UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 `

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~December~~February 1617, ~~2025~~2026

BrightSpire Capital, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-38377

38-4046290

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

590 Madison Avenue, 33rd Floor

New York, NY 10022

(Address of Principal Executive Offices, Including Zip Code)

Registrant’s telephone number, including area code: (212) 547-2631

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

BRSP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry ~~into~~Into a Material Definitive Agreement.

~~Amendment No. 7 to Master Repurchase and Securities Contract and Fifth Amendment to Guarantee~~ 2026-FL3 ~~Wells~~CLO ~~Fargo~~Transaction ~~Bank~~Overview

On ~~November~~February 217, ~~2018,~~2026 ~~CLNC~~(the ~~Credit~~“CLO 8Closing Date”), ~~LLC~~BrightSpire Capital, ~~now~~Inc. ~~known~~(the as“Company”) ~~BrightSpire~~entered ~~Credit~~into 8,a ~~LLC~~collateralized loan obligation (~~“WLS~~the ~~Seller~~“CLO”), anthrough ~~indirect~~its subsidiary ofreal estate investment trust, BrightSpire Capital Mortgage Sub-REIT, ~~Inc~~LLC (“Sub-REIT”), and two wholly-owned subsidiaries of Sub-REIT, BRSP 2026-FL3 Ltd., a newly formed exempted company incorporated with limited liability under the laws of the Cayman Islands, as issuer (the “~~Company~~Issuer”), ~~entered~~and ~~into~~BRSP 2026-FL3, LLC, a ~~Master~~Delaware ~~Repurchase~~limited ~~and~~liability ~~Securities~~company, ~~Contract~~as co-issuer (the “~~WLS~~Co-Issuer” ~~Repurchase~~and ~~Agreement~~together with the Issuer, the “CLO Issuers”). ~~with~~On ~~Wells~~the ~~Fargo~~CLO ~~Bank~~Closing Date, ~~National~~the ~~Association~~CLO-Issuers issued six classes of notes, the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (the “~~Wells~~Offered Notes”)., ~~The~~and ~~WLS~~the ~~Repurchase~~Issuer ~~Agreement~~issued ~~provided~~an upadditional totwo ~~$300.0~~classes ~~million~~of tonotes, ~~finance~~the ~~first~~Class ~~mortgage~~F ~~loans~~Notes and the Class G Notes, ~~senior~~each ~~loan~~in ~~participations~~the principal amount and ~~other~~having ~~commercial~~the ~~mortgage~~characteristics ~~loan~~and ~~debt~~designations ~~instruments~~set ~~secured~~forth byin ~~commercial~~the ~~real~~table ~~estate~~and description below (together with the Offered Notes, asthe ~~described~~“Notes”). inIn ~~more~~addition, ~~detail~~concurrently inwith the ~~WLS~~issuance ~~Repurchase~~of ~~Agreement~~the Notes, the Issuer issued 71,625 Preferred Shares with a par value of $0.001 per share and ~~related~~an ~~ancillary~~aggregate ~~documents~~liquidation preference equal to $1,000 per share (the “Preferred Shares” and, together with the Notes, the “Securities”).

InThe ~~connection~~CLO ~~with~~Issuers issued or co-issued, as applicable, the ~~WLS~~Notes ~~Repurchase~~pursuant ~~Agreement~~to the terms of an indenture, dated as of February 17, 2026 (the “Indenture”), by and among the CLO Issuers, BrightSpire Capital ~~Operating~~Advancing ~~Company~~Agent, LLC, as advancing agent (in such capacity, together with its permitted successors and assigns, the “~~Guarantor~~Advancing Agent”), ~~entered~~Wilmington ~~into~~Trust, aNational ~~Guarantee~~Association, ~~Agreement~~as trustee (in such capacity, together with ~~Wells~~its permitted successors and assigns, the “Trustee”), and Computershare Trust Company, National Association, as note administrator (together with its permitted successors and assigns, the “~~WLS~~Note ~~Guarantee~~Administrator”) onand ~~November~~as 2custodian. The Note Administrator will also act as paying agent, ~~2018~~calculation agent, ~~under~~transfer ~~which~~agent, ~~Guarantor~~backup ~~agreed~~advancing toagent aand ~~partial~~notes ~~recourse~~registrar ~~guaranty~~for the CLO. BrightSpire Capital Advisors, LLC, a subsidiary of ~~WLS~~the ~~Seller’s~~Company, ~~payment~~will serve as the collateral manager for the Issuer (in such capacity, together with its permitted successors and ~~performance~~assigns, ~~obligations~~the ~~under~~“Collateral Manager”). A copy of the ~~WLS~~Indenture ~~Repurchase~~is ~~Agreement~~filed herewith as Exhibit 10.1 and is incorporated herein by reference.

On November 1, 2019, the WLS Seller entered into Amendment No. 1 to the WLS Repurchase Agreement (the "First Amendment to WLS Repurchase Agreement”), to acknowledge certain bank holding company act provisions.

Class of Securities

Principal or Notional Amount

Percentage of the Aggregate Initial Principal or Notional Amount of all Securities

Ratings (Moody’s/KBRA)

Initial Weighted Average Life of Notes (1)

Fully Extended Weighted Average of Notes (2)

Class A Notes

$ 544,350,00

57.000

Aaa(sf) / AAA(sf)

2.98 years

4.63 years

Class A-S Notes

$ 102,662,00

10.750

NR / AAA(sf)

3.81 years

4.93 years

Class B Notes

$ 60,881,00

6.375

NR / AA-(sf)

4.42 years

5.01 years

Class C Notes

$ 59,688,00

6.250

NR / A-(sf)

4.70 years

5.18 years

Class D Notes

$ 47,750,00

5.000

NR / BBB(sf)

4.79 years

5.48 years

Class E Notes

$ 17,906,00

1.875

NR / BBB-(sf)

4.88 years

5.51 years

Class F Notes

$ 27,456,00

2.875

NR / BB-(sf)

4.92 years

5.51 years

Class G Notes

$ 22,682,00

2.375

NR / B-(sf)

4.92 years

5.51 years

Preferred Shares

$ 71,625,00

7.500

NR / NR

N/A

On(1)The ~~May~~initial 7,weighted ~~2020,~~average ~~Guarantor~~life ~~and~~of ~~Wells~~each ~~entered~~class ~~into~~of anNotes ~~Amendment~~has tobeen ~~Guarantee~~calculated ~~Agreement~~assuming ~~(the~~certain ~~“First~~collateral ~~WLS~~characteristics, ~~Guarantee~~including ~~Amendment”)~~that there are no prepayments, ~~under~~defaults ~~which~~or ~~Wells~~delinquencies ~~agreed~~and tocertain ~~reduce~~other ~~the~~modeling ~~required~~assumptions. ~~minimum~~In ~~consolidated~~addition, ~~tangible~~it ~~net~~is ~~worth~~assumed ofthat ~~Guarantor~~each ~~from~~commercial ~~$2.105~~real ~~billion~~estate toloan ~~$1.5~~pays ~~billion,~~off ~~plus~~on ~~75%~~its ofcurrent ~~the~~maturity ~~net~~date ~~cash~~without ~~proceeds~~extension. ofThere ~~any~~can ~~equity~~be ~~issuance~~no ~~thereafter~~assurances ~~received~~that bysuch ~~Guarantor~~assumptions will be met.

On(2)The ~~April~~fully ~~13,~~extended ~~2021,~~weighted ~~Guarantor~~average ~~and~~life ~~Wells~~of ~~entered~~each ~~into~~class aof ~~Second~~Notes ~~Amendment~~has tobeen ~~Guarantee~~calculated ~~Agreement~~assuming ~~(the~~certain ~~“Second~~collateral ~~WLS Guarantee Amendment”)~~characteristics, ~~under~~including ~~which Wells approved the Company’s internalization transaction and agreed~~ that, ~~upon~~there ~~the~~are ~~consummation~~no ~~of the internalization transaction~~prepayments, ~~the~~defaults ~~required~~or ~~minimum~~delinquencies ~~consolidated~~and ~~tangible~~certain ~~net~~other ~~worth~~modeling ~~of the Guarantor is reduced from $1~~assumptions.5 ~~billion to $1.35 billion.~~

OnIn ~~May 4~~addition, ~~2021,~~it ~~the~~is ~~WLS~~assumed ~~Seller~~that ~~entered~~each ~~into~~commercial ~~Amendment~~real ~~No.~~estate 2loan tois ~~the~~fully ~~WLS~~extended ~~Repurchase Agreement (the “Second Amendment~~ to ~~WLS~~its ~~Repurchase~~maximum ~~Agreement”),~~contracted ~~to extend the maturity date of the WLS Repurchase Agreement from November 2, 2021 to May 4, 2024 and provide WLS Seller with two successive one year~~ extension ~~options~~term. ~~The~~There ~~Second~~can ~~Amendment~~be tono ~~WLS~~assurances ~~Repurchase~~that ~~Agreement~~such ~~also~~assumptions ~~provides~~will ~~for~~be ~~the conversion of the benchmark floating rate of interest for purchased assets from LIBOR to an alternate index rate following the occurrence of certain transition events~~met.

