Positive Net Loan Originations
For the second consecutive quarter, BrightSpire achieved net positive loan originations, originating 10 loans totaling $224 million and having 7 loans in execution amounting to $242 million.
Reduction in Watch List Loans
The company's watch list has been reduced from $411 million at the start of 2025 to $182 million, showing significant progress in managing and reducing risk.
Stable Book Value
GAAP net book value remained relatively stable at $7.53 per share and undepreciated book value at $8.68 per share.
Improvement in Commercial Real Estate Markets
The company observed continued improvements in commercial real estate markets with tighter credit and lending spreads, and active CMBS and CLO markets with solid new issuance growth.
Progress in REO Portfolio Management
BrightSpire made substantial progress in managing its REO portfolio, including the sale of a Phoenix, Arizona multifamily property and plans to market additional REO properties early next year.