EPS: As of FY2026 Q1, the actual value is USD 0.03.<h4>First Quarter 2026 Financial Results</h4>BrightSpire Capital, Inc. reported GAAP net income attributable to common stockholders of $4.8 million, or $0.03 per share, for the first quarter of 2026. Distributable Earnings for the quarter were $15.6 million, or $0.12 per share. Adjusted Distributable Earnings reached $18.2 million, or $0.14 per share.<h4>Segment Revenue</h4><ul><li>Total Net Interest Income: $16,121 thousand for Q1 2026, compared to $15,875 thousand for Q1 2025.<ul><li>Loan Portfolio: $16,941 thousand for Q1 2026.</li><li>Net Leased and Other Real Estate: - $12 thousand for Q1 2026.</li><li>Corporate and Other: - $808 thousand for Q1 2026.</li></ul></li><li>Total Property Operating Income: $32,654 thousand for Q1 2026, compared to $26,858 thousand for Q1 2025.<ul><li>Net Leased and Other Real Estate: $32,654 thousand for Q1 2026.</li></ul></li><li>Total Other Income: $2,971 thousand for Q1 2026, compared to $2,618 thousand for Q1 2025.<ul><li>Corporate and Other: $2,873 thousand for Q1 2026.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Net Income Attributable to BrightSpire Capital, Inc. Common Stockholders: $4,845 thousand for Q1 2026, compared to $5,342 thousand for Q1 2025.<ul><li>Per Common Share (Basic &amp; Diluted): $0.03 for Q1 2026, compared to $0.04 for Q1 2025.</li><li>Net Income (Loss) by Segment (Q1 2026):<ul><li>Loan Portfolio: $14,608 thousand.</li><li>Net Leased and Other Real Estate: $604 thousand.</li><li>Corporate and Other: - $10,367 thousand.</li></ul></li></ul></li><li>Distributable Earnings Attributable to BrightSpire Capital, Inc. Common Stockholders: $15,568 thousand for Q1 2026, or $0.12 per share.</li><li>Adjusted Distributable Earnings Attributable to BrightSpire Capital, Inc. Common Stockholders: $18,202 thousand for Q1 2026, or $0.14 per share.</li><li>Total Expenses: $48,525 thousand for Q1 2026, compared to $41,120 thousand for Q1 2025.<ul><li>Property Operating Expense: $20,078 thousand for Q1 2026, compared to $9,966 thousand for Q1 2025.</li><li>Transaction, Investment and Servicing Expense: $832 thousand for Q1 2026, compared to $629 thousand for Q1 2025.</li><li>Interest Expense on Real Estate: $5,091 thousand for Q1 2026, compared to $6,565 thousand for Q1 2025.</li><li>Depreciation and Amortization: $8,627 thousand for Q1 2026, compared to $10,552 thousand for Q1 2025.</li><li>Increase of Current Expected Credit Loss Reserve: $1,746 thousand for Q1 2026, compared to a decrease of - $235 thousand for Q1 2025.</li><li>Compensation and Benefits: $9,056 thousand for Q1 2026, compared to $10,429 thousand for Q1 2025.</li><li>Operating Expense: $3,095 thousand for Q1 2026, compared to $3,214 thousand for Q1 2025.</li></ul></li><li>Book Value: As of March 31, 2026, GAAP net book value was $7.05 per share, and undepreciated book value was $8.24 per share.</li><li>Total At-Share Assets (Undepreciated): $3.8 billion as of March 31, 2026.</li><li>Total Loan Portfolio: $2.7 billion (100 Total Loans) with an average loan size of $27 million and 97% floating-rate.</li><li>Total Liquidity: $206 million, comprising $58 million of unrestricted cash (or $0.45 per share) and a $120 million fully undrawn corporate revolver.</li><li>Debt-to-Equity Ratio: 2.4x.</li><li>W.A. All-in Cost of Financing: 5.55%.</li><li>Total CECL Reserve (General): $87.2 million, or $0.67 per share / 306 bps.</li><li>Net Deployment Activity: $110 million positive net deployment during Q1 2026 and $394 million year-to-date. BrightSpire Capital, Inc. achieved positive net deployment year-to-date, with $311 million of committed capital closed during the first quarter and subsequent periods, and an additional $283 million in-execution.</li><li>Q1 2026 Capital Commitment: $279 million across 7 new senior loans.</li><li>Subsequent Capital Commitment (post Q1 2026): $316 million across 10 new senior loans.</li><li>Q1 2026 Repayment Proceeds: $169 million across 6 loans.</li><li>Subsequent Repayment Proceeds (post Q1 2026): $32 million across 1 loan.</li><li>Loan Portfolio W.A. Risk Ranking: 3.1 (unchanged from Q4 2025).</li><li>Watch List Loans: Reduced by approximately 39% year to date, totaling $166 million or 6% of the loan portfolio as of Q1 2026 (compared to $220 million or 8% as of Q4 2025).</li><li>REO Assets: 6 REO assets totaling $336 million, with one hotel REO asset totaling $143 million (43% of REO). BrightSpire Capital, Inc. sold one REO office property for approximately $26 million of net proceeds and acquired one multifamily property through foreclosure totaling $45 million in Q1 2026.</li></ul><h4>Cash Flow</h4>The provided reference does not contain specific financial data regarding cash flow, including operating cash flow or free cash flow.<h4>Dividend and Share Repurchase Program</h4>BrightSpire Capital, Inc.’s Board of Directors declared a quarterly cash dividend of $0.16 per share for Q1 2026, paid on April 15, 2026. A new stock repurchase program was authorized on April 22, 2026, allowing the company to repurchase up to $50 million of its outstanding Class A common stock until April 30, 2027, replacing the prior program.<h4>Outlook / Guidance</h4>BrightSpire Capital, Inc. anticipates a decline in watchlist loans by approximately 59%, from $166 million to $67 million, due to expected repayments and sales in Q2 2026. The company also expects REO assets to decline by approximately 20%, from $336 million to $267 million, with sales processes underway for two REO multifamily properties expected to close in Q3 2026. For the remainder of 2026, the company plans to focus on growing its portfolio and earnings through new loan originations while continuing to resolve its remaining REO and watchlist loans.

BrightSpire Capital | 8-K: FY2026 Q1 EPS: USD 0.03