BrightSpire Capital (BRSP) 10-Q 31 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38377
Entity Registrant Name	BRIGHTSPIRE CAPITAL, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-4046290
Entity Address, Address Line One	590 Madison Avenue
Entity Address, Address Line Two	33rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	547-2631
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	BRSP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		129,985,107
Entity Central Index Key	0001717547
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 236,197	$ 306,320
Restricted cash	97,432	92,508
Loans and preferred equity held for investment	3,145,196	3,574,989
Current expected credit loss reserve	(89,172)	(106,247)
Loans and preferred equity held for investment, net	3,056,024	3,468,742
Real estate, net	775,256	732,468
Receivables, net	76,418	40,698
Deferred leasing costs and intangible assets, net	59,890	53,980
Other assets	51,459	55,673
Total assets	4,352,676	4,750,389
Liabilities
Securitization bonds payable, net	993,000	1,167,600
Mortgage and other notes payable, net	643,995	656,468
Credit facilities	1,207,182	1,339,993
Accrued and other liabilities	82,464	87,633
Intangible liabilities, net	4,503	4,839
Escrow deposits payable	80,251	79,055
Dividends payable	25,987	25,777
Total liabilities	3,037,382	3,361,365
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0	0
Common stock	1,300	1,289
Additional paid-in capital	2,862,080	2,853,723
Accumulated deficit	(1,543,962)	(1,466,568)
Accumulated other comprehensive income (loss)	(5,240)	(676)
Total stockholders’ equity	1,314,178	1,387,768
Noncontrolling interests in investment entities	1,116	1,256
Total equity	1,315,294	1,389,024
Total liabilities and equity	4,352,676	4,750,389
Primary beneficiary
Assets
Cash and cash equivalents	4,620	5,163
Restricted cash	9,431	7,831
Loans and preferred equity held for investment, net	1,226,541	1,444,398
Real estate, net	167,563	167,821
Receivables, net	46,624	11,869
Deferred leasing costs and intangible assets, net	8,550	10,956
Other assets	20,735	21,977
Total assets	1,484,064	1,670,015
Liabilities
Securitization bonds payable, net	993,000	1,167,600
Mortgage and other notes payable, net	171,307	173,960
Accrued and other liabilities	8,347	5,026
Intangible liabilities, net	3,804	4,839
Escrow deposits payable	773	2,366
Total liabilities	$ 1,177,231	$ 1,353,791

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class A
Common stock, shares authorized (in shares)	950,000,000	950,000,000
Common stock, shares issued (in shares)	129,985,107	128,872,471
Common stock, shares outstanding (in shares)	129,985,107	128,872,471

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net interest income
Interest income	$ 75,630	$ 63,671	$ 225,584	$ 161,325
Interest expense	(43,647)	(32,944)	(130,404)	(70,471)
Interest income on mortgage loans held in securitization trusts	0	9,597	0	28,692
Interest expense on mortgage obligations issued by securitization trusts	0	(8,977)	0	(26,051)
Net interest income	31,983	31,347	95,180	93,495
Property and other income
Property operating income	24,247	22,265	68,525	68,213
Other income	2,855	1,616	9,158	2,679
Total property and other income	27,102	23,881	77,683	70,892
Expenses
Property operating expense	7,392	5,814	18,687	17,804
Transaction, investment and servicing expense	311	932	1,966	3,037
Interest expense on real estate	6,833	7,047	19,115	21,720
Depreciation and amortization	8,851	8,572	24,788	25,886
Increase of current expected credit loss reserve	7,671	40,750	76,250	50,026
Compensation and benefits (including $5,855, $2,217, $11,253 and $6,383 of equity-based compensation expense, respectively)	11,971	8,373	30,144	24,868
Operating expense	3,286	3,545	10,033	11,964
Total expenses	46,315	75,033	180,983	155,305
Other income
Other gain (loss), net	(220)	(30)	615	34,590
Income (loss) before equity in earnings of unconsolidated ventures and income taxes	12,550	(19,835)	(7,505)	43,672
Equity in earnings of unconsolidated ventures	0	0	9,055	25
Income tax expense	(158)	(633)	(859)	(1,135)
Net income (loss)	12,392	(20,468)	691	42,562
Net (income) loss attributable to noncontrolling interests:
Investment entities	(3)	5	84	(2)
Operating Partnership	0	0	0	(1,013)
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$ 12,389	$ (20,463)	$ 775	$ 41,547
Net income (loss) per common share - basic (in dollars per share)	$ 0.10	$ (0.16)	$ 0.01	$ 0.32
Net income (loss) per common share - diluted (in dollars per share)	$ 0.09	$ (0.16)	$ 0.01	$ 0.31
Weighted average shares of common stock outstanding - basic (in shares)	127,197,000	126,564,000	127,014,000	127,551,000
Weighted average shares of common stock outstanding - diluted (in shares)	129,986,000	126,564,000	129,730,000	129,432,000

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Share-based compensation expense	$ 5,855	$ 2,217	$ 11,253	$ 6,383

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss)	$ 12,392	$ (20,468)	$ 691	$ 42,562
Other comprehensive income (loss)
Foreign currency translation gain (loss)	505	(6,068)	(4,564)	(15,202)
Total other comprehensive income (loss)	505	(6,068)	(4,564)	(15,202)
Comprehensive income (loss)	12,897	(26,536)	(3,873)	27,360
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive income (loss) attributable to common stockholders	12,894	(26,531)	(3,789)	26,183
Investment entities
Net income (loss)	3	(5)
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests:	(3)	5	84	(2)
Operating Partnership
Net income (loss)		0
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests:	$ 0	$ 0	$ 0	$ (1,175)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Total Company’s Stockholders’ Equity	Common Stock	Common Stock Class A	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in the Operating Partnership
Beginning balance (in shares) at Dec. 31, 2021				129,769
Beginning balance at Dec. 31, 2021	$ 1,491,315	$ 1,455,288		$ 1,298	$ 2,855,766	$ (1,410,562)	$ 8,786	$ 1,472	$ 34,555
Increase (Decrease) in Stockholders' Equity
Distributions	(110)							(110)
Issuance and amortization of equity-based compensation	1,880	1,880			1,880
Other comprehensive income (loss)	676	660					660		16
Dividends and distributions declared	(25,241)	(24,657)				(24,657)			(584)
Shares canceled for tax withholding on vested stock awards (in shares)				(136)
Shares canceled for tax withholding on vested stock awards	(1,000)	(1,000)		$ (2)	(998)
Reallocation of equity	0	(13)			(13)				13
Net income (loss)	28,400	27,724				27,724		22	654
Ending balance (in shares) at Mar. 31, 2022				129,633
Ending balance at Mar. 31, 2022	1,495,920	1,459,882		$ 1,296	2,856,635	(1,407,495)	9,446	1,384	34,654
Beginning balance (in shares) at Dec. 31, 2021				129,769
Beginning balance at Dec. 31, 2021	1,491,315	1,455,288		$ 1,298	2,855,766	(1,410,562)	8,786	1,472	34,555
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)	(15,202)
Net income (loss)	42,562
Ending balance (in shares) at Sep. 30, 2022				128,965
Ending balance at Sep. 30, 2022	1,403,208	1,401,900		$ 1,290	2,852,218	(1,445,030)	(6,578)	1,308	0
Beginning balance (in shares) at Mar. 31, 2022				129,633
Beginning balance at Mar. 31, 2022	1,495,920	1,459,882		$ 1,296	2,856,635	(1,407,495)	9,446	1,384	34,654
Increase (Decrease) in Stockholders' Equity
Distributions	(28)							(28)
Issuance and amortization of equity-based compensation (in shares)				1,524
Issuance and amortization of equity-based compensation	2,286	2,286		$ 16	2,270
Repurchase of common stock (in shares)				(2,181)
Repurchase of common stock	(18,320)	(18,320)		$ (22)	(18,298)
Other comprehensive income (loss)	(9,810)	(9,956)					(9,956)		146
Dividends and distributions declared	(25,565)	(25,565)				(25,565)
Shares canceled for tax withholding on vested stock awards (in shares)				(11)
Shares canceled for tax withholding on vested stock awards	(254)	(254)			(254)
OP Redemption	(25,511)	9,648			9,648				(35,159)
Net income (loss)	34,631	34,287				34,287		(15)	359
Ending balance (in shares) at Jun. 30, 2022				128,965
Ending balance at Jun. 30, 2022	1,453,349	1,452,008		$ 1,290	2,850,001	(1,398,773)	(510)	1,341	0
Increase (Decrease) in Stockholders' Equity
Distributions	(28)							(28)
Issuance and amortization of equity-based compensation	2,217	2,217			2,217
Other comprehensive income (loss)	(6,068)	(6,068)					(6,068)
Dividends and distributions declared	(25,794)	(25,794)				(25,794)
Net income (loss)	(20,468)	(20,463)				(20,463)		(5)	0
Ending balance (in shares) at Sep. 30, 2022				128,965
Ending balance at Sep. 30, 2022	1,403,208	1,401,900		$ 1,290	2,852,218	(1,445,030)	(6,578)	1,308	$ 0
Beginning balance (in shares) at Dec. 31, 2022				128,872
Beginning balance at Dec. 31, 2022	1,389,024	1,387,768		$ 1,289	2,853,723	(1,466,568)	(676)	1,256
Increase (Decrease) in Stockholders' Equity
Distributions	(28)							(28)
Issuance and amortization of equity-based compensation (in shares)				1,527
Issuance and amortization of equity-based compensation	2,295	2,295		$ 15	2,280
Other comprehensive income (loss)	(3,463)	(3,463)					(3,463)
Dividends and distributions declared	(26,170)	(26,170)				(26,170)
Shares canceled for tax withholding on vested stock awards (in shares)				(453)
Shares canceled for tax withholding on vested stock awards	(2,885)	(2,885)		$ (5)	(2,880)
Net income (loss)	(4,202)	(4,127)				(4,127)		(75)
Ending balance (in shares) at Mar. 31, 2023				129,946
Ending balance at Mar. 31, 2023	1,354,571	1,353,418		$ 1,299	2,853,123	(1,496,865)	(4,139)	1,153
Beginning balance (in shares) at Dec. 31, 2022				128,872
Beginning balance at Dec. 31, 2022	1,389,024	1,387,768		$ 1,289	2,853,723	(1,466,568)	(676)	1,256
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)	(4,564)
Net income (loss)	691
Ending balance (in shares) at Sep. 30, 2023				129,985
Ending balance at Sep. 30, 2023	1,315,294	1,314,178		$ 1,300	2,862,080	(1,543,962)	(5,240)	1,116
Beginning balance (in shares) at Mar. 31, 2023				129,946
Beginning balance at Mar. 31, 2023	1,354,571	1,353,418		$ 1,299	2,853,123	(1,496,865)	(4,139)	1,153
Increase (Decrease) in Stockholders' Equity
Distributions	(28)							(28)
Issuance and amortization of equity-based compensation (in shares)				93
Issuance and amortization of equity-based compensation	3,103	3,103		$ 1	3,102
Other comprehensive income (loss)	(1,606)	(1,606)					(1,606)
Dividends and distributions declared	(26,000)	(26,000)				(26,000)
Net income (loss)	(7,498)	(7,486)				(7,486)		(12)
Ending balance (in shares) at Jun. 30, 2023				130,039
Ending balance at Jun. 30, 2023	1,322,542	1,321,429		$ 1,300	2,856,225	(1,530,351)	(5,745)	1,113
Increase (Decrease) in Stockholders' Equity
Issuance and amortization of equity-based compensation	5,855	5,855			5,855
Share forfeitures (in shares)			(54)
Other comprehensive income (loss)	505	505					505
Dividends and distributions declared	(26,000)	(26,000)				(26,000)
Net income (loss)	12,392	12,389				12,389		3
Ending balance (in shares) at Sep. 30, 2023				129,985
Ending balance at Sep. 30, 2023	$ 1,315,294	$ 1,314,178		$ 1,300	$ 2,862,080	$ (1,543,962)	$ (5,240)	$ 1,116

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares							3 Months Ended
	Sep. 14, 2023	Jun. 16, 2023	Mar. 16, 2023	Sep. 15, 2022	Jun. 15, 2022	Mar. 15, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends and distributions declared per share of common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.19	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.19

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 691	$ 42,562
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) losses of unconsolidated ventures	0	(25)
Depreciation and amortization	24,788	25,886
Straight-line rental income	(1,526)	(1,159)
Amortization of above/below market lease values, net	(244)	(174)
Amortization of premium/accretion of discount and fees on investments and borrowings, net	(8,558)	(10,041)
Amortization of deferred financing costs	8,358	7,786
Amortization of right-of-use lease assets and operating lease liabilities	98	367
Paid-in-kind interest added to loan principal, net of interest received	(3,750)	4,906
Realized gain on sale of real estate	0	(10,632)
Increase (decrease) of current expected credit loss reserve	76,250	50,249
Amortization of equity-based compensation	11,253	6,383
Mortgage notes above/below market value amortization	(1,425)	127
Realized gain on sales of unconsolidated ventures	0	(21,900)
Deferred income tax (benefit) expense	(602)	(1,887)
Other (gain) loss, net	335	(2,355)
Changes in assets and liabilities:
Receivables, net	1,053	(2,878)
Deferred costs and other assets	152	1,446
Other liabilities	(5,656)	319
Net cash provided by operating activities	101,217	88,980
Cash flows from investing activities:
Acquisition, origination and funding of loans held for investment, net	(57,495)	(929,163)
Repayment on loans held for investment	288,703	525,577
Proceeds from sale of real estate	0	55,600
Acquisition of and additions to real estate, related intangibles and leasing commissions	(5,750)	(2,212)
Proceeds from sale of investments in unconsolidated ventures	0	38,100
Distributions in excess of cumulative earnings from unconsolidated ventures	421	1,286
Repayment of principal in mortgage loans held in securitization trusts	0	18,660
Cash received related to foreclosure of loans held for investment	1,835	0
Change in escrow deposits payable	1,195	14,099
Net cash provided by (used in) investing activities	228,909	(278,053)
Cash flows from financing activities:
Distributions paid on common stock	(77,951)	(73,597)
Distributions paid on common stock to noncontrolling interests	0	(1,138)
Shares canceled for tax withholding on vested stock awards	(2,885)	(1,254)
Repurchase of common stock	0	(18,320)
Redemption of OP units	0	(25,383)
Borrowings from mortgage notes	34,466	0
Repayment of mortgage notes	(32,492)	(83,544)
Borrowings from credit facilities	110,790	771,184
Repayment of credit facilities	(243,722)	(142,736)
Repayment of securitization bonds	(177,690)	(163,045)
Repayment of mortgage obligations issued by securitization trusts	0	(18,660)
Payment of deferred financing costs	(5,670)	(8,339)
Distributions to noncontrolling interests	(56)	(166)
Issuance of common stock	16	0
Net cash provided by (used in) financing activities	(395,194)	235,002
Effect of exchange rates on cash, cash equivalents and restricted cash	(131)	(1,168)
Net increase (decrease) in cash, cash equivalents and restricted cash	(65,199)	44,761
Cash, cash equivalents and restricted cash - beginning of period	398,828	346,563
Cash, cash equivalents and restricted cash - end of period	333,629	391,324
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets
Cash and cash equivalents	236,197	286,456
Restricted cash	97,432	104,868
Total cash, cash equivalents and restricted cash	333,629	391,324
Supplemental disclosure of non-cash investing and financing activities:
Accrual of distribution payable	(25,987)	(25,791)
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned	(2,232)	0
Assumption of real estate	87,032	0
Right-of-use lease assets and operating lease liabilities	$ 0	$ 3,271

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization BrightSpire Capital, Inc. (the “Company”) is 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 the Company expects to be its primary investment strategy. Additionally, the Company may selectively originate mezzanine loans and make preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with the Company’s 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. The Company will continue to target net leased equity investments on a selective basis. The Company was organized in the state of Maryland on August 23, 2017 and maintains key offices in New York, New York and Los Angeles, California. The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the taxable year ended December 31, 2018. The Company conducts all activities and holds substantially all assets and liabilities through the Company’s operating subsidiary, BrightSpire Capital Operating Company, LLC (the “OP”). Trends Affecting the Business The global markets are currently characterized by volatility, driven by a tightening of monetary policy and geopolitical uncertainty, coupled with the ongoing impacts of the COVID-19 pandemic. In response to heightened inflation, the Federal Reserve has continued to raise interest rates, which has tempered the loan financing market and created further uncertainty for the economy and for the Company’s borrowers and tenants. To the extent certain borrowers are experiencing significant financial dislocation as a result of economic conditions or the ongoing effects of the COVID-19 pandemic, the Company has and may continue to use interest and other reserves and/or replenishment obligations of the borrower and/or guarantors to meet current interest payment obligations for a limited period. Additionally, the market for office properties was particularly negatively impacted by the COVID-19 pandemic and remains distressed, with high overall vacancy rates due to the normalization of work from home and the hybrid attendance models. As a result of fewer employees commuting to their offices, businesses are re-evaluating their need for physical office space. These current macroeconomic conditions may continue or intensify and could cause the United States economy or other global economies to experience an economic slowdown or recession. While the Company monitors macroeconomic conditions closely, there are too many uncertainties to predict and quantify the full impact that these factors may have on its business.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies of the Company are described below. The accounting policies of the Company’s unconsolidated ventures are substantially similar to those of the Company. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities Variable Interest Entities— A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party’s ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities— Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company’s existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. As of September 30, 2023 and December 31, 2022, the Company had identified certain consolidated VIEs. As of December 31, 2022, the Company had identified certain unconsolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. Consolidated VIEs Consolidated VIEs include the Investing VIEs (as defined and discussed below) and certain operating real estate properties that have noncontrolling interests. At September 30, 2023 and December 31, 2022, the noncontrolling interests in the operating real estate properties represent third party joint venture partners with ownership ranging from 5.0% to 11.0%. These noncontrolling interests do not have substantive kick-out nor participating rights. Investing VIEs The Company’s previous investments in securitization financing entities (“Investing VIEs”) included subordinate first-loss tranches of securitization trusts, which represented interests in such VIEs. As of September 30, 2023, the Company did not hold any tranches of any securitization trusts, with the exception of its securitization bonds payable, net. Refer to Note 8, “Debt” for further discussion. During the three months ended December 31, 2022, the Company sold its remaining subordinate tranches of a securitization trust in one Investing VIE for which it had determined it was the primary beneficiary because it had the power to direct the activities that most significantly impacted the economic performance of the securitization trust. The Company’s subordinate tranches of the securitization trust, which represented the retained interest and related interest income, were eliminated in consolidation. As a result, all of the assets, liabilities (obligations to the certificate holders of the securitization trust, less the Company’s retained interest from the subordinate tranches of the securitization trust), income and expenses of the Investing VIE were presented in the consolidated financial statements of the Company although the Company legally owned the subordinate tranches of the securitization trust only. Regardless of the presentation, the Company’s consolidated financial statements of operations ultimately reflect the net income attributable to its retained interest in the subordinate tranches of the securitization trust. The Company elected the fair value option for the initial recognition of the assets and liabilities of its consolidated Investing VIE. Interest income and interest expense associated with the Investing VIE are presented separately on the consolidated statements of operations, and the assets and liabilities of the Investing VIE are separately presented as “Mortgage loans held in securitization trusts, at fair value” and “Mortgage obligations issued by securitization trusts, at fair value,” respectively, on the consolidated balance sheets. Refer to Note 13, “Fair Value” for further discussion. The Company has adopted guidance issued by the Financial Accounting Standards Board (“FASB”), allowing the Company to measure both the financial assets and liabilities of a qualifying collateralized financing entity (“CFE”), such as its Investing VIE, using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. As the liabilities of the Company’s Investing VIE are marketable securities with observable trade data, their fair value is more observable and is referenced to determine fair value of the assets of its Investing VIE. Refer to Note 13, “Fair Value” for further discussion. Unconsolidated VIEs As of September 30, 2023, the Company did not hold, and had no remaining obligations to, any unconsolidated VIEs. As of December 31, 2022, the Company held one investment which had no carrying value in an unconsolidated VIE to which the Company did not provide financial support during the year ended December 31, 2022. The maximum exposure to loss of investments in unconsolidated ventures was determined as the carrying value plus any future funding commitments. Noncontrolling Interests Noncontrolling Interests in Investment Entities— This represents interests in consolidated investment entities held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value (“HLBV”) basis, where applicable and substantive. HLBV uses a balance sheet approach, which measures each party’s capital account at the end of a period assuming that the subsidiary was liquidated or sold at book value. Each party’s share of the subsidiary’s earnings or loss is calculated by measuring the change in the party’s capital account from the beginning of the period in question to the end of period, adjusting for effects of distributions and new investments. Noncontrolling Interests in the Operating Partnership— Prior to the May 2022 redemption of the noncontrolling interests in the OP held by third parties, noncontrolling interests in the OP were allocated a share of net income or loss in the OP based on their weighted average ownership interest in the OP during the period. Noncontrolling interests in the OP had the right to require the OP to redeem part or all of the membership units in the OP for cash based on the market value of an equivalent number of shares of Class A common stock at the time of redemption, or at the Company’s election as managing member of the OP, through the issuance of shares of Class A common stock on a one-for-one basis. At the end of each reporting period, noncontrolling interests in the OP were adjusted to reflect their ownership percentage in the OP at the end of the period, through a reallocation between controlling and noncontrolling interests in the OP, as applicable. There are no noncontrolling interests in the OP and the OP is owned by the Company directly, and indirectly through the Company’s subsidiary, BRSP-T Partner, LLC. Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include unrealized gain (loss) on CRE debt securities available for sale for which the fair value option was not elected, gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”), and gain (loss) on foreign currency translation. Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company’s own creditworthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2— Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3— At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument fall into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement. Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. Gains and losses on items for which the fair value option has been elected are reported in earnings. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected the fair value option for its indirect interests in real estate through real estate private equity funds (“PE Investments”). The Company has previously elected the fair value option to account for the eligible financial assets and liabilities of its consolidated Investing VIEs in order to mitigate potential accounting mismatches between the carrying value of the instruments and the related assets and liabilities to be consolidated. The Company has adopted the measurement alternative allowing the Company to measure both the financial assets and financial liabilities of a qualifying CFE it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. Business Combinations Definition of a Business— The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions— For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to the acquisition of assets are included in the cost basis of the assets acquired. Such valuations require management to make significant estimates and assumptions. Business Combinations— The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Cash and Cash Equivalents Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company did not have any cash equivalents at September 30, 2023 or December 31, 2022. The Company’s cash is held with major financial institutions and may at times exceed federally insured limits. Restricted Cash Restricted cash consists primarily of borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves. Loans and Preferred Equity Held for Investment The Company originates and purchases loans and preferred equity held for investment. The accounting framework for loans and preferred equity held for investment depends on the Company’s strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans and Preferred Equity Held for Investment Loans and preferred equity that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans and preferred equity are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans and preferred equity are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans and preferred equity are expensed as incurred. Interest Income— Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans and preferred equity investments. Net deferred loan fees on originated loans and preferred equity investments are deferred and amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. Premium or discount on purchased loans and preferred equity investments are amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. When a loan or preferred equity investment is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan or preferred equity investment is recognized as additional interest income. The Company has debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due. Nonaccrual— Accrual of interest income is suspended on nonaccrual loans and preferred equity investments. Loans and preferred equity investments that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest receivable is reversed against interest income when loans and preferred equity investments are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan and preferred equity principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan and preferred equity carrying value. Loans and preferred equity investments may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to Current Expected Credit Losses (“CECL”) reserves. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. At September 30, 2023 and December 31, 2022, the Company had no loans classified as held for sale. Acquisition, Development and Construction (“ADC”) Arrangements The Company provides loans to third party developers for the acquisition, development and construction of real estate. Under an ADC arrangement, the Company participates in the expected residual profits of the project through the sale, refinancing or other use of the property. The Company evaluates the characteristics of each ADC arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. ADC arrangements with characteristics implying loan classification are presented as loans held for investment and result in the recognition of interest income. ADC arrangements with characteristics implying real estate joint ventures are presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each ADC arrangement as either loan receivable or real estate joint venture involves significant judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guaranties, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of ADC arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above. At September 30, 2023 and December 31, 2022, the Company had no ADC arrangements. Operating Real Estate Real Estate Acquisitions— Real estate acquired in acquisitions that are deemed to be business combinations is recorded at the fair values of the acquired components at the time of acquisition, allocated among land, buildings, improvements, equipment and lease-related tangible and identifiable intangible assets and liabilities, including forgone leasing costs, in-place lease values and above- or below-market lease values and assumed debt, if any. Real estate acquired in acquisitions that are deemed to be asset acquisitions is recorded at the total value of consideration transferred, including transaction costs, and allocated to the acquired components based upon relative fair value. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment is carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 33 to 47 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of the useful life or remaining life of the building Land improvements 1 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 2 to 8 years Impairment— The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Another key consideration in this assessment is the Company’s assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. See Note 5, “Real Estate, net” and Note 13, “Fair Value” for further detail. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, and (ii) its estimated fair value at the time the Company decides not to sell. At September 30, 2023 and December 31, 2022, there were no properties held for sale. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans held for investment by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as current expected credit loss reserves and the cumulative reserve on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value, which is recorded as an additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof. Real Estate Securities The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company has elected the fair value option for the assets and liabilities of its consolidated Investing VIEs, and as a result, any unrealized gains (losses) on the consolidated Investing VIEs are recorded in unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations. During the year ended December 31, 2022, the Company sold its retained investments in the subordinate tranches of a securitization trust. In connection with the sale, the Company deconsolidated the securitization trust and recognized a realized gain. Refer to Note 4, “Real Estate Securities” for further discussion. Impairment CRE securities for which the fair value option is elected are not evaluated for impairment as any change in fair value is recorded i

