BrightSpire Capital, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported GAAP net income attributable to common stockholders of $46.9 million, or $0.37 per share.
• Reported Distributable Earnings of $10.3 million, or $0.08 per share.
• Reported Adjusted Distributable Earnings of $17.8 million, or $0.14 per share.
• Reported GAAP net book value of $7.08 per share and undepreciated book value of $7.87 per share as of September 30, 2026.
• Loan book stands at approximately $3.1 billion, representing growth of over 30% year-over-year.

Guidance and Future Outlook:

• Management remains focused on further reducing watchlist and REO (Real Estate Owned) exposure.
• The Company is executing its strategy to reduce CLO liabilities, which currently represent nearly two-thirds of the loan portfolio financing.
• Management indicated a focus on improving the overall composition of the middle market-focused loan portfolio.

Business Segments and Product Lines:

• Closed the fifth CLO and the second CLO of 2026.
• Closed on the sale of the Company's largest asset, identified as triple net lease distribution centers.
• Loan originations were strong, with $272 million of committed capital closed during the quarter.
• An additional $66 million in capital was closed or in-execution subsequent to the quarter end.
• The portfolio consists primarily of CRE debt investments, predominantly first mortgage loans in the United States.

Market and Competitive Landscape:

• Operated in a challenging capital markets backdrop characterized by market volatility.
• The Company is one of the largest publicly traded commercial real estate (CRE) credit REITs.

Risks and Challenges:

• Potential risks include borrower defaults on debt service, deterioration in property performance, and impacts from inflationary trends or interest rate volatility.
• Risks associated with the use of leverage, interest rate mismatches, and the ability to refinance mortgage debt on similar terms.
• Potential adverse impacts on the corporate revolver, covenant compliance, and borrowing base capacity.
• Risks related to the ability to execute CRE CLOs on a go-forward basis at a reduced cost of capital.
• Exposure to global geopolitical uncertainties and unforeseen public health crises.

Management Commentary and Tone:

• CEO Michael J. Mazzei described the quarter as "productive" despite market volatility and a challenging capital markets backdrop.
• COO Andrew E. Witt characterized the quarter as having "strong loan originations" and noted a reduction in REO exposure.
• Management highlighted the successful execution of CLO transactions and the sale of the largest asset as key highlights.

Other Key Points:

• The Board of Directors declared a quarterly cash dividend of $0.16 per share for Class A common stock for the third quarter of 2026.
• The dividend was paid on October 14, 2026, to common stockholders of record as of September 30, 2026.
• A Third Quarter 2026 Supplemental Financial Report is available on the Company's website.
• A conference call to discuss results was scheduled for October 28, 2026, at 10:00 a.m. ET.
• The Company is organized as a Maryland corporation and taxed as a REIT for U.S. federal income tax purposes.