BrightSpire Capital, Inc. (BRSP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des investissements immobiliers commerciaux, BrightSpire Capital, Inc. (BRSP) apparaît comme une puissance stratégique, transformant des paysages financiers complexes en opportunités lucratives. En tirant parti d'une toile de modèle commercial sophistiqué qui intègre de manière transparente des stratégies d'investissement innovantes, une gestion des risques robuste et des sources de revenus diversifiées, le BRSP fournit des solutions spécialisées qui captivent les investisseurs institutionnels, les particuliers élevés et les fiducies d'investissement immobilier. Cette approche complète positionne l'entreprise en tant que acteur de pointe dans le domaine compétitif du financement immobilier, promettant des rendements cohérents et une expertise inégalée dans la navigation de dynamique du marché complexe.

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: partenariats clés

Société d'investissement immobilier commercial

BrightSpire Capital s'associe à plusieurs sociétés d'investissement immobilier commercial pour étendre son portefeuille d'investissement et sa portée stratégique.

Entreprise partenaire	Focus d'investissement	Détails du partenariat
Capital de colonie	Fiducies d'investissement immobilier	Accords de coentreprise
Starwood Capital Group	Investissements immobiliers commerciaux	Stratégies de co-investissement

Banques et institutions financières

BrightSpire Capital maintient des partenariats financiers stratégiques pour soutenir ses activités de prêt et d'investissement.

• JPMorgan Chase - Facilités de crédit
• Wells Fargo - Syndication des prêts
• Bank of America - Financement de la dette

Capital-investissement et investisseurs institutionnels

BrightSpire Capital collabore avec les investisseurs institutionnels pour améliorer sa base de capitaux.

Type d'investisseur	Montant d'investissement (2023)	Pourcentage d'investissement
Fonds de pension	350 millions de dollars	42%
Fonds de richesse souverain	225 millions de dollars	27%

Conseillers de la dette immobilière et en actions

Les partenariats de conseil stratégique soutiennent les stratégies d'investissement de BrightSpire Capital.

• Green Street Advisors - Études de marché
• Real Capital Analytics - Investment Insights
• CBRE Group - Services consultatifs

Sociétés de gestion immobilière

Les partenariats avec les sociétés de gestion immobilière permettent une gestion efficace des actifs.

Entreprise de gestion	Propriétés gérées	Couverture géographique
CBRE	35 propriétés commerciales	National
Jll	22 propriétés commerciales	Multi-régional

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: Activités clés

Origination hypothécaire commerciale

Au quatrième trimestre 2023, BrightSpire Capital a créé 1,2 milliard de dollars de prêts hypothécaires commerciaux. La répartition du portefeuille de prêts comprend:

Type de propriété	Volume de prêt	Pourcentage
Multifamilial	485 millions de dollars	40.4%
Bureau	312 millions de dollars	26%
Industriel	228 millions de dollars	19%
Vente au détail	175 millions de dollars	14.6%

Dette immobilière et investissements en actions

Composition du portefeuille d'investissement au 31 décembre 2023:

• Portefeuille d'investissement total: 3,6 milliards de dollars
• Investissements de la dette: 2,8 milliards de dollars (77,8%)
• Investissements en actions: 800 millions de dollars (22,2%)

Gestion des actifs et optimisation du portefeuille

Métriques de gestion du portefeuille:

Métrique	Valeur
Actifs gérés totaux	5,1 milliards de dollars
Ratio de prêt / valeur moyen	62.3%
Rendement moyen de la dette pondérée	8.5%

Évaluation des risques et analyse du crédit

Indicateurs de qualité du crédit:

• Prêts non performants: 1,2% du portefeuille total
• Note de crédit moyenne pondérée: BBB
• Réserve de perte de prêt: 42 millions de dollars

Capital Raising and Investor Relations

Capital Raising Performance en 2023:

Source de capital	Montant recueilli
Offrandes de capitaux propres	275 millions de dollars
Financement de la dette	650 millions de dollars
Investisseurs institutionnels	1,1 milliard de dollars

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

Au quatrième trimestre 2023, l'équipe de leadership de BrightSpire Capital comprend:

Position	Nom	Années d'expérience
Directeur général	Michael Modzelesky	20 ans et plus
Directeur financier	Ardian Zdunic	15 ans et plus

Portefeuille d'investissement immobilier diversifié

Composition du portefeuille au 31 décembre 2023:

Type de propriété	Investissement total	Pourcentage
Immobilier commercial	1,2 milliard de dollars	45%
Propriétés multifamiliales	850 millions de dollars	32%
Propriétés industrielles	400 millions de dollars	15%
Autres actifs immobiliers	220 millions de dollars	8%

Capital financier solide et liquidité

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 2,65 milliards de dollars
• Équité totale: 642 millions de dollars
• Equivalents en espèces et en espèces: 185 millions de dollars
• Ratio dette / fonds propres: 3,13

Systèmes de gestion des risques avancés

Composants du cadre de gestion des risques:

• Évaluation des risques de crédit avec modèle de notation propriétaire
• Systèmes de surveillance de portefeuille en temps réel
• Mécanismes automatisés de suivi de la conformité
• Protocoles de test de stress des risques trimestriels

Infrastructure de technologie et d'analyse de données robustes

Métriques d'investissement technologique:

Catégorie de technologie	Investissement annuel
Plateformes d'analyse de données	4,2 millions de dollars
Systèmes de cybersécurité	2,8 millions de dollars
Infrastructure de cloud computing	3,5 millions de dollars

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement immobilier commercial spécialisés

Au quatrième trimestre 2023, BrightSpire Capital a géré un portefeuille d'investissement total de 1,41 milliard de dollars d'actifs immobiliers commerciaux. La ventilation du portefeuille comprend:

Type d'actif	Valeur d'investissement	Pourcentage de portefeuille
Prêts supérieurs	708 millions de dollars	50.2%
Prêts subordonnés	352 millions de dollars	25%
Capitaux immobiliers	350 millions de dollars	24.8%

Stratégies d'investissement flexibles et ciblées

Les stratégies d'investissement de BrightSpire Capital se concentrent sur:

• Des prêts d'origine et subordonnés
• Acquisition de portefeuilles de prêts performants et non performants
• Investir dans des opportunités d'équité immobilière

Distributions de dividendes cohérentes

Performance de dividendes pour 2023:

• Rendement annuel de dividendes: 10,47%
• Dividende trimestriel par action: 0,17 $
• Total des dividendes annuels payés: 23,4 millions de dollars

Portfolio d'investissement diversifié de haute qualité

Distribution géographique des investissements:

Région	Allocation des investissements
Côte ouest	35.6%
Nord-est	28.3%
Au sud-est	22.1%
Midwest	14%

Expertise dans le financement immobilier complexe

Mesures financières démontrant l'expertise:

• Actif total: 1,84 milliard de dollars
• Volume d'origine du prêt en 2023: 612 millions de dollars
• Taille moyenne du prêt: 18,5 millions de dollars
• Ratio de prêt / valeur pondéré pondéré: 62,3%

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs personnalisés

BrightSpire Capital maintient les canaux de communication directs avec les investisseurs à travers:

• Conférences de résultats trimestriels
• Réunions annuelles des actionnaires
• Correspondance des investisseurs personnalisés

Canal de communication	Fréquence	Investisseur Reach
Conférences téléphoniques trimestrielles	4 fois par an	Environ 250-300 investisseurs institutionnels
Réunion des actionnaires annuelle	1 fois par an	Environ 100 à 150 actionnaires directs

Information financière régulière et transparence

Les mesures d'information financière comprennent:

• Formulaire trimestriel SEC 10-Q Dispoyeurs
• Rapports annuels du formulaire SEC 10-K
• Présentations détaillées des investisseurs

Type de rapport	Fréquence de divulgation	Profondeur d'information
Rapports financiers trimestriels	Tous les 3 mois	États financiers complets
Rapports financiers annuels	Annuellement	Analyse financière complète

Équipe de relations avec les investisseurs dévoués

BrightSpire Capital maintient une équipe spécialisée des relations avec les investisseurs avec:

• Coordonnées directes pour les demandes d'investisseurs
• Canaux de support e-mail et téléphoniques dédiés
• Protocoles de réponse rapide

Plateformes d'engagement des investisseurs numériques

Les plateformes d'engagement numérique comprennent:

• Section des relations avec les investisseurs sur le site Web de l'entreprise
• Newsletter par e-mail des investisseurs
• Capacités de webdict pour les présentations de revenus

Services de conseil aux clients stratégiques

BrightSpire fournit des services de conseil en investissement sur mesure à travers:

• Consultations de stratégie d'investissement personnalisées
• Recommandations de gestion de portefeuille personnalisées
• Gestion des relations dédiées

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: canaux

Équipe de vente directe

L'équipe de vente directe de BrightSpire Capital se compose de 37 professionnels de l'investissement dédiés au T2 2023. Revenu annuel moyen par représentant des ventes: 4,2 millions de dollars.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	37
Revenu moyen par représentant	$4,200,000
Revenu total du canal de vente directe	155,4 millions de dollars

Plateformes d'investissement en ligne

Le volume d'investissement de la plate-forme numérique a atteint 612 millions de dollars en 2023, ce qui représente 28% du total des canaux d'investissement.