Loans and Preferred Equity Held

Loans and Preferred Equity Held for Investment, net	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Loans and Preferred Equity Held for Investment, net	Loans and Preferred Equity Held for Investment, net The following table provides a summary of the Company’s loans and preferred equity held for investment, net (dollars in thousands): September 30, 2023 December 31, 2022 Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Variable rate Senior loans $ 1,814,158 $ 1,811,471 8.9 % 2.9 $ 1,981,973 $ 1,972,952 7.9 % 3.5 Securitized loans (2) 1,256,239 1,255,738 8.8 % 2.2 1,468,790 1,466,754 7.8 % 2.7 Mezzanine loans 12,330 12,450 16.3 % 0.2 12,000 12,120 15.4 % 0.0 3,082,727 3,079,659 3,462,763 3,451,826 Fixed rate Mezzanine loans 65,601 65,537 10.9 % 2.6 100,765 100,666 12.2 % 2.6 Preferred equity interests — — — % 0.0 22,720 22,497 12.0 % 9.9 65,601 65,537 123,485 123,163 Loans held for investment 3,148,328 3,145,196 3,586,248 3,574,989 CECL reserve — (89,172) — (106,247) Loans and preferred equity held for investment, net $ 3,148,328 $ 3,056,024 8.9 % 2.6 $ 3,586,248 $ 3,468,742 8.0 % 3.2 _________________________________________ (1) Calculated based on contractual interest rate. As of September 30, 2023, all variable rate loans utilize Term Secured Overnight Financing Rate (“Term SOFR”). (2) Represents loans transferred into securitization trusts that are consolidated by the Company. The Company had $16.4 million of interest receivable . This is included in receivables, net on the Company’s consolidated balance sheets. Activity relating to the Company’s loans and preferred equity held for investment, net was as follows (dollars in thousands): Carrying Value Nine Months Ended September 30, 2023 2022 Balance at January 1 $ 3,468,742 $ 3,449,009 Acquisitions/originations/additional funding 57,495 929,163 Loan maturities/principal repayments (323,562) (512,156) Increase of CECL reserve (1) (76,083) (50,242) Discount accretion/premium amortization 8,558 10,041 Capitalized interest, net of repayments 3,750 (1,219) Transfer to Real Estate, net (2) (161,557) — Charge-off of CECL reserve-transfer to Real Estate, net (2) 78,681 — Charge-off of loan held for investment (3) (14,477) — Charge-off of CECL reserve-other (3) 14,477 1,251 Balance at September 30 $ 3,056,024 $ 3,825,847 _________________________________________ (1) Provision for loan losses excludes $0.2 million for the nine months ended September 30, 2023 and a de minimis amount for the nine months ended September 30, 2022 as determined by the Company’s PD/LGD model for unfunded commitments reported on the consolidated statement of operations, with a corresponding offset to accrued and other liabilities recorded on the Company’s consolidated balance sheets. (2) During the second quarter of 2023, the Company acquired legal title of two Long Island City, New York office properties through a deed-in-lieu of foreclosure. During the third quarter of 2023, the Company acquired legal title of one Oakland, California office property through a deed-in-lieu of foreclosure. The CECL reserves related to these properties were charged off and the net amount is reflected as an addition to real estate, net. Refer to Note 5, “Real Estate, net” for further discussion. (3) During the third quarter of 2023, the Company charged off one Mezzanine B Note which was deemed uncollectible relating to a multifamily property in Milpitas, California for $14.5 million and the Company charged off the related $14.5 million of CECL reserves. During the second quarter of 2023, the Company amended and restructured a development mezzanine loan related to a multifamily property located in Milpitas, California (the “Development Mezzanine Loan”), bifurcating it into a $30.2 million Mezzanine A note (the “Mezzanine A Note”) and a $14.5 million Mezzanine B note (the “Mezzanine B Note”) to facilitate a new equity contribution from the borrower behind the Mezzanine A Note and ahead of the Mezzanine B Note. As part of the restructuring, the Company extended the terms of both the Mezzanine A Note and the Mezzanine B Note to be conterminous with the senior loan, which was extended to March 2025, with an additional one-year extension option to March 2026. Prior to the amendment, the Development Mezzanine Loan had a fixed interest rate of 13%. After the amendment, the Mezzanine A Note has a fixed interest rate of 10% and the Mezzanine B Note has a fixed interest rate of 12%. In connection with the amendment and restructuring of the Development Mezzanine Loan, the Company placed the Mezzanine B Note on nonaccrual status in April 2023 and recorded a $14.5 million specific CECL reserve during the first quarter of 2023. As of September 30, 2023, the amortized cost basis of the Mezzanine A Note was $31.8 million. During the third quarter of 2023, the Mezzanine B Note was charged off as the Company deemed this amount uncollectible. Nonaccrual and Past Due Loans and Preferred Equity Loans and preferred equity that are 90 days or more past due as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. The following table provides an aging summary of loans and preferred equity held for investment at carrying values before CECL reserve (dollars in thousands): Current or Less Than 30 Days Past Due 30-59 Days Past Due (1) 60-89 Days Past Due 90 Days or More Past Due (2)(3) Total Loans and Preferred Equity September 30, 2023 $ 3,090,470 $ — $ — $ 54,726 $ 3,145,196 December 31, 2022 3,494,437 68,432 — 12,120 3,574,989 _________________________________________ (1) At December 31, 2022, represents the Long Island City, New York office senior loan which was in interest payment default and was placed on a nonaccrual status on September 9, 2022. In June, 2023, this loan was foreclosed through a deed-in-lieu foreclosure. Refer to Note 5, “Real Estate, net” for further discussion. (2) At September 30, 2023, represents the Washington, D.C. office senior loan which is in maturity default and was placed on nonaccrual status on February 9, 2023. (3) At December 31, 2022 represents the New York, New York Hotel mezzanine loan which was in maturity default as of March 2022. In January 2023, the New York, New York Hotel mezzanine loan was extended to December 2023 and is current on interest payments as of September 30, 2023. Current Expected Credit Loss Reserve The following table provides details on the changes in CECL reserves (dollars in thousands): CECL reserve at December 31, 2022 $ 106,247 Increase (decrease) in general CECL reserve (1) (15,418) Increase in specific CECL reserve (2) 55,007 CECL reserve at March 31, 2023 $ 145,836 Increase (decrease) in general CECL reserve (1) 17,737 Increase in specific CECL reserve (3) 10,918 Charge-offs of CECL reserve-transfer to Real Estate, net (4) (67,763) CECL reserve at June 30, 2023 $ 106,728 Increase (decrease) in general CECL reserve (1) 3,048 Increase in specific CECL reserve (5) 4,791 Charge-off of CECL reserve-transfer to Real Estate, net (6) (10,918) Charge-off of CECL reserve-other (7) (14,477) CECL reserve at September 30, 2023 $ 89,172 _________________________________________ (1) Excludes the increase (decrease) in CECL reserves related to unfunded commitments reported on the consolidated statement of operations for the three months ended: March 31, 2023: a de minimis amount, June 30, 2023: $0.3 million, September 30, 2023: $(0.2) million. (2) During the first quarter of 2023, the Company recorded specific CECL reserves of $29.9 million related to one Washington, D.C. office senior loan, $14.5 million related to the Development Mezzanine Loan and $10.6 million related to one Long Island City, New York office senior loan. The specific CECL reserves for the two office senior loans were based on the estimated fair value of the collateral using a discounted cash flow model, which included inputs based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. The specific CECL reserve for the Development Mezzanine Loan was recorded in connection with the restructuring and modification of the loan in April 2023, which is collateralized by a multifamily property with a retail component. The specific CECL reserve was based on the estimated proceeds the Company expects to receive upon the resolution of the asset. Refer to Note 13, “Fair Value” for information on valuation inputs. (3) During the second quarter of 2023, the Company recorded specific CECL reserves of $10.9 million related to one Oakland, California office senior loan. The Company elected to apply the practical expedient, afforded to the Company under ASC 326, to use the fair value of the collateral to determine the specific CECL reserve. The estimated fair value of the collateral was determined by using a discounted cash flow model, which included inputs based on the location, type and nature of property, current and prospective leasing data and anticipated market conditions. In July 2023, this property was acquired through a deed-in-lieu of foreclosure. (4) During the second quarter of 2023, the Company acquired legal title through a deed-in-lieu of foreclosure of two Long Island City, New York office properties. The CECL reserves related to these properties were charged off and the net amount is reflected as an addition to real estate, net. Refer to Note 5, “Real Estate, net” for further discussion. (5) During the third quarter of 2023, the Company recorded specific CECL reserves of $4.8 million related to one Washington, D.C. office senior loan. The specific CECL reserve was based on the estimated fair value of the collateral using a discounted cash flow model, which included inputs based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. (6) During the third quarter of 2023, the Company acquired legal title through a deed-in-lieu of foreclosure of one Oakland, California office senior loan. The CECL reserve related to this property was charged off and the net amount is reflected as an addition to real estate, net. Refer to Note 5, “Real Estate, net” for further discussions. (7) During the third quarter of 2023, the Company deemed the $14.5 million Mezzanine B Note uncollectible and charged off the related $14.5 million of specific CECL reserves. CECL reserve at December 31, 2021 $ 36,598 Increase (decrease) in general CECL reserve (1) (1,343) Charge-offs of CECL reserve (2) (1,251) CECL reserve at March 31, 2022 $ 34,004 Increase (decrease) in general CECL reserve (1) 10,374 CECL reserve at June 30, 2022 $ 44,378 Increase (decrease) in general CECL reserve (1)(3) (15,955) Increase (decrease) in specific CECL reserve (4)(5) 57,166 CECL reserve at September 30, 2022 $ 85,589 _________________________________________ (1) Excludes the increase (decrease) in CECL reserves related to unfunded commitments reported on the consolidated statement of operations for the three months ended: March 31, 2022: $0.5 million, June 30, 2022: $(0.3) million and September 30, 2022: $(0.3) million. (2) During the first quarter of 2022, the Company received a $36.5 million repayment on one senior loan collateralized by a student housing property, which was $1.3 million less than the unpaid principal balance. As such, during the fourth quarter of 2021, the Company had recorded a $1.3 million specific CECL reserve on the loan, as the loss was probable at that point in time and was subsequently charged off in the first quarter of 2022. (3) The decrease was primarily due to the removal of two assets from the general CECL reserve pool which were evaluated individually for specific CECL reserves. See note (4) below for further discussion. (4) During the three months ended September 30, 2022, the Company recorded $57.2 million of specific CECL reserves related to two Long Island City, New York office Senior Loans. The specific CECL reserves were based on the current and prospective leasing activity of the properties to reflect the estimated fair value of the collateral. The fair value estimate of the collateral was determined using a discounted cash flow model which included inputs based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. Refer to Note 13, “Fair Value” for information on valuation inputs. (5) Excludes $0.2 million related to additional proceeds received on one senior loan collateralized by a student housing property which was resolved in the first quarter of 2022. Credit Quality Monitoring Loans are typically secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its loans at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. As of September 30, 2023, all loans and preferred equity were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans, except for the Washington D.C. office senior loan as noted in “Nonaccrual and Past Due Loans and Preferred Equity” above. As of December 31, 2022, all loans and preferred equity were performing in accordance with the contractual terms of their governing documents and were categorized as performing loans, except for the New York, New York Hotel mezzanine loan and the Long Island City, New York Office senior loan, as noted in “Nonaccrual and Past Due Loans and Preferred Equity” above. For the nine months ended September 30, 2023 and September 30, 2022, no debt investment contributed more than 10.0% of interest income. The following tables provide a summary by carrying values before any CECL reserves of the Company’s loans and preferred equity held for investment by year of origination and credit quality risk ranking (dollars in thousands) as of September 30, 2023 and December 31, 2022, respectively (dollars in thousands). Refer to Note 2, “Summary of Significant Accounting Policies” for loan risk ranking definitions. At September 30, 2023, the weighted average risk ranking for loans and preferred equity held for investment was 3.2. September 30, 2023 Year of Origination Risk Rankings 2023 2022 2021 2020 2019 and earlier Total Senior loans 2 $ — $ — $ 51,957 $ — $ 25,978 $ 77,935 3 — 776,336 925,431 61,866 616,243 2,379,876 4 — 78,152 193,699 — 237,816 509,667 5 — — 45,005 — 54,726 99,731 Total Senior loans — 854,488 1,216,092 61,866 934,763 3,067,209 Mezzanine loans 3 2,900 26,380 — — 48,707 77,987 Total Mezzanine loans 2,900 26,380 — — 48,707 77,987 Total Loans and preferred equity held for investment $ 2,900 $ 880,868 $ 1,216,092 $ 61,866 $ 983,470 $ 3,145,196 As of December 31, 2022, the weighted average risk ranking for loans and preferred equity held for investment was 3.2. December 31, 2022 Year of Origination Risk Rankings 2022 2021 2020 2019 2018 and Earlier Total Senior loans 2 $ — $ 141,457 $ 42,710 $ 25,904 $ — $ 210,071 3 845,097 1,267,092 53,386 112,689 291,996 2,570,260 4 — 24,871 — 192,920 304,822 522,613 5 — — — 68,330 68,432 136,762 Total Senior loans 845,097 1,433,420 96,096 399,843 665,250 3,439,706 Mezzanine loans 3 24,056 — — — 4,459 28,515 4 — — — 72,151 — 72,151 5 — — — — 12,120 12,120 Total Mezzanine loans 24,056 — — 72,151 16,579 112,786 Preferred equity interests 3 22,497 — — — — 22,497 Total Preferred equity interests 22,497 — — — — 22,497 Total Loans and Preferred Equity held for investment $ 891,650 $ 1,433,420 $ 96,096 $ 471,994 $ 681,829 $ 3,574,989

Real Estate Securities

Real Estate Securities	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities	Real Estate Securities Investments in Investing VIEs As of September 30, 2023 and December 31, 2022, the Company did not hold any assets or liabilities attributable to securitization trusts. The Company did not generate net income attributable to investments in the subordinate tranches of securitization trusts for the three and nine months ended September 30, 2023. The below table presents net income attributable to the Company’s common stockholders for the three and nine months ended September 30, 2022 generated from the Company’s investments in the subordinate tranches of securitization trusts (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Statement of Operations Interest income on mortgage loans held in securitization trusts $ 9,597 $ 28,692 Interest expense on mortgage obligations issued by securitization trusts (8,977) (26,051) Net interest income 620 2,641 Operating expense (241) (583) Net income attributable to BrightSpire Capital, Inc. common stockholders $ 379 $ 2,058

Real Estate, net

Real Estate, net	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate, net	Real Estate, net The following table presents the Company’s net lease portfolio, net, as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Land and improvements $ 124,638 $ 128,608 Buildings, building leaseholds, and improvements 487,964 505,297 Tenant improvements 18,840 17,851 Subtotal $ 631,442 $ 651,756 Less: Accumulated depreciation (97,357) (87,109) Net lease portfolio, net $ 534,085 $ 564,647 The following table presents the Company’s portfolio of other real estate, net as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Land and improvements $ 60,673 $ 29,582 Buildings, building leaseholds, and improvements 192,387 152,186 Tenant improvements 24,690 18,757 Furniture, fixtures and equipment 323 135 Construction-in-progress 4,454 3,011 Subtotal $ 282,527 $ 203,671 Less: Accumulated depreciation (41,356) (35,850) Other portfolio, net $ 241,171 $ 167,821 At September 30, 2023, the Company held three foreclosed properties in other real estate, net with a combined carrying value of $73.9 million. Depreciation Expense Depreciation expense on real estate was $6.4 million and $6.3 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense on real estate was $18.4 million and $18.8 million for the nine months ended September 30, 2023 and 2022, respectively. Property Operating Income For the three and nine months ended September 30, 2023 and 2022 the components of property operating income were as follows (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Lease revenues Minimum lease revenue $ 20,802 $ 19,111 $ 59,148 $ 58,179 Variable lease revenue 3,540 3,081 9,132 8,295 $ 24,342 $ 22,192 $ 68,280 $ 66,474 Hotel operating income — — — 1,566 Total property operating income (1) $ 24,342 $ 22,192 $ 68,280 $ 68,040 _________________________________________ (1) Excludes net amortization expense related to above and below-market leases of $0.1 million and income of $0.2 million for the three and nine months ended September 30, 2023, respectively. Excludes $0.1 million and $0.2 million of net amortization income related to above and below-market leases for the three and nine months ended September 30, 2022, respectively. For the nine months ended September 30, 2023 and 2022, the Company had no single property with property operating income equal to or greater than 10.0% of total revenue of the Company. Minimum Future Rents Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of September 30, 2023 (dollars in thousands): Remainder of 2023 $ 20,463 2024 81,238 2025 76,704 2026 69,715 2027 64,808 2028 and thereafter 348,478 Total $ 661,406 The rental properties owned at September 30, 2023 are leased under noncancellable operating leases with current expirations ranging from 2023 to 2038, with certain tenant renewal rights. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases and others provide for increases based on the consumer price index. Commitments and Contractual Obligations Ground Lease Obligation In connection with real estate acquisitions, the Company assumed certain noncancellable operating ground leases as lessee or sublessee with expiration dates through 2050. Rents on certain ground leases are paid directly by the tenants. Ground rent expense for the three and nine months ended September 30, 2023 was $0.8 million and $2.3 million, respectively. Ground rent expense for the three and nine months ended September 30, 2022 was $0.8 million and $2.3 million, respectively. Refer to Note 15, “Commitments and Contingencies” for the details of future minimum rental payments on noncancellable ground lease on real estate as of September 30, 2023. Real Estate Acquisition In 2019, the Company originated two senior mortgage loans secured by two office properties located in Long Island City, New York. The New York City metro office markets have experienced and continue to experience higher vacancy rates due to the impact of employee work from home arrangements. The Long Island City market has experienced increases in vacancy as other newly developed or renovated properties have become available for leasing. Given these factors, the Company recorded a total of $67.8 million of specific CECL reserves and placed one of the loans on nonaccrual status in September 2022 and the other in April 2023. In 2021, the Company originated one senior mortgage loan secured by one office property located in Oakland, California. A lack of leasing activity at the property and rising interest rates led to debt service exceeding net operating income in 2023. Given the continued negative market conditions surrounding Oakland, California office buildings, including the lack of leasing activity, the Company utilized the estimated fair value of the collateral to record a total of $10.9 million of specific CECL reserves and placed the loan on nonaccrual status in May 2023. In the nine months ended September 30, 2023, the Company acquired legal title to the three office properties through deeds-in-lieu of foreclosure. In accordance with ASC 805, the Company allocated the fair value of the assumed assets and liabilities on the respective acquisition dates. Following the acquisitions, the three properties are included in real estate, net on the Company’s consolidated balance sheets. The following table summarizes the Company’s real estate acquisitions for nine months ended September 30, 2023 (dollars in thousands): Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements (2) Building and Improvements (2) Lease Intangible Assets (2) Other Assets Lease Intangible Liabilities (2) Other Liabilities Nine Months Ended September 30, 2023 July Office - California (1) 1 $ 13,933 $ 5,718 $ 3,262 $ 4,404 $ 922 $ (2) $ (371) June Office - New York (1) 1 36,177 10,380 24,484 1,898 432 (528) (489) June Office - New York (1) 1 36,922 14,786 15,958 6,867 876 (193) (1,372) $ 87,032 $ 30,884 $ 43,704 $ 13,169 $ 2,230 $ (723) $ (2,232) _________________________________________ (1) Represents assets acquired by the Company through deeds-in-lieu of foreclosure. (2) Useful life of real estate acquired is 45 years for buildings, four three Real Estate Sales There were no sales during the three and nine months ended September 30, 2023. There were no sales during the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company completed the sale of one net lease property for a gross sales price of $19.6 million which resulted in a $7.6 million gain on sale and is included in other gain, net on the consolidated statement of operations. The Company also sold one hotel property for a gross sales price of $36.0 million which resulted in a $2.9 million gain on sale and is included in other gain, net on the consolidated statement of operations.

Deferred Leasing Costs and Othe

Deferred Leasing Costs and Other Intangibles	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Leasing Costs and Other Intangibles	Deferred Leasing Costs and Other Intangibles The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at September 30, 2023 and December 31, 2022 are as follows (dollars in thousands): September 30, 2023 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 80,462 $ (39,431) $ 41,031 Deferred leasing costs 30,753 (17,820) 12,933 Above-market lease values 13,617 (7,691) 5,926 $ 124,832 $ (64,942) $ 59,890 Intangible Liabilities Below-market lease values $ 16,798 $ (12,295) $ 4,503 December 31, 2022 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 75,503 $ (35,805) $ 39,698 Deferred leasing costs 28,641 (15,843) 12,798 Above-market lease values 8,359 (6,875) 1,484 $ 112,503 $ (58,523) $ 53,980 Intangible Liabilities Below-market lease values $ 16,074 $ (11,235) $ 4,839 The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Above-market lease values $ (465) $ (273) $ (809) $ (848) Below-market lease values 369 346 1,053 1,022 Net increase (decrease) to property operating income $ (96) $ 73 $ 244 $ 174 In-place lease values $ 1,666 $ 1,487 $ 4,199 $ 4,626 Deferred leasing costs 713 750 2,050 2,304 Amortization expense $ 2,379 $ 2,237 $ 6,249 $ 6,930 The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, for each of the next five years and thereafter as of September 30, 2023 (dollars in thousands): 2023 2024 2025 2026 2027 2028 and thereafter Total Above-market lease values $ (494) $ (1,814) $ (1,588) $ (973) $ (365) $ (692) $ (5,926) Below-market lease values 366 1,459 1,457 785 81 355 4,503 Net increase (decrease) to property operating income $ (128) $ (355) $ (131) $ (188) $ (284) $ (337) $ (1,423) In-place lease values $ 1,696 $ 6,342 $ 5,438 $ 4,102 $ 3,390 $ 20,063 $ 41,031 Deferred leasing costs 728 2,679 2,394 1,291 1,087 4,754 12,933 Amortization expense $ 2,424 $ 9,021 $ 7,832 $ 5,393 $ 4,477 $ 24,817 $ 53,964

