BrightSpire Capital Files 2023 Annual Report (10-K)

TL;DR

<b>BrightSpire Capital, Inc. has filed its 2023 10-K annual report detailing its financial performance and corporate history.</b>

AI Summary

BrightSpire Capital, Inc. (BRSP) filed a Annual Report (10-K) with the SEC on February 21, 2024. BrightSpire Capital, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as Colony Credit Real Estate, Inc. and Colony NorthStar Credit Real Estate, Inc. BrightSpire Capital is incorporated in Maryland. The company's principal executive offices are located at 590 Madison Avenue, 33rd Floor, New York, NY 10022. The filing includes data for fiscal years 2023, 2022, and 2021, with specific financial statement line items and balances.

Why It Matters

For investors and stakeholders tracking BrightSpire Capital, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of BrightSpire Capital's financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the company's historical name changes and corporate structure, as detailed in the filing, is important for tracking its evolution and understanding its current market position.

Risk Assessment

Risk Level: low — BrightSpire Capital, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which is a routine disclosure for publicly traded companies and does not inherently contain new, significant risks beyond those typically associated with real estate investment trusts.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand BrightSpire Capital's performance and strategic direction for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-21 — Filed As Of Date (Filing date)
• 2018-06-21 — Date of Name Change (From Colony NorthStar Credit Real Estate, Inc.)
• 2017-09-20 — Date of Name Change (From Colony Credit Real Estate, Inc.)

Key Players & Entities

• BrightSpire Capital, Inc. (company) — Filer name
• Colony Credit Real Estate, Inc. (company) — Former company name
• Colony NorthStar Credit Real Estate, Inc. (company) — Former company name
• New York (location) — Business address city
• Maryland (location) — State of incorporation

FAQ

Industry Context

BrightSpire Capital operates as a Real Estate Investment Trust (REIT), a company that owns, operates, or finances income-generating real estate.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and disclosures.
2. Analyze BrightSpire Capital's performance metrics and compare them to industry benchmarks.
3. Assess the risk factors outlined in the filing to understand potential challenges and opportunities.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, superseding previous quarterly (10-Q) and annual (10-K) filings for prior periods.

Key Financial Figures

• $0.01 — stered Class A common stock, par value $0.01 per share BRSP New York Stock Exchange
• $165 million — nancing strategy that included an up to $165 million secured revolving credit facility as of
• $2.0 billion — December 31, 2023, up to approximately $2.0 billion in secured revolving repurchase facilit
• $913.9 million — ecured revolving repurchase facilities, $913.9 million in non-recourse securitization financin
• $617.4 million — non-recourse securitization financing, $617.4 million in commerci

Filing Documents

• brsp-20231231.htm (10-K) — 4931KB
• brsp12312023exhibit41.htm (EX-4.1) — 68KB
• brsp12312023exhibit107.htm (EX-10.7) — 6KB
• brsp12312023exhibit1010.htm (EX-10.10) — 87KB
• brsp12312023exhibit1011.htm (EX-10.11) — 122KB
• brsp12312023exhibit1017.htm (EX-10.17) — 60KB
• brsp12312023exhibit1046.htm (EX-10.46) — 133KB
• brsp12312023exhibit1058.htm (EX-10.58) — 124KB
• brsp12312023exhibit1059.htm (EX-10.59) — 25KB
• brsp12312023exhibit211.htm (EX-21.1) — 18KB
• brsp12312023exhibit231.htm (EX-23.1) — 4KB
• brsp12312023exhibit311.htm (EX-31.1) — 10KB
• brsp12312023exhibit312.htm (EX-31.2) — 10KB
• brsp12312023exhibit321.htm (EX-32.1) — 7KB
• brsp12312023exhibit322.htm (EX-32.2) — 7KB
• brsp12312023exhibit971.htm (EX-97.1) — 27KB
• brsp-20231231_g1.jpg (GRAPHIC) — 46KB
• image_0.jpg (GRAPHIC) — 24KB
• image_0b.jpg (GRAPHIC) — 24KB
• 0001717547-24-000008.txt (&nbsp;) — 23251KB
• brsp-20231231.xsd (EX-101.SCH) — 132KB
• brsp-20231231_cal.xml (EX-101.CAL) — 187KB
• brsp-20231231_def.xml (EX-101.DEF) — 751KB
• brsp-20231231_lab.xml (EX-101.LAB) — 1514KB
• brsp-20231231_pre.xml (EX-101.PRE) — 1081KB
• brsp-20231231_htm.xml (XML) — 4235KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 41 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. Reserved 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 74 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 76 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76 Item 9A.

Controls and Procedures

Controls and Procedures 76 Item 9B. Other Information 79 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III Item 10. Directors, Executive Officers and Corporate Governance 108 Item 11.

Executive Compensation

Executive Compensation 108 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108 Item 13. Certain Relationships and Related Transactions and Director Independence 108 Item 14. Principal Accounting Fees and Services 108 PART IV Item 15. Exhibits and Financial Statement Schedules F-1 Item 16. Form 10-K Summary Exhibit Index

Signatures

Signatures Table of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. 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. Among others, the following uncertainties and other factors could cause actual results to differ from those set forth in the forward-looking statements: operating costs and business disruption may be greater than expected; the impacts of the COVID-19 pandemic, such as changes in consumer behavior and corporate policies that have affected the use of and demand for traditional retail, hotel and office space; we depend on borrowers and tenants for a substantial portion of our revenue and, accordingly, our revenue and our ability to make distributions to stockholders will be dependent upon the success and economic viability of such borrowers and tenants; high interest rates may adversely impact the value of our variable-rate investments, result in higher interest expense and in disruptions to our borrowers' and tenants' ability to finance their activities, on whom we depend for a substantial portion of ou

Business

Item 1. Business Our Company References to "we," "us," "our," or the "Company" refer to BrightSpire Capital, Inc., a Maryland corporation, together with its consolidated subsidiaries, unless the context specifically requires otherwise. References to the "OP" refer to BrightSpire Capital Operating Company, LLC a Delaware limited liability company, the operating company of the Company. We are a commercial real estate ("CRE") credit real estate investment trust ("REIT") focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. CRE debt investments primarily consist of first mortgage loans, which is our primary investment strategy. Additionally, we may also selectively originate mezzanine loans and preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with our origination of corresponding first mortgages on the same properties. Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. We continue to target net leased equity investments on a selective basis. We were organized in the state of Maryland on August 23, 2017 and maintain key offices in New York, New York and Los Angeles, California. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2018. We conduct all our activities and hold substantially all our assets and liabilities through our operating subsidiary, BrightSpire Capital Operating Company, LLC. Our Investment Strategy Our objective is to generate consistent and attractive risk-adjusted returns to our stockholders. We seek to achieve this o

View Full Filing

View this 10-K filing on SEC EDGAR