OnThe ~~January~~Notes ~~28,~~will ~~2022,~~mature ~~Guarantor~~at ~~and~~par ~~Wells~~on ~~entered into a Third Amendment to Guarantee (~~the ~~“Third~~payment ~~WLS~~date ~~Guarantee~~in ~~Amendment”)~~August 2043, ~~under~~unless ~~which~~redeemed ~~Wells~~or ~~agreed~~repaid ~~that~~prior ~~the required minimum consolidated tangible net worth of the Guarantor is reduced from $1~~thereto.~~35 billion to $1.11 billion.~~

OnThe ~~February~~Indenture ~~17,~~allows ~~2022,~~for ~~WLS Seller and Wells entered into an Amendment No. 3 to~~ the ~~WLS~~exchange ~~Repurchase~~of ~~Agreement~~all ~~(the~~or ~~“Third~~a ~~Amendment~~portion toof ~~WLS~~certain ~~Repurchase~~classes ~~Agreement”),~~of toNotes ~~expand~~for ~~the~~proportionate ~~eligibility~~interests ~~criteria~~in toone ~~allow~~or ~~for~~more ~~loans~~classes ~~indexed~~of tocertain ~~the~~other ~~secured overnight financing rate (“SOFR”)~~notes, ~~and~~as tofurther ~~allow~~explained ~~for borrowings~~ under ~~those~~the ~~facilities~~heading to“Exchangeable ~~also~~Notes” ~~be indexed to SOFR~~below.

OnThe ~~June~~Offered ~~22,~~Notes ~~2022,~~were ~~WLS~~placed ~~Seller~~pursuant ~~and~~to ~~Wells~~a ~~entered~~Placement ~~into~~Agreement, andated ~~Amendment~~as ~~No.~~of 4January to30, ~~the~~2026, ~~WLS~~by ~~Repurchase~~and ~~Agreement~~among (the ~~“Fourth~~Issuer, ~~Amendment~~the toCo-Issuer, ~~WLS~~BrightSpire ~~Repurchase~~Capital ~~Agreement”)~~Operating ~~and~~Company, ~~Fourth~~LLC, ~~Amendment~~and toas ~~Guarantee~~placement ~~Agreement~~agents, ~~(the~~Wells ~~“Fourth~~Fargo ~~WLS~~Securities, ~~Guarantee Agreement”)~~LLC, toMorgan ~~increase~~Stanley ~~the~~& ~~facility~~Co. ~~size~~LLC, ~~from~~Citigroup ~~$300~~Global Markets Inc.0 ~~million~~and toBarclays ~~$400~~Capital Inc.0 ~~million~~BRSP ~~(with~~2026-FL3 ~~maximum~~DRE, ~~upsize~~LLC, ~~options~~which tois ~~$500.0~~an ~~million,~~indirect ~~subject~~subsidiary toof ~~Wells~~the ~~approval)~~Company and towholly-owned ~~extend~~subsidiary ~~the~~of ~~maturity~~Sub-REIT, ~~date~~acquired 100% of the ~~WLS~~Class ~~Repurchase~~F ~~Agreement~~Notes, tothe ~~June~~Class ~~22,~~G ~~2025,~~Notes and ~~provide~~the ~~WLS~~Preferred ~~Seller~~Shares ~~with~~issued ~~two~~on ~~successive~~the ~~one-year~~CLO ~~extension~~Closing ~~options~~Date.

OnThe ~~April~~Offered 8,Notes ~~2025,~~represent ~~WLS~~limited ~~Seller~~recourse obligations of the Issuer and ~~Wells~~non-recourse ~~entered~~obligations ~~into~~of anthe ~~Amendment~~Co-Issuer ~~No.~~payable 5solely tofrom certain collateral interests acquired by the ~~WLS~~Issuer ~~Repurchase~~on ~~Agreement~~and (after the ~~“Fifth~~CLO ~~Amendment~~Closing toDate ~~WLS~~and ~~Repurchase~~pledged ~~Agreement”),~~under the Indenture. To the extent the collateral is insufficient to ~~establish~~make apayments ~~waterfall~~in ~~account~~respect ~~for~~of the ~~benefit~~Offered Notes, none of ~~Wells~~the ~~and~~Issuer, ~~direct~~the ~~income~~Co-Issuer, any of their respective affiliates or any other person will have any obligation to pay any further amounts in respect of ~~significant~~the ~~principal~~Offered ~~payments~~Notes. toThe ~~such~~Class ~~account~~F (Notes and ~~thereafter~~the ~~applied~~Class ~~and~~G ~~remitted~~Notes, inas ~~accordance~~well ~~with~~as ~~the~~any ~~WLS~~Classes ~~Repurchase~~of ~~Agreement)~~Notes acquired in exchange therefore, are not secured.

OnThe ~~June~~Preferred 20Shares are subject to the terms and conditions of a Preferred Share Paying Agency Agreement, ~~2025~~dated as of February 17, ~~WLS~~2026, ~~Seller~~among the Issuer, Computershare Trust Company, National Association, as preferred share paying agent and ~~Wells~~transfer ~~entered~~agent, ~~into~~and anMaplesFS ~~Amendment~~Limited, Noas administrator and share registrar. 6The Preferred Shares will have no stated dividend rate except that two sub-classes of Preferred Shares each will have a dividend rate calculated on its notional amount pursuant to the ~~WLS~~Preferred ~~Repurchase~~Share Paying Agency Agreement. (The holders of the ~~“Sixth~~Preferred ~~Amendment~~Shares are entitled to ~~WLS~~receive ~~Repurchase~~monthly ~~Agreement”),~~non-cumulative dividends on each payment date if and to ~~extend~~the extent that funds are available for such purpose in accordance with the ~~maturity~~priority ~~date~~of payments and Cayman Islands law. Such dividends will be payable only to the extent of the ~~WLS~~Issuer’s ~~Repurchase~~distributable ~~Agreement~~profits toand/or ~~June~~share 22premium and only if the Issuer is and will remain solvent after such distributions are paid (each factor determined in accordance with Cayman Islands law). In addition, ~~2028~~the holders of the Preferred Shares will be entitled to receive distributions in connection with the redemption thereof, ~~and~~payable ~~provide~~from ~~WLS~~the ~~Seller~~collateral after payment of all specified amounts in accordance with ~~two~~the ~~successive~~priority ~~one-year~~of ~~extension~~payments ~~options~~and Cayman Islands law.

OnThe ~~December~~Securities ~~16,~~have ~~2025,~~not ~~WLS~~been ~~Seller~~registered ~~and~~under ~~Wells~~the ~~entered~~Securities ~~into~~Act anof ~~Amendment~~1933, ~~No.~~as 7amended ~~to the WLS Repurchase Agreement~~ (the “~~Seventh~~Securities ~~Amendment to WLS Repurchase Agreement~~Act”), ~~and~~or ~~Fifth~~any ~~Amendment~~state tosecurities ~~Guarantee~~laws, ~~Agreement~~and ~~(the~~unless ~~“Fifth~~so ~~WLS~~registered, ~~Guarantee~~may ~~Agreement”),~~not ~~under~~be ~~which~~offered ~~Wells~~or ~~agreed~~sold ~~that~~in the ~~required~~United ~~minimum~~States ~~consolidated~~except ~~tangible~~pursuant ~~net~~to ~~worth~~an ofexemption ~~the~~from, ~~Guarantor~~or isin ~~reduced~~a ~~from~~transaction ~~$1.11~~not ~~billion~~subject to ~~$900 million~~, ~~and to increase~~ the ~~facility~~registration ~~size~~requirements ~~from~~of ~~$400.0~~the ~~million~~Securities toAct ~~$500.0~~and ~~million~~applicable ~~(with~~state ~~maximum~~securities ~~upsize options to $600~~laws.~~0 million, subject to Wells approval).~~

The ~~foregoing~~proceeds ~~summary~~from ~~does~~the ~~not~~issuance ~~purport~~of ~~to be a complete description and is qualified in its entirety by reference to (i)~~ the ~~Seventh~~Securities ~~Amendment to WLS Repurchase Agreement, which is filed as Exhibit 10.1 to this Current Report~~ on ~~Form 8-K, (ii)~~ the ~~Fifth~~CLO ~~WLS~~Closing ~~Guarantee Amendment~~Date, ~~which~~after ispayment ~~filed~~of ascertain ~~Exhibit~~fees ~~10.2 to this Current Report on Form 8-K, (iii) the Sixth Amendment to WLS Repurchase Agreement~~ and ~~the Fifth Amendment to WLS Repurchase Agreement~~expenses, ~~which~~were ~~are~~used ~~filed as exhibits~~ to ~~the Company’s Form 10-Q filed on July 30, 2025,~~ (ivi) ~~the~~purchase ~~Fourth~~an ~~Amendment~~initial toportfolio ~~WLS~~of ~~Repurchase~~collateral ~~Agreement~~interests ~~and~~on ~~Fourth WLS Guarantee Amendment, which are filed as exhibits to~~ the ~~Company’s~~CLO ~~Current~~Closing ~~Report on Form 8-K filed on June 23~~Date, ~~2022,~~ (vii) fund the ~~Third~~unused ~~Amendment~~proceeds toaccount ~~WLS~~for ~~Repurchase Agreement and Third WLS Guarantee Amendment, which are filed as exhibits to~~ the ~~Company’s~~purchase ~~Form~~of 10ramp-Qup ~~filed~~collateral oninterests ~~May~~during ~~5, 2022, (vi)~~ the ~~Second Amendment to WLS Repurchase Agreement Amendment and First Amendment to WLS Repurchase Agreement, which are filed as exhibits to the Company’s Form 10~~ramp-Qup ~~filed~~acquisition ~~on May 6~~period, ~~2021,~~ (~~vii~~iii) ~~the~~repay ~~Second~~amounts ~~WLS~~owed ~~Guarantee~~by ~~Amendment,~~in ~~which~~respect isof ~~filed~~certain ~~as an exhibit to the Company’s Current Report on Form 8~~pre-Kclosing ~~filed on April 19~~financings, ~~2021,~~including ~~(viii)~~under ~~the~~repurchase ~~First~~facilities ~~WLS~~with ~~Guarantee~~affiliates ~~Amendment,~~of ~~which~~certain isplacement ~~filed as an exhibit to the Company’s Form 10-Q filed on May 8~~agents, ~~2020,~~ and (ixiv) ~~the~~undertake ~~WLS~~certain ~~Repurchase~~related ~~Agreement and the WLS Guarantee, which are filed as exhibits to the Company’s Current Report on Form 8-K filed on November 7, 2018, each of which are incorporated herein by reference~~activities.

