$BRSP

BrightSpire Capital, Inc.

CIK:0001717547|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net interest income
Interest income	$ 52,077	$ 48,663	$ 101,592	$ 96,749
Interest expense	(34,848)	(31,935)	(68,241)	(64,146)
Net interest income	17,229	16,728	33,351	32,603
Property and other income
Property operating income	30,432	35,668	63,086	62,526
Other income	1,039	1,593	4,010	4,211
Total property and other income	31,471	37,261	67,096	66,737
Expenses
Property operating expense	18,511	16,650	38,589	26,616
Transaction, investment and servicing expense	1,507	562	2,339	1,192
Interest expense on real estate	5,121	6,765	10,213	13,330
Depreciation and amortization	8,187	10,607	16,814	21,159
Increase of current expected credit loss reserve	13,502	582	15,247	346
Impairment of operating real estate	9,270	51,127	9,270	51,127
Compensation and benefits (including $3,443, $2,913, $6,361 and $7,126 of equity-based compensation expense, respectively)	8,989	8,194	18,045	18,623
Operating expense	3,158	2,976	6,253	6,191
Total expenses	68,245	97,463	116,770	138,584
Other income
Other loss, net	(27)	(3,362)	(31)	(3,603)
Loss before equity in earnings of unconsolidated ventures and income taxes	(19,572)	(46,836)	(16,354)	(42,847)
Equity in earnings (loss) of unconsolidated ventures	(602)	0	(602)	0
Income tax benefit (expense)	(10)	21,664	(104)	21,382
Net income (loss)	(20,184)	(25,172)	(17,060)	(21,465)
Net loss attributable to noncontrolling interests in investment entities	1,850	2,054	3,572	3,688
Net loss attributable to BrightSpire Capital, Inc. common stockholders	$ (18,334)	$ (23,118)	$ (13,488)	$ (17,777)
Net loss per common share - basic (in dollars per share)	$ (0.15)	$ (0.19)	$ (0.12)	$ (0.15)
Net loss per common share - diluted (in dollars per share)	$ (0.15)	$ (0.19)	$ (0.12)	$ (0.15)
Weighted average shares of common stock outstanding - basic (in shares)	126,710,000	127,247,000	126,324,000	127,165,000
Weighted average shares of common stock outstanding - diluted (in shares)	126,710,000	127,247,000	126,324,000	127,165,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (20,184)	$ 3,123	$ (25,172)	$ 3,708	$ (17,060)	$ (21,465)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in (earnings) losses of unconsolidated ventures	602		0		602	0
Depreciation and amortization	8,187		10,607		16,814	21,159
Straight-line rental income					(223)	(530)
Origination fees received, net of discount accretion and fee amortization					3,521	(816)
Amortization of deferred financing costs					5,109	4,275
Paid-in-kind interest added to loan principal					(1,005)	(1,048)
Designated hedges and foreign currency translation reclassified to earnings					0	3,362
Realized loss on sale of real estate					29	245	$ (1,100)
Increase of current expected credit loss reserve					15,247	346
Impairment of operating real estate					9,270	51,127
Amortization of equity-based compensation					6,361	7,126
Non-cash adjustments					54	(50)
Deferred income tax (benefit) expense					94	(21,781)
Changes in assets and liabilities:
Receivables, net					(5,521)	(3,812)
Deferred costs and other assets					10,838	(3,298)
Other liabilities					(3,789)	(6,913)
Net cash provided by operating activities					40,341	27,927
Cash flows from investing activities:
Acquisition, origination and funding of loans and preferred equity held for investment, net					(559,455)	(210,652)
Repayment on loans held for investment					292,980	146,419
Proceeds from sale of real estate					25,812	5,184
Cash and restricted cash received related to consolidation of loans held for investment and real estate owned					2,433	4,653
Cash and restricted cash relinquished in deconsolidation of subsidiaries					(706)	0
Acquisition of and additions to real estate and related intangibles					(2,129)	(8,389)
Change in escrow deposits payable					(6,250)	(5,384)
Net cash used in investing activities					(247,315)	(68,169)
Cash flows from financing activities:
Distributions paid on common stock					(42,733)	(41,550)
Shares canceled for tax withholding on vested stock awards					(4,791)	(3,878)
Repurchase of common stock					(19,495)	(4,008)
Repayment of mortgage notes					(2,768)	(2,957)
Borrowings from master repurchase and credit facilities					936,953	116,224
Repayment of master repurchase and credit facilities					(1,088,825)	(111,678)
Borrowing from securitization bonds					833,237	0
Repayment of securitization bonds					(398,215)	(105,965)
Payment of deferred financing costs					(10,504)	(4,780)
Net cash provided by (used in) financing activities					202,859	(158,592)
Effect of exchange rates on cash, cash equivalents and restricted cash					0	(180)
Net decrease in cash, cash equivalents and restricted cash					(4,115)	(199,014)
Cash, cash equivalents and restricted cash - beginning of period		$ 173,835		$ 450,696	173,835	450,696	450,696
Cash, cash equivalents and restricted cash - end of period	169,720		251,682		169,720	251,682	173,835
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	68,157		154,283		68,157	154,283	66,789	$ 302,173
Restricted cash	101,563		97,399		101,563	97,399	107,046	148,523
Total cash, cash equivalents and restricted cash	$ 169,720		$ 251,682		169,720	251,682	$ 173,835	$ 450,696
Supplemental disclosure of cash flow information:
Cash paid for interest					73,174	76,369
Income taxes paid (refunded)					(10,166)	1,884
Supplemental disclosure of non-cash investing and financing activities:
Deconsolidation of assets following foreclosure (refer to Note 4)					(7,885)	(194,665)
Deconsolidation of liabilities following foreclosure (refer to Note 4)					5,829	168,699
Accrual of distribution payable					21,885	20,862
Assets transferred to held for sale					248,418	34,284
Liabilities related to assets transferred to held for sale					(200,000)	0
Assumption of accounts payable, accrued expenses and other liabilities related to consolidation of VIE and assumption of real estate					(2,267)	(9,597)
Assumption of receivables and other assets related to consolidation of VIE and assumption of real estate					443	10,742
Assumption of real estate and consolidation of VIE (refer to Note 4)					$ 44,791	$ 166,918