Restricted Cash, Other Assets a

Restricted Cash, Other Assets and Accrued and Other Liabilities	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Restricted Cash, Other Assets and Accrued and Other Liabilities	Restricted Cash, Other Assets and Accrued and Other Liabilities The following table presents a summary of restricted cash as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Restricted cash: Borrower escrow deposits $ 80,250 $ 79,055 Capital expenditure reserves 10,142 8,623 Real estate escrow reserves 4,725 1,583 Working capital and other reserves 1,460 2,145 Tenant lockboxes 855 1,102 Total $ 97,432 $ 92,508 The following table presents a summary of other assets as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Other assets: Right-of-use lease asset $ 22,947 $ 25,237 Tax receivable and deferred tax assets 16,775 19,117 Deferred financing costs, net - credit facilities 5,103 4,630 Prepaid expenses and other 2,752 2,053 Investments in unconsolidated ventures ($2,614 and $3,035 at fair value, respectively) 2,614 3,035 Derivative assets 1,268 1,601 Total $ 51,459 $ 55,673 The following table presents a summary of accrued and other liabilities as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Accrued and other liabilities: Operating lease liability $ 23,770 $ 25,961 Current and deferred tax liability 23,262 26,198 Accounts payable, accrued expenses and other liabilities 16,378 15,087 Interest payable 9,676 11,680 Prepaid rent and unearned revenue 7,098 7,688 Tenant security deposits 1,504 411 Unfunded CECL loan allowance 558 389 Other 218 219 Total $ 82,464 $ 87,633 Investments under Fair Value Option Private Funds The Company elected to account for its limited partnership interests in PE Investments under the fair value option, which interests ranged from 1.0% to 10.0% and 1.0% to 15.6% as of September 30, 2023 and December 31, 2022, respectively. The Company records equity in earnings for these investments based on a change in fair value of its share of projected future cash flows. Investments in Unconsolidated Ventures In the first quarter of 2023, the Company realized a one-time gain from its ratable share of dispute resolution proceeds of approximately $9.0 million from the senior mezzanine lender at the Company’s prior Los Angeles, California mixed-use project construction mezzanine loan and retained B-participation investment, which is recorded in equity in earnings of unconsolidated ventures on the Company’s consolidated statements of operations. In connection with the settlement, effective January 26, 2023, the Company has no further interest in the loan or investment.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table presents debt as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Capacity ($) Recourse vs. Non-Recourse (1) Final Contractual Principal Amount (2) Carrying Value (2) Principal Amount (2) Carrying Value (2) Securitization bonds payable, net CLNC 2019-FL1 (3) Non-recourse Aug-35 SOFR (4) + 2.14% $ 325,026 $ 324,997 $ 502,717 $ 501,406 BRSP 2021-FL1 (3) Non-recourse Aug-38 SOFR (4) + 1.49% 670,000 668,003 670,000 666,194 Subtotal securitization bonds payable, net 995,026 993,000 1,172,717 1,167,600 Mortgage and other notes payable, net Net lease 1 Non-recourse Sep-33 4.77% 200,000 198,846 200,000 198,778 Net lease 2 (5) Non-recourse Jun-25 3.91% 149,504 150,148 162,449 164,752 Net lease 3 Non-recourse Aug-26 4.08% 29,516 29,392 30,009 29,853 Net lease 4 Non-recourse Oct-27 4.45% 22,125 22,125 22,559 22,559 Net lease 5 (6) Non-recourse Nov-26 4.45% 17,186 16,954 17,486 17,200 Net lease 5 (7) Non-recourse Mar-28 4.38% 11,336 10,899 11,526 11,089 Net lease 6 Non-recourse Nov-26 4.45% 6,828 6,736 6,948 6,834 Net lease 7 (8) Non-recourse (8) (8) — — 432 424 Net lease 8 Non-recourse Nov-26 4.45% 3,165 3,122 3,220 3,168 Other real estate 1 Non-recourse Oct-24 4.47% 101,761 101,792 103,218 103,391 Other real estate 2 Non-recourse Jan-25 4.30% 69,712 69,515 70,870 70,569 Loan 1 (9) Non-recourse Jun-26 SOFR + 4.25% 34,466 34,466 27,851 27,851 Subtotal mortgage and other notes payable, net 645,599 643,995 656,568 656,468 Bank credit facility Bank credit facility $ 165,000 Recourse Jan-27 (10) SOFR + 2.25% — — — — Subtotal bank credit facility — — — — Master repurchase facilities Bank 1 600,000 Limited Recourse (11) Apr-27 (12) SOFR + 2.17% (13) 512,899 512,899 415,892 415,892 Bank 2 600,000 Limited Recourse (11) Apr-26 (14) SOFR + 1.88% (13) 278,586 278,586 351,539 351,539 Bank 3 400,000 (15) June-27 (16) SOFR + 1.74% (13) 234,374 234,374 247,404 247,404 Bank 4 400,000 Limited Recourse (11) July-27 (17) SOFR + 1.80% (13) 181,323 181,323 220,054 220,054 Bank 5 (18) — Limited Recourse (11) (18) (18) — — 105,104 105,104 Subtotal master repurchase facilities $ 2,000,000 1,207,182 1,207,182 1,339,993 1,339,993 Subtotal credit facilities 1,207,182 1,207,182 1,339,993 1,339,993 Total $ 2,847,807 $ 2,844,177 $ 3,169,278 $ 3,164,061 _________________________________________ (1) Subject to customary non-recourse carveouts. (2) Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable. (3) The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two (4) As of June 17, 2021, the benchmark index interest rate for CLNC 2019-FL1 was converted from the one-month London Interbank Offered Rates (“LIBOR”) to Compounded Secured Overnight Financing Rate (“SOFR”), plus a benchmark adjustment of 11.448 basis points. As of February 19, 2022, the benchmark index interest rate was converted from Compounded SOFR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement. As of May 26, 2023, the benchmark index interest rate for BRSP 2021-FL1 was converted from LIBOR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement . (5) As of September 30, 2023, the outstanding principal of the mortgage payable was NOK 1.6 billion , which translated to $149.5 million. (6) Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property. (7) Represents a mortgage note collateralized by three properties. (8) During the third quarter of 2023, the mortgage note payable related to Net Lease 7 was fully repaid. (9) In June 2023, the Company completed a refinancing of Loan 1 which modified the interest rate to SOFR plus 4.25%. The current maturity of the note payable is June 2024, with two one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (10) On January 28, 2022, the Company, through its subsidiaries, including the OP, entered into an Amended and Restated Credit Agreement. Refer to “Bank Credit Facility” within this note for more details. (11) Recourse solely with respect to 25.0% of the financed amount. (12) The current maturity date is April 2025, with two one-year extension options, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (13) Represents the weighted average spread as of September 30, 2023. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.50% to 2.75%. (14) The current maturity date is April 20 25, with a one-year extension available at the option of the Company, whic h may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (15) Recourse is either 25.0% or 50.0% depending on loan metrics. (16) The current maturity date is June 2025, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (17) The current maturity date is July 2024, with three one-year extension options, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (18) Upon reaching the June 2023 contractual maturity date, the Company did not extend Bank 5 and thus no longer has capacity. Future Minimum Principal Payments The following table summarizes future scheduled minimum principal payments at September 30, 2023 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands): Total Securitization Bonds Payable, Net Mortgage Notes Payable, Net Credit Facilities Remaining 2023 $ 539 $ — $ 539 $ — 2024 138,446 — 138,446 — 2025 221,545 — 221,545 — 2026 333,157 — 54,571 278,586 2027 948,955 — 20,359 928,596 2028 and thereafter 1,205,165 995,026 210,139 — Total $ 2,847,807 $ 995,026 $ 645,599 $ 1,207,182 Bank Credit Facility The Company uses bank credit facilities (including term loans and revolving facilities) to finance the business. These financings may be collateralized or non-collateralized and may involve one or more lenders. Credit facilities typically have maturities ranging from two On January 28, 2022, the OP (together with certain subsidiaries of the OP from time to time party thereto as borrowers, collectively, the “Borrowers”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the several lenders from time to time party thereto (the “Lenders”), pursuant to which the Lenders agreed to provide a revolving credit facility in the aggregate principal amount of up to $165.0 million, of which up to $25.0 million is available as letters of credit. Loans under the Credit Agreement may be advanced in U.S. dollars and certain foreign currencies, including euros, pounds sterling and swiss francs. The Credit Agreement amended and restated the OP’s prior $300.0 million revolving credit facility that would have matured on February 1, 2022. The Credit Agreement also includes an option for the Borrowers to increase the maximum available principal amount up to $300.0 million, subject to one or more new or existing Lenders agreeing to provide such additional loan commitments and satisfaction of other customary conditions. Advances under the Credit Agreement accrue interest at a per annum rate equal to, at the applicable Borrower’s election, either (x) an adjusted SOFR rate plus a margin of 2.25%, or (y) a base rate equal to the highest of (i) the Wall Street Journal’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted SOFR rate plus 1.00%, plus a margin of 1.25%. An unused commitment fee at a rate of 0.25% or 0.35%, per annum, depending on the amount of facility utilization, applies to un-utilized borrowing capacity under the Credit Agreement. Amounts owed under the Credit Agreement may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings with respect to which a SOFR rate election is in effect. The maximum amount available for borrowing at any time under the Credit Agreement is limited to a borrowing base valuation of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of adjusted net book value. As of September 30, 2023, the borrowing base valuation is sufficient to permit borrowings of up to the entire $165.0 million. If any borrowing is outstanding for more than 180 days after its initial draw, the borrowing base valuation will be reduced by 50% until all outstanding borrowings are repaid in full. The ability to borrow new amounts under the Credit Agreement terminates on January 31, 2026, at which time the OP may, at its election and by written notice to the Administrative Agent, extend the termination date for two additional terms of six months each, subject to the terms and conditions in the Credit Agreement, resulting in a latest termination date of January 31, 2027. The obligations of the Borrowers under the Credit Agreement are guaranteed pursuant to a Guarantee and Collateral Agreement by substantially all material wholly owned subsidiaries of the OP (the “Guarantors”) in favor of the Administrative Agent (the “Guarantee and Collateral Agreement”) and, subject to certain exceptions, secured by a pledge of substantially all equity interests owned by the Borrowers and the Guarantors, as well as by a security interest in deposit accounts of the Borrowers and the Guarantors in which the proceeds of investment asset distributions are maintained. The Credit Agreement contains various affirmative and negative covenants, including, among other things, the obligation of the Company to maintain REIT status and be listed on the New York Stock Exchange, and limitations on debt, liens and restricted payments. In addition, the Credit Agreement includes the following financial covenants applicable to the OP and its consolidated subsidiaries: (a) minimum consolidated tangible net worth of the OP to be greater than or equal to the sum of (i) $1,112,000,000 and (ii) 70% of the net cash proceeds received by the OP from any offering of its common equity after September 30, 2021 and of the net cash proceeds from any offering by the Company of its common equity to the extent such proceeds are contributed to the OP, excluding any such proceeds that are contributed to the OP within ninety (90) days of receipt and applied to acquire capital stock of the OP; (b) the OP’s ratio of EBITDA plus lease expenses to fixed charges for any period of four (4) consecutive fiscal quarters to be not less than 1.50 to 1.00; (c) the OP’s minimum interest coverage ratio to be not less than 3.00 to 1.00; and (d) the OP’s ratio of consolidated total debt to consolidated total assets to be not more than 0.80 to 1.00. The Credit Agreement also includes customary events of default, including, among other things, failure to make payments when due, breach of covenants or representations, cross default to material indebtedness, material judgment defaults, bankruptcy matters involving any Borrower or any Guarantor and certain change of control events. The occurrence of an event of default will limit the ability of the OP and its subsidiaries to make distributions and may result in the termination of the credit facility, acceleration of repayment obligations and the exercise of remedies by the Lenders with respect to the collateral. As of September 30, 2023, the Company was in compliance with all of its financial covenants under the Credit Agreement. Securitization Financing Transactions Securitization bonds payable, net represent debt issued by securitization vehicles consolidated by the Company. Senior notes issued by these securitization trusts were generally sold to third parties and subordinated notes retained by the Company. Payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the loans. CLNC 2019-FL1 In October 2019, the Company executed a securitization transaction, through wholly-owned subsidiaries, CLNC 2019-FL1, Ltd. and CLNC 2019-FL1, LLC (collectively, “CLNC 2019-FL1”), which resulted in the sale of $840.4 million of investment grade notes. As of September 30, 2023, the securitization reflects an advance rate of 66.2% at a weighted average cost of funds of Adjusted Term SOFR plus 2.14% (before transaction expenses) and is collateralized by a pool of 15 senior loan investments. On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that LIBOR tenors relevant to CLNC 2019-FL1 would cease to be published or no longer be representative after June 30, 2023. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event. As of June 17, 2021, the benchmark index interest rate was converted from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points with a lookback period equal to the number of calendar days in the applicable Interest Accrual Period plus two As of February 19, 2022, the benchmark index interest rate was converted from Compounded SOFR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement. Term SOFR for any interest accrual period shall be the one-month CME Term SOFR Reference Rate as published by the CME Group Benchmark Administration on each benchmark determination date. CLNC 2019-FL1 included a two-year reinvestment feature that allowed the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments or repurchases of loans held in CLNC 2019-FL1, subject to the satisfaction of certain conditions set forth in the indenture. The reinvestment period for CLNC 2019-FL1 expired on October 19, 2021. During the nine months ended September 30, 2023 and through October 30, 2023, two loans held in CLNC 2019-FL1 were fully repaid and one loan was partially repaid totaling $136.5 million. Two loans held in CLNC 2019-FL1 were removed as a result of the loans becoming defaulted collateral interests, totaling $97.7 million. The Company exchanged/purchased the two defaulted collateral interests for substitute loan investments and cash equal to the par purchase price of the defaulted collateral interests. The proceeds from the repayments were used to amortize the securitization bonds in accordance with the securitization priority of repayments. At September 30, 2023, the Company had $491.1 million of unpaid principal balance of CRE debt investments financed with CLNC 2019-FL1. Additionally, CLNC 2019-FL1 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. While the Company continues to closely monitor all loan investments contributed to CLNC 2019-FL1, a deterioration in the performance of an underlying loan could negatively impact its liquidity position. In the second quarter of 2023, the Company transitioned the CLNC 2019-FL1 mortgage assets to SOFR, eliminating the basis difference between CLNC 2019-FL1 assets and liabilities. The transition to SOFR is not expected to have a material impact to CLNC 2019-FL1’s assets and liabilities and related interest expense. BRSP 2021-FL1 In July 2021, the Company executed a securitization transaction through wholly-owned subsidiaries, BRSP 2021-FL1, Ltd. and BRSP 2021-FL1, LLC (collectively, “BRSP 2021-FL1”), which resulted in the sale of $670.0 million of investment grade notes. As of May 26, 2023, the benchmark index interest rate was converted from LIBOR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, pursuant to the indenture agreement. Term SOFR for any interest accrual period shall be the one-month CME Term SOFR reference rate as published by the CME Group benchmark administration on each benchmark determination date. BRSP 2021-FL1 included a two-year reinvestment feature that allowed the Company to contribute existing or newly originated loan investments in exchange for proceeds from repayments or repurchases of loans held in BRSP 2021-FL1, subject to the satisfaction of certain conditions set forth in the indenture. The reinvestment period for BRSP 2021-FL1 expired on July 20, 2023. From January 1, 2023 through the reinvestment date of July 20, 2023, three loans held in BRSP 2021-FL1 were fully repaid, totaling $62.1 million. The Company replaced the repaid loans by contributing existing loan investments of equal value. Since the expiration of the reinvestment period on July 20, 2023 and through October 30, 2023, one loan held in BRSP 2021-FL1 was fully repaid, totaling $34.9 million. The proceeds from the repayment were used to amortize the securitization bonds in accordance with the securitization priority of repayments. At September 30, 2023, the Company had $765.1 million of unpaid principal balance of CRE debt investments and other assets financed with BRSP 2021-FL1. As of September 30, 2023, the securitization reflects an advance rate of 83.8% at a weighted average cost of funds of Term SOFR plus 1.49% (before transaction costs), and is collateralized by a pool of 26 senior loan investments. Additionally, BRSP 2021-FL1 contains note protection tests that can be triggered as a result of contributed loan defaults, losses, and certain other events outlined in the indenture, beyond established thresholds. A note protection test failure that is not remedied can result in the redirection of interest proceeds from the below investment grade tranches to amortize the most senior outstanding tranche. The Company will continue to closely monitor all loan investments contributed to BRSP 2021-FL1, a deterioration in the performance of an underlying loan could negatively impact its liquidity position. The Company evaluated the key terms in the collateralized loan obligation (“CLO”) governing documents of the issuers of the CRE CLOs ("CRE CLO Issuers"), which are wholly-owned subsidiaries of the Company, to determine if they were VIEs and, if so, whether the Company was the primary beneficiary and therefore consolidate the CRE CLOs. The Company concluded that the CRE CLO Issuers are VIEs and the Company is the primary beneficiary because it has the ability to control the most significant activities of the CRE CLO Issuers, the obligation to absorb losses to the extent of its equity investments, and the right to receive benefits that could potentially be significant to these entities. As of September 30, 2023, the Company had $1.3 billion carrying value of CRE debt investments and other assets financed with $993.0 million of securitization bonds payable, net. As of December 31, 2022, the Company had $1.5 billion carrying value of CRE debt investments financed with $1.2 billion of securitization bonds payable, net. Master Repurchase Facilities As of September 30, 2023, the Company, through subsidiaries, had entered into repurchase agreements with multiple global financial institutions to provide an aggregate principal amount of up to $2.0 billion to finance the origination of first mortgage loans and senior loan participations secured by CRE debt investments (“Master Repurchase Facilities”). The Company agreed to guarantee certain obligations under the Master Repurchase Facilities, which contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. The Master Repurchase Facilities act as revolving loan facilities that can be paid down as assets are repaid or sold and re-drawn upon for new investments. As of September 30, 2023, the Company was in compliance with all of its financial covenants under the Master Repurchase Facilities. As of September 30, 2023, the Company had $1.7 billion carrying value of CRE debt investments financed with $1.2 billion under the Master Repurchase Facilities. As of December 31, 2022, the Company had $1.8 billion carrying value of CRE debt investments financed with $1.3 billion under the Master Repurchase Facilities. As of September 30, 2023, the Company had one counterparty with net exposure (collateral that exceeded amounts borrowed) totaling more than 10% of its total equity. The Company’s net exposure to Bank 1 was $225.0 million. As of December 31, 2022, the Company did not hold any Master Repurchase Facilities where the collateral exceeded the amounts borrowed by more than 10% of its total equity.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party ArrangementsThe Company had no related party transactions for the three and nine months ended September 30, 2023 and 2022.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation On February 15, 2022, the Company’s Board of Directors adopted, and at the annual meeting of stockholders held on May 5, 2022, the stockholders approved, the 2022 Equity Incentive Plan (the “2022 Plan”), which was effective as of May 5, 2022 and amends and restates the Company’s 2018 Equity Incentive Plan to increase the total number of shares of the Class A common stock issuable by 10.0 million shares (subject to adjustment pursuant to the terms of the 2022 Plan) and extending the termination date to May 4, 2032. Awards may be granted under the 2022 Plan to (x) any employee, officer, director, consultant or advisor (who is a natural person) providing services to the Company, or its affiliates and (y) any other individual whose participation in the 2022 Plan is determined to be in the best interests of the Company. The following types of awards may be made under the 2022 Plan, subject to the limitations set forth in the plan: (i) stock options (which may be either incentive stock options or non-qualified stock options); (ii) stock appreciation rights; (iii) restricted stock awards; (iv) stock units; (v) unrestricted stock awards; (vi) dividend equivalent rights; (vii) performance awards; (viii) annual cash incentive awards; (ix) long-term incentive units; and (x) other equity-based awards. Shares subject to an award granted under the 2022 Plan will be counted against the maximum number of shares of Class A common stock available for issuance thereunder as one share of Class A common stock for every one share of Class A common stock subject to such an award. Shares subject to an award granted under the 2022 Plan will again become available for issuance under the 2022 Plan if the award terminates by expiration, forfeiture, cancellation, or otherwise without the issuance of such shares (except as set forth in the following sentence). The number of shares of Class A common stock available for issuance under the 2022 Plan will not be increased by (i) any shares tendered or withheld in connection with the purchase of shares upon exercise of a stock option, (ii) any shares deducted or delivered in connection with the Company’s tax withholding obligations, or (iii) any shares purchased by the Company with proceeds from stock option exercises. Shares granted to non-independent directors, officers and employees, if applicable, generally vest ratably in three annual installments following the grant date. On May 5, 2022, the Company granted 1,456,366 shares of Class A common stock to certain of its employees, including executive officers. Remaining one-third increments of such share grant will vest on March 15, 2024 and March 15, 2025. On March 6, 2023, the Company granted 1,391,217 shares of Class A common stock to certain of its employees, including executive officers. The shares vest in one-third increments on March 15, 2024, March 15, 2025 and March 15, 2026. On May 6, 2022, the Company granted 62,190 shares of Class A common stock to the independent directors of the Company which vested on May 6, 2023. On May 17, 2023, the Company granted 93,285 shares of Class A common stock to the independent directors of the Company which vest on May 17, 2024. Equity-Based Compensation Expense In connection with the share grants, the Company recognized share-based compensation expense of $5.9 million and $11.3 million within compensation and benefits in the consolidated statement of operations for the three and nine months ended September 30, 2023, respectively. In connection with the share grants, the Company recognized share-based compensation expense of $2.2 million and $6.4 million within compensation and benefits in the consolidated statement of operations for the three and nine months ended September 30, 2022, respectively. Restricted Stock —Restricted stock awards relating to the Company’s Class A common stock are granted to non-employee directors of the Company and generally vest within one year. Restricted stock awards are granted to certain employees of the Company, with a service condition only and are generally subject to annual time-based vesting in equal tranches over a three-year period. Restricted stock is entitled to dividends declared and paid on the Company’s Class A common stock and such dividends are not forfeitable prior to vesting of the award. Restricted stock awards are valued based on the Company’s Class A common stock price on grant date and equity-based compensation expense is recognized on a straight-line basis over the requisite three-year service period. Performance Stock Units (“PSU”) —PSUs are granted to certain employees of the Company and are subject to both a service condition and a performance condition. Following the end of the measurement period for the PSUs, the recipients of PSUs may be eligible to vest in all or a portion of PSUs granted, and be issued a number of shares of the Company’s Class A common stock, ranging from 0% to 200% of the number of PSUs granted and eligible to vest, to be determined based upon the performance of the Company’s Class A common stock relative to the Company’s GAAP book value at the end of a two-year measurement period for the 2021 PSU grant (the “2021 Grant”) or the Company’s total shareholder return relative to certain peer group companies at the end of a three-year measurement period for the 2023 PSU grant (the “2023 Grant”). PSUs also contain dividend equivalent rights which entitle the recipients to a payment equal to the amount of dividends that would have been paid on the shares that are ultimately issued at the end of the measurement period. Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation, with the following assumptions: 2023 Grant Expected volatility (1) 74.4 % Risk free rate (2) 4.6 % Expected dividend yield (3) — _________________________________________ (1) Based upon the Company’s historical stock volatility. (2) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date. (3) Based upon award holders being entitled to dividends paid during the measurement period on any shares earned. Fair value of PSU awards, excluding dividend equivalent rights, is generally recognized on a straight-line basis over their measurement period as compensation expense, except when certain performance metrics are achieved. Following the completion of the measurement period for the 2021 Grant, the Company issued 136,000 shares of Class A common stock to certain of its employees in March 2023. The table below summarizes the Company’s awards granted, forfeited or vested under the 2022 Plan during the nine months ended September 30, 2023 and 2022: Number of Shares Weighted Average Grant Date Fair Value Restricted Stock PSUs Total Restricted Stock PSUs Unvested shares at December 31, 2021 1,482,094 272,000 1,754,094 $ 12.35 $ 11.96 Vested (500,462) — (500,462) 9.14 — Unvested shares at March 31, 2022 981,632 272,000 1,253,632 11.54 11.96 Granted 1,524,482 — 1,524,482 8.59 — Vested (104,960) — (104,960) 9.34 — Unvested shares at June 30, 2022 2,401,154 272,000 2,673,154 10.23 11.96 Unvested shares at September 30, 2022 2,401,154 272,000 2,673,154 10.23 11.96 Unvested shares at December 31, 2022 2,308,691 272,000 2,580,691 $ 8.47 $ 11.96 Granted 1,391,217 384,378 1,775,595 6.90 9.69 Vested (888,834) (136,000) (1,024,834) 8.46 11.96 Forfeited — (136,000) (136,000) — 11.96 Unvested shares at March 31, 2023 2,811,074 384,378 3,195,452 7.70 9.69 Granted 93,285 — 93,285 5.36 — Vested (62,190) — (62,190) 8.04 — Unvested shares at June 30, 2023 2,842,169 384,378 3,226,547 7.62 9.69 Forfeited (54,362) — (54,362) 7.70 — Unvested shares at September 30, 2023 2,787,807 384,378 3,172,185 7.62 9.69 Fair value of equity awards that vested during the nine months ended September 30, 2023 and September 30, 2022, determined based on their respective fair values at vesting date, was $5.7 million and $4.1 million, respectively. Fair value of granted awards is determined based on the closing price of the Class A common stock on the date of grant of the awards. Equity-based compensation is classified within compensation and benefits in the consolidated statement of operations.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Authorized Capital As of September 30, 2023, the Company had the authority to issue up to 1.0 billion shares of stock, at $0.01 par value per share, consisting of 950.0 million shares of Class A common stock and 50.0 million shares of preferred stock. The Company had no shares of preferred stock issued and outstanding as of September 30, 2023. Dividends During the nine months ended September 30, 2023 and 2022, the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Per Share March 16, 2023 March 31, 2023 April 17, 2023 $0.20 June 16, 2023 June 30, 2023 July 14, 2023 $0.20 September 14, 2023 September 29, 2023 October 13, 2023 $0.20 March 15, 2022 March 31, 2022 April 15, 2022 $0.19 June 15, 2022 June 30, 2022 July 15, 2022 $0.20 September 15, 2022 September 30, 2022 October 14, 2022 $0.20 Share Repurchases In April 2023, the Company’s board of directors authorized a stock repurchase program (“Stock Repurchase Program”) under which the Company may repurchase up to $50.0 million of its outstanding Class A common stock until April 30, 2024. The Stock Repurchase Program replaces the prior repurchase program authorization which expired on April 30, 2023. Under the Stock Repurchase Program, the Company may repurchase shares in open market purchases, in privately negotiated transactions or otherwise. The Company has a written trading plan as part of the Share Repurchase Program that provides for share repurchases in open market transactions that is intended to comply with Rule 10b-18 under the Exchange Act. The Stock Repurchase Program will be utilized at management’s discretion and in accordance with the requirements of the SEC. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate requirements and other conditions. The Company did not repurchase any shares of its Class A common stock during the three and nine months ended September 30, 2023. As of September 30, 2023, there was $50.0 million remaining available to make repurchases under the Stock Repurchase Program. Under the prior repurchase program, during the nine months ended September 30, 2022 the Company repurchased 2.2 million shares of Class A common stock at a weighted average price of $8.40 per share for an aggregate cost of $18.3 million. The Company did not repurchase any shares of its Class A common stock during the three months ended September 30, 2022. Accumulated Other Comprehensive Income (Loss) The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders and noncontrolling interests in the OP, net of immaterial tax effect. Changes in Components of AOCI - Stockholders (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2022 $ 18,603 $ (19,279) $ (676) Other comprehensive loss — (3,463) (3,463) AOCI at March 31, 2023 $ 18,603 $ (22,742) $ (4,139) Other comprehensive loss — (1,606) (1,606) AOCI at June 30, 2023 $ 18,603 $ (24,348) $ (5,745) Other comprehensive loss — 505 505 AOCI at September 30, 2023 $ 18,603 $ (23,843) $ (5,240) (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation gain (loss) Total AOCI at December 31, 2021 $ 17,893 $ (9,107) $ 8,786 Other comprehensive income — 660 660 AOCI at March 31, 2022 $ 17,893 $ (8,447) $ 9,446 Other comprehensive income (loss) before OP reclassification — (9,810) (9,810) Amounts reclassified from OP 710 (856) (146) Net current period OCI 710 (10,666) (9,956) AOCI at June 30, 2022 $ 18,603 $ (19,113) $ (510) Other comprehensive income (loss) — (6,068) (6,068) AOCI at September 30, 2022 $ 18,603 $ (25,181) $ (6,578) Changes in Components of AOCI - Noncontrolling Interests in the OP (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation gain (loss) Total AOCI at December 31, 2021 $ 710 $ (872) $ (162) Other comprehensive income — 16 16 AOCI at March 31, 2022 $ 710 $ (856) $ (146) Other comprehensive income (loss) before Stockholders reclassification — — — Amounts reclassified to Stockholders (710) 856 146 Net current period OCI (710) 856 146 AOCI at June 30, 2022 $ — $ — $ — Other comprehensive income — — — AOCI at September 30, 2022 $ — $ — $ — Changes in Components of AOCI - Noncontrolling Interests in investment entities (dollars in thousands) Foreign currency translation gain (loss) Total AOCI at December 31, 2021 $ 1,872 $ 1,872 Other comprehensive income before reclassification — — Amounts reclassified from AOCI (1,872) (1,872) Net current period OCI (1,872) (1,872) AOCI at March 31, 2022 $ — $ — Other comprehensive income — — AOCI at June 30, 2022 $ — $ — Other comprehensive income — — AOCI at September 30, 2022 $ — $ —