~~Eighth~~The ~~Amendment~~initial portfolio of collateral interests was purchased by the Issuer from the Seller pursuant to ~~Master~~a ~~Repurchase~~Collateral ~~Facility~~Interest Purchase Agreement (the “Collateral Interest Purchase Agreement”), dated as of February 17, 2026, by and ~~Fourth~~among ~~Amendment~~the Issuer, the Seller and, solely with regard to ~~Guaranty~~certain tax covenants, Sub-REIT. ~~Barclays~~Pursuant ~~Bank~~to ~~PLC~~the Collateral Interest Purchase Agreement, the Seller made certain representations and warranties to the Issuer with respect to the collateral interests. In the event that a material breach of a representation or warranty or material document defect with respect to any collateral interest exists, the Seller will have to either (a) correct or cure such breach of representation or warranty or material document defect in all material respects, within 90 days of discovery by the Seller or written notice from any party to the Indenture (to the extent such breach or defect is capable of being corrected or cured), (b) subject to the consent of a majority of each class of Notes (excluding any Notes held by the Seller or any of its affiliates), make a cash payment to the Issuer or (c) repurchase such collateral interest at a repurchase price calculated as set forth in the Collateral Interest Purchase Agreement.

On April 26, 2018, CLNC Credit 7, LLC, now known as BrightSpire Credit 7, LLC (“BB Seller”), an indirect subsidiary of BrightSpire Capital, Inc. (the “Company”), entered into a Master Repurchase Agreement (the “BB Repurchase Agreement”) with Barclays Bank PLC (“Barclays”). The BB Repurchase Agreement provides up to $500.0 million to finance first mortgage loans, mezzanine loans, senior loan participations and other commercial mortgage loan debt instruments secured by commercial real estate, as described in more detail in the BB Repurchase Agreement and related ancillary documents.Notes

In connection with the BB Repurchase Agreement, BrightSpire Capital Operating Company, LLC (“Guarantor”) entered into a Guaranty with Barclays (the “BB Guaranty”), under which Guarantor agreed to a partial recourse guaranty of BB Seller’s payment and performance obligations under the BB Repurchase Agreement.Collateral

OnThe ~~May~~Offered 7Notes will be secured by, ~~2020~~among other things, ~~Guarantor~~(i) the collateral interests (mortgage loans, combined loans (consisting of mortgage loans and ~~Barclays~~mezzanine ~~entered~~loans) ~~into~~and anparticipations ~~Amendment~~in tomortgage ~~Guaranty~~loans (or combined loans) acquired by the ~~“First~~Issuer, BBincluding ~~Guaranty~~the ~~Amendment”~~CLO Closing Date collateral interests and any collateral interests acquired by the Issuer after the CLO Closing Date, (ii) the collection account, ~~under~~the ~~which~~participated ~~Barclays~~loan ~~agreed~~collection toaccount, ~~reduce~~the payment account, the ~~required~~unused ~~minimum~~proceeds ~~consolidated~~account, ~~tangible~~the ~~net~~reinvestment ~~worth~~account, the custodial account and the related security entitlements and all income from the investment of ~~Guarantor~~funds in any of the foregoing at any time credited to any of the foregoing accounts, (iii) the eligible investments purchased from ~~$2.105~~deposits ~~billion~~in certain accounts, (iv) the Issuer’s rights under certain agreements (including the Collateral Management Agreement, the Collateral Interest Purchase Agreement and the Servicing Agreement, each as defined herein), (v) all amounts delivered to ~~$1.5~~the ~~billion~~Note Administrator or its bailee (directly or through a securities intermediary), ~~plus~~(vi) ~~75%~~all ofother investment property, instruments and general intangibles in which the ~~net~~Issuer ~~cash~~has an interest, other than certain excepted property, (vii) the Issuer’s ownership interests in and rights in all permitted subsidiaries and (viii) all proceeds of ~~any~~the ~~equity~~foregoing ~~issuance~~(collectively, ~~thereafter~~the ~~received~~“Collateral”). The Collateral will not include, and the Offered Notes will not be secured by, ~~Guarantor~~any interests in certain excepted property.

On January 22, 2021, BB Seller and Barclays entered into a First Amendment to Master Repurchase Agreement (the “First Amendment to BB Repurchase Agreement”), which extended the maturity date of the BB Repurchase Agreement to April 25, 2024.Maturity

OnThe ~~April~~Notes ~~14,~~will ~~2021,~~mature ~~Guarantor~~at ~~and~~par ~~Barclays~~on ~~entered into a Second Amendment to Guaranty (~~the ~~“Second~~payment BBdate ~~Guaranty~~in ~~Amendment”),~~August ~~under which Barclays approved the Company’s internalization transaction and agreed that~~2043, ~~upon~~unless ~~the~~redeemed ~~consummation~~or ofrepaid ~~the~~prior ~~internalization transaction, the required minimum consolidated tangible net worth of the Guarantor is reduced from $1~~thereto.~~5 billion to $1.35 billion.~~

OnInterest February 8, 2022, BB Seller and Barclays entered into a Second Amendment to Master Repurchase Agreement (the “Second Amendment to BB Repurchase Agreement”), to expand the eligibility criteria to allow for loans indexed to the secured overnight financing rate (“SOFR”), and to allow for borrowings under those facilities to also be indexed to SOFR. On February 8, 2022, Guarantor and Barclays entered into a Third Amendment to Guaranty (the “Third BB Guaranty Amendment”), under which Barclays agreed that the required minimum consolidated tangible net worth of the Guarantor is reduced from $1.35 billion to $1.11 billion.Rate

OnFor ~~June~~purposes 1,of ~~2022, BB Seller and Barclays entered into a Third Amendment to Master Repurchase Agreement (~~the ~~“Third~~below, ~~Amendment to BB Repurchase Agreement~~“Benchmark”) ~~and~~means, ~~related ancillary documents~~initially, toTerm ~~increase~~SOFR; ~~the~~provided ~~facility~~that ~~size~~if ~~from~~Term ~~$500.0~~SOFR ~~million~~or tothe ~~$600~~then-current ~~million~~alternative ~~and~~benchmark tois ~~extend~~replaced, ~~the~~then ~~maturity~~“Benchmark” ~~date~~means of the BBapplicable ~~Repurchase Agreement to April 25, 2025~~replacement.

OnClass ~~July~~A 7,Notes. ~~2022,~~The BBClass ~~Seller~~A ~~and~~Notes ~~Barclays~~will ~~entered~~bear ~~into~~interest at a ~~Fourth~~per ~~Amendment~~annum rate equal to ~~Master~~the ~~Repurchase~~sum ~~Agreement~~of (a) the ~~“Fourth~~Benchmark ~~Amendment~~plus (b)(i) with respect to BBeach ~~Repurchase~~payment ~~Agreement”)~~date (and related ~~ancillary~~interest ~~documents~~accrual period), 1.45% plus, (ii) with respect to ~~further~~each ~~amend~~payment date (and related interest accrual period) on and after the ~~definition~~payment ofdate ~~term~~in ~~SOFR~~December 2031, 0.25%.

OnClass ~~December~~A-S ~~27,~~Notes. ~~2023,~~The BBClass ~~Seller~~A-S ~~and~~Notes ~~Barclays~~will ~~entered~~bear ~~into~~interest during each interest accrual period at a ~~Fifth~~per ~~Amendment~~annum rate equal to ~~Master~~the ~~Repurchase~~sum ~~Agreement~~of (a) the ~~“Fifth~~Benchmark ~~Amendment~~plus, (b)(i) with respect to BBeach ~~Repurchase~~payment ~~Agreement”)~~date (and related ~~ancillary~~interest ~~documents~~accrual period), to1.70% ~~accommodate~~plus, ~~and~~(ii) ~~acknowledge~~with ~~certain~~respect ~~risk~~to ~~retention~~each ~~compliance~~payment ~~obligations~~date ~~between~~(and BBrelated ~~Seller,~~interest ~~its~~accrual ~~affiliates~~period) on and ~~Barclays~~after inthe ~~furtherance~~payment ofdate UKin ~~and~~December EU2031, ~~securitization regulations~~0. 25%.