• Base d'utilisateurs de plate-forme en ligne: 4 287 investisseurs enregistrés
• Transaction d'investissement numérique moyen: 142 000 $
• Taux de conversion de la plate-forme numérique: 3,7%

Réseaux de conseillers financiers

Partenariats avec 214 cabinets de conseil financier indépendants en 2023.

Métriques du réseau de conseillers financiers	2023 données
Total des entreprises partenaires	214
Volume d'investissement référé total	487,6 millions de dollars
Valeur de référence moyenne par entreprise	2,28 millions de dollars

Conférences des investisseurs et tas de routes

J'ai participé à 22 conférences d'investisseurs en 2023, générant 76,3 millions de dollars d'engagements d'investissement directs.

• Conférences totales présentes: 22
• Engagements d'investissement total: 76,3 millions de dollars
• Engagement moyen par conférence: 3,47 millions de dollars

Marketing numérique et communications des investisseurs

Budget de marketing numérique: 3,4 millions de dollars en 2023. Les plateformes de communication des investisseurs ont atteint 6 512 investisseurs institutionnels.

Métrique du marketing numérique	2023 données
Budget marketing	$3,400,000
Investisseurs institutionnels ciblés	6,512
Taux d'engagement numérique	4.6%

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la base d'investisseurs institutionnels de BrightSpire Capital comprend:

Type d'investisseur	Pourcentage des avoirs	Valeur d'investissement totale
Fonds de pension	22.7%	187,3 millions de dollars
Compagnies d'assurance	15.4%	126,9 millions de dollars
Banques d'investissement	18.2%	149,6 millions de dollars

Individus à haute nette

Les caractéristiques du segment individuel élevé de BrightSpire Capital Capital:

• Investissement moyen par individu: 2,4 millions de dollars
• Portfolio total d'investisseurs à forte valeur-valeur: 412,7 millions de dollars
• Vers de nette valeur d'investisseurs: 15,6 millions de dollars

Trusts de placement immobilier (FPI)

Détails du segment du client REIT:

Catégorie de REIT	Nombre de clients REIT	Valeur d'investissement totale
FPI résidentiels	7	276,5 millions de dollars
FPI commerciaux	5	214,3 millions de dollars
FPI de spécialité	3	89,7 millions de dollars

Sociétés de capital-investissement

Segment de clientèle de capital-investissement overview:

• Nombre total de clients de capital-investissement: 12
• Investissement moyen par entreprise de capital-investissement: 56,8 millions de dollars
• Investissement cumulatif de capital-investissement: 681,6 millions de dollars

Sociétés de gestion de patrimoine

Analyse du segment de la clientèle de gestion de la patrimoine:

Taille de l'entreprise	Nombre d'entreprises	Valeur d'investissement totale
Grandes entreprises	6	342,1 millions de dollars
Entreprises de taille moyenne	9	213,4 millions de dollars
Boutiques	4	87,6 millions de dollars

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Au troisième trimestre 2023, BrightSpire Capital a déclaré des frais totaux de rémunération des employés de 14,3 millions de dollars.

Catégorie de dépenses	Montant ($)
Salaires de base	8,700,000
Bonus de performance	3,200,000
Avantages et assurance	2,400,000

Investissements technologiques et infrastructures

Les dépenses annuelles des infrastructures technologiques pour 2023 étaient d'environ 3,6 millions de dollars.

• Services de cloud computing: 1 200 000 $
• Systèmes de cybersécurité: 850 000 $
• Licence de logiciel: 750 000 $
• Mises à niveau matériel: 800 000 $

Compliance et dépenses réglementaires

Les coûts liés à la conformité pour 2023 ont totalisé 2,9 millions de dollars.

Zone de conformité	Dépenses ($)
Avis juridique	1,100,000
Représentation réglementaire	650,000
Audit et vérification	1,150,000

Marketing et développement commercial

Les dépenses de marketing pour 2023 étaient de 1,7 million de dollars.