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Operating Partnership Net income (loss) attributable to the noncontrolling interests was based on such members ownership percentage of the OP. For the three and nine months ended September 30, 2023, there were no noncontrolling interests in the OP and the OP is owned by the Company directly, and indirectly through the Company’s subsidiary, BRSP-T Partner, LLC. There was no net income attributable to the noncontrolling interests of the OP for the three months ended September 30, 2022. Net income attributable to the noncontrolling interests of the OP was $1.0 million for the nine months ended September 30, 2022. Investment Entities Noncontrolling interests in investment entities represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income attributable to noncontrolling interests in the investment entities was de minimis and net loss attributable to noncontrolling interests in the investment entities was $0.1 million for the three and nine months ended September 30, 2023, respectively. Net income and net loss attributable to noncontrolling interests in the investment entities was de minimis for both the three and nine months ended September 30, 2022, respectively.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Determination of Fair Value The following is a description of the valuation techniques used to measure fair value of assets accounted for at fair value on a recurring basis and the general classification of these instruments pursuant to the fair value hierarchy. PE Investments The Company accounts for PE Investments at fair value which is determined based on either a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate, or pending sales prices, if applicable. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy, unless the PE Investments are valued based on pending sales prices, which are classified as Level 2 of the fair value hierarchy. The Company considers cash flow and NAV information provided by general partners of the underlying funds (“GP NAV”) and the implied yields of those funds in valuing its PE Investments. The Company also considers the values derived from the valuation model as a percentage of GP NAV, and compares the resulting percentage of GP NAV to precedent transactions, independent research, industry reports as well as pricing from executed purchase and sale agreements related to the disposition of its PE Investments. The Company may, as a result of that comparison, apply a mark-to-market adjustment. The Company has not elected the practical expedient to measure the fair value of its PE Investments using the NAV of the underlying funds. Real Estate Securities CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote, dealer bid or an internal price. Situations where management applies adjustments based on or using unobservable inputs would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market. Investing VIEs The Company has elected the fair value option for the financial assets and liabilities of the consolidated Investing VIEs. The Investing VIEs are “static,” that is no reinvestment is permitted and there is very limited active management of the underlying assets. The Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the Investing VIEs are more observable, but in either case, the methodology results in the fair value of the assets of the securitization trust being equal to the fair value of their liabilities. The Company has determined that the fair value of the liabilities of the securitization trust is more observable, since market prices for the liabilities are available from a third-party pricing service or are based on quoted prices provided by dealers who make markets in similar financial instruments. The financial assets of the securitization trust are not readily marketable and their fair value measurement requires information that may be limited in availability. In determining the fair value of the trust’s financial liabilities, the dealers will consider contractual cash payments and yields expected by market participants. Dealers also incorporate common market pricing methods, including a spread measurement to the treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including coupon, periodic and life caps, collateral type, rate reset period and seasoning or age of the security. The Company’s collateralized mortgage obligations are classified as Level 2 of the fair value hierarchy, where a third-party pricing service or broker quotations are available and are based on observable valuation inputs, and as Level 3 of the fair value hierarchy, where internal price is utilized based on or using unobservable inputs. In accordance with ASC 810, Consolidation , the assets of the securitization trust are an aggregate value derived from the fair value of the trust’s liabilities, and the Company has determined that the valuation of the trust’s assets in their entirety including its retained interests from the securitizations (eliminated in consolidation in accordance with GAAP) should be classified as Level 3 of the fair value hierarchy. Derivatives Derivative instruments consist of interest rate contracts and foreign exchange contracts that are generally traded over-the-counter, and are valued using a third-party service provider. Quotations on over-the counter derivatives are not adjusted and are generally valued using observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, and are classified as Level 2 of the fair value hierarchy. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Fair Value Hierarchy Financial assets recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table presents financial assets that were accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 by level within the fair value hierarchy (dollars in thousands): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Other assets - PE Investments $ — $ — $ 2,614 $ 2,614 $ — $ — $ 3,035 $ 3,035 Other assets - derivative assets — 1,268 — 1,268 — 1,601 — 1,601 The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the nine months ended September 30, 2023 and 2022 (dollars in thousands): Nine Months Ended September 30, 2023 2022 Other assets - PE Investments Other assets - PE Investments Mortgage loans held in securitization trusts (1) Beginning balance $ 3,035 $ 4,406 $ 813,310 Distributions/paydowns (421) (1,287) (18,660) Unrealized loss in earnings — — (109,119) Ending balance $ 2,614 $ 3,119 $ 685,531 _________________________________________ (1) For the nine months ended September 30, 2022, the Company recorded an unrealized loss of $109.1 million related to mortgage loans held in securitization trusts, at fair value and an unrealized gain of $109.1 million related to mortgage obligations held in securitization trusts, at fair value. As of September 30, 2023 and December 31, 2022, the Company utilized a discounted cash flow model, comparable precedent transactions and other market information to quantify Level 3 fair value measurements on a recurring basis. As of September 30, 2023 and December 31, 2022, the key unobservable inputs used in the analysis of PE Investments included discount rates with a range of 11.0% to 12.0% and timing and amount of expected future cash flows. Significant increases or decreases in any one of the inputs described above in isolation may result in significantly different fair value of the financial assets and liabilities using such Level 3 inputs. Fair Value Option The Company may elect to apply the fair value option of accounting for certain of its financial assets or liabilities due to the nature of the instrument at the time of the initial recognition of the investment. The Company elected the fair value option for PE Investments and eligible financial assets and liabilities of its consolidated Investing VIEs because management believes it is a more useful presentation for such investments. The Company determined recording the PE Investments based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment. As of September 30, 2023 and December 31, 2022, the Company has elected not to apply the fair value option for any other eligible financial assets or liabilities. Fair Value of Financial Instruments In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Loans held for investment, net (2) $ 3,148,328 $ 3,056,024 $ 3,059,156 $ 3,586,248 $ 3,468,472 $ 3,480,001 Financial liabilities: (1) Securitization bonds payable, net $ 995,026 $ 993,000 $ 995,026 $ 1,172,717 $ 1,167,600 $ 1,172,717 Mortgage and other notes payable, net 645,599 643,995 605,476 656,568 656,468 656,568 Master repurchase facilities 1,207,182 1,207,182 1,207,182 1,339,993 1,339,993 1,339,993 _________________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Excludes future funding commitments of $200.5 million and $263.4 million as of September 30, 2023 and December 31, 2022, respectively. Disclosure about fair value of financial instruments is based on pertinent information available to management as of September 30, 2023. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. Loans Held for Investment, Net For loans held for investment, net, fair values were determined: (i) by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or (ii) based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. Carrying values of loans held for investment are presented net of allowance for loan losses, where applicable. Securitization Bonds Payable, Net The Company’s securitization bonds payable, net bear floating rates of interest. As of September 30, 2023, the Company believes the unpaid principal balance approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Mortgage and Other Notes Payable, Net For mortgage and other notes payable, net, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Master Repurchase Facilities The Company has amounts outstanding under Master Repurchase Facilities. The Master Repurchase Facilities bear floating rates of interest. As of September 30, 2023, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Other The carrying values of cash and cash equivalents, restricted cash, receivables, and accrued and other liabilities approximate fair value due to their short term nature and credit risk, if any, are negligible. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of asset values due to impairment. The following tables summarize assets carried at fair value on a nonrecurring basis as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Loans held for investment, net $ — $ — $ 20,000 $ 20,000 December 31, 2022 Level 1 Level 2 Level 3 Total Loans held for investment, net $ — $ — $ 79,596 $ 79,596 During the first quarter of 2023, the Company recorded $55.0 million of specific CECL reserves, which included $29.9 million related to one Washington, D.C. office senior loan, $14.5 million related to the Development Mezzanine Loan and $10.6 million related to one Long Island City, New York office senior loan. The Company elected to apply the practical expedient, afforded to the Company under ASC 326, to use the fair value of the collateral to determine the specific CECL reserve. The specific CECL reserves for the two office senior loans were based on the estimated fair value of the collateral using a discounted cash flow model and Level 3 inputs which included assuming a rent per square foot ranging from $25 to $48, a capitalization rate ranging from 6.0% to 7.5% and a discount rate ranging from 9.0% to 12.0%. These inputs are based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. The specific CECL reserve for the Development Mezzanine Loan was recorded in connection with the amendment and restructuring of the loan in April 2023, which is collateralized by a multifamily property with a retail component. The specific CECL reserve for the Development Mezzanine Loan was based on the estimated proceeds the Company expects to receive upon the resolution of the asset in three years, using Level 3 inputs which included assuming a rent per square foot ranging from $42 to $60 and a capitalization rate ranging from 5.0% to 7.0%. These inputs are based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. During the second quarter of 2023, the Company recorded a $10.9 million specific CECL reserve related to an Oakland, California office senior loan. The Company elected to apply the practical expedient, afforded to the Company under ASC 326, to use the fair value of the collateral to determine the specific CECL reserve. The estimated fair value of the collateral was determined by using a discounted cash flow model and Level 3 inputs, which included assuming a rent per square foot ranging from $30 to $45, a capitalization rate of 8.0% and a discount rate of 9.0%. These inputs are based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. In July 2023, the Company acquired the office property through a deed-in-lieu of foreclosure. During the third quarter of 2023, the Company recorded $4.8 million of additional specific CECL reserves related to the Washington D.C. office senior loan. The estimated fair value of the collateral for the Washington, D.C. office senior loan was determined by using a discounted cash flow model and Level 3 inputs which included assuming a rent per square foot ranging from $44 to $45, a capitalization rate of 7.5% and a discount rate of 12.0%. These inputs are based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign-denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships, designated hedges, or non-designated hedges. As of September 30, 2023 and December 31, 2022, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Non-Designated Hedges September 30, 2023 December 31, 2022 Derivative Assets Foreign exchange contracts $ 1,268 $ 1,599 Interest rate contracts — 2 Included in other assets $ 1,268 $ 1,601 As of September 30, 2023, the Company’s counterparties do not hold any cash collateral. The following table summarizes the Company’s FX forwards and interest rate contracts as of September 30, 2023 and December 31, 2022: Type of Derivatives Notional Currency Notional Amount (in thousands) Range of Maturity Dates Non-Designated September 30, 2023 FX Forward NOK 49,709 November 2023 - May 2024 December 31, 2022 FX Forward NOK 99,733 February 2023 - May 2024 Interest Rate Swap USD $ 285 July 2023 The table below represents the effect of the derivative financial instruments on the consolidated statements of operations for three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Other gain (loss), net Non-designated foreign exchange contracts $ (237) $ 1,279 $ 695 $ 3,174 Non-designated interest rate contracts — 1 (2) 13 Total $ (237) $ 1,280 $ 693 $ 3,187 Offsetting Assets and Liabilities The Company enters into agreements subject to enforceable netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets. The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of September 30, 2023 and December 31, 2022 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) September 30, 2023 Derivative Assets Foreign exchange contracts $ 1,268 $ 1,268 Total $ 1,268 $ 1,268 December 31, 2022 Derivative Assets Foreign exchange contracts $ 1,599 $ 1,599 Interest rate contracts 2 2 Total $ 1,601 $ 1,601 The Company did not offset any of its derivatives positions as of September 30, 2023 and December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lending Commitments The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding contingent on achieving certain criteria, which must be approved by the Company as lender, such as leasing, perf ormance of capital expenditures and construction in progress with an approved budget. At September 30, 2023, assuming the terms to qualify for future fundings, if any, had been met, total unfunded lending commitments for loans held for investment were $196.0 million for senior loans and $4.5 million for mezzanine loans. At December 31, 2022, total unfunded lending commitments for loans held for investment were $258.5 million for senior loans and $4.9 million for mezzanine loans. Ground Lease Obligation The Company’s operating leases include ground leases acquired with real estate. At September 30, 2023 and December 31, 2022, the weighted average remaining lease term was 14.2 years and 13.7 years for ground leases, respectively. The following table presents ground lease expense, included in property operating expense, for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease expense: Minimum lease expense $ 777 $ 770 $ 2,332 $ 2,306 Variable lease expense — — — — $ 777 $ 770 $ 2,332 $ 2,306 The operating lease liability for ground leases was determined using a weighted average discount rate of 5.3%. The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of September 30, 2023 (dollars in thousands): Remainder of 2023 $ 777 2024 2,213 2025 2,155 2026 2,157 2027 1,839 2028 and thereafter 15,884 Total lease payments 25,025 Less: Present value discount 8,101 Operating lease liability (Note 7) $ 16,924 For these ground leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component. Office Lease At September 30, 2023 and December 31, 2022, the weighted average remaining lease term w as 5.2 years and 5.9 years for office leases, respectively. The office leases are located in New York, New York and Los Angeles, California. For the three and nine months ended September 30, 2023 and 2022, the following table summarizes lease expense, included in operating expense (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Corporate Offices Operating lease expense: Fixed lease expense $ 315 $ 315 $ 944 $ 906 $ 315 $ 315 $ 944 $ 906 The operating lease liability for the office leases was determined using a weighted average discount rate of 2.36%. As of September 30, 2023, the Company’s future operating lease commitments for the corporate office leases were as follows (dollars in thousands): Corporate Offices (1) Remainder of 2023 $ 321 2024 1,293 2025 1,308 2026 1,323 2027 1,339 2028 and thereafter 1,729 Total lease payments 7,313 Less: Present value discount $ 467 Operating lease liability (Note 7) $ 6,846 __________________________________________ (1) The Company entered into a Los Angeles, California office lease in the first quarter of 2022, with rent payments beginning in 2023. For these office leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component. Litigation and Claims The Company may be involved in litigation and claims in the ordinary course of the business. As of September 30, 2023, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position, or liquidity.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company presents its business within the following business segments: • Senior and Mezzanine Loans and Preferred Equity — CRE debt investments including senior loans, mezzanine loans, and preferred equity interests as well as participations in such loans. • Net Leased and Other Real Estate — direct investments in CRE 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. It also includes other real estate, currently consisting of two investments with direct ownership in commercial real estate with an emphasis on properties with stable cash flow and two additional properties that the Company acquired through deeds-in-lieu of foreclosure . • CRE Debt Securities — investments previously consisted of BBB and some BB rated CMBS (including Non-Investment Grade “B-pieces” of a CMBS securitization pool). It currently includes a sub-portfolio of private equity funds. • Corporate — includes corporate-level asset management and other fees including operating expenses, compensation and benefits and restructuring charges. The Company primarily generates revenue from net interest income on the loan and preferred equity portfolio and rental and other income from its net leased and multi-tenant office assets. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage. The following tables present segment reporting for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities Net Leased and Other Real Estate Corporate Total Three Months Ended September 30, 2023 Net interest income (expense) $ 32,246 $ — $ — $ (263) $ 31,983 Property and other income (19) — 24,256 2,865 27,102 Property operating expense — — (7,392) — (7,392) Transaction, investment and servicing expense (248) — (31) (32) (311) Interest expense on real estate — — (6,833) — (6,833) Depreciation and amortization — — (8,817) (34) (8,851) Increase of current expected credit loss reserve (7,671) — — — (7,671) Compensation and benefits — — — (11,971) (11,971) Operating expense (4) — — (3,282) (3,286) Other loss, net — — (220) — (220) Income (loss) before equity in earnings of unconsolidated ventures and income taxes 24,304 — 963 (12,717) 12,550 Income tax expense (27) — (131) — (158) Net income (loss) $ 24,277 $ — $ 832 $ (12,717) $ 12,392 Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities Net Leased and Other Real Estate Corporate Total Three Months Ended September 30, 2022 Net interest income (expense) $ 30,929 $ 620 $ — $ (202) $ 31,347 Property and other income 58 — 22,265 1,558 23,881 Property operating expense — — (5,814) — (5,814) Transaction, investment and servicing expense (739) 46 (91) (148) (932) Interest expense on real estate — — (7,047) — (7,047) Depreciation and amortization — — (8,515) (57) (8,572) Increase of current expected credit loss reserve (40,750) — — — (40,750) Compensation and benefits — — — (8,373) (8,373) Operating expense — (241) — (3,304) (3,545) Other gain (loss), net — — 1,281 (1,311) (30) Income (loss) before equity in earnings of unconsolidated ventures and income taxes (10,502) 425 2,079 (11,837) (19,835) Income tax benefit (expense) 6 — (639) — (633) Net income (loss) $ (10,496) $ 425 $ 1,440 $ (11,837) $ (20,468) Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities Net Leased and Other Real Estate Corporate Total Nine Months Ended September 30, 2023 Net interest income (expense) $ 96,034 $ — $ — $ (854) $ 95,180 Property and other income (19) — 68,534 9,168 77,683 Property operating expense — — (18,687) — (18,687) Transaction, investment and servicing expense (1,327) — (84) (555) (1,966) Interest expense on real estate — — (19,115) — (19,115) Depreciation and amortization — — (24,642) (146) (24,788) Increase of current expected credit loss reserve (76,250) — — — (76,250) Compensation and benefits — — — (30,144) (30,144) Operating expense (12) — — (10,021) (10,033) Other gain, net — — 615 — 615 Income (loss) before equity in earnings of unconsolidated ventures and income taxes 18,426 — 6,621 (32,552) (7,505) Equity in earnings of unconsolidated ventures 9,055 — — — 9,055 Income tax expense (284) — (575) — (859) Net income (loss) $ 27,197 $ — $ 6,046 $ (32,552) $ 691 Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities Net Leased and Other Real Estate Corporate Total Nine Months Ended September 30, 2022 Net interest income (expense) $ 92,357 $ 2,641 $ — $ (1,503) $ 93,495 Property and other income 256 353 68,239 2,044 70,892 Property operating expense — — (17,804) — (17,804) Transaction, investment and servicing expense (2,750) 75 (243) (119) (3,037) Interest expense on real estate — — (21,720) — (21,720) Depreciation and amortization — — (25,730) (156) (25,886) Increase of current expected credit loss reserve (50,026) — — — (50,026) Compensation and benefits — — — (24,868) (24,868) Operating expense (137) (526) (90) (11,211) (11,964) Other gain (loss), net 21,356 — 13,800 (566) 34,590 Income (loss) before equity in earnings of unconsolidated ventures and income taxes 61,056 2,543 16,452 (36,379) 43,672 Equity in earnings of unconsolidated ventures 25 — — — 25 Income tax expense (347) — (788) — (1,135) Net income (loss) $ 60,734 $ 2,543 $ 15,664 $ (36,379) $ 42,562 The following table presents total assets by segment as of September 30, 2023 and December 31, 2022 (dollars in thousands): Total Assets Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities (1) Net Leased and Other Real Estate Corporate (2) Total September 30, 2023 $ 3,202,103 $ 14,943 $ 910,434 $ 225,196 $ 4,352,676 December 31, 2022 3,580,912 15,459 864,856 289,162 4,750,389 _________________________________________ (1) Includes PE Investments totaling $2.6 million and $3.0 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes cash, unallocated receivables and deferred costs and other assets, net. Geography Geography is generally defined as the location in which the income producing assets reside or the location in which income generating services are performed. Geography information on total income includes equity in earnings of unconsolidated ventures. Geography information on total income and long-lived assets are presented as follows (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total income by geography: United States $ 98,245 $ 92,607 $ 298,853 $ 246,809 Europe 4,487 4,542 13,469 14,125 Total (1) $ 102,732 $ 97,149 $ 312,322 $ 260,934 September 30, 2023 December 31, 2022 Long-lived assets by geography: United States $ 607,504 $ 532,380 Europe 227,642 254,068 Total (2) $ 835,146 $ 786,448 _________________________________________ (1) Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s net income (loss) and weighted average shares outstanding for the three and nine months ended September 30, 2023 and 2022 consist of the following (dollars in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) $ 12,392 $ (20,468) $ 691 $ 42,562 Net (income) loss attributable to noncontrolling interests: Investment Entities (3) 5 84 (2) Operating Partnership — — — (1,013) Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders $ 12,389 $ (20,463) $ 775 $ 41,547 Numerator: Net (income) loss allocated to participating securities (non-vested shares) $ (266) $ — $ (16) $ (1,142) Net income (loss) attributable to common stockholders $ 12,123 $ (20,463) $ 759 $ 40,405 Denominator: Weighted average shares outstanding - basic (1) 127,197 126,564 127,014 127,551 Weighted average shares outstanding - diluted (2) 129,986 126,564 129,730 129,432 Net income (loss) per common share - basic $ 0.10 $ (0.16) $ 0.01 $ 0.32 Net income (loss) per common share - diluted $ 0.09 $ (0.16) $ 0.01 $ 0.31 _________________________________________ (1) The outstanding shares used to calculate the weighted average basic shares outstanding exclude 2,787,807 and 2,401,154 of restricted stock awards as of September 30, 2023 and September 30, 2022, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income (loss) per common share. (2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 2,788,398, 2,715,967 and 2,401,154 for the three and nine months ended September 30, 2023, and the three months ended September 30, 2022, respectively, as the effect would be antidilutive.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsDividendsIn October 2023, the Company paid a quarterly cash dividend of $0.20 per share of its Class A common stock for the quarter ended September 30, 2023, to stockholders of record on September 29, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 12,389	$ (20,463)	$ 775	$ 41,547