OnClass ~~March~~B ~~27,~~Notes. ~~2024,~~The BBClass ~~Seller~~B ~~and~~Notes ~~Barclays~~will ~~entered~~bear ~~into~~interest during each interest accrual period at a ~~Sixth~~per ~~Amendment~~annum rate equal to ~~Master~~the ~~Repurchase~~sum ~~Agreement~~of (a) the ~~“Sixth~~Benchmark ~~Amendment~~plus, (b)(i) with respect to BBeach ~~Repurchase~~payment ~~Agreement”)~~date (and related ~~ancillary~~interest ~~documents~~accrual period), to1.95% ~~extend~~plus, ~~the~~(ii) ~~maturity~~with respect to each payment date of(and ~~the~~related BBinterest ~~Repurchase~~accrual ~~Agreement~~period) toon ~~April~~and 25after the payment date in December 2031, ~~2026~~0.50%.

OnClass ~~December~~C ~~11,~~Notes. ~~2024,~~The BBClass ~~Seller~~C ~~and~~Notes ~~Barclays~~will ~~entered~~bear ~~into~~interest aduring ~~Seventh~~each ~~Amendment~~interest toaccrual ~~Master~~period ~~Repurchase~~at ~~Agreement~~a ~~(the~~per ~~“Seventh~~annum ~~Amendment~~rate toequal ~~BB Repurchase Agreement”) and related ancillary documents,~~ to ~~extend~~ the ~~maturity~~sum ~~date~~ of (a) the BBBenchmark ~~Repurchase Agreement to April 25~~plus, ~~2028,~~(b)(i) with arespect ~~one-year~~to ~~extension~~each atpayment BBdate ~~Seller’s~~(and ~~election~~related ~~subject~~interest toaccrual ~~satisfaction~~period), of2.10% ~~certain~~plus, ~~conditions~~(ii) ~~precedent~~with ~~and~~respect ~~further extensions available subject~~ to ~~approval~~each bypayment ~~Barclays~~date (and ~~satisfaction~~related ofinterest ~~certain~~accrual ~~conditions~~period) ~~precedent,~~on inand ~~each~~after ~~case,~~the aspayment ~~further~~date ~~set forth~~ in ~~the~~December ~~BB Repurchase Agreement~~2031, ~~as amended~~0.50%.

OnClass ~~December~~D ~~16,~~Notes. ~~2025,~~The BBClass ~~Seller~~D ~~and~~Notes ~~Barclays~~will ~~entered~~bear ~~into~~interest anduring ~~Eighth~~each ~~Amendment~~interest toaccrual ~~Master~~period ~~Repurchase~~at ~~Agreement~~a ~~(the~~per ~~“Eighth~~annum ~~Amendment~~rate equal to BBthe ~~Repurchase~~sum ~~Agreement”~~of (a) ~~and~~the ~~related~~Benchmark ~~ancillary documents. On December 16~~plus, ~~2025,~~(b)(i) ~~Guarantor~~with ~~and~~respect ~~Barclays~~to ~~entered~~each ~~into~~payment adate ~~Fourth Amendment to Guaranty~~ (~~the~~and ~~“Fourth~~related BBinterest ~~Guaranty~~accrual ~~Amendment”~~period), ~~under~~2.85% ~~which~~plus, ~~Barclays~~(ii) ~~agreed~~with ~~that~~respect ~~the~~to ~~required~~each ~~minimum~~payment ~~consolidated~~date ~~tangible~~(and ~~net~~related ~~worth~~interest ofaccrual ~~Guarantor~~period) ison ~~reduced~~and ~~from~~after ~~$1.11~~the ~~billion~~payment todate ~~$900~~in ~~million~~December 2031, 0.50%.

~~The~~Class ~~foregoing~~E ~~summary does not purport to be a complete description and is qualified in its entirety by reference to (i) the Eighth Amendment to BB Repurchase Agreement, which is filed as Exhibit 10~~Notes.4 toThe ~~this~~Class ~~Current~~E ~~Report~~Notes onwill ~~Form~~bear ~~8-K,~~interest ~~(ii)~~during ~~the~~each ~~Seventh~~interest ~~Amendment~~accrual toperiod BBat ~~Repurchase~~a ~~Agreement,~~per ~~which~~annum israte ~~filed~~equal ~~as Exhibit 10.3~~ to ~~this Current Report on Form 8-K, (iii)~~ the ~~Fourth~~sum BBof ~~Guaranty Amendment, which is filed as Exhibit 10.5 to this Current Report on Form 8-K,~~ (iva) the ~~Sixth~~Benchmark ~~Amendment to BB Repurchase Agreement~~plus, ~~which is filed as an exhibit to the Company’s Form 10-Q filed on May 1, 2024,~~ (vb) ~~the Fifth Amendment to BB Repurchase Agreement, which is filed as an exhibit to the Company’s Form 10-K filed on February 22, 2022,~~ (vii) ~~the~~with ~~Fourth~~respect ~~Amendment~~ to BBeach ~~Repurchase~~payment ~~Agreement,~~date ~~which is filed as an exhibit to the Company’s Form 10-Q filed on August 3, 2022,~~ (~~vii)~~and ~~the~~related ~~Third~~interest ~~Amendment~~accrual ~~to BB Repurchase Agreement, which is filed as an exhibit to the Company’s Current Report on Form 8-K filed on July 6, 2022, (viii~~period) ~~the Second Amendment to BB Repurchase Agreement~~, ~~which~~3.50% ~~is filed as an exhibit to the Company’s Form 10-K filed on February 22~~plus, ~~2022,~~ (ixii) ~~the~~with ~~Third~~respect ~~BB Guaranty Amendment, which is filed as an exhibit~~ to ~~the~~each ~~Company’s~~payment ~~Form~~date ~~10-K filed on February 22, 2022,~~ (x)and ~~the~~related ~~Second~~interest BBaccrual ~~Guaranty Amendment, which is filed as an exhibit to the Company’s Current Report on Form 8-K filed on April 19, 2021, (xi~~period) ~~the First Amendment to BB Repurchase Agreement, which is filed as an exhibit to the Company’s Current Report~~ on ~~Form 8-K filed on January 25, 2021, (xii) the First BB Guaranty Amendment, which is filed as an exhibit to the Company’s Form 10-Q filed on May 8, 2020,~~ and ~~(xiii)~~after the BBpayment ~~Repurchase~~date ~~Agreement~~in ~~and~~December ~~the BB Guaranty~~2031, ~~which are filed as exhibits to the Company’s Current Report on Form 8-K filed on May 2, 2018, each of which are incorporated herein by reference~~0.50%.

~~Amended~~Class F Notes. The Class F Notes will bear interest during each interest accrual period at a per annum rate equal to (i) with respect to the initial interest accrual period, 0% and ~~Restated~~(ii) ~~Guaranty~~with –respect ~~Citibank~~to each interest accrual period following the initial interest accrual period, Nthe sum of (a) the Benchmark plus, (b) with respect to each payment date (and related interest accrual period), 4.A5%.

OnClass ~~April~~G ~~26,~~Notes. ~~2019,~~The ~~NSREIT~~Class CBG ~~Loan,~~Notes ~~LLC,~~will CBbear ~~Loan~~interest ~~NT-II,~~during ~~LLC,~~each ~~CLNC~~interest ~~Credit~~accrual 3,period ~~LLC~~at ~~(now~~a ~~known~~per asannum ~~BrightSpire~~rate ~~Credit~~equal 3,to ~~LLC~~(i), ~~CLNC~~with ~~Credit~~respect 4,to ~~LLC~~the ~~(now~~initial ~~known~~interest asaccrual ~~BrightSpire Credit 4~~period, ~~LLC),~~0% ~~CLNC Credit 3EU, LLC~~ and ~~CLNC Credit 3UK, LLC~~ (~~collectively, “CB Seller”~~ii), ~~each~~with anrespect ~~indirect~~to ~~wholly-owned~~each ~~subsidiary~~interest ofaccrual ~~BrightSpire~~period ~~Capital,~~following ~~Inc. (~~the ~~“Company”),~~initial ~~entered~~interest ~~into~~accrual anperiod, ~~Amended and Restated Master Repurchase Agreement (~~the ~~“Citi~~sum ~~Repurchase~~of ~~Agreement”~~(a) ~~with~~the ~~Citibank~~Benchmark plus, ~~N.A.~~ (~~“Citibank”~~b) ~~that~~with ~~amended~~respect ~~and restated that certain Master Repurchase Agreement dated April 23, 2018. The Citi Repurchase Agreement provides up~~ to ~~$400.0~~each ~~million~~payment todate ~~finance first mortgage loans, senior loan participations~~ (and ~~other~~related ~~commercial~~interest ~~mortgage~~accrual ~~loan debt instruments secured by commercial real estate~~period), as5.5% ~~described in more detail in the Citi Repurchase Agreement and related ancillary documents~~plus.