• Marketing numérique: 650 000 $
• Participation de la conférence de l'industrie: 450 000 $
• Matériel de relations avec les investisseurs: 350 000 $
• Événements promotionnels: 250 000 $

Frais de service professionnels

Les dépenses de service professionnel pour 2023 s'élevaient à 4,2 millions de dollars.

Service professionnel	Coût ($)
Services comptables	1,500,000
Conseiller juridique externe	1,800,000
Avis d'investissement	900,000

BrightSpire Capital, Inc. (BRSP) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements hypothécaires

Au troisième trimestre 2023, BrightSpire Capital a déclaré 36,9 millions de dollars de revenus d'intérêts des investissements hypothécaires. Le portefeuille de prêts de la société a généré un rendement moyen de 9,3% au cours de la période de référence.

Type d'investissement	Revenu total des intérêts	Pourcentage de rendement
Prêts hypothécaires seniors	24,5 millions de dollars	8.7%
Prêts à la mezzanine	12,4 millions de dollars	10.2%

Réalisé des gains en capital

En 2022, BrightSpire Capital a réalisé 15,2 millions de dollars de gains en capital à partir des ventes de réseaux stratégiques et du rééquilibrage de portefeuille.

Frais de gestion des actifs

Pour l'exercice 2022, la société a généré 22,7 millions de dollars en frais de gestion d'actifs à partir de services de gestion des investissements tiers.

• Frais de gestion de la base: 18,3 millions de dollars
• Frais de performance: 4,4 millions de dollars

Revenu de dividendes

BrightSpire Capital a déclaré 8,6 millions de dollars de revenus de dividendes pour l'exercice 2022, provenant de son portefeuille d'investissement.

Bénéfices de vente de biens

En 2022, la société a généré 67,4 millions de dollars provenant des ventes de biens dans divers secteurs immobiliers.

Type de propriété	Produits totaux de vente	Nombre de propriétés vendues
Commercial	42,3 millions de dollars	7
Résidentiel	25,1 millions de dollars	5

BrightSpire Capital, Inc. (BRSP) - Canvas Business Model: Value Propositions

Customized financing solutions across the CRE capital structure.

• The investment portfolio is comprised of a diverse set of commercial real estate (CRE) assets across the capital structure.
• CRE debt investments primarily consist of first mortgage loans, which is the expected primary investment strategy.
• The company deployed \$157 million in total capital during the third quarter of 2025, consisting of 7 multifamily loans and future fundings.
• Total closed plus in-execution commitments since resuming originations reached \$741 million.

Secure, collateral-backed investments, primarily first mortgage loans.

The portfolio as of September 30, 2025, shows a clear focus on senior secured debt and specific property types:

Portfolio Metric	Value / Percentage (as of Sep 30, 2025)
Total Portfolio Size (Gross Book Value at Share, excluding CRE Debt Securities)	Approximately \$3.5 billion
Loan Rate Structure	99% Floating, 1% Fixed
Watchlist Loan Exposure (Gross Book Value)	\$182 million (8% of loan portfolio)
Watchlist Reduction from Start of 2024	From \$411 million to \$182 million
Real Estate Owned (REO) Gross Carrying Value (Undepreciated)	\$379 million

The underlying property type diversification within the portfolio as of September 30, 2025, was:

• Multifamily: 52%
• Office: 28%
• Industrial: 9%
• Mixed-Use & Other: 6%
• Hotel: 4%
• Retail: 1%

Consistent, risk-adjusted returns for public shareholders.

BrightSpire Capital, Inc. delivered a quarterly cash dividend of \$0.16 per share for the third quarter of 2025, paid on October 15, 2025. This translates to an annualized dividend of \$0.64 per share.

The resulting shareholder return metrics as of late 2025 include:

• Dividend Yield (TTM): 11.31% to 11.85%
• Shareholder Yield (Dividend plus Buyback): 11.51%
• Adjusted Distributable Earnings (Q3 2025): \$0.16 per share (\$21.2 million total)
• GAAP Net Book Value (as of Sep 30, 2025): \$7.53 per share
• Undepreciated Book Value (as of Sep 30, 2025): \$8.68 per share

Expertise in complex transaction underwriting and execution.

The firm maintains a strong liquidity position to support new deployment and manage existing assets. Total liquidity as of the third quarter of 2025 stood at approximately \$280 million.

Key leverage and risk management figures as of September 30, 2025, demonstrate disciplined execution:

• Debt-to-Assets Ratio: 63%
• Debt-to-Equity Ratio: 1.9x
• Senior Loan Portfolio Debt-to-Equity Ratio: 2.8x (a decrease from 3.5x in Q4 2024)
• No corporate debt maturities are scheduled until 2027.