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.
Variable Interest Entities	Variable Interest Entities Variable Interest Entities— A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party’s ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities— Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company’s existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. As of September 30, 2023 and December 31, 2022, the Company had identified certain consolidated VIEs. As of December 31, 2022, the Company had identified certain unconsolidated VIEs. Assets of each of the VIEs, other than the OP, may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. Consolidated VIEs Consolidated VIEs include the Investing VIEs (as defined and discussed below) and certain operating real estate properties that have noncontrolling interests. At September 30, 2023 and December 31, 2022, the noncontrolling interests in the operating real estate properties represent third party joint venture partners with ownership ranging from 5.0% to 11.0%. These noncontrolling interests do not have substantive kick-out nor participating rights. Investing VIEs The Company’s previous investments in securitization financing entities (“Investing VIEs”) included subordinate first-loss tranches of securitization trusts, which represented interests in such VIEs. As of September 30, 2023, the Company did not hold any tranches of any securitization trusts, with the exception of its securitization bonds payable, net. Refer to Note 8, “Debt” for further discussion. During the three months ended December 31, 2022, the Company sold its remaining subordinate tranches of a securitization trust in one Investing VIE for which it had determined it was the primary beneficiary because it had the power to direct the activities that most significantly impacted the economic performance of the securitization trust. The Company’s subordinate tranches of the securitization trust, which represented the retained interest and related interest income, were eliminated in consolidation. As a result, all of the assets, liabilities (obligations to the certificate holders of the securitization trust, less the Company’s retained interest from the subordinate tranches of the securitization trust), income and expenses of the Investing VIE were presented in the consolidated financial statements of the Company although the Company legally owned the subordinate tranches of the securitization trust only. Regardless of the presentation, the Company’s consolidated financial statements of operations ultimately reflect the net income attributable to its retained interest in the subordinate tranches of the securitization trust. The Company elected the fair value option for the initial recognition of the assets and liabilities of its consolidated Investing VIE. Interest income and interest expense associated with the Investing VIE are presented separately on the consolidated statements of operations, and the assets and liabilities of the Investing VIE are separately presented as “Mortgage loans held in securitization trusts, at fair value” and “Mortgage obligations issued by securitization trusts, at fair value,” respectively, on the consolidated balance sheets. Refer to Note 13, “Fair Value” for further discussion. The Company has adopted guidance issued by the Financial Accounting Standards Board (“FASB”), allowing the Company to measure both the financial assets and liabilities of a qualifying collateralized financing entity (“CFE”), such as its Investing VIE, using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. As the liabilities of the Company’s Investing VIE are marketable securities with observable trade data, their fair value is more observable and is referenced to determine fair value of the assets of its Investing VIE. Refer to Note 13, “Fair Value” for further discussion. Unconsolidated VIEs As of September 30, 2023, the Company did not hold, and had no remaining obligations to, any unconsolidated VIEs. As of December 31, 2022, the Company held one investment which had no carrying value in an unconsolidated VIE to which the Company did not provide financial support during the year ended December 31, 2022.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests in Investment Entities— This represents interests in consolidated investment entities held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value (“HLBV”) basis, where applicable and substantive. HLBV uses a balance sheet approach, which measures each party’s capital account at the end of a period assuming that the subsidiary was liquidated or sold at book value. Each party’s share of the subsidiary’s earnings or loss is calculated by measuring the change in the party’s capital account from the beginning of the period in question to the end of period, adjusting for effects of distributions and new investments. Noncontrolling Interests in the Operating Partnership— Prior to the May 2022 redemption of the noncontrolling interests in the OP held by third parties, noncontrolling interests in the OP were allocated a share of net income or loss in the OP based on their weighted average ownership interest in the OP during the period. Noncontrolling interests in the OP had the right to require the OP to redeem part or all of the membership units in the OP for cash based on the market value of an equivalent number of shares of Class A common stock at the time of redemption, or at the Company’s election as managing member of the OP, through the issuance of shares of Class A common stock on a one-for-one basis. At the end of each reporting period, noncontrolling interests in the OP were adjusted to reflect their ownership percentage in the OP at the end of the period, through a reallocation between controlling and noncontrolling interests in the OP, as applicable. There are no noncontrolling interests in the OP and the OP is owned by the Company directly, and indirectly through the Company’s subsidiary, BRSP-T Partner, LLC.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and other comprehensive income (“OCI”). The components of OCI include unrealized gain (loss) on CRE debt securities available for sale for which the fair value option was not elected, gain (loss) on derivative instruments used in the Company’s risk management activities used for economic hedging purposes (“designated hedges”), and gain (loss) on foreign currency translation.
Fair Value Measurement	Fair Value Measurement Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company’s own creditworthiness. The estimated fair value of financial assets and financial liabilities are categorized into a three-tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows: Level 1— Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2— Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in non-active markets, or valuation techniques utilizing inputs that are derived principally from or corroborated by observable data directly or indirectly for substantially the full term of the financial instrument. Level 3— At least one assumption or input is unobservable and it is significant to the fair value measurement, requiring significant management judgment or estimate. Where the inputs used to measure the fair value of a financial instrument fall into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.
Fair Value Option	Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. Gains and losses on items for which the fair value option has been elected are reported in earnings. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company has elected the fair value option for its indirect interests in real estate through real estate private equity funds (“PE Investments”). The Company has previously elected the fair value option to account for the eligible financial assets and liabilities of its consolidated Investing VIEs in order to mitigate potential accounting mismatches between the carrying value of the instruments and the related assets and liabilities to be consolidated. The Company has adopted the measurement alternative allowing the Company to measure both the financial assets and financial liabilities of a qualifying CFE it consolidates using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable.
Business Combinations	Business Combinations Definition of a Business— The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions— For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to the acquisition of assets are included in the cost basis of the assets acquired. Such valuations require management to make significant estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash EquivalentsShort-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company did not have any cash equivalents at September 30, 2023 or December 31, 2022. The Company’s cash is held with major financial institutions and may at times exceed federally insured limits.
Restricted Cash	Restricted CashRestricted cash consists primarily of borrower escrow deposits, tenant escrow deposits and real estate capital expenditure reserves.
Loans and Preferred Equity Held for Investment	Loans and Preferred Equity Held for Investment The Company originates and purchases loans and preferred equity held for investment. The accounting framework for loans and preferred equity held for investment depends on the Company’s strategy whether to hold or sell the loan, whether the loan was credit-impaired at the time of acquisition, or if the lending arrangement is an acquisition, development and construction loan. Loans and Preferred Equity Held for Investment Loans and preferred equity that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans and preferred equity are recorded at amortized cost, or outstanding unpaid principal balance plus exit fees less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans and preferred equity are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans and preferred equity are expensed as incurred. Interest Income— Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans and preferred equity investments. Net deferred loan fees on originated loans and preferred equity investments are deferred and amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. Premium or discount on purchased loans and preferred equity investments are amortized as adjustments to interest income over the expected life of the loans and preferred equity investments using the effective yield method. When a loan or preferred equity investment is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan or preferred equity investment is recognized as additional interest income. The Company has debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due. Nonaccrual— Accrual of interest income is suspended on nonaccrual loans and preferred equity investments. Loans and preferred equity investments that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest receivable is reversed against interest income when loans and preferred equity investments are placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received; or if ultimate collectability of loan and preferred equity principal is uncertain, interest collected is recognized using a cost recovery method by applying interest collected as a reduction to loan and preferred equity carrying value. Loans and preferred equity investments may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Loans Held for Sale Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for sale. Loans held for sale are carried at the lower of amortized cost or fair value less disposal cost, with valuation changes recognized as impairment loss. Loans held for sale are not subject to Current Expected Credit Losses (“CECL”) reserves. Net deferred loan origination fees and loan purchase premiums or discounts are deferred and capitalized as part of the carrying value of the held for sale loan until the loan is sold, therefore included in the periodic valuation adjustments based on lower of cost or fair value less disposal cost. At September 30, 2023 and December 31, 2022, the Company had no loans classified as held for sale. Acquisition, Development and Construction (“ADC”) Arrangements
Operating Real Estate	Operating Real Estate Real Estate Acquisitions— Real estate acquired in acquisitions that are deemed to be business combinations is recorded at the fair values of the acquired components at the time of acquisition, allocated among land, buildings, improvements, equipment and lease-related tangible and identifiable intangible assets and liabilities, including forgone leasing costs, in-place lease values and above- or below-market lease values and assumed debt, if any. Real estate acquired in acquisitions that are deemed to be asset acquisitions is recorded at the total value of consideration transferred, including transaction costs, and allocated to the acquired components based upon relative fair value. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Real Estate Held for Investment Real estate held for investment is carried at cost less accumulated depreciation. Costs Capitalized or Expensed— Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation— Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 33 to 47 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of the useful life or remaining life of the building Land improvements 1 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 2 to 8 years Impairment— The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply a probability-weighted approach to the impairment analysis. Another key consideration in this assessment is the Company’s assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, and other quantitative and qualitative factors. See Note 5, “Real Estate, net” and Note 13, “Fair Value” for further detail. Real Estate Held for Sale Real estate is classified as held for sale in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for sale, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for sale. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain. If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for sale, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, and (ii) its estimated fair value at the time the Company decides not to sell. At September 30, 2023 and December 31, 2022, there were no properties held for sale. Foreclosed Properties The Company receives foreclosed properties in full or partial settlement of loans held for investment by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as current expected credit loss reserves and the cumulative reserve on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value, which is recorded as an additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.
Real Estate Securities	Real Estate Securities The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized gains (losses) are recorded as a component of accumulated OCI in the consolidated statements of equity. However, the Company has elected the fair value option for the assets and liabilities of its consolidated Investing VIEs, and as a result, any unrealized gains (losses) on the consolidated Investing VIEs are recorded in unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statements of operations. During the year ended December 31, 2022, the Company sold its retained investments in the subordinate tranches of a securitization trust. In connection with the sale, the Company deconsolidated the securitization trust and recognized a realized gain. Refer to Note 4, “Real Estate Securities” for further discussion. Impairment CRE securities for which the fair value option is elected are not evaluated for impairment as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized loss on mortgage loans and obligations held in securitization trust, net as losses occur.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value (“NAV”) practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. Fair value changes of equity method investments under the fair value option are recorded in earnings from investments in unconsolidated ventures. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss), net on the Company’s consolidated statements of operations. Equity Method Investments The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach. Impairment Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated fair value of the investee, which is based on significant assumptions including the estimated timing and probabilities of the future cash flows of the unconsolidated joint venture, utilizing discount rates and capitalization rates. For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of Other Than Temporary Impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in earnings from investments in unconsolidated ventures for equity method investments and in other gain (loss), net for investments under the measurement alternative.
Identified Intangibles	Identifiable Intangibles In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual-legal criterion or the separability criterion. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise, they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Lease Intangibles— Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs, all of which have finite lives. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management’s assessment of costs avoided from having tenants in place, including lost rental income, rent concessions and tenant allowances or reimbursements, that hypothetically would be incurred to lease a vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are below-market, which are amortized to decrease rental income over the renewal period. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. If the above- or below-market operating lease values or above- or below-market ground lease obligations are terminated, the unamortized portion of the lease intangibles are recorded in rental income or rent expense, respectively. Deferred leasing costs represent management’s estimate of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease.
Transfers of Financial Assets	Transfers of Financial Assets Sale accounting for transfers of financial assets requires the transfer of an entire financial asset, a group of financial assets in its entirety or if a component of the financial asset is transferred, that the component meets the definition of a participating interest with characteristics that mirror the original financial asset. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following sale conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur. If sale accounting is met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions, or secured borrowing, including the Company’s master repurchase facilities.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company uses derivative instruments to manage its foreign currency risk and interest rate risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or accrued and other liabilities on a gross basis on the Company’s consolidated balance sheet. The accounting for changes in fair value of derivatives depends upon whether or not the Company has elected to designate the derivative in a hedging relationship and the derivative qualifies for hedge accounting. The Company has economic hedges that have not been designated for hedge accounting. Changes in fair value of derivatives not designated as accounting hedges are recorded in the consolidated statements of operations in other gain (loss), net. For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued. Cash Flow Hedges— The Company uses interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt. The effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income, while hedge ineffectiveness is recorded in earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in accumulated other comprehensive income (loss) are reclassified into earnings. Net Investment Hedges— The Company uses foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity method investees whose functional currencies are not U.S. dollars. Changes in the fair value of derivatives used as hedges of net investment in foreign operations, to the extent effective, are recorded in the cumulative translation adjustment account within accumulated other comprehensive income (loss). At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, designates the portion of the derivative notional amount that is in excess of the beginning balance of its net investments as undesignated hedges.
Financing Costs	Financing CostsFinancing costs primarily include debt discounts and premiums as well as deferred financing costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed to other gain (loss), net when the associated facility is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not occur.
Revenue Recognition	Revenue Recognition Property Operating Income Property operating income includes the following: Rental Income— Rental income is recognized on a straight-line basis over the non-cancellable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred. When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed by the tenants, is capitalized. For tenant improvements owned by the Company, the amount funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space. When it is determined that the tenant is the owner of tenant improvements, the Company’s contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space. Tenant Reimbursements— In net lease arrangements, the tenant is generally responsible for operating expenses related to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For certain triple net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. Hotel Operating Income— Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms, consummation of sales and provision of services. Real Estate Securities Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. On a quarterly basis, the Company reviews, and if appropriate, adjusts its cash flow projections based on inputs and analyses received from external sources, internal models, and the Company’s judgment about prepayment rates, the timing and amount of credit losses and other factors. Changes in the amount or timing of cash flows from those originally projected, or from those estimated at the last evaluation date, are considered to be either favorable changes or adverse changes.
Foreign Currency	Foreign Currency Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss), net on the consolidated statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.
Equity Based Compensation	Equity-Based Compensation Equity-classified stock awards granted to executive officers and independent directors are based on the closing price of the Class A common stock on the grant date and recognized on a straight-line basis over the requisite service period of the awards for restricted stock awards. For performance stock units (“PSUs”) the fair value is based on a Monte Carlo simulation as of the grant date and the expense is generally recognized on a straight-line basis over the measurement period, except when certain performance metrics are achieved. See Note 10, “Equity-Based Compensation” for further discussion. The compensation expense is adjusted for actual forfeitures upon occurrence. Equity-based compensation is classified within compensation and benefits in the consolidated statement of operations.
Earnings Per Share	Earnings Per ShareThe Company presents both basic and diluted earnings per share (“EPS”) using the two-class method. Basic EPS is calculated by dividing earnings allocated to common shareholders, as adjusted for unallocated earnings attributable to certain participating securities, if any, by the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company has certain share-based payment awards that contain nonforfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method.
Income Taxes	Income Taxes For U.S. federal income tax purposes, the Company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2018. To qualify as a REIT, the Company must continually satisfy tests concerning, among other things, the real estate qualification of sources of its income, the real estate composition and values of its assets, the amounts it distributes to stockholders and the diversity of ownership of its stock. To the extent that the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax and potential interest and penalties, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as a component of income tax expense, where applicable. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on its undistributed taxable income. The Company also holds an investment in Europe which is subject to tax in its local jurisdiction. The Company made joint elections to treat certain subsidiaries as taxable REIT subsidiaries (“TRSs”) which may be subject to taxation by U.S. federal, state and local authorities. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the Company cannot hold directly and engage in most real estate or non-real estate-related business. Certain subsidiaries of the Company are subject to taxation by U.S. federal, state and local authorities for the periods presented. Income taxes are accounted for by the asset/liability approach in accordance with GAAP. Deferred taxes, if any, represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. Such amounts arise from differences between the financial reporting and tax bases of assets and liabilities and are adjusted for changes in tax laws
Current Expected Credit Losses ("CECL") reserve	Current Expected Credit Losses (“CECL”) reserve The CECL reserve for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments and trade receivables, represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the CECL reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts. The general CECL reserve is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the specific CECL reserve on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually. In measuring the general CECL reserve for financial instruments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the CECL reserve is calculated as the product of PD, LGD and exposure at default. The Company’s model principally utilizes historical loss rates derived from a commercial mortgage-backed securities database with historical losses from 1998 through September 2023 provided by a third party, Trepp LLC, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by a straight-line reversion period of twelve-months back to average historical losses. For determining a specific CECL reserve, financial instruments are assessed outside of the PD/LGD model on an individual basis. This occurs when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument. The Company elected to apply the practical expedient, afforded to the Company under ASC 326, to use the fair value of the collateral to determine the specific CECL reserve. The Company applies a discounted cash flow methodology for financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date, and the repayment is expected to be provided substantially through the operation or sale of the collateral. In developing the CECL reserve for its loans held for investment, the Company considers the risk ranking of each loan and preferred equity as a key credit quality indicator. The risk rankings are based on a variety of factors, including, without limitation, underlying real estate performance and asset value, values of comparable properties, durability and quality of property cash flows, sponsor experience and financial wherewithal, and the existence of a risk-mitigating loan structure. Additional key considerations include loan-to-value ratios, debt service coverage ratios, loan structure, real estate and credit market dynamics, and risk of default or principal loss. Based on a five-point scale, the Company’s loans and preferred equity held for investment are rated “1” through “5,” from less risk to greater risk, and the ratings are updated quarterly. At the time of origination or purchase, loans and preferred equity held for investment are ranked as a “3” and will move accordingly going forward based on the ratings which are defined as follows: 1. Very Low Risk 2. Low Risk 3. Medium Risk 4. High Risk/Potential for Loss— A loan that has a high risk of realizing a principal loss. 5. Impaired/Loss Likely— A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. During the three months ended September 30, 2023, the Company simplified its risk ranking definitions. The Company re-evaluated its risk rankings based on the simplified definitions and concluded that there was no impact to prior period risk rankings. The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the CECL reserve. The Company has elected to not measure a CECL reserve for accrued interest receivable as it is reversed against interest income when a loan or preferred equity investment is placed on nonaccrual status. Loans and preferred equity investments are charged off when all or a portion of the principal amount is determined to be uncollectible.
Accounting Standards Adopted in 2022	Accounting Standards Adopted in 2022 Credit Losses— In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Operating Real Estate Estimated Useful Lives	Real estate held for investment, other than land, is depreciated on a straight-line basis over the estimated useful lives of the assets, as follows: Real Estate Assets Term Building (fee interest) 33 to 47 years Building leasehold interests Lesser of remaining term of the lease or remaining life of the building Building improvements Lesser of the useful life or remaining life of the building Land improvements 1 to 15 years Tenant improvements Lesser of the useful life or remaining term of the lease Furniture, fixtures and equipment 2 to 8 years

Loans and Preferred Equity He_2

Loans and Preferred Equity Held for Investment, net (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Loans and Preferred Equity Held for Investment, net	The following table provides a summary of the Company’s loans and preferred equity held for investment, net (dollars in thousands): September 30, 2023 December 31, 2022 Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon (1) Weighted Average Maturity in Years Variable rate Senior loans $ 1,814,158 $ 1,811,471 8.9 % 2.9 $ 1,981,973 $ 1,972,952 7.9 % 3.5 Securitized loans (2) 1,256,239 1,255,738 8.8 % 2.2 1,468,790 1,466,754 7.8 % 2.7 Mezzanine loans 12,330 12,450 16.3 % 0.2 12,000 12,120 15.4 % 0.0 3,082,727 3,079,659 3,462,763 3,451,826 Fixed rate Mezzanine loans 65,601 65,537 10.9 % 2.6 100,765 100,666 12.2 % 2.6 Preferred equity interests — — — % 0.0 22,720 22,497 12.0 % 9.9 65,601 65,537 123,485 123,163 Loans held for investment 3,148,328 3,145,196 3,586,248 3,574,989 CECL reserve — (89,172) — (106,247) Loans and preferred equity held for investment, net $ 3,148,328 $ 3,056,024 8.9 % 2.6 $ 3,586,248 $ 3,468,742 8.0 % 3.2 _________________________________________ (1) Calculated based on contractual interest rate. As of September 30, 2023, all variable rate loans utilize Term Secured Overnight Financing Rate (“Term SOFR”). (2) Represents loans transferred into securitization trusts that are consolidated by the Company.
Schedule of Mortgage Loans on Real Estate	Activity relating to the Company’s loans and preferred equity held for investment, net was as follows (dollars in thousands): Carrying Value Nine Months Ended September 30, 2023 2022 Balance at January 1 $ 3,468,742 $ 3,449,009 Acquisitions/originations/additional funding 57,495 929,163 Loan maturities/principal repayments (323,562) (512,156) Increase of CECL reserve (1) (76,083) (50,242) Discount accretion/premium amortization 8,558 10,041 Capitalized interest, net of repayments 3,750 (1,219) Transfer to Real Estate, net (2) (161,557) — Charge-off of CECL reserve-transfer to Real Estate, net (2) 78,681 — Charge-off of loan held for investment (3) (14,477) — Charge-off of CECL reserve-other (3) 14,477 1,251 Balance at September 30 $ 3,056,024 $ 3,825,847 _________________________________________ (1) Provision for loan losses excludes $0.2 million for the nine months ended September 30, 2023 and a de minimis amount for the nine months ended September 30, 2022 as determined by the Company’s PD/LGD model for unfunded commitments reported on the consolidated statement of operations, with a corresponding offset to accrued and other liabilities recorded on the Company’s consolidated balance sheets. (2) During the second quarter of 2023, the Company acquired legal title of two Long Island City, New York office properties through a deed-in-lieu of foreclosure. During the third quarter of 2023, the Company acquired legal title of one Oakland, California office property through a deed-in-lieu of foreclosure. The CECL reserves related to these properties were charged off and the net amount is reflected as an addition to real estate, net. Refer to Note 5, “Real Estate, net” for further discussion. (3) During the third quarter of 2023, the Company charged off one Mezzanine B Note which was deemed uncollectible relating to a multifamily property in Milpitas, California for $14.5 million and the Company charged off the related $14.5 million of CECL reserves.
Aging Summary of Loans	The following table provides an aging summary of loans and preferred equity held for investment at carrying values before CECL reserve (dollars in thousands): Current or Less Than 30 Days Past Due 30-59 Days Past Due (1) 60-89 Days Past Due 90 Days or More Past Due (2)(3) Total Loans and Preferred Equity September 30, 2023 $ 3,090,470 $ — $ — $ 54,726 $ 3,145,196 December 31, 2022 3,494,437 68,432 — 12,120 3,574,989 _________________________________________ (1) At December 31, 2022, represents the Long Island City, New York office senior loan which was in interest payment default and was placed on a nonaccrual status on September 9, 2022. In June, 2023, this loan was foreclosed through a deed-in-lieu foreclosure. Refer to Note 5, “Real Estate, net” for further discussion. (2) At September 30, 2023, represents the Washington, D.C. office senior loan which is in maturity default and was placed on nonaccrual status on February 9, 2023. (3) At December 31, 2022 represents the New York, New York Hotel mezzanine loan which was in maturity default as of March 2022. In January 2023, the New York, New York Hotel mezzanine loan was extended to December 2023 and is current on interest payments as of September 30, 2023.
Allowance for Loan Losses	The following table provides details on the changes in CECL reserves (dollars in thousands): CECL reserve at December 31, 2022 $ 106,247 Increase (decrease) in general CECL reserve (1) (15,418) Increase in specific CECL reserve (2) 55,007 CECL reserve at March 31, 2023 $ 145,836 Increase (decrease) in general CECL reserve (1) 17,737 Increase in specific CECL reserve (3) 10,918 Charge-offs of CECL reserve-transfer to Real Estate, net (4) (67,763) CECL reserve at June 30, 2023 $ 106,728 Increase (decrease) in general CECL reserve (1) 3,048 Increase in specific CECL reserve (5) 4,791 Charge-off of CECL reserve-transfer to Real Estate, net (6) (10,918) Charge-off of CECL reserve-other (7) (14,477) CECL reserve at September 30, 2023 $ 89,172 _________________________________________ (1) Excludes the increase (decrease) in CECL reserves related to unfunded commitments reported on the consolidated statement of operations for the three months ended: March 31, 2023: a de minimis amount, June 30, 2023: $0.3 million, September 30, 2023: $(0.2) million. (2) During the first quarter of 2023, the Company recorded specific CECL reserves of $29.9 million related to one Washington, D.C. office senior loan, $14.5 million related to the Development Mezzanine Loan and $10.6 million related to one Long Island City, New York office senior loan. The specific CECL reserves for the two office senior loans were based on the estimated fair value of the collateral using a discounted cash flow model, which included inputs based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. The specific CECL reserve for the Development Mezzanine Loan was recorded in connection with the restructuring and modification of the loan in April 2023, which is collateralized by a multifamily property with a retail component. The specific CECL reserve was based on the estimated proceeds the Company expects to receive upon the resolution of the asset. Refer to Note 13, “Fair Value” for information on valuation inputs. (3) During the second quarter of 2023, the Company recorded specific CECL reserves of $10.9 million related to one Oakland, California office senior loan. The Company elected to apply the practical expedient, afforded to the Company under ASC 326, to use the fair value of the collateral to determine the specific CECL reserve. The estimated fair value of the collateral was determined by using a discounted cash flow model, which included inputs based on the location, type and nature of property, current and prospective leasing data and anticipated market conditions. In July 2023, this property was acquired through a deed-in-lieu of foreclosure. (4) During the second quarter of 2023, the Company acquired legal title through a deed-in-lieu of foreclosure of two Long Island City, New York office properties. The CECL reserves related to these properties were charged off and the net amount is reflected as an addition to real estate, net. Refer to Note 5, “Real Estate, net” for further discussion. (5) During the third quarter of 2023, the Company recorded specific CECL reserves of $4.8 million related to one Washington, D.C. office senior loan. The specific CECL reserve was based on the estimated fair value of the collateral using a discounted cash flow model, which included inputs based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. (6) During the third quarter of 2023, the Company acquired legal title through a deed-in-lieu of foreclosure of one Oakland, California office senior loan. The CECL reserve related to this property was charged off and the net amount is reflected as an addition to real estate, net. Refer to Note 5, “Real Estate, net” for further discussions. (7) During the third quarter of 2023, the Company deemed the $14.5 million Mezzanine B Note uncollectible and charged off the related $14.5 million of specific CECL reserves. CECL reserve at December 31, 2021 $ 36,598 Increase (decrease) in general CECL reserve (1) (1,343) Charge-offs of CECL reserve (2) (1,251) CECL reserve at March 31, 2022 $ 34,004 Increase (decrease) in general CECL reserve (1) 10,374 CECL reserve at June 30, 2022 $ 44,378 Increase (decrease) in general CECL reserve (1)(3) (15,955) Increase (decrease) in specific CECL reserve (4)(5) 57,166 CECL reserve at September 30, 2022 $ 85,589 _________________________________________ (1) Excludes the increase (decrease) in CECL reserves related to unfunded commitments reported on the consolidated statement of operations for the three months ended: March 31, 2022: $0.5 million, June 30, 2022: $(0.3) million and September 30, 2022: $(0.3) million. (2) During the first quarter of 2022, the Company received a $36.5 million repayment on one senior loan collateralized by a student housing property, which was $1.3 million less than the unpaid principal balance. As such, during the fourth quarter of 2021, the Company had recorded a $1.3 million specific CECL reserve on the loan, as the loss was probable at that point in time and was subsequently charged off in the first quarter of 2022. (3) The decrease was primarily due to the removal of two assets from the general CECL reserve pool which were evaluated individually for specific CECL reserves. See note (4) below for further discussion. (4) During the three months ended September 30, 2022, the Company recorded $57.2 million of specific CECL reserves related to two Long Island City, New York office Senior Loans. The specific CECL reserves were based on the current and prospective leasing activity of the properties to reflect the estimated fair value of the collateral. The fair value estimate of the collateral was determined using a discounted cash flow model which included inputs based on the location, type and nature of the property, current and prospective leasing data and anticipated market conditions. Refer to Note 13, “Fair Value” for information on valuation inputs. (5) Excludes $0.2 million related to additional proceeds received on one senior loan collateralized by a student housing property which was resolved in the first quarter of 2022.
Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking	The following tables provide a summary by carrying values before any CECL reserves of the Company’s loans and preferred equity held for investment by year of origination and credit quality risk ranking (dollars in thousands) as of September 30, 2023 and December 31, 2022, respectively (dollars in thousands). Refer to Note 2, “Summary of Significant Accounting Policies” for loan risk ranking definitions. At September 30, 2023, the weighted average risk ranking for loans and preferred equity held for investment was 3.2. September 30, 2023 Year of Origination Risk Rankings 2023 2022 2021 2020 2019 and earlier Total Senior loans 2 $ — $ — $ 51,957 $ — $ 25,978 $ 77,935 3 — 776,336 925,431 61,866 616,243 2,379,876 4 — 78,152 193,699 — 237,816 509,667 5 — — 45,005 — 54,726 99,731 Total Senior loans — 854,488 1,216,092 61,866 934,763 3,067,209 Mezzanine loans 3 2,900 26,380 — — 48,707 77,987 Total Mezzanine loans 2,900 26,380 — — 48,707 77,987 Total Loans and preferred equity held for investment $ 2,900 $ 880,868 $ 1,216,092 $ 61,866 $ 983,470 $ 3,145,196 As of December 31, 2022, the weighted average risk ranking for loans and preferred equity held for investment was 3.2. December 31, 2022 Year of Origination Risk Rankings 2022 2021 2020 2019 2018 and Earlier Total Senior loans 2 $ — $ 141,457 $ 42,710 $ 25,904 $ — $ 210,071 3 845,097 1,267,092 53,386 112,689 291,996 2,570,260 4 — 24,871 — 192,920 304,822 522,613 5 — — — 68,330 68,432 136,762 Total Senior loans 845,097 1,433,420 96,096 399,843 665,250 3,439,706 Mezzanine loans 3 24,056 — — — 4,459 28,515 4 — — — 72,151 — 72,151 5 — — — — 12,120 12,120 Total Mezzanine loans 24,056 — — 72,151 16,579 112,786 Preferred equity interests 3 22,497 — — — — 22,497 Total Preferred equity interests 22,497 — — — — 22,497 Total Loans and Preferred Equity held for investment $ 891,650 $ 1,433,420 $ 96,096 $ 471,994 $ 681,829 $ 3,574,989

Real Estate Securities (Tables)

Real Estate Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Classification, Carrying Value and Maximum Exposure of VIEs	The below table presents net income attributable to the Company’s common stockholders for the three and nine months ended September 30, 2022 generated from the Company’s investments in the subordinate tranches of securitization trusts (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Statement of Operations Interest income on mortgage loans held in securitization trusts $ 9,597 $ 28,692 Interest expense on mortgage obligations issued by securitization trusts (8,977) (26,051) Net interest income 620 2,641 Operating expense (241) (583) Net income attributable to BrightSpire Capital, Inc. common stockholders $ 379 $ 2,058

Real Estate, net (Tables)

Real Estate, net (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Operating Real Estate Properties	The following table presents the Company’s net lease portfolio, net, as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Land and improvements $ 124,638 $ 128,608 Buildings, building leaseholds, and improvements 487,964 505,297 Tenant improvements 18,840 17,851 Subtotal $ 631,442 $ 651,756 Less: Accumulated depreciation (97,357) (87,109) Net lease portfolio, net $ 534,085 $ 564,647 The following table presents the Company’s portfolio of other real estate, net as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Land and improvements $ 60,673 $ 29,582 Buildings, building leaseholds, and improvements 192,387 152,186 Tenant improvements 24,690 18,757 Furniture, fixtures and equipment 323 135 Construction-in-progress 4,454 3,011 Subtotal $ 282,527 $ 203,671 Less: Accumulated depreciation (41,356) (35,850) Other portfolio, net $ 241,171 $ 167,821
Property Operating Income	For the three and nine months ended September 30, 2023 and 2022 the components of property operating income were as follows (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Lease revenues Minimum lease revenue $ 20,802 $ 19,111 $ 59,148 $ 58,179 Variable lease revenue 3,540 3,081 9,132 8,295 $ 24,342 $ 22,192 $ 68,280 $ 66,474 Hotel operating income — — — 1,566 Total property operating income (1) $ 24,342 $ 22,192 $ 68,280 $ 68,040 _________________________________________
Schedule of Future Minimum Rental Income under Non-cancellable Operating Leases	The following table presents approximate future minimum rental income under noncancellable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of September 30, 2023 (dollars in thousands): Remainder of 2023 $ 20,463 2024 81,238 2025 76,704 2026 69,715 2027 64,808 2028 and thereafter 348,478 Total $ 661,406
Schedule of Asset Acquisition	The following table summarizes the Company’s real estate acquisitions for nine months ended September 30, 2023 (dollars in thousands): Purchase Price Allocation Acquisition Date Property Type and Location Number of Buildings Purchase Price (1) Land and Improvements (2) Building and Improvements (2) Lease Intangible Assets (2) Other Assets Lease Intangible Liabilities (2) Other Liabilities Nine Months Ended September 30, 2023 July Office - California (1) 1 $ 13,933 $ 5,718 $ 3,262 $ 4,404 $ 922 $ (2) $ (371) June Office - New York (1) 1 36,177 10,380 24,484 1,898 432 (528) (489) June Office - New York (1) 1 36,922 14,786 15,958 6,867 876 (193) (1,372) $ 87,032 $ 30,884 $ 43,704 $ 13,169 $ 2,230 $ (723) $ (2,232) _________________________________________ (1) Represents assets acquired by the Company through deeds-in-lieu of foreclosure. (2) Useful life of real estate acquired is 45 years for buildings, four three