InInterest ~~connection~~on ~~with~~ the ~~Citi~~Notes ~~Repurchase~~will ~~Agreement,~~be ~~BrightSpire~~calculated ~~Capital~~based ~~Operating~~on ~~Company,~~the ~~LLC~~actual ~~(“Guarantor”),~~number ~~CB Seller and Citibank entered into an Omnibus Amendment~~ of ~~Other~~days ~~Transaction~~in ~~Documents and Reaffirmation of Guaranty (~~the ~~“Citi~~related ~~Reaffirmation~~interest ~~Agreement”),~~accrual ~~which reaffirmed Guarantor’s obligations under a Guaranty with Citibank~~period, ~~dated~~assuming ~~April 23, 2018 (the “Citi Guaranty”), under which Guarantor agreed to~~ a ~~partial~~360-day ~~recourse guaranty of CB Seller’s payment and performance obligations under the Citi Repurchase Agreement~~year.

OnThe ~~May~~failure 7,to ~~2020,~~pay ~~Guarantor~~interest ~~and~~on ~~Citibank~~the ~~entered~~Class ~~into~~A aNotes, ~~First~~the ~~Amendment~~Class toA-S ~~Guaranty~~Notes (or the ~~“First~~Class ~~Citi~~B ~~Guaranty~~Notes ~~Amendment”)~~at any time or, ~~under~~if ~~which~~no ~~Citibank~~Class ~~agreed~~A toNotes, ~~reduce~~Class ~~the~~A-S ~~required~~Notes ~~minimum~~or ~~consolidated~~Class ~~tangible~~B ~~net~~Notes ~~worth~~are ofoutstanding, ~~Guarantor~~on ~~from~~any ~~$2.105~~other ~~billion~~class toof ~~$1.5~~Notes ~~billion,~~at ~~plus~~the ~~75%~~time such class of Notes is the ~~net~~most ~~cash~~senior ~~proceeds~~class of ~~any~~Notes ~~equity~~outstanding, ~~issuance~~will ~~thereafter~~constitute ~~received~~an byevent ~~Guarantor~~of default under the Indenture (following any applicable grace period).

OnFor ~~April~~so ~~14,~~long ~~2021,~~as CBany ~~Seller,~~class ~~Guarantor~~of ~~and~~Notes ~~Citibank~~with ~~entered into~~ a ~~First~~higher ~~Amendment~~priority tois ~~Amended~~outstanding, ~~and~~any ~~Restated~~interest ~~Master~~due ~~Repurchase~~on ~~Agreement (~~the ~~“First~~Class ~~Amendment~~C toNotes, ~~Citi~~the ~~Repurchase~~Class ~~Agreement”).~~D ~~The~~Notes, ~~First~~the ~~Amendment~~Class toE ~~Citi~~Notes, ~~Repurchase~~the ~~Agreement~~Class ~~extended~~F ~~the~~Notes ~~maturity~~(including ~~date~~any ofcorresponding ~~the~~Class ~~Citi~~F-E ~~Repurchase~~Notes ~~Agreement~~and ~~from~~Class ~~April~~F-X 23Notes, ~~2021~~if toapplicable) ~~April~~and ~~23,~~the ~~2023~~Class ~~and~~G ~~provides~~Notes CB(including ~~Seller~~any ~~with~~corresponding ~~three~~Class ~~successive~~G-E ~~one~~Notes ~~year~~and ~~extension~~Class ~~options~~G-X Notes, ~~which~~if ~~may~~applicable) bethat ~~exercised~~is ~~upon~~not ~~the~~paid ~~satisfaction~~as ofa ~~certain~~result ~~conditions~~of ~~set~~the ~~forth~~operation inof the ~~Citi~~priority ~~Repurchase~~of ~~Agreement.~~payments ~~The~~on ~~First~~any ~~Amendment~~payment todate ~~Citi~~(any ~~Repurchase~~such ~~Agreement~~interest, ~~also~~“Deferred ~~provides~~Interest”) ~~for~~will ~~the~~be ~~conversion~~deferred, ofwill ~~the~~not ~~benchmark~~be ~~floating~~considered ~~rate~~“due ofand ~~interest~~payable” ~~for~~and ~~purchased~~the ~~assets~~failure ~~from~~to ~~LIBOR~~pay orsuch ~~EURIBOR~~Deferred toInterest will not be an ~~alternate~~event ~~index~~of ~~rate~~default ~~following~~under the ~~occurrence~~Indenture. ofAny ~~certain~~Deferred ~~transition~~Interest ~~events.~~will Inbe ~~addition,~~added to the ~~First~~outstanding ~~Amendment~~principal tobalance ~~Citi~~of ~~Repurchase~~such ~~Agreement~~class ~~permits~~of ~~the~~Notes ~~Company~~(or ~~and~~with ~~Guarantor~~respect to ~~consummate~~the anInterest ~~internalization~~Only ~~transaction.~~MASCOT InNotes ~~connection~~(as ~~with~~defined below), will have the ~~First~~effect ~~Amendment~~of toincreasing ~~Citi~~the ~~Repurchase~~notional ~~Amendment,~~amount ~~Guarantor~~of ~~ratified~~the related notes and ~~reaffirmed~~will ~~Guarantor’s~~accrue ~~obligations~~interest ~~under~~at the ~~Citi~~applicable ~~Guaranty~~rate).

OnPrincipal ~~April~~payments ~~14,~~on ~~2021,~~each ~~Guarantor~~class ~~and~~of ~~Citibank~~Notes ~~entered~~will ~~into~~be apaid ~~Second~~in ~~Amendment~~accordance towith ~~Guaranty (~~the ~~“Second~~priority ~~Citi~~of ~~Guaranty~~payments ~~Amendment”),~~set ~~which~~forth ~~provides~~in ~~that, upon~~ the ~~consummation of the internalization transaction, the required minimum consolidated tangible net worth of Guarantor is reduced from $1~~Indenture.~~5 billion to $1.35 billion.~~

OnExchangeable August 24, 2021, CB Seller, Guarantor and Citibank entered into a Second Amendment to Amended and Restated Master Repurchase Agreement (the “Second Amendment to Citi Repurchase Agreement”). The Second Amendment to Citi Repurchase Agreement provides for the conversion of the benchmark floating rate of interest for purchased assets from LIBOR to an alternate index rate following the occurrence of certain transition events.Notes

OnAs ~~January~~noted 14above, ~~2022~~the Indenture allows for the exchange of all or a portion of certain classes of Notes for proportionate interests in one or more classes of certain other Notes. Specifically, CBall ~~Seller~~or a portion of each of the Class F Notes or the Class G Notes, ~~Guarantor~~as ~~and~~applicable, ~~Citibank~~may ~~entered~~be ~~into~~exchanged aby ~~Third~~the ~~Amendment~~holders thereof (such Notes to ~~Amended~~be exchanged, the “Exchangeable Notes”) for a corresponding (i) MASCOT P&I Note (as defined below) and ~~Restated~~(ii) ~~Master~~a ~~Repurchase~~MASCOT ~~Agreement~~Interest Only Note (as defined below). All or a portion of each class of Exchangeable Notes may be exchanged as follows: (a) the ~~“Third~~Class ~~Amendment~~F toNotes ~~Citi~~may ~~Repurchase~~be ~~Agreement~~exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”). ~~The~~and ~~Third~~the ~~Amendment~~Class toF-X ~~Citi~~Notes ~~Repurchase~~(the ~~Agreement~~“Class ~~expands~~F-X Notes”) and (b) the ~~eligibility~~Class ~~criteria~~G toNotes ~~allow~~may be exchanged for ~~loans~~proportionate ~~indexed~~interests toin the ~~secured~~Class ~~overnight~~G-E ~~financing~~Notes ~~rate~~ (the “~~SOFR~~Class G-E Notes” and, together with the Class F-E Notes, the “MASCOT P&I Notes”) and the Class G-X Notes (the “Class G-X Notes” and, together with the Class F-X Notes, the “MASCOT Interest Only Notes,” and totogether ~~allow~~with ~~for~~the ~~borrowings~~MASCOT ~~under~~P&I ~~those~~Notes, ~~facilities~~the to“MASCOT ~~also~~Notes”). beThe ~~indexed~~MASCOT Interest Only Notes receive interest payments but do not receive principal payments. Interest on the MASCOT Interest Only Notes is calculated on a balance equal to ~~SOFR~~the aggregate outstanding amount on such date of the related MASCOT P&I Note.

OnWith ~~January~~respect 28to an exchange of the Class F Notes or the Class G Notes, ~~2022~~as applicable, ~~Guarantor~~for ~~and~~MASCOT ~~Citibank~~Notes, ~~entered~~the ~~into~~principal abalance ~~Third~~of ~~Amendment~~the applicable MASCOT P&I Note received in the exchange will be equal to ~~Guaranty~~the (principal balance of the ~~“Third~~Class ~~Citi~~F ~~Guaranty~~Note ~~Amendment”)~~or Class G Note, ~~under~~as ~~which~~applicable, ~~Citibank~~surrendered ~~agreed~~in such exchange. The notional balance of a MASCOT Interest Only Note received in an exchange will be equal to ~~reduce~~the principal balance of the ~~required~~applicable ~~minimum~~MASCOT ~~consolidated~~P&I ~~tangible~~Note ~~net~~received ~~worth~~in the exchange. The per annum interest rates payable on the MASCOT P&I Notes and the MASCOT Interest Only Notes will be determined, on the date of ~~Guarantor~~such ~~from~~exchange, $1by the holder of the Class F Notes or the Class G Notes, as applicable, surrendered in such exchange.35 ~~billion~~The sum of the interest rates of MASCOT Notes received in any exchange will equal the rates assigned to ~~$1.11~~each ~~billion~~of the Class F Notes or the Class G Notes, as applicable, surrendered in such exchange.