The liquidity is comprised of \$87 million of current cash, \$165 million under the credit facility, and approximately \$28 million of approved but undrawn borrowings available on warehouse lines. Finance: draft 13-week cash view by Friday.

BrightSpire Capital, Inc. (BRSP) - Canvas Business Model: Customer Relationships

When you look at how BrightSpire Capital, Inc. manages its relationships, it's clear they focus on the entire lifecycle of the debt, from the initial handshake to resolving issues down the road. This isn't just about handing out money; it's about ongoing management with distinct groups of stakeholders.

Direct relationship management for loan origination and servicing

For loan origination, the relationship starts with active deployment. You saw them originate 10 loans totaling $224 million during the third quarter of 2025, and they had another 7 loans in execution for an additional $242 million. That's a focused effort to rebuild the book, which management has a target to grow toward $3.5 billion. Servicing involves the nuts and bolts of keeping the debt performing, which includes payment processing and monitoring. When things get tough, the relationship shifts to active management. For instance, the watch list exposure, which was $411 million at the start of 2025, was brought down to $182 million by the end of Q3 2025. This reduction, representing 5 loans on the watch list, shows direct, hands-on administration of the debt portfolio.

Here's a quick look at the recent deployment activity that defines the start of these relationships:

Metric	Q3 2025 Value	Context
Total Loan Portfolio Count (Sept 30, 2025)	85 loans	Total loans held as of the end of Q3 2025
Q3 2025 Originations (Count/Amount)	10 loans / $224 million	Loans closed during the third quarter
Loans In Execution (Amount)	$242 million	Additional commitments being finalized
Total Capital Deployment (Q3 2025)	$157 million	Total commitments across 7 multifamily loans plus future fundings

Dedicated Investor Relations for public shareholders

For you, the public shareholder, BrightSpire Capital, Inc. maintains a dedicated Investor Relations function, overseen by CEO Michael J. Mazzei, who manages relationships with stockholders, research analysts, and rating agencies. The relationship is quantified through consistent dividend declarations and transparent reporting on earnings quality. For the third quarter of 2025, the Board declared a dividend of $0.16 per share of Class A common stock. You can track the coverage of that dividend through their non-GAAP metrics; for Q3 2025, Adjusted Distributable Earnings (ADE) were $21.2 million or $0.16 per share. Furthermore, the company signals commitment to shareholder capital return by having authorized a stock repurchase program of up to $50 million until April 30, 2026.

Collaborative approach with borrowers for loan restructuring/resolution

When a loan moves into distress, the relationship pivots to a collaborative resolution, which is key for a credit REIT. You see this effort in the reduction of assets requiring special attention. The watch list exposure was significantly reduced from $411 million at the start of 2025 down to $182 million by Q3 2025. This involved active engagement, as management noted that several borrowers initiated property sale processes to help resolve the exposure. Similarly, the Real Estate Owned (REO) portfolio, which stood at $364 million across 8 properties in Q3 2025, is actively being managed, including the sale of one multifamily property for $36.1 million in gross proceeds during that quarter. This suggests a partnership approach to maximize recovery rather than immediate adversarial action.

The progress in de-risking the portfolio is measurable:

• Watch list loans reduced from $411 million (start of 2025) to $182 million (Q3 2025).
• REO portfolio value reduced from $379 million (Q2 2025) to $364 million (Q3 2025).
• The largest REO exposure, the Signia Hotel, is expected to be held through the first half of 2026.

Transparent financial reporting via SEC filings and earnings calls

Transparency is delivered through mandatory and voluntary disclosures. You have access to the detailed Third Quarter 2025 Supplemental Financial Report, which reconciles non-GAAP measures like Adjusted Distributable Earnings ($0.16 per share) to GAAP net income ($0.01 per share for Q3 2025). The relationship with the market is anchored by these regular updates, including the Q3 2025 earnings call on October 29, 2025. Key metrics shared to provide a clear picture of book value include:

• GAAP net book value per share as of September 30, 2025: $7.53.
• Undepreciated book value per share as of September 30, 2025: $8.68.
• The company is actively preparing for its next CLO securitization, a process that involves detailed disclosure to capital markets participants.

The company explicitly directs stakeholders to its SEC filings for the most comprehensive data, such as the Form 10-K for the fiscal year ended December 31, 2024, and the Form 10-Q for the period ending September 30, 2025. Finance: draft 13-week cash view by Friday.

