 7.2%.

Outlook and guidance

• Targeting loan book growth to $3 billion by mid-year and $3.5 billion by year-end 2026.

• Watchlist loans are expected to decline by approximately 59% from $166 million to $67 million due to anticipated repayments and sales.

• REO assets are projected to decrease by about 20% from $336 million to $267 million as a result of ongoing sales processes.

• Plans to execute a fifth CLO in the second half of the year.

• Aims to achieve full dividend coverage by year-end, with confidence in reaching this goal despite timing delays in asset resolutions.