OnAll ~~July~~or ~~28,~~a ~~2022,~~portion CBof ~~Seller,~~each ~~Guarantor~~class ~~and~~of ~~Citibank~~the ~~entered~~MASCOT ~~into~~Notes areceived ~~Fourth~~in ~~Amendment~~an toexchange ~~Amended~~may ~~and~~be ~~Restated~~subsequently ~~Master~~exchanged ~~Repurchase~~for ~~Agreement~~Class ~~(the~~F ~~“Fourth~~Notes ~~Amendment~~or toClass ~~Citi~~G ~~Repurchase~~Notes, ~~Agreement”)~~as applicable. The ~~Fourth~~principal ~~Amendment~~balance toof ~~Citi~~the ~~Repurchase~~Class ~~Agreement~~F ~~further~~Notes ~~amends~~or the ~~definition~~Class G Notes, as applicable, received in an exchange will be equal to the principal balance of ~~term~~the ~~SOFR.~~corresponding MASCOT P&I Notes surrendered in such

Onexchange ~~November 22, 2024, CB Seller, Guarantor~~ and ~~Citibank~~the ~~entered~~per ~~into~~annum ainterest ~~Fifth~~rates ~~Amendment~~payable toon ~~Amended~~the ~~and~~Class ~~Restated~~F ~~Master~~Notes ~~Repurchase~~or ~~Agreement (~~the ~~“Fifth~~Class ~~Amendment~~G toNotes, ~~Citi~~as ~~Repurchase~~applicable, ~~Agreement”).~~received ~~The~~in ~~Fifth~~such ~~Amendment~~exchange towill ~~Citi~~equal ~~Repurchase~~the ~~Agreement~~rates ~~removed~~assigned ~~certain~~to ~~loan~~each ~~parties~~of ~~and~~ the ~~right~~Class toF ~~finance~~Notes ~~foreign~~or ~~assets~~the inClass ~~euro~~G orNotes, ~~pounds~~as ~~sterling currencies~~applicable.

OnSubordination ~~December~~of ~~16, 2025, Guarantor and Citibank entered into an Amended and Restated Guaranty (~~the ~~“Amended and Restated Citi Guaranty”), under which Citibank agreed to reduce the required minimum consolidated tangible net worth of Guarantor from $1.11 billion to $900 million.~~Notes

~~The~~In ~~foregoing~~general, ~~summary~~payments ~~does~~of ~~not~~interest ~~purport to be a complete description~~ and isprincipal ~~qualified in its entirety by reference to (i) the Amended and Restated Citi Guaranty, which is filed as Exhibit 10.6 to this Current Report~~ on ~~Form~~any ~~8-K,~~class ~~(ii)~~of ~~the~~Notes ~~Fifth~~are ~~Amendment~~subordinate to ~~Citi~~all ~~Repurchase~~payments ~~Agreement,~~of ~~which~~interest isand ~~filed~~principal ~~as an exhibit to the Company’s Form 10-K filed~~ on ~~February~~any ~~19,~~class ~~2025,~~of ~~(iii)~~Notes ~~the~~with ~~Fourth~~a ~~Amendment~~more tosenior ~~Citi~~priority. ~~Repurchase Agreement~~Generally, ~~which~~all ispayments ~~filed as an exhibit to the Company’s Form 10-Q filed~~ on ~~August 3, 2022, (iv)~~ the ~~Third~~Notes ~~Citi~~will ~~Guaranty~~be ~~Amendment,~~subordinate ~~which is filed as an exhibit~~ to ~~the~~certain ~~Company’s~~payments ~~Form~~required ~~10-K filed on February 22, 2022, (v) the Third Amendment~~ to ~~Citi~~be ~~Repurchase~~made ~~Agreement,~~in ~~which~~respect isof ~~filed~~any asinterest anadvances ~~exhibit~~and tocertain ~~the~~other ~~Company’s~~expenses. ~~Form~~Payments ~~10-K filed~~ on ~~February 21, 2024, (vi)~~ the ~~Second~~Notes ~~Amendment~~will tobe ~~Citi~~senior ~~Repurchase Agreement, which is filed as an exhibit~~ to ~~the~~any ~~Company’s~~payments ~~Form 10-Q filed~~ on ~~November~~or 3,in ~~2021,~~respect ~~(vii)~~of the ~~First~~Preferred ~~Amendment~~Shares to ~~Citi Repurchase Agreement and Second Citi Guaranty Amendment, which are filed as exhibits to~~ the ~~Company’s~~extent ~~Current~~required ~~Report~~by ~~on Form 8-K filed on April 19, 2021, (viii)~~ the ~~First~~priority ~~Citi~~of ~~Guaranty~~payments ~~Amendment,~~set ~~which~~forth isin ~~filed as an exhibit to~~ the Company’s Form 10-Q filed on May 8, 2020, and (ix) the Citi Repurchase Agreement, the Citi Guaranty, and the Citi Reaffirmation Agreement, which are filed as exhibits to the Company’s Current Report on Form 8-K filed on May 1, 2019, each of which are incorporated herein by referenceIndenture.

~~Eleventh~~Note ~~Amendment~~Protection ~~to Master Repurchase Facility Transaction Documents - Morgan Stanley~~Tests

OnThe ~~April~~Notes ~~23,~~are ~~2019,~~subject MSto ~~Loan~~note ~~NT-I,~~protection ~~LLC,~~tests ~~MS Loan NT-II, LLC, CLNC Credit 1, LLC~~ (now known as BrightSpire Credit 1, LLC), CLNC Credit 2, LLC (now known as BrightSpire Credit 2, LLC), CLNC Credit 1EU, LLC and CLNC Credit 1UK, LLC (collectively, “MS Seller”), each an indirect subsidiary of the ~~Company, entered into a Second Amended and Restated Master Repurchase and Securities Contract Agreement (the~~ “MSNote ~~Repurchase~~Protection ~~Agreement~~Tests”) ~~with Morgan Stanley Bank~~, ~~N.A.~~which ~~(“Morgan~~will ~~Stanley”).~~be Asused ~~described~~primarily ~~in more detail in the MS Repurchase Agreement documentation, the MS Repurchase Agreement provided up~~ to ~~$600.0~~determine ~~million~~whether ~~to finance first mortgage loans, senior loan participations~~ and ~~other~~to ~~commercial~~what ~~mortgage~~extent ~~loan~~interest ~~debt~~received ~~instruments~~on ~~secured~~the bycollateral ~~commercial~~interests ~~real estate: $500 million for commercial real estate that~~ may be ~~located~~used into ~~the~~make ~~United~~certain ~~States,~~payments ~~and~~subordinate ~~$100~~to ~~million~~interest ~~for~~and ~~commercial~~principal ~~real~~payments ~~estate~~to ~~that~~the ~~may~~Offered beNotes ~~located~~ in ~~Belgium, France, Germany, Ireland, Luxembourg,~~ the ~~Netherlands,~~priority ~~the~~of ~~United~~payments ~~Kingdom,~~set ~~Spain,~~forth orin ~~any other jurisdiction approved by Morgan Stanley. The transactions contemplated under~~ the ~~MS Repurchase Agreement may be denominated in U~~Indenture.~~S. Dollars, Pounds Sterling, Euro or any other currency approved by Morgan Stanley.~~

InIf ~~connection~~either ~~with~~of the MSNote ~~Repurchase~~Protection ~~Agreement,~~Tests onare ~~April~~not ~~23,~~satisfied ~~2019,~~as ~~Guarantor,~~of MSany ~~Seller~~determination ~~and~~date, ~~Morgan~~then ~~Stanley~~on ~~entered~~the ~~into~~next apayment ~~Ratification~~date, ~~Reaffirmation~~interest proceeds and, ~~Confirmation~~to ~~of Transaction Documents (~~the ~~“MS~~extent ~~Ratification~~necessary ~~Agreement”),~~after ~~which~~such ~~ratified~~application ~~Guarantor’s~~of ~~obligations~~interest ~~under~~proceeds, anprincipal ~~Amended~~proceeds ~~and~~will ~~Restated~~be ~~Guaranty~~used ~~Agreement~~to ~~with~~redeem ~~Morgan Stanley (~~the ~~“MS~~Offered ~~Guaranty”),~~Notes ~~under~~in ~~which~~accordance ~~Guarantor~~with ~~agreed~~the topriority ~~a partial recourse guaranty~~ of MSpayments ~~Seller’s~~until ~~payment~~such ~~and~~Note ~~performance~~Protection ~~obligations~~Tests ~~under~~are ~~the MS Repurchase Agreement~~satisfied.