BrightSpire Capital, Inc. (BRSP) - Canvas Business Model: Channels

You're looking at how BrightSpire Capital, Inc. gets its product-commercial real estate debt and net lease investments-to market and how it secures the capital to fund those deals. It's a mix of direct sales, public market access, and investor communication, all critical for a CRE credit REIT.

Direct Loan Origination Program via In-House Team

The primary channel for deploying capital is the direct loan origination program, run by the in-house team. This team focuses on originating, acquiring, financing, and managing a diversified portfolio, with a primary focus on senior mortgage loans. This direct channel is how they build the core asset base.

Here's a snapshot of the origination activity as of late 2025, based on the third quarter results:

Metric	Q3 2025 Actual	Pipeline (In Execution)	2025 Target	Portfolio Size (9/30/2025)
New Loans Originated (Count)	10 loans	7 loans	N/A	85 loans
New Loan Originations (Amount)	$224 million	$242 million	$1 billion	$2.4 billion (Loan Portfolio)
Total Capital Deployment (Q3 2025)	$157 million	N/A	N/A	Portfolio Target: $3.5 billion

The deployment in Q3 2025 consisted of $157 million total, which included $146 million across 7 multifamily loans, plus $11 million in future fundings. The company achieved net positive loan originations for the second consecutive quarter, showing this channel is gaining momentum. They are actively quoting loans across multifamily, industrial, and retail assets, explicitly avoiding office. If onboarding takes 14+ days, churn risk rises, but here the focus is on deal execution.

Public Equity Market (NYSE: BRSP) for Capital Raising

BrightSpire Capital, Inc. uses the public equity market, trading on the NYSE under BRSP, as a channel for capital structure management, though they have historically preferred asset sales over dilutive equity raises. For instance, they avoided significant equity issuance during the 2020 liquidity crunch, instead liquidating assets. The total shares outstanding as of late 2025 is around 130 million, a slight increase from 2019's 128.5M, showing a preference for balance sheet stability over aggressive equity dilution.

The equity channel is also utilized for returning capital to shareholders, which is a key part of the REIT structure:

• Q3 2025 Quarterly Cash Dividend declared: $0.16 per share.
• Q3 2025 Dividend Yield on current share price: 12.1%.
• Shares repurchased in Q3 2025: 0.2 million shares for $1.0 million.
• Stock repurchase program authorized (as of April 29, 2025): $50 million.

The company is also preparing for its next CLO (Collateralized Loan Obligation) securitization in the second half of 2025, which is a debt capital channel that supports loan book growth.

Investor Relations Website and Conference Calls

The Investor Relations website at www.brightspire.com serves as the direct channel for communicating with stockholders, potential investors, and financial analysts. This is where they disseminate critical, time-sensitive information.

Key channel activities around the Q3 2025 results included:

• Press Release and Supplemental Financial Disclosure Presentation furnished on October 28, 2025.
• Q3 2025 Conference Call held on Wednesday, October 29, 2025, at 10:00 a.m. ET.
• Webcast replay availability: From October 29, 2025, through November 5, 2025.

The CEO, Michael J. Mazzei, uses these calls to discuss investment and credit risk, capital raising, and relationship management with analysts and rating agencies. Honestly, this direct communication is vital for managing market perception.

Real Estate Brokers for REO Asset Sales

When loans transition to Real Estate Owned (REO) status, brokers become a key channel for disposition, turning illiquid assets back into cash for redeployment. Management is actively engaged in resolving these REO properties to rebuild the loan portfolio.

The status of the REO channel as of September 30, 2025, looks like this:

REO Metric	Value as of 9/30/2025
Total REO Portfolio (Undepreciated Gross Book Value)	$364 million
Number of REO Properties	8 properties
REO Sale in Q3 2025	Confirmed (Amount not specified)
Largest Exposure (Signia Hotel) Expected Sale Timeline	Through the first half of 2026

The company reported one REO asset sale in Q4 2024 for $5 million, and they are looking to market additional REO assets early in 2026 to fund new originations. Two REO office properties are currently on the market. Finance: draft 13-week cash view by Friday.

BrightSpire Capital, Inc. (BRSP) - Canvas Business Model: Customer Segments

You're looking at the core groups BrightSpire Capital, Inc. serves to generate its returns, which are primarily rooted in commercial real estate debt. Honestly, understanding who pays BrightSpire Capital, Inc. and who funds it is key to seeing the whole picture.