Deferred Leasing Costs and Ot_2

Deferred Leasing Costs and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at September 30, 2023 and December 31, 2022 are as follows (dollars in thousands): September 30, 2023 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 80,462 $ (39,431) $ 41,031 Deferred leasing costs 30,753 (17,820) 12,933 Above-market lease values 13,617 (7,691) 5,926 $ 124,832 $ (64,942) $ 59,890 Intangible Liabilities Below-market lease values $ 16,798 $ (12,295) $ 4,503 December 31, 2022 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 75,503 $ (35,805) $ 39,698 Deferred leasing costs 28,641 (15,843) 12,798 Above-market lease values 8,359 (6,875) 1,484 $ 112,503 $ (58,523) $ 53,980 Intangible Liabilities Below-market lease values $ 16,074 $ (11,235) $ 4,839
Schedule of Deferred Leasing Costs	The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at September 30, 2023 and December 31, 2022 are as follows (dollars in thousands): September 30, 2023 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 80,462 $ (39,431) $ 41,031 Deferred leasing costs 30,753 (17,820) 12,933 Above-market lease values 13,617 (7,691) 5,926 $ 124,832 $ (64,942) $ 59,890 Intangible Liabilities Below-market lease values $ 16,798 $ (12,295) $ 4,503 December 31, 2022 Carrying Amount Accumulated Amortization Net Carrying Amount Deferred Leasing Costs and Intangible Assets In-place lease values $ 75,503 $ (35,805) $ 39,698 Deferred leasing costs 28,641 (15,843) 12,798 Above-market lease values 8,359 (6,875) 1,484 $ 112,503 $ (58,523) $ 53,980 Intangible Liabilities Below-market lease values $ 16,074 $ (11,235) $ 4,839
Schedule of Deferred Costs and Other Intangible Assets and Liabilities	The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Above-market lease values $ (465) $ (273) $ (809) $ (848) Below-market lease values 369 346 1,053 1,022 Net increase (decrease) to property operating income $ (96) $ 73 $ 244 $ 174 In-place lease values $ 1,666 $ 1,487 $ 4,199 $ 4,626 Deferred leasing costs 713 750 2,050 2,304 Amortization expense $ 2,379 $ 2,237 $ 6,249 $ 6,930
Schedule of Future Amortization Expense	The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, for each of the next five years and thereafter as of September 30, 2023 (dollars in thousands): 2023 2024 2025 2026 2027 2028 and thereafter Total Above-market lease values $ (494) $ (1,814) $ (1,588) $ (973) $ (365) $ (692) $ (5,926) Below-market lease values 366 1,459 1,457 785 81 355 4,503 Net increase (decrease) to property operating income $ (128) $ (355) $ (131) $ (188) $ (284) $ (337) $ (1,423) In-place lease values $ 1,696 $ 6,342 $ 5,438 $ 4,102 $ 3,390 $ 20,063 $ 41,031 Deferred leasing costs 728 2,679 2,394 1,291 1,087 4,754 12,933 Amortization expense $ 2,424 $ 9,021 $ 7,832 $ 5,393 $ 4,477 $ 24,817 $ 53,964

Restricted Cash, Other Assets_2

Restricted Cash, Other Assets and Accrued and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Restricted Cash	The following table presents a summary of restricted cash as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Restricted cash: Borrower escrow deposits $ 80,250 $ 79,055 Capital expenditure reserves 10,142 8,623 Real estate escrow reserves 4,725 1,583 Working capital and other reserves 1,460 2,145 Tenant lockboxes 855 1,102 Total $ 97,432 $ 92,508
Summary of Other Assets	The following table presents a summary of other assets as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Other assets: Right-of-use lease asset $ 22,947 $ 25,237 Tax receivable and deferred tax assets 16,775 19,117 Deferred financing costs, net - credit facilities 5,103 4,630 Prepaid expenses and other 2,752 2,053 Investments in unconsolidated ventures ($2,614 and $3,035 at fair value, respectively) 2,614 3,035 Derivative assets 1,268 1,601 Total $ 51,459 $ 55,673
Summary of Other Liabilities	The following table presents a summary of accrued and other liabilities as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Accrued and other liabilities: Operating lease liability $ 23,770 $ 25,961 Current and deferred tax liability 23,262 26,198 Accounts payable, accrued expenses and other liabilities 16,378 15,087 Interest payable 9,676 11,680 Prepaid rent and unearned revenue 7,098 7,688 Tenant security deposits 1,504 411 Unfunded CECL loan allowance 558 389 Other 218 219 Total $ 82,464 $ 87,633

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Debt	The following table presents debt as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Capacity ($) Recourse vs. Non-Recourse (1) Final Contractual Principal Amount (2) Carrying Value (2) Principal Amount (2) Carrying Value (2) Securitization bonds payable, net CLNC 2019-FL1 (3) Non-recourse Aug-35 SOFR (4) + 2.14% $ 325,026 $ 324,997 $ 502,717 $ 501,406 BRSP 2021-FL1 (3) Non-recourse Aug-38 SOFR (4) + 1.49% 670,000 668,003 670,000 666,194 Subtotal securitization bonds payable, net 995,026 993,000 1,172,717 1,167,600 Mortgage and other notes payable, net Net lease 1 Non-recourse Sep-33 4.77% 200,000 198,846 200,000 198,778 Net lease 2 (5) Non-recourse Jun-25 3.91% 149,504 150,148 162,449 164,752 Net lease 3 Non-recourse Aug-26 4.08% 29,516 29,392 30,009 29,853 Net lease 4 Non-recourse Oct-27 4.45% 22,125 22,125 22,559 22,559 Net lease 5 (6) Non-recourse Nov-26 4.45% 17,186 16,954 17,486 17,200 Net lease 5 (7) Non-recourse Mar-28 4.38% 11,336 10,899 11,526 11,089 Net lease 6 Non-recourse Nov-26 4.45% 6,828 6,736 6,948 6,834 Net lease 7 (8) Non-recourse (8) (8) — — 432 424 Net lease 8 Non-recourse Nov-26 4.45% 3,165 3,122 3,220 3,168 Other real estate 1 Non-recourse Oct-24 4.47% 101,761 101,792 103,218 103,391 Other real estate 2 Non-recourse Jan-25 4.30% 69,712 69,515 70,870 70,569 Loan 1 (9) Non-recourse Jun-26 SOFR + 4.25% 34,466 34,466 27,851 27,851 Subtotal mortgage and other notes payable, net 645,599 643,995 656,568 656,468 Bank credit facility Bank credit facility $ 165,000 Recourse Jan-27 (10) SOFR + 2.25% — — — — Subtotal bank credit facility — — — — Master repurchase facilities Bank 1 600,000 Limited Recourse (11) Apr-27 (12) SOFR + 2.17% (13) 512,899 512,899 415,892 415,892 Bank 2 600,000 Limited Recourse (11) Apr-26 (14) SOFR + 1.88% (13) 278,586 278,586 351,539 351,539 Bank 3 400,000 (15) June-27 (16) SOFR + 1.74% (13) 234,374 234,374 247,404 247,404 Bank 4 400,000 Limited Recourse (11) July-27 (17) SOFR + 1.80% (13) 181,323 181,323 220,054 220,054 Bank 5 (18) — Limited Recourse (11) (18) (18) — — 105,104 105,104 Subtotal master repurchase facilities $ 2,000,000 1,207,182 1,207,182 1,339,993 1,339,993 Subtotal credit facilities 1,207,182 1,207,182 1,339,993 1,339,993 Total $ 2,847,807 $ 2,844,177 $ 3,169,278 $ 3,164,061 _________________________________________ (1) Subject to customary non-recourse carveouts. (2) Difference between principal amount and carrying value of securitization bonds payable, net and mortgage and other notes payable, net is attributable to deferred financing costs, net and premium/discount on mortgage notes payable. (3) The Company, through indirect Cayman subsidiaries, securitized commercial mortgage loans originated by the Company. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal payments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities on the notes. Underlying collateral loans have initial terms of two (4) As of June 17, 2021, the benchmark index interest rate for CLNC 2019-FL1 was converted from the one-month London Interbank Offered Rates (“LIBOR”) to Compounded Secured Overnight Financing Rate (“SOFR”), plus a benchmark adjustment of 11.448 basis points. As of February 19, 2022, the benchmark index interest rate was converted from Compounded SOFR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement. As of May 26, 2023, the benchmark index interest rate for BRSP 2021-FL1 was converted from LIBOR to Term SOFR, plus a benchmark adjustment of 11.448 basis points, conforming with the indenture agreement . (5) As of September 30, 2023, the outstanding principal of the mortgage payable was NOK 1.6 billion , which translated to $149.5 million. (6) Payment terms are periodic payment of principal and interest for debt on two properties and periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) for debt on one property. (7) Represents a mortgage note collateralized by three properties. (8) During the third quarter of 2023, the mortgage note payable related to Net Lease 7 was fully repaid. (9) In June 2023, the Company completed a refinancing of Loan 1 which modified the interest rate to SOFR plus 4.25%. The current maturity of the note payable is June 2024, with two one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. (10) On January 28, 2022, the Company, through its subsidiaries, including the OP, entered into an Amended and Restated Credit Agreement. Refer to “Bank Credit Facility” within this note for more details. (11) Recourse solely with respect to 25.0% of the financed amount. (12) The current maturity date is April 2025, with two one-year extension options, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (13) Represents the weighted average spread as of September 30, 2023. The contractual interest rate depends upon asset type and characteristics and ranges from SOFR plus 1.50% to 2.75%. (14) The current maturity date is April 20 25, with a one-year extension available at the option of the Company, whic h may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (15) Recourse is either 25.0% or 50.0% depending on loan metrics. (16) The current maturity date is June 2025, with two one-year extensions available at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (17) The current maturity date is July 2024, with three one-year extension options, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. (18) Upon reaching the June 2023 contractual maturity date, the Company did not extend Bank 5 and thus no longer has capacity.
Schedule of Scheduled Principal on Debt	The following table summarizes future scheduled minimum principal payments at September 30, 2023 based on initial maturity dates or extended maturity dates to the extent criteria are met and the extension option is at the borrower’s discretion (dollars in thousands): Total Securitization Bonds Payable, Net Mortgage Notes Payable, Net Credit Facilities Remaining 2023 $ 539 $ — $ 539 $ — 2024 138,446 — 138,446 — 2025 221,545 — 221,545 — 2026 333,157 — 54,571 278,586 2027 948,955 — 20,359 928,596 2028 and thereafter 1,205,165 995,026 210,139 — Total $ 2,847,807 $ 995,026 $ 645,599 $ 1,207,182

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Valuation Assumptions	Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation, with the following assumptions: 2023 Grant Expected volatility (1) 74.4 % Risk free rate (2) 4.6 % Expected dividend yield (3) — _________________________________________ (1) Based upon the Company’s historical stock volatility. (2) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date. (3) Based upon award holders being entitled to dividends paid during the measurement period on any shares earned.
Summary of Awards Granted or Vested	The table below summarizes the Company’s awards granted, forfeited or vested under the 2022 Plan during the nine months ended September 30, 2023 and 2022: Number of Shares Weighted Average Grant Date Fair Value Restricted Stock PSUs Total Restricted Stock PSUs Unvested shares at December 31, 2021 1,482,094 272,000 1,754,094 $ 12.35 $ 11.96 Vested (500,462) — (500,462) 9.14 — Unvested shares at March 31, 2022 981,632 272,000 1,253,632 11.54 11.96 Granted 1,524,482 — 1,524,482 8.59 — Vested (104,960) — (104,960) 9.34 — Unvested shares at June 30, 2022 2,401,154 272,000 2,673,154 10.23 11.96 Unvested shares at September 30, 2022 2,401,154 272,000 2,673,154 10.23 11.96 Unvested shares at December 31, 2022 2,308,691 272,000 2,580,691 $ 8.47 $ 11.96 Granted 1,391,217 384,378 1,775,595 6.90 9.69 Vested (888,834) (136,000) (1,024,834) 8.46 11.96 Forfeited — (136,000) (136,000) — 11.96 Unvested shares at March 31, 2023 2,811,074 384,378 3,195,452 7.70 9.69 Granted 93,285 — 93,285 5.36 — Vested (62,190) — (62,190) 8.04 — Unvested shares at June 30, 2023 2,842,169 384,378 3,226,547 7.62 9.69 Forfeited (54,362) — (54,362) 7.70 — Unvested shares at September 30, 2023 2,787,807 384,378 3,172,185 7.62 9.69

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Summary of Distributions Declared	During the nine months ended September 30, 2023 and 2022, the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Per Share March 16, 2023 March 31, 2023 April 17, 2023 $0.20 June 16, 2023 June 30, 2023 July 14, 2023 $0.20 September 14, 2023 September 29, 2023 October 13, 2023 $0.20 March 15, 2022 March 31, 2022 April 15, 2022 $0.19 June 15, 2022 June 30, 2022 July 15, 2022 $0.20 September 15, 2022 September 30, 2022 October 14, 2022 $0.20
Reclassification out of Accumulated Other Comprehensive Income	The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders and noncontrolling interests in the OP, net of immaterial tax effect. Changes in Components of AOCI - Stockholders (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation loss Total AOCI at December 31, 2022 $ 18,603 $ (19,279) $ (676) Other comprehensive loss — (3,463) (3,463) AOCI at March 31, 2023 $ 18,603 $ (22,742) $ (4,139) Other comprehensive loss — (1,606) (1,606) AOCI at June 30, 2023 $ 18,603 $ (24,348) $ (5,745) Other comprehensive loss — 505 505 AOCI at September 30, 2023 $ 18,603 $ (23,843) $ (5,240) (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation gain (loss) Total AOCI at December 31, 2021 $ 17,893 $ (9,107) $ 8,786 Other comprehensive income — 660 660 AOCI at March 31, 2022 $ 17,893 $ (8,447) $ 9,446 Other comprehensive income (loss) before OP reclassification — (9,810) (9,810) Amounts reclassified from OP 710 (856) (146) Net current period OCI 710 (10,666) (9,956) AOCI at June 30, 2022 $ 18,603 $ (19,113) $ (510) Other comprehensive income (loss) — (6,068) (6,068) AOCI at September 30, 2022 $ 18,603 $ (25,181) $ (6,578) Changes in Components of AOCI - Noncontrolling Interests in the OP (dollars in thousands) Unrealized gain on net investment hedges Foreign currency translation gain (loss) Total AOCI at December 31, 2021 $ 710 $ (872) $ (162) Other comprehensive income — 16 16 AOCI at March 31, 2022 $ 710 $ (856) $ (146) Other comprehensive income (loss) before Stockholders reclassification — — — Amounts reclassified to Stockholders (710) 856 146 Net current period OCI (710) 856 146 AOCI at June 30, 2022 $ — $ — $ — Other comprehensive income — — — AOCI at September 30, 2022 $ — $ — $ — Changes in Components of AOCI - Noncontrolling Interests in investment entities (dollars in thousands) Foreign currency translation gain (loss) Total AOCI at December 31, 2021 $ 1,872 $ 1,872 Other comprehensive income before reclassification — — Amounts reclassified from AOCI (1,872) (1,872) Net current period OCI (1,872) (1,872) AOCI at March 31, 2022 $ — $ — Other comprehensive income — — AOCI at June 30, 2022 $ — $ — Other comprehensive income — — AOCI at September 30, 2022 $ — $ —

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis	The following table presents financial assets that were accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 by level within the fair value hierarchy (dollars in thousands): September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Other assets - PE Investments $ — $ — $ 2,614 $ 2,614 $ — $ — $ 3,035 $ 3,035 Other assets - derivative assets — 1,268 — 1,268 — 1,601 — 1,601
Schedule of Changes in Level 3	The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the nine months ended September 30, 2023 and 2022 (dollars in thousands): Nine Months Ended September 30, 2023 2022 Other assets - PE Investments Other assets - PE Investments Mortgage loans held in securitization trusts (1) Beginning balance $ 3,035 $ 4,406 $ 813,310 Distributions/paydowns (421) (1,287) (18,660) Unrealized loss in earnings — — (109,119) Ending balance $ 2,614 $ 3,119 $ 685,531 _________________________________________ (1) For the nine months ended September 30, 2022, the Company recorded an unrealized loss of $109.1 million related to mortgage loans held in securitization trusts, at fair value and an unrealized gain of $109.1 million related to mortgage obligations held in securitization trusts, at fair value.
Summary of Principal Amount, Carrying Value and Fair Value of Financial Assets and Liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 December 31, 2022 Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Financial assets: (1) Loans held for investment, net (2) $ 3,148,328 $ 3,056,024 $ 3,059,156 $ 3,586,248 $ 3,468,472 $ 3,480,001 Financial liabilities: (1) Securitization bonds payable, net $ 995,026 $ 993,000 $ 995,026 $ 1,172,717 $ 1,167,600 $ 1,172,717 Mortgage and other notes payable, net 645,599 643,995 605,476 656,568 656,468 656,568 Master repurchase facilities 1,207,182 1,207,182 1,207,182 1,339,993 1,339,993 1,339,993 _________________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Excludes future funding commitments of $200.5 million and $263.4 million as of September 30, 2023 and December 31, 2022, respectively.
Fair Value Measurements, Nonrecurring	The following tables summarize assets carried at fair value on a nonrecurring basis as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Loans held for investment, net $ — $ — $ 20,000 $ 20,000 December 31, 2022 Level 1 Level 2 Level 3 Total Loans held for investment, net $ — $ — $ 79,596 $ 79,596

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	As of September 30, 2023 and December 31, 2022, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Non-Designated Hedges September 30, 2023 December 31, 2022 Derivative Assets Foreign exchange contracts $ 1,268 $ 1,599 Interest rate contracts — 2 Included in other assets $ 1,268 $ 1,601
Schedule of Derivative Liabilities at Fair Value	As of September 30, 2023 and December 31, 2022, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): Non-Designated Hedges September 30, 2023 December 31, 2022 Derivative Assets Foreign exchange contracts $ 1,268 $ 1,599 Interest rate contracts — 2 Included in other assets $ 1,268 $ 1,601
Schedule of Derivative Instruments	The following table summarizes the Company’s FX forwards and interest rate contracts as of September 30, 2023 and December 31, 2022: Type of Derivatives Notional Currency Notional Amount (in thousands) Range of Maturity Dates Non-Designated September 30, 2023 FX Forward NOK 49,709 November 2023 - May 2024 December 31, 2022 FX Forward NOK 99,733 February 2023 - May 2024 Interest Rate Swap USD $ 285 July 2023 The table below represents the effect of the derivative financial instruments on the consolidated statements of operations for three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Other gain (loss), net Non-designated foreign exchange contracts $ (237) $ 1,279 $ 695 $ 3,174 Non-designated interest rate contracts — 1 (2) 13 Total $ (237) $ 1,280 $ 693 $ 3,187
Offsetting Derivative Assets	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of September 30, 2023 and December 31, 2022 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) September 30, 2023 Derivative Assets Foreign exchange contracts $ 1,268 $ 1,268 Total $ 1,268 $ 1,268 December 31, 2022 Derivative Assets Foreign exchange contracts $ 1,599 $ 1,599 Interest rate contracts 2 2 Total $ 1,601 $ 1,601
Offsetting Derivative Liabilities	The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of September 30, 2023 and December 31, 2022 (dollars in thousands): Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Net Amounts of Assets (Liabilities) September 30, 2023 Derivative Assets Foreign exchange contracts $ 1,268 $ 1,268 Total $ 1,268 $ 1,268 December 31, 2022 Derivative Assets Foreign exchange contracts $ 1,599 $ 1,599 Interest rate contracts 2 2 Total $ 1,601 $ 1,601

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Lease Expense	The following table presents ground lease expense, included in property operating expense, for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease expense: Minimum lease expense $ 777 $ 770 $ 2,332 $ 2,306 Variable lease expense — — — — $ 777 $ 770 $ 2,332 $ 2,306 For the three and nine months ended September 30, 2023 and 2022, the following table summarizes lease expense, included in operating expense (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Corporate Offices Operating lease expense: Fixed lease expense $ 315 $ 315 $ 944 $ 906 $ 315 $ 315 $ 944 $ 906
Schedule of Future Minimum Rental Payments	The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of September 30, 2023 (dollars in thousands): Remainder of 2023 $ 777 2024 2,213 2025 2,155 2026 2,157 2027 1,839 2028 and thereafter 15,884 Total lease payments 25,025 Less: Present value discount 8,101 Operating lease liability (Note 7) $ 16,924 For these ground leases, the Company has elected the practical expedient to combine lease and related nonlease components as a single lease component. Corporate Offices (1) Remainder of 2023 $ 321 2024 1,293 2025 1,308 2026 1,323 2027 1,339 2028 and thereafter 1,729 Total lease payments 7,313 Less: Present value discount $ 467 Operating lease liability (Note 7) $ 6,846 __________________________________________

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Summary of Segment Reporting	The following tables present segment reporting for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities Net Leased and Other Real Estate Corporate Total Three Months Ended September 30, 2023 Net interest income (expense) $ 32,246 $ — $ — $ (263) $ 31,983 Property and other income (19) — 24,256 2,865 27,102 Property operating expense — — (7,392) — (7,392) Transaction, investment and servicing expense (248) — (31) (32) (311) Interest expense on real estate — — (6,833) — (6,833) Depreciation and amortization — — (8,817) (34) (8,851) Increase of current expected credit loss reserve (7,671) — — — (7,671) Compensation and benefits — — — (11,971) (11,971) Operating expense (4) — — (3,282) (3,286) Other loss, net — — (220) — (220) Income (loss) before equity in earnings of unconsolidated ventures and income taxes 24,304 — 963 (12,717) 12,550 Income tax expense (27) — (131) — (158) Net income (loss) $ 24,277 $ — $ 832 $ (12,717) $ 12,392 Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities Net Leased and Other Real Estate Corporate Total Three Months Ended September 30, 2022 Net interest income (expense) $ 30,929 $ 620 $ — $ (202) $ 31,347 Property and other income 58 — 22,265 1,558 23,881 Property operating expense — — (5,814) — (5,814) Transaction, investment and servicing expense (739) 46 (91) (148) (932) Interest expense on real estate — — (7,047) — (7,047) Depreciation and amortization — — (8,515) (57) (8,572) Increase of current expected credit loss reserve (40,750) — — — (40,750) Compensation and benefits — — — (8,373) (8,373) Operating expense — (241) — (3,304) (3,545) Other gain (loss), net — — 1,281 (1,311) (30) Income (loss) before equity in earnings of unconsolidated ventures and income taxes (10,502) 425 2,079 (11,837) (19,835) Income tax benefit (expense) 6 — (639) — (633) Net income (loss) $ (10,496) $ 425 $ 1,440 $ (11,837) $ (20,468) Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities Net Leased and Other Real Estate Corporate Total Nine Months Ended September 30, 2023 Net interest income (expense) $ 96,034 $ — $ — $ (854) $ 95,180 Property and other income (19) — 68,534 9,168 77,683 Property operating expense — — (18,687) — (18,687) Transaction, investment and servicing expense (1,327) — (84) (555) (1,966) Interest expense on real estate — — (19,115) — (19,115) Depreciation and amortization — — (24,642) (146) (24,788) Increase of current expected credit loss reserve (76,250) — — — (76,250) Compensation and benefits — — — (30,144) (30,144) Operating expense (12) — — (10,021) (10,033) Other gain, net — — 615 — 615 Income (loss) before equity in earnings of unconsolidated ventures and income taxes 18,426 — 6,621 (32,552) (7,505) Equity in earnings of unconsolidated ventures 9,055 — — — 9,055 Income tax expense (284) — (575) — (859) Net income (loss) $ 27,197 $ — $ 6,046 $ (32,552) $ 691 Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities Net Leased and Other Real Estate Corporate Total Nine Months Ended September 30, 2022 Net interest income (expense) $ 92,357 $ 2,641 $ — $ (1,503) $ 93,495 Property and other income 256 353 68,239 2,044 70,892 Property operating expense — — (17,804) — (17,804) Transaction, investment and servicing expense (2,750) 75 (243) (119) (3,037) Interest expense on real estate — — (21,720) — (21,720) Depreciation and amortization — — (25,730) (156) (25,886) Increase of current expected credit loss reserve (50,026) — — — (50,026) Compensation and benefits — — — (24,868) (24,868) Operating expense (137) (526) (90) (11,211) (11,964) Other gain (loss), net 21,356 — 13,800 (566) 34,590 Income (loss) before equity in earnings of unconsolidated ventures and income taxes 61,056 2,543 16,452 (36,379) 43,672 Equity in earnings of unconsolidated ventures 25 — — — 25 Income tax expense (347) — (788) — (1,135) Net income (loss) $ 60,734 $ 2,543 $ 15,664 $ (36,379) $ 42,562
Summary of Total Assets by Segment	The following table presents total assets by segment as of September 30, 2023 and December 31, 2022 (dollars in thousands): Total Assets Senior and Mezzanine Loans and Preferred Equity CRE Debt Securities (1) Net Leased and Other Real Estate Corporate (2) Total September 30, 2023 $ 3,202,103 $ 14,943 $ 910,434 $ 225,196 $ 4,352,676 December 31, 2022 3,580,912 15,459 864,856 289,162 4,750,389 _________________________________________ (1) Includes PE Investments totaling $2.6 million and $3.0 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes cash, unallocated receivables and deferred costs and other assets, net.
Schedule of Revenue by Geographic Areas	Geography information on total income and long-lived assets are presented as follows (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total income by geography: United States $ 98,245 $ 92,607 $ 298,853 $ 246,809 Europe 4,487 4,542 13,469 14,125 Total (1) $ 102,732 $ 97,149 $ 312,322 $ 260,934
Schedule of Long-lived Assets by Geographic Areas	September 30, 2023 December 31, 2022 Long-lived assets by geography: United States $ 607,504 $ 532,380 Europe 227,642 254,068 Total (2) $ 835,146 $ 786,448 _________________________________________ (1) Includes interest income, interest income on mortgage loans held in securitization trusts, property and other income and equity in earnings of unconsolidated ventures.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The Company’s net income (loss) and weighted average shares outstanding for the three and nine months ended September 30, 2023 and 2022 consist of the following (dollars in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) $ 12,392 $ (20,468) $ 691 $ 42,562 Net (income) loss attributable to noncontrolling interests: Investment Entities (3) 5 84 (2) Operating Partnership — — — (1,013) Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders $ 12,389 $ (20,463) $ 775 $ 41,547 Numerator: Net (income) loss allocated to participating securities (non-vested shares) $ (266) $ — $ (16) $ (1,142) Net income (loss) attributable to common stockholders $ 12,123 $ (20,463) $ 759 $ 40,405 Denominator: Weighted average shares outstanding - basic (1) 127,197 126,564 127,014 127,551 Weighted average shares outstanding - diluted (2) 129,986 126,564 129,730 129,432 Net income (loss) per common share - basic $ 0.10 $ (0.16) $ 0.01 $ 0.32 Net income (loss) per common share - diluted $ 0.09 $ (0.16) $ 0.01 $ 0.31 _________________________________________ (1) The outstanding shares used to calculate the weighted average basic shares outstanding exclude 2,787,807 and 2,401,154 of restricted stock awards as of September 30, 2023 and September 30, 2022, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income (loss) per common share. (2) The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 2,788,398, 2,715,967 and 2,401,154 for the three and nine months ended September 30, 2023, and the three months ended September 30, 2022, respectively, as the effect would be antidilutive.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property
Variable Interest Entity [Line Items]
Conversion of stock, conversion ratio			1
Cash equivalents	$ 0		$ 0		$ 0
Loans held for sale	$ 0		$ 0		$ 0
Number of properties held-for-sale (in properties) | property	0		0		0
Income tax (benefit) expense	$ 158,000	$ 633,000	$ 859,000	$ 1,135,000
Unconsolidated VIEs | Third Party Joint Venture Partners | Minimum
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)	5%		5%		5%
Unconsolidated VIEs | Third Party Joint Venture Partners | Maximum
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners (in percentage)	11%		11%		11%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Operating Real Estate Estimated Useful Lives (Details)	Sep. 30, 2023
Building (fee interest) | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	33 years
Building (fee interest) | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	47 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	1 year
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years