OnThe ~~May~~following 7,chart ~~2020,~~specifies ~~Guarantor and Morgan Stanley entered into an Omnibus Amendment to Transaction Documents (~~the ~~“MS~~minimum ~~TNW~~ratios ~~Amendment”), under which Morgan Stanley agreed to reduce the~~ required ~~minimum~~for ~~consolidated~~each ~~tangible~~Note ~~net~~Protection ~~worth~~Test ~~of Guarantor from $2.105 billion~~ to ~~$1.5~~be ~~billion,~~satisfied ~~plus~~for ~~75% of~~ the ~~net~~Offered ~~cash proceeds of any equity issuance thereafter received by Guarantor~~Notes.

On February 22, 2021, MS Seller, Guarantor and Morgan Stanley entered into a Fourth Omnibus Amendment (the “MS Fourth Amendment”), under which MS Seller had two successive one (1) year extension options from the then current facility termination date, permitting an outside extension term to April 20, 2023. In addition, the parties agreed to LIBOR replacement provisions (including benchmark transition events and SOFR replacement terms) and to remove foreign assets as eligible assets for financing consideration under the Transaction Documents.


Note Protection Test						Ratio
Minimum Par Value						112.32%
Minimum Interest Coverage						120.00%

OnThe ~~April~~par ~~14,~~value ~~2021~~ratio is, MSas ~~Seller,~~of ~~Guarantor~~any ~~and~~measurement ~~Morgan~~date, ~~Stanley~~the ~~entered~~number ~~into~~(expressed as a ~~Fifth~~percentage) ~~Omnibus~~calculated ~~Amendment~~by dividing (a) the ~~“MS~~net ~~Fifth~~outstanding ~~Amendment”),~~portfolio ~~under~~balance ~~which~~on ~~Morgan~~such ~~Stanley~~measurement ~~approves~~date by (b) the sum of the ~~internalization~~aggregate ~~transaction~~outstanding ~~and~~amount ~~agrees~~of ~~that,~~the ~~upon~~Class A Notes, the ~~consummation~~Class ofA-S Notes, the ~~internalization~~Class ~~transaction~~B Notes, the ~~required~~Class ~~minimum~~C ~~consolidated~~Notes, ~~tangible~~the ~~net~~Class ~~worth~~D ofNotes and the ~~Guarantor~~Class isE ~~reduced~~Notes ~~from~~and ~~$1.5~~the ~~billion~~amount toof ~~$1.35~~any ~~billion~~unreimbursed interest advances.

OnThe ~~April~~interest ~~20,~~coverage ~~2021,~~ratio MSis ~~Seller,~~generally ~~Guarantor~~equal ~~and Morgan Stanley entered into a Sixth Omnibus Amendment~~ to the MSinterest ~~Repurchase~~proceeds ~~Agreement~~from (the ~~“MS~~collateral ~~Sixth~~portfolio ~~Amendment”),~~divided ~~reduced~~by the ~~facility~~interest ~~size~~payable toon ~~$500.0 million (providing MS Seller~~ the ~~right~~Offered ~~to increase to $600~~Notes.~~0 million).~~

OnCollateral ~~January~~Management 24, 2022, Guarantor and Morgan Stanley entered into a Sixth Omnibus Amendment to Transaction Documents (the “MS SOFR Amendment”), to expand the eligibility criteria to allow for loans indexed to the secured overnight financing rate (“SOFR”), and to allow for borrowings under those facilities to also be indexed to SOFR.Agreement

OnCertain ~~January 28~~advisory, ~~2022,~~administrative ~~Guarantor~~ and ~~Morgan~~monitoring ~~Stanley~~functions ~~entered~~relating ~~into~~to athe ~~Seventh~~collateral ~~Omnibus~~interests ~~Amendment~~will tobe ~~Transaction~~performed ~~Documents~~by (the ~~“MS~~Collateral ~~Seventh Amendment”)~~Manager, ~~under~~pursuant ~~which~~to ~~Morgan~~a ~~Stanley~~Collateral ~~agreed~~Management ~~that~~Agreement, ~~the~~dated ~~required~~as ~~minimum~~of ~~consolidated~~February ~~tangible~~17, ~~net~~2026, ~~worth~~between of the ~~Guarantor~~Issuer isand ~~reduced~~the ~~from~~Collateral ~~$1.35~~Manager ~~billion~~(the to“Collateral ~~$1.11~~Management ~~billion~~Agreement”).

OnAs ~~July~~compensation ~~11,~~for ~~2022,~~the ~~Guarantor~~performance ~~and~~of ~~Morgan~~its ~~Stanley~~obligations ~~entered~~as ~~into~~Collateral anManager, ~~Eighth~~the ~~Omnibus~~Collateral ~~Amendment~~Manager is entitled to ~~Transaction~~receive ~~Documents~~a ~~(the~~fee, ~~“MS~~payable ~~Eighth~~monthly ~~Amendment”)~~in arrears on each payment date, equal to ~~extend~~(unless ~~the~~waived) ~~maturity~~0.10% ~~date~~per annum of the MSsum ~~Repurchase~~of ~~Agreement~~the tonet ~~April~~outstanding ~~20,~~portfolio ~~2025,~~balance tofor ~~provide~~such MSpayment ~~Seller~~date ~~with~~to ~~two~~the ~~successive~~extent ~~one-year~~funds ~~extension~~are ~~options~~available. BrightSpire Capital Advisors, ~~and~~LLC has agreed to ~~replace~~waive ~~LIBOR~~its ~~with~~entitlement ~~term~~to ~~SOFR~~such Collateral Manager fee for so long as BrightSpire Capital Advisors, LLC or an affiliate is the ~~benchmark~~Collateral ~~applicable~~Manager tounder ~~loans~~the ~~entered~~Collateral ~~into~~Management ~~prior~~Agreement toand ~~January~~also 1,an ~~2022~~affiliate of the Company.

OnThe ~~September~~Collateral ~~15,~~Manager ~~2023,~~may ~~Guarantor~~be ~~and~~removed ~~Morgan~~upon ~~Stanley~~at ~~entered~~least ~~into~~30 adays’ ~~Ninth~~prior ~~Omnibus~~written ~~Amendment~~notice toif ~~Transaction~~certain ~~Documents~~events (of default have occurred, by the ~~“MS~~Issuer ~~Ninth~~or ~~Amendment”)~~the Trustee, if the holders of at least 66-2/3% in aggregate outstanding amount of each class of Notes then outstanding give written notice to ~~increase~~the Collateral Manager, the ~~facility~~Issuer ~~size~~and ~~from~~the ~~$500~~Trustee directing such removal.0 ~~million~~The toCollateral ~~$600~~Manager ~~million~~cannot ~~and~~be toremoved ~~extend~~without ~~the~~cause ~~maturity~~but ~~date~~may resign as Collateral Manager upon 90 days’ prior written notice. Upon any resignation or removal of the MSCollateral ~~Repurchase~~Manager ~~Agreement~~while toany ~~April~~of ~~20,~~the ~~2025~~Notes are outstanding, ~~and~~holders of a majority of the Preferred Shares (excluding any Preferred Shares held by certain related parties) will have the right to ~~provide~~instruct MSthe ~~Seller~~Issuer ~~with~~to ~~two~~appoint ~~successive~~an ~~one-year~~institution ~~extension~~identified ~~options~~by such holders as replacement Collateral Manager. In the event that (i) 100% of the aggregate outstanding

OnPreferred ~~August~~Shares ~~22,~~are ~~2024~~held by related parties, ~~Guarantor~~(ii) the proposed replacement Collateral Manager is an affiliate of the Collateral Manager, and ~~Morgan~~(iii) ~~Stanley~~the ~~entered~~holders ~~into~~of at least a ~~Tenth~~majority ~~Omnibus~~of ~~Amendment~~the toaggregate ~~Transaction~~outstanding ~~Documents~~principal (balance of the ~~“MS~~most ~~Tenth~~junior ~~Amendment”),~~class of Notes not 100% owned by related parties (excluding any Notes held by related parties to ~~extend~~the extent the ~~maturity~~replacement ~~date~~Collateral Manager is an affiliate of the MSCollateral ~~Repurchase~~Manager ~~Agreement~~or the Collateral Manager has been removed after the occurrence of an event of default) may direct the Issuer to ~~April~~appoint ~~20,~~an ~~2027,~~institution ~~without~~identified ~~further~~by ~~extension~~such ~~options~~holders as replacement Collateral Manager.

OnExcept ~~December~~with ~~17,~~respect ~~2025,~~to ~~Guarantor~~the ~~and~~limitations ~~Morgan~~set ~~Stanley~~forth ~~entered~~in ~~into an Eleventh Omnibus Amendment to Transaction Documents (~~the ~~“MS Eleventh Amendment”)~~Indenture, ~~under~~the ~~which~~Collateral ~~Morgan~~Manager ~~Stanley~~is ~~agreed~~not ~~that~~obligated ~~the~~to ~~required~~pursue ~~minimum~~any ~~consolidated~~particular ~~tangible~~investment ~~net~~strategy ~~worth~~or ofopportunity ~~Guarantor~~with isrespect ~~reduced from $1.11 billion~~ to ~~$900~~the ~~million~~collateral interests.