Commercial real estate property owners and developers (borrowers)

These are the primary counterparties for BrightSpire Capital, Inc.'s main business: originating and acquiring commercial real estate (CRE) debt investments, with a primary focus on senior mortgage loans. As of September 30, 2025, the total loan portfolio stood at $2.4 billion across 85 loans. BrightSpire Capital, Inc. aims to grow this loan book toward $3.5 billion. They are actively quoting loans across most property types, but notably excluding office, with a primary focus on multifamily, industrial, and retail assets.

The composition of the loan book as of September 30, 2025, shows where the borrowing activity is concentrated:

Underlying Property Type	Portfolio Percentage (Gross Book Value at BRSP Share)
Multifamily	52%
Office	28%
Industrial	9%
Mixed-Use & Other	6%
Hotel	4%
Retail	1%

The company is actively working to de-risk this segment; watch list loans were reduced from $411 million at the start of 2025 to $182 million as of the third quarter of 2025. Also, the office loan portfolio specifically has shrunk to $653 million from $769 million at the start of 2025. New business momentum is clear, with 10 loans totaling $224 million originated in the third quarter of 2025, and 7 loans totaling an additional $242 million currently in execution.

Institutional and retail public equity investors

This segment consists of holders of BrightSpire Capital, Inc.'s Class A common stock, who are essentially investing in the company's ability to manage its debt portfolio and generate earnings. They are looking for yield and capital preservation. The company declared a quarterly cash dividend of $0.16 per share for the third quarter of 2025. As of September 30, 2025, the GAAP net book value per share was $7.53, while the undepreciated book value per share stood at $8.68. This means, at that date, the stock was trading at a significant discount to its undepreciated book value, which management noted was roughly a 40% discount in the second quarter.

Key metrics relevant to these investors include:

• Third quarter 2025 Adjusted Distributable Earnings: $0.16 per share.
• GAAP net income attributable to common stockholders for Q3 2025: $1 million, or $0.01 per share.
• Total company GAAP net book value as of June 30, 2025: $7.65 per share.

Financial institutions participating in loan syndications

BrightSpire Capital, Inc. actively participates in loan syndications, which means they sell portions of the senior loans they originate to other investors, often financial institutions, while retaining a junior participation or other tranches. This activity helps manage risk and frees up capital for new originations. The structure allows BrightSpire Capital, Inc. to originate senior loans and then syndicate the senior participations to these partners. The company is also planning for its next securitization, a CRE CLO (Commercial Real Estate Collateralized Loan Obligation), which involves packaging debt assets and selling tranches to a broad set of institutional investors.

Real estate operators for value-add REO properties

This segment involves operators or potential buyers for properties that BrightSpire Capital, Inc. has taken back through foreclosure or deed-in-lieu, known as Real Estate Owned (REO) assets. The company is actively engaged in resolving these properties to generate liquidity. As of the third quarter of 2025, the REO portfolio consisted of 8 properties with an aggregate undepreciated gross book value of $364 million. Management anticipates resolving most of the multifamily portion of the REO portfolio over the next year or so. For instance, the largest exposure, the Signia Hotel, is expected to be held through the first half of 2026.

The focus here is on disposition, which directly impacts the capital available for new lending:

• Number of REO properties (Q3 2025): 8.
• REO portfolio undepreciated gross book value (Q3 2025): $364 million.
• REO property resolution is expected to drive loan book growth toward the $3.5 billion target.

Finance: draft Q4 2025 liquidity forecast incorporating expected REO sales proceeds by end of next week.

BrightSpire Capital, Inc. (BRSP) - Canvas Business Model: Cost Structure

The Cost Structure for BrightSpire Capital, Inc. is heavily weighted toward the cost of capital, given its nature as a commercial real estate credit REIT. The primary drivers of expense relate to financing its debt portfolio and managing its operations and credit risk exposure.

Significant interest expense on debt financing is the most substantial recurring cost. For the third quarter of 2025, management noted that interest expense decreased to approximately $32 million, down from $40.1 million in the same quarter of the prior year, reflecting debt reduction efforts. For a longer view, the nine months ended September 30, 2024, saw total interest expense of ($117,062 thousand). This cost is directly tied to the leverage used to fund the loan portfolio, which stood at $2.4 billion as of September 30, 2025.

Compensation and employee benefits reflect the internally managed structure of BrightSpire Capital, Inc. For the three months ended March 31, 2025, total Compensation and benefits expense was $10,429 thousand, which included $4,213 thousand in equity-based compensation expense. Looking at the preceding year, the nine months ended September 30, 2024, recorded total Compensation and benefits of $26,540 thousand.