Loans and Preferred Equity He_3

Loans and Preferred Equity Held for Investment, net - Summary of Loans Held for Investment, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 3,148,328	$ 3,586,248
Carrying Value	3,145,196	3,574,989
CECL reserve	(89,172)	(106,247)	$ (106,728)	$ (145,836)	$ (85,589)	$ (44,378)	$ (34,004)	$ (36,598)
Loans and preferred equity held for investment, net	3,056,024	3,468,742			$ 3,825,847			$ 3,449,009
Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	3,082,727	3,462,763
Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 65,601	$ 123,485
Weighted Average Coupon (in percentage)	8.90%	8%
Weighted Average Maturity in Years	2 years 7 months 6 days	3 years 2 months 12 days
Commercial mortgage
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 3,148,328	$ 3,586,248
Carrying Value	3,145,196	3,574,989
Loans and preferred equity held for investment | Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	3,079,659	3,451,826
Loans and preferred equity held for investment | Fixed rate
Financing Receivable, Impaired [Line Items]
Carrying Value	65,537	123,163
Loans and preferred equity held for investment | Commercial mortgage
Financing Receivable, Impaired [Line Items]
Carrying Value	3,145,196	3,574,989
Senior loans | Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,814,158	$ 1,981,973
Weighted Average Coupon (in percentage)	8.90%	7.90%
Weighted Average Maturity in Years	2 years 10 months 24 days	3 years 6 months
Senior loans | Loans and preferred equity held for investment | Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 1,811,471	$ 1,972,952
Securitized loans | Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 1,256,239	$ 1,468,790
Weighted Average Coupon (in percentage)	8.80%	7.80%
Weighted Average Maturity in Years	2 years 2 months 12 days	2 years 8 months 12 days
Securitized loans | Loans and preferred equity held for investment | Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 1,255,738	$ 1,466,754
Mezzanine loans | Variable rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 12,330	$ 12,000
Weighted Average Coupon (in percentage)	16.30%	15.40%
Weighted Average Maturity in Years	2 months 12 days	0 years
Mezzanine loans | Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 65,601	$ 100,765
Weighted Average Coupon (in percentage)	10.90%	12.20%
Weighted Average Maturity in Years	2 years 7 months 6 days	2 years 7 months 6 days
Mezzanine loans | Loans and preferred equity held for investment | Variable rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 12,450	$ 12,120
Mezzanine loans | Loans and preferred equity held for investment | Fixed rate
Financing Receivable, Impaired [Line Items]
Carrying Value	65,537	100,666
Preferred equity interests | Fixed rate
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance	$ 0	$ 22,720
Weighted Average Coupon (in percentage)	0%	12%
Weighted Average Maturity in Years	0 years	9 years 10 months 24 days
Preferred equity interests | Loans and preferred equity held for investment | Fixed rate
Financing Receivable, Impaired [Line Items]
Carrying Value	$ 0	$ 22,497

Loans and Preferred Equity He_4

Loans and Preferred Equity Held for Investment, net - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) investment	Sep. 30, 2022 USD ($) investment	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest receivable						$ 16,400		$ 16,400
Financing receivable, accrued interest, after allowance for credit loss, statement of financial position, extensible list, not disclosed, flag						Receivables, net		Receivables, net
Increase of current expected credit loss reserve	$ 10,900	$ 67,800	$ 67,800			$ 76,250	$ 50,249
Carrying Value						$ 3,145,196		$ 3,574,989
Number of CRE debt investments contributed to more than 10% of interest income (in investments) | investment						0	0
Percent of interest income contributed by investment						10%	10%
Milpitas, California | Development Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of current expected credit loss reserve					$ 14,500
Mezzanine A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, additional extension				1 year
Weighted Average Coupon (in percentage)		10%
Mezzanine A | Milpitas, California | Development Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of current expected credit loss reserve				$ 30,200
Carrying Value						$ 31,800
Mezzanine B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon (in percentage)		12%
Mezzanine B | Milpitas, California | Development Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase of current expected credit loss reserve				$ 14,500
Mezzanine loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Coupon (in percentage)		13%
PD/LGD model
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for lending commitments						600		400
Commercial mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value						3,145,196		3,574,989
Future funding commitments						$ 200,500		$ 263,400

Loans and Preferred Equity He_5

Loans and Preferred Equity Held for Investment, net - Activity in Loans Held for Investment, Net (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023 USD ($) title	Jun. 30, 2023 USD ($) title	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 title	Sep. 30, 2023 property	Sep. 30, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance			$ 3,468,742			$ 3,449,009	$ 3,468,742			$ 3,449,009
Acquisitions/originations/additional funding							57,495			929,163
Loan maturities/principal repayments							(323,562)			(512,156)
Increase of CECL reserve							(76,083)			(50,242)
Discount accretion/premium amortization							8,558			10,041
Capitalized interest, net of repayments							3,750			(1,219)
Transfer to Real Estate, net							(161,557)			0
Charge-off of CECL reserve-transfer to Real Estate, net							78,681			0
Charge-off of loan held for investment							(14,477)			0
Charge-off of CECL reserve-other	$ (14,477)						14,477			1,251
Ending balance	3,056,024			$ 3,825,847			3,056,024			3,825,847
Number legal titles acquired								3	3
Milpitas
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Charged off	$ 14,500
Long Island City, New York
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Number legal titles acquired | title	1	2
PD/LGD model
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Unfunded commitments	$ (200)	$ 300	$ 0	$ (300)	$ (300)	$ 500	$ 200			$ 0

Loans and Preferred Equity He_6

Loans and Preferred Equity Held for Investment, net - Nonaccrual and Past Due Loans (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 forwardSwap
Financing Receivable, Past Due [Line Items]
Carrying Value	$ 3,145,196	$ 3,574,989
Loans on nonaccrual status | forwardSwap			1
Commercial mortgage
Financing Receivable, Past Due [Line Items]
Carrying Value	3,145,196	3,574,989
Commercial mortgage | Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	3,090,470	3,494,437
Commercial mortgage | 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	0	68,432
Commercial mortgage | 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	0	0
Commercial mortgage | 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Carrying Value	$ 54,726	$ 12,120

Loans and Preferred Equity He_7

Loans and Preferred Equity Held for Investment, net - Changes in Allowance for Loan Losses (Details) $ in Thousands	1 Months Ended			3 Months Ended									9 Months Ended
	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) forwardSwap	Sep. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($) property loan	Mar. 31, 2023 USD ($) loan	Sep. 30, 2022 USD ($) forwardSwap	Sep. 30, 2022 forwardSwap loan	Sep. 30, 2022 forwardSwap	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) forwardSwap	Dec. 31, 2022 USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
CECL reserve at beginning of period		$ 145,836		$ 106,728	$ 145,836	$ 106,247	$ 44,378			$ 34,004	$ 36,598		$ 106,247	$ 36,598
Increase (decrease) in general CECL reserve				3,048	17,737	(15,418)	(15,955)			10,374	(1,343)
Increase in specific CECL reserve	$ 10,900	$ 67,800	$ 67,800										76,250	50,249
Increase (decrease) in specific CECL reserve							57,166
Charge-offs of CECL reserve-transfer to Real Estate, net				(10,918)	(67,763)						(1,251)
Charge-off of CECL reserve-other				(14,477)									14,477	1,251
CECL reserve at end of period			$ 85,589	89,172	$ 106,728	145,836	85,589			44,378	34,004	$ 36,598	$ 89,172	$ 85,589
Number of legal titles acquired through a deed-in-lieu of foreclosure | property													2
Loans and preferred equity held for investment				3,145,196									$ 3,145,196		$ 3,574,989
Senior loans
Allowance for Loan and Lease Losses [Roll Forward]
Loans and preferred equity held for investment				3,067,209									3,067,209		$ 3,439,706
Senior loans | Collateralized Senior Loan Repaid In 2022
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve												$ 1,300
Proceeds from sale of receivables							$ 200				$ 36,500
Senior loan (in loans)			1				1	1	1		1			1
Loans and preferred equity held for investment											$ 1,300
Long Island City, New York
Allowance for Loan and Lease Losses [Roll Forward]
Number of legal titles acquired through a deed-in-lieu of foreclosure | property					2
Loans and preferred equity held for investment
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve				4,791	$ 10,918	$ 55,007	$ 57,200
Number of loans						2		2	2
Loans and preferred equity held for investment | Washington, D.C.
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve				$ 4,800		$ 29,900
Number of loans | loan				1		1
Loans and preferred equity held for investment | Long Island City, New York
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve						$ 10,600	57,200
Number of loans | loan						1
Loans and preferred equity held for investment | Oakland, California
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve					$ 10,900
Number of loans | loan				1	1
Development Mezzanine Loan | Milpitas, California
Allowance for Loan and Lease Losses [Roll Forward]
Increase in specific CECL reserve						$ 14,500
PD/LGD model
Allowance for Loan and Lease Losses [Roll Forward]
Unfunded commitments				$ (200)	$ 300	$ 0	$ (300)			$ (300)	$ 500		$ 200	$ 0

Loans and Preferred Equity He_8

Loans and Preferred Equity Held for Investment, net - Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 2,900	$ 891,650
2022	880,868	1,433,420
2021	1,216,092	96,096
2020	61,866	471,994
2019 and earlier	983,470	681,829
Total	$ 3,145,196	$ 3,574,989
Average risk rating	3.2	3.2
Senior loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 0	$ 845,097
2022	854,488	1,433,420
2021	1,216,092	96,096
2020	61,866	399,843
2019 and earlier	934,763	665,250
Total	3,067,209	3,439,706
Senior loans | Risk Ranking 2
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0	0
2022	0	141,457
2021	51,957	42,710
2020	0	25,904
2019 and earlier	25,978	0
Total	77,935	210,071
Senior loans | Risk Ranking 3
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0	845,097
2022	776,336	1,267,092
2021	925,431	53,386
2020	61,866	112,689
2019 and earlier	616,243	291,996
Total	2,379,876	2,570,260
Senior loans | Risk Ranking 4
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0	0
2022	78,152	24,871
2021	193,699	0
2020	0	192,920
2019 and earlier	237,816	304,822
Total	509,667	522,613
Senior loans | Risk Ranking 5
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0	0
2022	0	0
2021	45,005	0
2020	0	68,330
2019 and earlier	54,726	68,432
Total	99,731	136,762
Mezzanine loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023	2,900	24,056
2022	26,380	0
2021	0	0
2020	0	72,151
2019 and earlier	48,707	16,579
Total	77,987	112,786
Mezzanine loans | Risk Ranking 3
Financing Receivable, Credit Quality Indicator [Line Items]
2023	2,900	24,056
2022	26,380	0
2021	0	0
2020	0	0
2019 and earlier	48,707	4,459
Total	$ 77,987	28,515
Mezzanine loans | Risk Ranking 4
Financing Receivable, Credit Quality Indicator [Line Items]
2023		0
2022		0
2021		0
2020		72,151
2019 and earlier		0
Total		72,151
Mezzanine loans | Risk Ranking 5
Financing Receivable, Credit Quality Indicator [Line Items]
2023		0
2022		0
2021		0
2020		0
2019 and earlier		12,120
Total		12,120
Preferred equity interests
Financing Receivable, Credit Quality Indicator [Line Items]
2023		22,497
2022		0
2021		0
2020		0
2019 and earlier		0
Total		22,497
Preferred equity interests | Risk Ranking 3
Financing Receivable, Credit Quality Indicator [Line Items]
2023		22,497
2022		0
2021		0
2020		0
2019 and earlier		0
Total		$ 22,497

Real Estate Securities - Activi

Real Estate Securities - Activity Reported in Statement of Operations Related to Securitized Trust (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Variable Interest Entity [Line Items]
Interest income on mortgage loans held in securitization trusts	$ 0	$ 9,597	$ 0	$ 28,692
Interest expense on mortgage obligations issued by securitization trusts	0	(8,977)	0	(26,051)
Net income attributable to BrightSpire Capital, Inc. common stockholders	$ 12,123	(20,463)	$ 759	40,405
Primary beneficiary
Variable Interest Entity [Line Items]
Interest income on mortgage loans held in securitization trusts		9,597		28,692
Interest expense on mortgage obligations issued by securitization trusts		(8,977)		(26,051)
Net interest income		620		2,641
Operating expense		(241)		(583)
Net income attributable to BrightSpire Capital, Inc. common stockholders		$ 379		$ 2,058

Real Estate, net - Real Estate

Real Estate, net - Real Estate Portfolios (Details) $ in Thousands	Sep. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Net lease portfolio, net	$ 775,256	$ 732,468
Number of foreclosed properties | property	3
Foreclosed properties	$ 73,900
Net lease portfolio, net
Real Estate [Line Items]
Land and improvements	124,638	128,608
Buildings, building leaseholds, and improvements	487,964	505,297
Tenant improvements	18,840	17,851
Subtotal	631,442	651,756
Less: Accumulated depreciation	(97,357)	(87,109)
Net lease portfolio, net	534,085	564,647
Other portfolio, net
Real Estate [Line Items]
Land and improvements	60,673	29,582
Buildings, building leaseholds, and improvements	192,387	152,186
Tenant improvements	24,690	18,757
Furniture, fixtures and equipment	323	135
Construction-in-progress	4,454	3,011
Subtotal	282,527	203,671
Less: Accumulated depreciation	(41,356)	(35,850)
Net lease portfolio, net	$ 241,171	$ 167,821

Real Estate, net - Depreciation

Real Estate, net - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate [Abstract]
Depreciation expense on real estate	$ 6.4	$ 6.3	$ 18.4	$ 18.8

Real Estate, net - Property Ope

Real Estate, net - Property Operating Income (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property
Real Estate [Abstract]
Minimum lease revenue	$ 20,802	$ 19,111	$ 59,148	$ 58,179
Variable lease revenue	3,540	3,081	9,132	8,295
Total lease revenues	24,342	22,192	68,280	66,474
Hotel operating income	0	0	0	1,566
Property operating income	24,342	22,192	68,280	68,040
Amortization of above-market values	$ (100)	$ 100	$ 200	$ 200
Concentration risk, number of properties | property			0	0

Real Estate, net - Minimum Futu

Real Estate, net - Minimum Future Rents (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 20,463
2024	81,238
2025	76,704
2026	69,715
2027	64,808
2028 and thereafter	348,478
Total	$ 661,406

Real Estate, net - Commitments

Real Estate, net - Commitments and Contractual Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate [Abstract]
Ground rent expense	$ 0.8	$ 0.8	$ 2.3	$ 2.3

Real Estate, net - Real Estat_2

Real Estate, net - Real Estate Acquisition (Details) $ in Thousands	1 Months Ended			9 Months Ended					12 Months Ended
	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) forwardSwap	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) title	Sep. 30, 2023 USD ($) property	Sep. 30, 2023 USD ($) building	Sep. 30, 2022 USD ($) forwardSwap	Dec. 31, 2021 loan property	Dec. 31, 2019 loan property
Real Estate [Line Items]
Number of loans | loan									1	2
Number of properties | property									1	2
Increase of current expected credit loss reserve	$ 10,900	$ 67,800	$ 67,800	$ 76,250				$ 50,249
Loans on nonaccrual status | forwardSwap			1					1
Number legal titles acquired					3	3
Purchase Price				87,032
Land and Improvements				30,884	$ 30,884	$ 30,884	$ 30,884
Building and Improvements				43,704	43,704	43,704	43,704
Lease Intangible Assets				13,169	13,169	13,169	13,169
Other Assets				2,230	2,230	2,230	2,230
Lease Intangible Liabilities				(723)	(723)	(723)	(723)
Other Liabilities				$ (2,232)	$ (2,232)	$ (2,232)	$ (2,232)
Minimum | New York Offices
Real Estate [Line Items]
Useful life				45 years	45 years	45 years	45 years
Minimum | Tenant Improvements
Real Estate [Line Items]
Useful life				4 years	4 years	4 years	4 years
Minimum | Lease Intangibles
Real Estate [Line Items]
Useful life				3 years	3 years	3 years	3 years
Maximum | Tenant Improvements
Real Estate [Line Items]
Useful life				9 years	9 years	9 years	9 years
Maximum | Lease Intangibles
Real Estate [Line Items]
Useful life				12 years	12 years	12 years	12 years
Office - California
Real Estate [Line Items]
Number of Buildings | building							1
Purchase Price				$ 13,933
Land and Improvements				5,718	$ 5,718	$ 5,718	$ 5,718
Building and Improvements				3,262	3,262	3,262	3,262
Lease Intangible Assets				4,404	4,404	4,404	4,404
Other Assets				922	922	922	922
Lease Intangible Liabilities				(2)	(2)	(2)	(2)
Other Liabilities				(371)	(371)	(371)	$ (371)
Office - New York 1
Real Estate [Line Items]
Number of Buildings | building							1
Purchase Price				36,177
Land and Improvements				10,380	10,380	10,380	$ 10,380
Building and Improvements				24,484	24,484	24,484	24,484
Lease Intangible Assets				1,898	1,898	1,898	1,898
Other Assets				432	432	432	432
Lease Intangible Liabilities				(528)	(528)	(528)	(528)
Other Liabilities				(489)	(489)	(489)	$ (489)
Office - New York 2
Real Estate [Line Items]
Number of Buildings | building							1
Purchase Price				36,922
Land and Improvements				14,786	14,786	14,786	$ 14,786
Building and Improvements				15,958	15,958	15,958	15,958
Lease Intangible Assets				6,867	6,867	6,867	6,867
Other Assets				876	876	876	876
Lease Intangible Liabilities				(193)	(193)	(193)	(193)
Other Liabilities				$ (1,372)	$ (1,372)	$ (1,372)	$ (1,372)

Real Estate, net - Real Estat_3

Real Estate, net - Real Estate Sales (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 property	Sep. 30, 2022 property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property
Real Estate [Line Items]
Number of real estate properties sold (in properties) | property	0	0	0
Gain (loss) on sale of properties			$ 0	$ 10,632
Net Leased and Other Real Estate
Real Estate [Line Items]
Number of real estate properties sold (in properties) | property				1
Proceeds from sale of real estate				$ 19,600
Gain (loss) on sale of properties				$ 7,600
Hotel
Real Estate [Line Items]
Number of real estate properties sold (in properties) | property				1
Proceeds from sale of real estate				$ 36,000
Gain (loss) on sale of properties				$ 2,900

Deferred Leasing Costs and Ot_3

Deferred Leasing Costs and Other Intangibles - Schedule of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred leasing costs
Carrying Amount	$ 30,753	$ 28,641
Accumulated Amortization	(17,820)	(15,843)
Total	12,933	12,798
Deferred Leasing Costs and Intangible Assets
Carrying Amount	124,832	112,503
Accumulated Amortization	(64,942)	(58,523)
Net Carrying Amount	59,890	53,980
Intangible Liabilities - Below-market lease values
Carrying Amount	16,798	16,074
Accumulated Amortization	(12,295)	(11,235)
Total	4,503	4,839
In-place lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	80,462	75,503
Accumulated Amortization	(39,431)	(35,805)
Total	41,031	39,698
Above-market lease values
Deferred Leasing Costs and Intangible Assets
Carrying Amount	13,617	8,359
Accumulated Amortization	(7,691)	(6,875)
Total	$ 5,926	$ 1,484

Deferred Leasing Costs and Ot_4

Deferred Leasing Costs and Other Intangibles - Summary of the Amortization of Deferred Leasing Costs and Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Below-market lease values	$ 369	$ 346	$ 1,053	$ 1,022
Net increase (decrease) to property operating income	(96)	73	244	174
Deferred leasing costs	713	750	2,050	2,304
Amortization expense	2,379	2,237	6,249	6,930
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market and In-place lease values	465	273	809	848
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Above-market and In-place lease values	$ 1,666	$ 1,487	$ 4,199	$ 4,626

Deferred Leasing Costs and Ot_5

Deferred Leasing Costs and Other Intangibles - Schedule of Amortization of Deferred Leasing Costs, Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Below-market lease values
2023	$ 366
2024	1,459
2025	1,457
2026	785
2027	81
2028 and thereafter	355
Total	4,503	$ 4,839
Deferred leasing costs
2023	728
2024	2,679
2025	2,394
2026	1,291
2027	1,087
2028 and thereafter	4,754
Total	12,933	12,798
Net increase (decrease) to property operating income
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2023	(128)
2024	(355)
2025	(131)
2026	(188)
2027	(284)
2028 and thereafter	(337)
Total	(1,423)
Amortization expense
Intangible assets (liabilities) and deferred leasing costs, amortization expense (income):
2023	2,424
2024	9,021
2025	7,832
2026	5,393
2027	4,477
2028 and thereafter	24,817
Total	53,964
Above-market lease values
Above-market and In-place lease values
2023	(494)
2024	(1,814)
2025	(1,588)
2026	(973)
2027	(365)
2028 and thereafter	(692)
Total	(5,926)	(1,484)
In-place lease values
Above-market and In-place lease values
2023	(1,696)
2024	(6,342)
2025	(5,438)
2026	(4,102)
2027	(3,390)
2028 and thereafter	(20,063)
Total	$ (41,031)	$ (39,698)

Restricted Cash, Other Assets_3

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 97,432	$ 92,508	$ 104,868	$ 86,841
Borrower escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	80,250	79,055
Capital expenditure reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	10,142	8,623
Real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,725	1,583
Working capital and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,460	2,145
Tenant lockboxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 855	$ 1,102

Restricted Cash, Other Assets_4

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other assets:
Right-of-use lease asset	$ 22,947	$ 25,237
Tax receivable and deferred tax assets	16,775	19,117
Deferred financing costs, net - credit facilities	5,103	4,630
Prepaid expenses and other	2,752	2,053
Investments in unconsolidated ventures ($2,614 and $3,035 at fair value, respectively)	2,614	3,035
Derivative assets	1,268	1,601
Total	$ 51,459	$ 55,673
Right-of-use lease asset [Extensible List]	Total	Total

Restricted Cash, Other Assets_5

Restricted Cash, Other Assets and Accrued and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued and other liabilities:
Operating lease liability	$ 23,770	$ 25,961
Current and deferred tax liability	23,262	26,198
Accounts payable, accrued expenses and other liabilities	16,378	15,087
Interest payable	9,676	11,680
Prepaid rent and unearned revenue	7,098	7,688
Tenant security deposits	1,504	411
Unfunded CECL loan allowance	558	389
Other	218	219
Total	$ 82,464	$ 87,633
Operating lease liability [Extensible List]	Total	Total

Restricted Cash, Other Assets_6

Restricted Cash, Other Assets and Accrued and Other Liabilities - Investments under Fair Value Option (Details)	Sep. 30, 2023	Dec. 31, 2022
Minimum
Restricted Cash and Cash Equivalents Items [Line Items]
Investments fair value option, ownership percentage (in percentage)	1%	1%
Maximum
Restricted Cash and Cash Equivalents Items [Line Items]
Investments fair value option, ownership percentage (in percentage)	10%	15.60%