~~The~~Reinvestment foregoing summary does not purport to be a complete description and is qualified in its entirety by reference to (i) the MS Eleventh Amendment, which is filed as Exhibit 10.7 to this Current Report on Form 8-K, (ii) the MS Tenth Amendment, which is filed as an exhibit to the Company’s Current Report on Form 8-K filed on August 23, 2024, (iii) the MS Ninth Amendment, which is filed as an exhibit to the Company’s Form 10-K filed on February 19, 2025, (iv) the MS Eighth Amendment, which is filed as an exhibit to the Company’s Current Report on Form 8-K filed on July 13, 2022, (v) the MS Seventh Amendment, which is filed as an exhibit to the Company’s Form 10-K filed on February 22, 2022, (vi) the MS SOFR Amendment, which is filed as an exhibit to the Company’s Form 10-K filed on February 22, 2022, (vii) the MS Sixth Amendment, which is filed as an exhibit to the Company’s Form 10-Q filed on May 6, 2021, (viii) the MS Fifth Amendment, which is filed as an exhibit to the Company’s Current Report on Form 8-K filed on April 19, 2021, (ix) the MS Fourth Amendment, which is filed as an exhibit to the Company’s Form 10-K filed on February 25, 2021, (x) the MS TNW Amendment, which is filed as an exhibit to the Company’s Form 10-Q filed on May 8, 2020, (xi) the MS Repurchase Agreement and MS Ratification Agreement, which are filed as exhibits to the Company’s Current Report on Form 8-K filed on April 26, 2019, and (xii) the MS Guaranty, which is filed as an exhibit to the Company’s Current Report on Form 8-K filed on April 25, 2018, each of which are incorporated herein by reference.Period

~~Item~~The ~~2.03. Creation~~CLO ofincludes a ~~Direct~~30-month ~~Financial~~reinvestment ~~Obligation~~period (unless, before such date, all of the Notes are redeemed or an ~~Obligation~~event ~~under~~of andefault ~~Off~~occurs ~~Balance~~and ~~Sheet~~is ~~Arrangement~~continuing ofduring which the Issuer may acquire additional (a) ~~Registrant~~mortgage loans, (b) combined loans or (c) participations in (i) a mortgage loan or (ii) a combined loan.

~~The information included in Item 1.01 of this Current Report on Form 8~~Ramp-KUp isAcquisition ~~incorporated by reference into this Item 2.03.~~Period

The CLO includes a 6-month ramp-up acquisition period (unless, before such date, all of the funds in the unused proceeds account have been used to purchase ramp-up collateral interests, the Collateral Manager has notified the Trustee and Note Administrator that it is no longer practical or desirable to invest in ramp-up collateral interests, or an event of default occurs and is continuing during which the Issuer may acquire up to $98,348,996 of additional (a) mortgage loans, (b) combined loans or (c) participations in (i) a mortgage loan or (ii) a combined loan, which will comprise the remainder of the initial portfolio of collateral interests.

The Servicing Agreement

Except for certain non-serviced loans, the commercial real estate loans will be serviced by KeyBank National Association, as servicer (the “Servicer”), and BrightSpire Capital Asset Management, LLC, as special servicer (the “Special Servicer”), pursuant to a Servicing Agreement (the “Servicing Agreement”), dated as of February 17, 2026, by and among the Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Advancing Agent, the Trustee and the Note Administrator.

The Servicing Agreement requires each of the Servicer and the Special Servicer to diligently service and administer the commercial real estate loans (other than certain non-serviced loans) and any applicable mortgaged property acquired directly or indirectly by the Special Servicer for the benefit of the secured parties under the Indenture. In connection with their respective duties under the Servicing Agreement, the Servicer and the Special Servicer (or any replacement servicer or special servicer) are entitled to monthly servicing and special servicing fees, as described in the Servicing Agreement.

The Issuer is a Taxable Mortgage Pool

The Issuer is a “taxable mortgage pool” (“TMP”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). So long as the Issuer is wholly-owned by Sub-REIT and Sub-REIT remains qualified as a real estate investment trust (“REIT”) under the Internal Revenue Code, the Issuer is expected to be treated as a “qualified REIT subsidiary” that is generally treated as part of Sub-REIT rather than as a fully taxable C corporation, which is the general treatment of a TMP that is not a wholly-owned subsidiary of a REIT.

However, “excess inclusion income” (“EII”) attributable to a TMP, if distributed to the stockholders of a REIT, is taxable in all events to those stockholders regardless of the general tax characteristics of, and any tax attributes (such as net operating losses) otherwise available to, such stockholders. For example, EII would be unrelated business taxable income if it were distributed as dividends to stockholders of the Company that are otherwise generally exempt from U.S. federal income tax. The Company does not intend to distribute EII to its stockholders, but to instead pay (or cause to be paid) corporate income tax on such EII as and when it arises. Although the Company does not expect that the amount of any such corporate income tax will be material, there are various uncertainties concerning the correct computation of EII, which are to be based on regulations that have not yet been issued. These uncertainties could increase the amount of EII taxable to the Company or Sub-REIT above the amount the Company anticipates, could result in a portion of the dividends distributed to stockholders being treated as EII, or both. For more information, see “Taxation of BrightSpire Capital, Inc.—Requirements for Qualification-Taxable Mortgage

Pools” and related disclosure in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 18, 2026.

In addition, if the Issuer ceased to be a “qualified REIT subsidiary”, that would, subject to certain exceptions, generally be an event of default under the Indenture. In order for the Issuer to remain a “qualified REIT subsidiary” under the Internal Revenue Code, it must remain wholly-owned at all times by Sub-REIT or by another REIT. This generally will require Sub-REIT to retain not only all the equity in the Issuer, but also all of those classes of Notes as to which counsel to the Company is unable to render an opinion that they will be treated as indebtedness for U.S. federal income tax purposes if they are sold to another party. Such restrictions on transfer will restrict the liquidity of the equity in the Issuer and of the Class F Notes and the Class G Notes (or any related MASCOT Notes, if applicable), and indirectly the assets that secure the Notes, and could prevent the Company and Sub-REIT from transferring all or part of those positions in circumstances in which it would otherwise do so.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 8.01 Other Events.

On or prior to February 19, 2026 (the “Redemption Date”), the Company caused to be deposited with the 2021-FL1 Trustee (as defined below) an amount (“Trust Funds”) equal to the total redemption price of the notes (the “2021-FL1 Notes”) issued pursuant to the Indenture, dated as of July 20, 2021 (as amended or supplemented to date, the “2021-FL1 Indenture”) by and among BRSP 2021-FL1, Ltd., as issuer, BRSP 2021-FL1, LLC, as co-issuer, BrightSpire Capital Advancing Agent, LLC, as advancing agent and Wilmington Trust, National Association, as trustee (in such capacity, the “2021-FL1 Trustee”), note administrator, paying agent, calculation agent, transfer agent, authentication agent, notes registrar and backup advancing agent and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as custodian, and the preferred shares issued pursuant to the Preferred Share Paying Agency Agreement, dated as of July 20, 2021, among BRSP 2021-FL1, Ltd., as issuer, Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as preferred share paying agent and transfer agent, and MaplesFS Limited, as administrator and share registrar. Upon the deposit of such Trust Funds and the allocation of such Trust Funds by the 2021-FL1 Trustee to the payment of the applicable redemption price, each class of 2021-FL1 Notes and preferred shares were redeemed, in full, and the pledged collateral interests were released from the lien of the 2021-FL1 Indenture and sold to the holder of the preferred shares in accordance with the terms of the 2021-FL1 Indenture. The Company deposited such Trust Funds using cash on hand.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.						Description
10.1						Amendment No. 7 to Master Repurchase and Securities Contract, dated as of December 16, 2025, by and between BrightSpire Credit 8, LLC and Wells Fargo Bank, National Association
10.2						Fifth Amendment to Guarantee Agreement, dated as of December 16, 2025, by and between BrightSpire Capital Operating Company, LLC and Wells Fargo Bank, National Association
10.3						Seventh Amendment to Master Repurchase Agreement, dated as of December 11, 2024, by and between BrightSpire Credit 7, LLC and Barclays Bank PLC
10.4						Eighth Amendment to Master Repurchase Agreement, dated as of December 16, 2025, by and between BrightSpire Credit 7, LLC and Barclays Bank PLC
10.5						Fourth Amendment to Guaranty, dated as of December 16, 2025, by and between BrightSpire Capital Operating Company, LLC and Barclays Bank PLC
10.6						Amended and Restated Guaranty, dated as of December 16, 2025, by and between BrightSpire Capital Operating Company, LLC and Citibank, N.A.
10.7						Eleventh Omnibus Amendment to Transaction Documents, dated as of December 17, 2025, by and between BrightSpire Credit 1, LLC and BrightSpire Credit 2, LLC and Morgan Stanley Bank, N.A.
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(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.




Exhibit No.						Description
10.1						Indenture, dated as of February 17, 2026, by and among BRSP 2026-FL3, Ltd., as Issuer, BRSP 2026-FL3, LLC, as Co-Issuer, BrightSpire Capital Advancing Agent, LLC , as Advancing Agent, Wilmington Trust, National Association, as Trustee, and Computershare Trust Company, National Association, as Note Administrator and as Custodian
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 18, 2025	BRIGHTSPIRE CAPITAL, INC.
Date: February 23, 2026	BRIGHTSPIRE CAPITAL, INC.
	By:	/s/ David A. Palamé
	Name:	David A. Palamé
	Title:	General Counsel & Secretary

Filing Compare · BrightSpire Capital, Inc.