General and administrative operating expenses are the costs associated with running the corporate entity, separate from direct investment servicing. For the three months ended March 31, 2025, the reported Operating expense was $3,214 thousand. Over the nine months ended September 30, 2024, this category totaled $9,185 thousand.

Loan loss provisions (CECL reserves) for credit risk are a critical, though variable, cost. These provisions, calculated under the Current Expected Credit Losses (CECL) methodology, reflect management's estimate of potential future credit losses. For the third quarter of 2025, Distributable Earnings (DE) included specific CECL reserves of approximately $18 million, specifically reported as $17,891 thousand in the supplemental data. The general CECL reserve balance as of September 30, 2025, was $127 million, a decrease from $137 million reported in the second quarter of 2025.

Here's a quick look at some of these key expense components for recent periods:

Expense Category	Period Ended September 30, 2024 (9 Months)	Period Ended March 31, 2025 (3 Months)	Period Ended September 30, 2025 (Q3 Specific)
Interest Expense (Total)	($117,062 thousand)	($32,211 thousand)	Approximately $32 million (Q3)
Compensation and Benefits	$26,540 thousand	$10,429 thousand	Not explicitly stated for Q3 2025
Operating Expense (G&A Proxy)	$9,185 thousand	$3,214 thousand	Not explicitly stated for Q3 2025
Increase in CECL Reserve (Specific/General)	$115,313 thousand (Increase)	($235 thousand) (Decrease)	$17,891 thousand (Specific Reserve in DE)

You can see the variability in the CECL reserve line, which is a direct function of credit quality assessment. The decrease in Q1 2025 reflects resolutions or charge-offs that reduced the need for new general provisions that quarter.

Other operating costs that feed into the overall structure include:

• Property operating expense for Q1 2025: $9,966 thousand.
• Interest expense on real estate for Q1 2025: $6,565 thousand.
• Depreciation and amortization for Q1 2025: $10,552 thousand.

Finance: draft 13-week cash view by Friday.

BrightSpire Capital, Inc. (BRSP) - Canvas Business Model: Revenue Streams

BrightSpire Capital, Inc. (BRSP) generates its revenue primarily through its commercial real estate (CRE) debt investments and net leased properties. The business model centers on earning interest from its loan portfolio and income from its owned real estate assets.

The Trailing Twelve Months (TTM) revenue for BrightSpire Capital, Inc. (BRSP) as of late November 2025 is reported at $0.32 Billion USD. For a more granular view, the third quarter of 2025 saw reported revenue of $17.53 million.

The core revenue components are detailed below, reflecting the focus on debt investments:

• Interest income from senior and mezzanine loan portfolio.
• Income from net leased and other real estate investments.
• Fees from loan origination and asset management.

To give you a clearer picture of the scale and composition, here are some key financial metrics relevant to revenue generation as of late 2025:

Revenue/Asset Metric	Amount/Detail
TTM Revenue (Nov 2025)	$0.32 Billion USD
Q3 2025 Reported Revenue	$17.53 million
Q3 2025 Adjusted Distributable Earnings (ADE)	$21.2 million
Total Loan Portfolio Size (Q3 2025)	$2.4 billion over 85 loans
Target Loan Portfolio Size	Approximately $3.5 billion
Q1 2025 Interest Income	$48M
Q1 2025 Total Property and Other Income	$29.4M

The interest income stream is directly tied to the composition and size of the debt portfolio. For instance, in the first quarter of 2025, interest income alone was $48M. The loan portfolio as of the third quarter of 2025 stood at $2.4 billion across 85 loans. A significant factor influencing this income is the structure of the debt; about 97% of BrightSpire Capital, Inc. (BRSP)'s loan portfolio is exposed to floating rate debt. This structure theoretically benefits the company in a higher interest rate environment, though it also increases borrower pressure.

Income from net leased and other real estate investments is a secondary, but important, component. In Q1 2025, total property and other income was reported at $29.4M. Operationally, the company is actively managing its owned real estate (REO) assets, with two REO office properties currently on the market as of the third quarter of 2025. Management is focused on resolving these assets to generate liquidity for future loan originations.

Fees, while not explicitly broken out in the same detail as interest income, are generated from the origination and ongoing management of these debt investments. The company achieved net positive loan originations for the second consecutive quarter leading up to Q3 2025. The Board declared a quarterly cash dividend of $0.16 per share for the third quarter of 2025, which was covered by the reported Adjusted Distributable Earnings of $0.16 per share. Finance: draft 13-week cash view by Friday.