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BrightSpire Capital Announces Closing of $955 Million BRSP 2026-FL3 Commercial Real Estate CLO and the Redemption of BRSP 2021-FL1

BRSP
  • BrightSpire Capital, Inc. closed BRSP 2026-FL3, a $955 million managed Commercial Real Estate Collateralized Loan Obligation (CLO), on February 17, 2026.
  • Approximately $833.2 million of investment grade securities were placed with institutional investors on a non-mark-to-market, non-recourse basis.
  • The CLO is collateralized by 29 first-lien floating-rate mortgages secured by 30 properties across 11 states, consisting primarily of multifamily assets (95%) and mixed-use properties (5.0%).
  • All loans were originated by BrightSpire Capital subsidiaries, featuring an 87.25% initial advance rate with a weighted average coupon of Term SOFR+1.69% before transaction costs.
  • The structure includes a 30-month reinvestment period and approximately $98 million in available proceeds for a six-month ramp-up period.
  • Moody's assigned an "Aaa" rating to the seniormost certificates, while Kroll Bond Rating Agency provided "AAA" ratings to the same tier and ratings for remaining classes.
  • Wells Fargo Securities served as sole structuring agent, with Citigroup, Morgan Stanley, and Barclays acting as co-lead managers, joint bookrunners, and co-manager respectively.
  • BrightSpire Capital intends to redeem its BRSP 2021-FL1 securitization on February 19, 2026.
  • Proceeds will be reinvested in new loans to expand the overall loan portfolio and earnings, according to company executives.