BrightSpire Capital Announces Closure of $ 800 Million Commercial Real Estate CLO

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NEW YORK–() – BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or “Company”) today announced the closure of BRSP 2021-FL1, a $ 800 million managed commercial real estate loan commitment (CRE CLO). “). CRE CLO is backed by interest on 31 floating rate mortgages backed by 41 properties, with an original advance rate of 83.75% on a weighted average coupon on issue of L + 149% before deducting transaction costs. The asset collateral is located in 11 states and mainly consists of an apartment building, with the remainder provided by an office and a warehouse. The structure provides for a two-year reinvestment period.

“The successful execution of our second managed CRE CLO and our first as an internally managed mortgage REIT is a milestone for BrightSpire Capital, Inc. The deal was well received by a broad investor base, which we believe is a testament to the strength of our recent rebranding of our platform and business strategy. The liquidity generated from the transaction will be invested in new creation opportunities. We will continue to deliver on our business plan, which includes increasing the share of pre-emptive mortgages, ”said Andy Witt, Chief Operating Officer of BrightSpire Capital.

Matthew Heslin, Head of Debt Capital Markets at BrightSpire Capital, added: “This deal further diversifies our funding sources while generating liquidity, lowering the cost of capital, and providing additional funding beyond market value for an agreed time frame. We view CRE CLO as an important source of financing for our business and expect that in the future we will be a repeat issuer in the CRE CLO market. ”

Wells Fargo Securities LLC acted as the sole structuring agent. Wells Fargo Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as co-lead managers and joint bookrunners.

This press release does not constitute an offer to sell or an invitation to an offer to buy, nor is it permitted to sell these securities in any state or jurisdiction in which such an offer, offer or sale would be illegal prior to registration or qualification in accordance with the securities laws of any such state or jurisdiction.

About BrightSpire Capital, Inc.

BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNC), is one of the largest publicly traded REITs for commercial real estate (CRE), focused on creating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt and net leased real estate, predominantly in the United States. CRE’s debt investments mainly consist of first mortgages, which we expect will be the main investment strategy. BrightSpire Capital is organized as a Maryland corporation and is taxed as a REIT for US federal income tax purposes. For more information about the Company, its management and business, please refer to www.brightspire.com

Forward-looking statements warning

This press release may contain forward-looking statements in accordance with federal securities laws. Forward-looking statements refer to expectations, beliefs, projections, plans and strategies for the future, expected events or trends, and similar statements regarding matters that are not historical facts. In some cases, you may identify forward-looking statements using forward-looking terminology such as may, will, should, expects, intends, plans, expects, believes, estimates , “Predicts”, “potentially” or denies these words and phrases or similar words or phrases that are predictions or indicate future events or trends and that do not relate exclusively to historical issues. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and unforeseen circumstances, many of which are beyond our control, and could cause actual results to differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from BrightSpire Capital’s expectations include, but is not limited to, the ability to generate additional liquidity and repatriate such earnings into senior mortgage loans; possibility of CRE CLO on a long-term basis, including with a reduced cost of capital. The above list of factors is not exhaustive. Additional information on these and other factors can be found in Part I, Clause 1A of the Company’s 10-K Annual Report for the fiscal year ended December 31, 2020, and other BrightSpire Capital documents to the United States Securities Fund. Commission. Moreover, each of the factors mentioned above is likely to also be directly or indirectly affected by the continued exposure to COVID-19, and investors are encouraged to interpret virtually all such statements and risks as being increased by the continued exposure to the coronavirus. COVID-19. More information about these and other factors can be found in BrightSpire Capital’s reports, which are filed with the Securities and Exchange Commission from time to time.

BrightSpire Capital warns its investors not to rely unduly on any forward-looking statements. Forward-looking statements are valid only as of the date of this press release. BrightSpire Capital is under no obligation to update any of these forward-looking statements after the date of this press release or to reconcile prior statements with actual results or revised expectations, and BrightSpire Capital has no intention of doing so.



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