BrightSpire Capital, Inc. — Form 8-K

BrightSpire reported Q2 2026 GAAP net loss of ($18.3)M or ($0.15)/share; Distributable Earnings $15.8M ($0.12/share); Adjusted Distributable Earnings $16.8M ($0.13/share). Loan portfolio grew to $2.9B (106 loans, $27M average size, 7.2% unlevered yield) with $319M new commitments closed; subsequent to quarter-end, $295M additional closed/in-execution. Watch-list loans declined to $136M (5% of portfolio) from $166M (6%). Repurchased 3.8M shares at $5.46/share ($21M total); declared $0.16/share dividend (12.2% yield). Executed PSA for $300M industrial NNN asset sale (purchaser assumes $200M mortgage). Two multifamily REO properties ($62M) under contract for Q3 sale. Loan portfolio 98% floating-rate; 70% multifamily. General CECL reserve $100M ($0.79/share). Total liquidity $131M; 2.7x debt-to-equity; 5.50% all-in cost of financing.