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 68,157	$ 66,789
Restricted cash	101,563	107,046
Loans and preferred equity held for investment	2,893,663	2,678,315
Current expected credit loss reserve	(98,658)	(87,401)
Loans and preferred equity held for investment, net	2,795,005	2,590,914
Real estate, net	450,338	679,779
Receivables, net	51,368	45,591
Deferred leasing costs and intangible assets, net	4,337	27,646
Assets held for sale	248,418	0
Other assets	28,547	47,065
Total assets	3,747,733	3,564,830
Liabilities
Securitization bonds payable, net	1,407,850	977,082
Mortgage and other notes payable, net	211,604	414,060
Credit facilities	926,225	1,078,098
Accrued and other liabilities	54,527	64,098
Liabilities related to assets held for sale	200,000	0
Escrow deposits payable	76,261	82,511
Dividends payable	21,885	20,576
Total liabilities	2,898,352	2,636,425
Commitments and contingencies (Note 12)
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.01 par value per share, Class A, 950,000,000 shares authorized, 126,789,991 and 128,627,246 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1,268	1,286
Additional paid-in capital	2,845,471	2,863,377
Accumulated deficit	(1,983,759)	(1,926,231)
Total stockholders’ equity	862,980	938,432
Noncontrolling interests in investment entities	(13,599)	(10,027)
Total equity	849,381	928,405
Total liabilities and equity	3,747,733	3,564,830
Primary beneficiary
Assets
Cash and cash equivalents	1,795	1,461
Restricted cash	12,876	9,149
Loans and preferred equity held for investment, net	1,616,299	1,151,496
Real estate, net	141,430	149,343
Receivables, net	19,356	16,053
Deferred leasing costs and intangible assets, net	3,764	3,544
Other assets	22,239	23,970
Total assets	1,817,759	1,355,016
Liabilities
Securitization bonds payable, net	1,407,850	977,082
Mortgage and other notes payable, net	95,417	96,348
Credit facilities	45,145	45,145
Accrued and other liabilities	10,669	8,074
Escrow deposits payable	3,980	3,354
Total liabilities	$ 1,563,061	$ 1,130,003