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

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NEW YORK–(COMMERCIAL THREAD) – BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”) today announced that the Company has closed BRSP 2021-FL1, a secured loan obligation for commercial real estate of $ 800 million (the “). The CRE CLO is guaranteed by interest in 31 variable rate mortgages guaranteed by 41 buildings, with an initial advance rate of 83.75% at a weighted average coupon on issue of L + 149%, before transaction costs . Asset collateral is located in 11 states and consists primarily of multi-family properties, with the remainder secured by office space and self-storage. The structure has 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 significant milestone for BrightSpire Capital, Inc. The transaction was well received by a large investor base, which, we believe is a testament to the strength of our renowned platform and business strategy. The cash generated by the transaction will be invested in new origination opportunities. We will continue to execute our business plan, which includes increased exposure to senior mortgages, ”said Andy Witt, COO of BrightSpire Capital.

Matthew Heslin, Head of Debt Capital Markets at BrightSpire Capital, added: “This transaction further diversifies our sources of funding, while generating liquidity, reducing our cost of capital and providing additional unrealized funding to the market. and with term financing. We see CRE CLOs as an important source of funding for our business and plan to be a recurring issuer in the CRE CLO market in the future.

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

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal before registration or qualification under the securities laws of 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, establishment-focused Commercial Real Estate Credit (CRE) REITs, the acquisition, financing and management of a diversified portfolio composed mainly of investments in CRE debt and net buildings mainly leased in the United States. The investments in CRE’s debt consist primarily of senior mortgages, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for US federal income tax purposes. For more information on the Company, its management and its activities, please refer to www.brightspire.com.

Caution Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by using forward-looking terminology such as “may”, “will”, “should”, “expects”, “intends”, “anticipates”, “anticipates”, “” Believes “,” estimates “,” predicts “or” potential “or the negative of such words and expressions or similar words or expressions which are predictions or indicate future events or trends and which do not relate solely to historical questions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially from BrightSpire Capital’s expectations include, but are not limited to, the ability to generate additional liquidity and repatriate such products in the form of first mortgage loans; the ability to create CLOs prospectively, including at a reduced cost of capital. The foregoing list of factors is not exhaustive. Additional information on these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as other documents filed by BrightSpire Capital with the US Securities and Exchange. Commission. In addition, each of the factors mentioned above is likely to be also directly or indirectly affected by the continued impact of COVID-19 and investors are urged to interpret substantially all of these statements and risks as being heightened by due to the continued impact of COVID-19[FEMININE. Additional information on these and other factors can be found in BrightSpire Capital’s reports filed from time to time with the Securities and Exchange Commission.

BrightSpire Capital cautions its investors not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of this press release. BrightSpire Capital has no obligation to update any of these forward-looking statements after the date of this press release, or to comply with any statements made prior to actual results or revised expectations, and BrightSpire Capital has no responsibility. ‘intention to do so.


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