Restricted Cash, Other Assets_7

Restricted Cash, Other Assets and Accrued and Other Liabilities - Investments in Unconsolidated Ventures (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Realized gain on sales of unconsolidated ventures		$ 0	$ 21,900
Mixed-use project | Core | Senior Mezzanine Lender
Schedule of Equity Method Investments [Line Items]
Realized gain on sales of unconsolidated ventures	$ 9,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) kr in Billions	1 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023 USD ($) extension forwardSwap property	Sep. 30, 2023 NOK (kr) property forwardSwap	May 26, 2023	Dec. 31, 2022 USD ($)	Feb. 19, 2022	Jun. 17, 2021
Debt Instrument [Line Items]
Principal amount		$ 2,847,807,000			$ 3,169,278,000
Carrying value		2,844,177,000			3,164,061,000
Mortgage and other notes payable, net		643,995,000			656,468,000
Securitization bonds payable, net
Debt Instrument [Line Items]
Principal amount		995,026,000			1,172,717,000
Carrying value		993,000,000			1,167,600,000
Mortgage and other notes payable, net
Debt Instrument [Line Items]
Principal amount		645,599,000			656,568,000
Carrying value		$ 643,995,000			656,468,000
Mortgage and other notes payable, net | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)	4.25%
Mortgage and other notes payable, net | Net lease 1
Debt Instrument [Line Items]
Contractual interest rate		4.77%	4.77%
Principal amount		$ 200,000,000			200,000,000
Carrying value		$ 198,846,000			198,778,000
Mortgage and other notes payable, net | Net lease 2
Debt Instrument [Line Items]
Contractual interest rate		3.91%	3.91%
Principal amount		$ 149,504,000			162,449,000
Carrying value		$ 150,148,000			164,752,000
Number of properties (in properties) | property		3	3
Mortgage and other notes payable, net | Net lease 3
Debt Instrument [Line Items]
Contractual interest rate		4.08%	4.08%
Principal amount		$ 29,516,000			30,009,000
Carrying value		$ 29,392,000			29,853,000
Mortgage and other notes payable, net | Net lease 4
Debt Instrument [Line Items]
Contractual interest rate		4.45%	4.45%
Principal amount		$ 22,125,000			22,559,000
Carrying value		$ 22,125,000			22,559,000
Mortgage and other notes payable, net | Net lease 5
Debt Instrument [Line Items]
Contractual interest rate		4.45%	4.45%
Principal amount		$ 17,186,000			17,486,000
Carrying value		16,954,000			17,200,000
Mortgage and other notes payable, net		$ 149,500,000	kr 1.6
Mortgage and other notes payable, net | Net lease 5
Debt Instrument [Line Items]
Contractual interest rate		4.38%	4.38%
Principal amount		$ 11,336,000			11,526,000
Carrying value		$ 10,899,000			11,089,000
Number of properties (in properties) | property		2	2
Number of properties with interest only payments (in properties) | forwardSwap		1	1
Mortgage and other notes payable, net | Net lease 6
Debt Instrument [Line Items]
Contractual interest rate		4.45%	4.45%
Principal amount		$ 6,828,000			6,948,000
Carrying value		6,736,000			6,834,000
Mortgage and other notes payable, net | Net lease 7
Debt Instrument [Line Items]
Principal amount		0			432,000
Carrying value		$ 0			424,000
Mortgage and other notes payable, net | Net lease 8
Debt Instrument [Line Items]
Contractual interest rate		4.45%	4.45%
Principal amount		$ 3,165,000			3,220,000
Carrying value		$ 3,122,000			3,168,000
Mortgage and other notes payable, net | Other real estate 1
Debt Instrument [Line Items]
Contractual interest rate		4.47%	4.47%
Principal amount		$ 101,761,000			103,218,000
Carrying value		$ 101,792,000			103,391,000
Mortgage and other notes payable, net | Other real estate 2
Debt Instrument [Line Items]
Contractual interest rate		4.30%	4.30%
Principal amount		$ 69,712,000			70,870,000
Carrying value		69,515,000			70,569,000
Mortgage and other notes payable, net | Loan 1
Debt Instrument [Line Items]
Principal amount		34,466,000			27,851,000
Carrying value		$ 34,466,000			27,851,000
Number of optional extensions to initial maturity date | extension		2
Debt term extension available (in years)		1 year
Mortgage and other notes payable, net | Loan 1 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		4.25%
Credit facilities
Debt Instrument [Line Items]
Principal amount		$ 1,207,182,000			1,339,993,000
Carrying value		$ 1,207,182,000			1,339,993,000
Credit facilities | Minimum
Debt Instrument [Line Items]
Initial debt term (in years)		2 years
Credit facilities | Maximum
Debt Instrument [Line Items]
Initial debt term (in years)		5 years
Credit facilities | Master repurchase facilities
Debt Instrument [Line Items]
Capacity		$ 2,000,000,000
Principal amount		1,207,182,000			1,339,993,000
Carrying value		1,207,182,000			1,339,993,000
Credit facilities | Bank credit facility | Bank credit facility
Debt Instrument [Line Items]
Capacity		165,000,000
Principal amount		0			0
Carrying value		$ 0			0
Credit facilities | Bank credit facility | Bank credit facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.25%
Credit facilities | Bank 1 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity		$ 600,000,000
Principal amount		512,899,000			415,892,000
Carrying value		$ 512,899,000			415,892,000
Number of optional extensions to initial maturity date | forwardSwap		2
Debt term extension available (in years)		1 year
Percent of recourse of the financed amount		25%	25%
Credit facilities | Bank 1 | Master repurchase facilities | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.17%
Credit facilities | Bank 2 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity		$ 600,000,000
Principal amount		278,586,000			351,539,000
Carrying value		$ 278,586,000			351,539,000
Debt term extension available (in years)		1 year
Credit facilities | Bank 2 | Master repurchase facilities | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.88%
Credit facilities | Bank 2 | Master repurchase facilities | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.50%
Credit facilities | Bank 2 | Master repurchase facilities | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.75%
Credit facilities | Bank 3 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity		$ 400,000,000
Principal amount		234,374,000			247,404,000
Carrying value		$ 234,374,000			247,404,000
Number of optional extensions to initial maturity date | forwardSwap		2
Debt term extension available (in years)		1 year
Credit facilities | Bank 3 | Master repurchase facilities | Minimum
Debt Instrument [Line Items]
Percent of recourse of the financed amount		25%	25%
Credit facilities | Bank 3 | Master repurchase facilities | Maximum
Debt Instrument [Line Items]
Percent of recourse of the financed amount		50%	50%
Credit facilities | Bank 3 | Master repurchase facilities | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.74%
Credit facilities | Bank 4
Debt Instrument [Line Items]
Number of optional extensions to initial maturity date | extension		3
Credit facilities | Bank 4 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity		$ 400,000,000
Principal amount		181,323,000			220,054,000
Carrying value		$ 181,323,000			220,054,000
Debt term extension available (in years)		1 year
Credit facilities | Bank 4 | Master repurchase facilities | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.80%
Credit facilities | Bank 5 | Master repurchase facilities
Debt Instrument [Line Items]
Capacity		$ 0
Principal amount		0			105,104,000
Carrying value		0			105,104,000
CLNC 2019-FL1 | Investment grade notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Benchmark adjustment				1,144.80%		0.11448%	0.11448%
CLNC 2019-FL1 | Securitization bonds payable, net | Investment grade notes
Debt Instrument [Line Items]
Principal amount		325,026,000			502,717,000
Carrying value		$ 324,997,000			501,406,000
CLNC 2019-FL1 | Securitization bonds payable, net | Investment grade notes | Minimum
Debt Instrument [Line Items]
Initial debt term (in years)		2 years
CLNC 2019-FL1 | Securitization bonds payable, net | Investment grade notes | Maximum
Debt Instrument [Line Items]
Initial debt term (in years)		3 years
CLNC 2019-FL1 | Securitization bonds payable, net | Investment grade notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		2.14%
BRSP 2021-FL 1 | Securitization bonds payable, net | Investment grade notes
Debt Instrument [Line Items]
Principal amount		$ 670,000,000			670,000,000
Carrying value		$ 668,003,000			$ 666,194,000
BRSP 2021-FL 1 | Securitization bonds payable, net | Investment grade notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percentage)		1.49%

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Future Scheduled Minimum Principal Payments
Remaining 2023	$ 539
2024	138,446
2025	221,545
2026	333,157
2027	948,955
2028 and thereafter	1,205,165
Total	2,847,807
Securitization Bonds Payable, Net
Future Scheduled Minimum Principal Payments
Remaining 2023	0
2024	0
2025	0
2026	0
2027	0
2028 and thereafter	995,026
Total	995,026
Mortgage Notes Payable, Net
Future Scheduled Minimum Principal Payments
Remaining 2023	539
2024	138,446
2025	221,545
2026	54,571
2027	20,359
2028 and thereafter	210,139
Total	645,599
Credit Facilities
Future Scheduled Minimum Principal Payments
Remaining 2023	0
2024	0
2025	0
2026	278,586
2027	928,596
2028 and thereafter	0
Total	$ 1,207,182

Debt - Narrative (Details)

Debt - Narrative (Details)

1 Months Ended

3 Months Ended

7 Months Ended

9 Months Ended

Jan. 28, 2022 USD ($) term

Jul. 31, 2021 USD ($)

Oct. 31, 2019 USD ($)

Oct. 30, 2023 USD ($) loan

Jul. 20, 2023 USD ($) loan

Sep. 30, 2023 USD ($) loan counterparty

Jun. 30, 2023 USD ($)

May 26, 2023

Mar. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Feb. 19, 2022

Jan. 27, 2022 USD ($)

Dec. 31, 2021 USD ($)

Jun. 17, 2021

Debt Instrument [Line Items]

Unpaid principal balance

$ 2,847,807,000

Carrying value of CRE debt investments

89,172,000

$ 106,728,000

$ 145,836,000

$ 106,247,000

$ 85,589,000

$ 44,378,000

$ 34,004,000

$ 36,598,000

Carrying value

2,844,177,000

3,164,061,000

Principal amount

$ 2,847,807,000

3,169,278,000

BRSP 2021-FL 1

Debt Instrument [Line Items]

Number of loan investments removed, partially repaid (in loans) | loan

3

Debt repaid

$ 62,100,000

Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Weighted average interest rate (in percentage)

1.49%

Investment grade notes | CLNC 2019-FL1

Debt Instrument [Line Items]

Sale of notes

$ 840,400,000

Advance rate

66.20%

Number of loans (in loans) | loan

15

Reinvestment period

2 years

Number of loan investments removed (in loans) | loan

2

Number of loan investments removed, partially repaid (in loans) | loan

1

Debt repaid

$ 136,500,000

Debt removed

97,700,000

Unpaid principal balance

$ 491,100,000

Number of counterparties holding collateral that exceeds amounts borrowed by more than 10% | counterparty

1

Investment grade notes | BRSP 2021-FL 1

Debt Instrument [Line Items]

Sale of notes

$ 670,000,000

Advance rate

83.80%

Number of loans (in loans) | loan

26

Reinvestment period

2 years

Unpaid principal balance

$ 765,100,000

Investment grade notes | BRSP 2021-FL 1 | Subsequent event

Debt Instrument [Line Items]

Debt repaid

$ 34,900,000

Number of loans repaid | loan

1

Investment grade notes | Secured Overnight Financing Rate (SOFR) | CLNC 2019-FL1

Debt Instrument [Line Items]

Benchmark adjustment

1,144.80%

0.11448%

0.11448%

Additional lookback period

2 days

Master repurchase facilities

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 2,000,000,000

Master repurchase facilities

Debt Instrument [Line Items]

Unpaid principal balance

1,207,182,000

Carrying value

1,207,182,000

1,339,993,000

Principal amount

$ 1,207,182,000

1,339,993,000

Master repurchase facilities | Minimum

Debt Instrument [Line Items]

Initial debt term (in years)

2 years

Master repurchase facilities | Maximum

Debt Instrument [Line Items]

Initial debt term (in years)

5 years

Master repurchase facilities | Bank 1

Debt Instrument [Line Items]

Unpaid principal balance

$ 225,000,000

Master repurchase facilities | Revolving credit facility | Credit agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 165,000,000

$ 300,000,000

Borrowing capacity, increase to maximum available principal amount

$ 300,000,000

Maximum amount that can be drawn

$ 165,000,000

Maximum amount of base value available for borrowing

50%

Number of additional terms (in terms) | term

2

Length of potential extension terms

6 months

Tangible net worth

$ 1,112,000,000

Percentage of net cash proceeds from offering

0.70

EBITDA plus lease expenses to fixed charges

1.50

Minimum interest coverage ratio

3

Maximum leverage ratio

0.80

Master repurchase facilities | Revolving credit facility | Credit agreement | Minimum

Debt Instrument [Line Items]

Unused amount, commitment fee percentage

0.25%

Master repurchase facilities | Revolving credit facility | Credit agreement | Maximum

Debt Instrument [Line Items]

Unused amount, commitment fee percentage

0.35%

Master repurchase facilities | Revolving credit facility | Credit agreement | Federal funds rate | Option two

Debt Instrument [Line Items]

Interest rate margin (in percentage)

0.50%

Master repurchase facilities | Revolving credit facility | Credit agreement | Secured Overnight Financing Rate (SOFR) | Option one

Debt Instrument [Line Items]

Interest rate margin (in percentage)

2.25%

Master repurchase facilities | Revolving credit facility | Credit agreement | Secured Overnight Financing Rate (SOFR) | Option two

Debt Instrument [Line Items]

Interest rate margin (in percentage)

1%

Margin on basis spread on variable rate

0.0125

Master repurchase facilities | Master repurchase facilities

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 2,000,000,000

Unpaid principal balance

1,200,000,000

1,300,000,000

Carrying value

1,207,182,000

1,339,993,000

Principal amount

1,207,182,000

1,339,993,000

Master repurchase facilities | Master repurchase facilities | Asset Pledged as Collateral

Debt Instrument [Line Items]

Carrying value of CRE debt investments

1,700,000,000

1,800,000,000

Master repurchase facilities | Master repurchase facilities | Bank 1

Debt Instrument [Line Items]

Maximum borrowing capacity

600,000,000

Carrying value

512,899,000

415,892,000

Principal amount

$ 512,899,000

415,892,000

Master repurchase facilities | Master repurchase facilities | Bank 1 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Interest rate margin (in percentage)

2.17%

Letters of Credit | Revolving credit facility | Credit agreement

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 25,000,000

Securitization bonds payable, net

Debt Instrument [Line Items]

Unpaid principal balance

$ 995,026,000

Carrying value

993,000,000

1,167,600,000

Principal amount

995,026,000

1,172,717,000

Securitization bonds payable, net | Asset Pledged as Collateral

Debt Instrument [Line Items]

Carrying value of CRE debt investments

1,300,000,000

1,500,000,000

Securitization bonds payable, net | Investment grade notes | CLNC 2019-FL1

Debt Instrument [Line Items]

Carrying value

324,997,000

501,406,000

Principal amount

325,026,000

502,717,000

Securitization bonds payable, net | Investment grade notes | BRSP 2021-FL 1

Debt Instrument [Line Items]

Carrying value

668,003,000

666,194,000

Principal amount

$ 670,000,000

$ 670,000,000

Securitization bonds payable, net | Investment grade notes | Minimum | CLNC 2019-FL1

Debt Instrument [Line Items]

Initial debt term (in years)

2 years

Securitization bonds payable, net | Investment grade notes | Maximum | CLNC 2019-FL1

Debt Instrument [Line Items]

Initial debt term (in years)

3 years

Securitization bonds payable, net | Investment grade notes | Secured Overnight Financing Rate (SOFR) | CLNC 2019-FL1

Debt Instrument [Line Items]

Interest rate margin (in percentage)

2.14%

Securitization bonds payable, net | Investment grade notes | Secured Overnight Financing Rate (SOFR) | BRSP 2021-FL 1

Debt Instrument [Line Items]

Interest rate margin (in percentage)

1.49%

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0	$ 0	$ 0

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

May 17, 2023

Mar. 06, 2023

May 06, 2022

May 05, 2022

Mar. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares)

93,285

1,391,217

62,190

1,456,366

93,285

1,775,595

1,524,482

Share-based compensation expense

$ 5,855

$ 2,217

$ 11,253

$ 6,383

Fair value at vesting date

5,700

4,100

Compensation cost not yet recognized

14,700

15,200

$ 14,700

$ 15,200

Compensation cost not yet recognized, period for recognition

1 year 10 months 24 days

2 years 1 month 6 days

Share-Based Payment Arrangement, Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of PSUs granted and eligible to vest

33.33%

Share-Based Payment Arrangement, Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of PSUs granted and eligible to vest

33.33%

Share-Based Payment Arrangement, Tranche Three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of PSUs granted and eligible to vest

33.33%

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares)

93,285

1,391,217

1,524,482

Vesting period

3 years

Service period

3 years

PSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares)

0

384,378

0

PSUs | 2021 Grant

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Measurement period

2 years

PSUs | 2023 Grant

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Measurement period

3 years

PSUs | Minimum | 2021 Grant

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of PSUs granted and eligible to vest

0%

PSUs | Maximum | 2021 Grant

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of PSUs granted and eligible to vest

200%

Management

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 5,900

$ 2,200

$ 11,300

$ 6,400

Class A

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of additional shares authorized (in shares)

10,000,000

Stock issued (in shares)

136,000

Class A | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

1 year

Equity-Based Compensation - Fai

Equity-Based Compensation - Fair Value Assumptions (Details) - 2023 Grant	9 Months Ended
	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	74.40%
Risk free rate	4.60%
Expected dividend yield	0%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Awards Granted or Vested (Details) - $ / shares					3 Months Ended
	May 17, 2023	Mar. 06, 2023	May 06, 2022	May 05, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)					3,226,547	3,195,452	2,580,691	1,253,632	1,754,094
Granted (in shares)	93,285	1,391,217	62,190	1,456,366		93,285	1,775,595	1,524,482
Vested (in shares)						(62,190)	(1,024,834)	(104,960)	(500,462)
Forfeited (in shares)					(54,362)		(136,000)
Unvested shares at end of period (in shares)					3,172,185	3,226,547	3,195,452	2,673,154	1,253,632
Unvested shares at end of period (in shares)					3,172,185	3,226,547	3,195,452	2,673,154	1,253,632	2,673,154
Restricted Stock
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)					2,842,169	2,811,074	2,308,691	981,632	1,482,094
Granted (in shares)						93,285	1,391,217	1,524,482
Vested (in shares)						(62,190)	(888,834)	(104,960)	(500,462)
Forfeited (in shares)					(54,362)		0
Unvested shares at end of period (in shares)					2,787,807	2,842,169	2,811,074	2,401,154	981,632
Unvested shares at end of period (in shares)					2,787,807	2,842,169	2,811,074	2,401,154	981,632	2,401,154
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Shares at beginning of period, weighted average grant date fair value (in dollars per share)					$ 7.62	$ 7.70	$ 8.47	$ 11.54	$ 12.35
Granted, weighted average grant date fair value (in dollars per share)						5.36	6.90	8.59
Vested, weighted average grant date fair value (in dollars per share)						8.04	8.46	9.34	9.14
Forfeited, weighted average grant date fair value (in dollars per share)					7.70		0
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)					7.62	7.62	7.70	10.23	11.54
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)					$ 7.62	$ 7.62	$ 7.70	$ 10.23	$ 11.54	$ 10.23
PSUs
Number of Shares [Roll Forward]
Unvested Shares at beginning of period (in shares)					384,378	384,378	272,000	272,000	272,000
Granted (in shares)						0	384,378	0
Vested (in shares)						0	(136,000)	0	0
Forfeited (in shares)					0		(136,000)
Unvested shares at end of period (in shares)					384,378	384,378	384,378	272,000	272,000
Unvested shares at end of period (in shares)					384,378	384,378	384,378	272,000	272,000	272,000
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Shares at beginning of period, weighted average grant date fair value (in dollars per share)					$ 9.69	$ 9.69	$ 11.96	$ 11.96	$ 11.96
Granted, weighted average grant date fair value (in dollars per share)						0	9.69	0
Vested, weighted average grant date fair value (in dollars per share)						0	11.96	0	0
Forfeited, weighted average grant date fair value (in dollars per share)					0		11.96
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)					9.69	9.69	9.69	11.96	11.96
Unvested shares at end of period, weighted average grant date fair value (Unaudited) (in dollars per share)					$ 9.69	$ 9.69	$ 9.69	$ 11.96	$ 11.96	$ 11.96

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01			$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000		50,000,000			50,000,000
Preferred stock, shares issued (in shares)	0		0			0
Stock repurchase program, amount authorized for repurchase					$ 50
Shares repurchased (in shares)	0	0	0	2,200,000
Amount available to repurchase under Stock Repurchase Plan	$ 50		$ 50
Shares repurchased, weighted average price (in dollars per share)				$ 8.40
Cost of shares repurchased				$ 18.3
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	950,000,000		950,000,000			950,000,000

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - $ / shares							3 Months Ended
	Sep. 14, 2023	Jun. 16, 2023	Mar. 16, 2023	Sep. 15, 2022	Jun. 15, 2022	Mar. 15, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Dividends and distributions declared per share of common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.19	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.19

Stockholders' Equity - AOCI (De

Stockholders' Equity - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	$ 1,322,542	$ 1,354,571	$ 1,389,024	$ 1,453,349	$ 1,495,920	$ 1,491,315	$ 1,389,024	$ 1,491,315
Total other comprehensive income (loss)	505	(1,606)	(3,463)	(6,068)	(9,810)	676	(4,564)	(15,202)
Ending balance	1,315,294	1,322,542	1,354,571	1,403,208	1,453,349	1,495,920	1,315,294	1,403,208
Accumulated Other Comprehensive Income
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	(5,745)	(4,139)	(676)	(510)	9,446	8,786	(676)	8,786
Other comprehensive income before reclassification					(9,810)
Amounts reclassified from AOCI					(146)
Total other comprehensive income (loss)	505	(1,606)	(3,463)	(6,068)	(9,956)	660
Ending balance	(5,240)	(5,745)	(4,139)	(6,578)	(510)	9,446	(5,240)	(6,578)
Unrealized gain on net investment hedges
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	18,603	18,603	18,603	18,603	17,893	17,893	18,603	17,893
Other comprehensive income before reclassification					0
Amounts reclassified from AOCI					710
Total other comprehensive income (loss)	0	0	0	0	710	0
Ending balance	18,603	18,603	18,603	18,603	18,603	17,893	18,603	18,603
Foreign currency translation loss
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance	(24,348)	(22,742)	(19,279)	(19,113)	(8,447)	(9,107)	(19,279)	(9,107)
Other comprehensive income before reclassification					(9,810)
Amounts reclassified from AOCI					(856)
Total other comprehensive income (loss)	505	(1,606)	(3,463)	(6,068)	(10,666)	660
Ending balance	$ (23,843)	$ (24,348)	$ (22,742)	(25,181)	(19,113)	(8,447)	$ (23,843)	(25,181)
AOCI Attributable to Noncontrolling Interest | OP
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance				0	(146)	(162)		(162)
Other comprehensive income before reclassification					0
Amounts reclassified from AOCI					146
Total other comprehensive income (loss)				0	146	16
Ending balance				0	0	(146)		0
AOCI Attributable to Noncontrolling Interest | Investment Entities
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance				0	0	1,872		1,872
Other comprehensive income before reclassification				0	0	0
Amounts reclassified from AOCI						(1,872)
Total other comprehensive income (loss)						(1,872)
Ending balance				0	0	0		0
Unrealized gain on net investment hedges | OP
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance				0	710	710		710
Other comprehensive income before reclassification					0
Amounts reclassified from AOCI					(710)
Total other comprehensive income (loss)				0	(710)	0
Ending balance				0	0	710		0
Foreign currency translation gain (loss) | OP
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance				0	(856)	(872)		(872)
Other comprehensive income before reclassification					0
Amounts reclassified from AOCI					856
Total other comprehensive income (loss)				0	856	16
Ending balance				0	0	(856)		0
Foreign currency translation gain (loss) | Investment Entities
AOCI Attributable to Noncontrolling Interest, Net of Tax [Abstract]
Beginning balance				0	0	1,872		1,872
Other comprehensive income before reclassification				0	0	0
Amounts reclassified from AOCI						(1,872)
Total other comprehensive income (loss)						(1,872)
Ending balance				$ 0	$ 0	$ 0		$ 0

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Noncontrolling Interest [Abstract]
Net income (loss) attributable to noncontrolling interests	$ 0	$ 0	$ 0	$ 1,013
Net income (loss) attributable to noncontrolling interests, investment entities	$ 3	$ (5)	$ (84)	$ 2

Fair Value - Financial Assets M

Fair Value - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Other assets - derivative assets	$ 1,268	$ 1,601
Recurring basis
Assets:
Other assets - PE Investments	2,614	3,035
Other assets - derivative assets	1,268	1,601
Recurring basis | Level 1
Assets:
Other assets - PE Investments	0	0
Other assets - derivative assets	0	0
Recurring basis | Level 2
Assets:
Other assets - PE Investments	0	0
Other assets - derivative assets	1,268	1,601
Recurring basis | Level 3
Assets:
Other assets - PE Investments	2,614	3,035
Other assets - derivative assets	$ 0	$ 0

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value of Financial Assets Measured on a Recurring Basis (Details) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Mortgage loans held in securitization trusts
Additional information about financial assets
Unrealized loss in earnings		$ (109,100)
Unrealized gain (loss) in earnings		109,100
Recurring basis | Other assets - PE Investments
Additional information about financial assets
Beginning balance	$ 3,035	4,406
Distributions/paydowns	(421)	(1,287)
Unrealized loss in earnings	0	0
Ending balance	$ 2,614	3,119
Recurring basis | Mortgage loans held in securitization trusts
Additional information about financial assets
Beginning balance		813,310
Distributions/paydowns		(18,660)
Unrealized loss in earnings		(109,119)
Ending balance		$ 685,531

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - Discount Rate	Sep. 30, 2023 measurement_input	Dec. 31, 2022 measurement_input	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input	0.120
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			0.095
Minimum | Other assets - PE Investments | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input	0.110	0.110
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			0.122
Maximum | Other assets - PE Investments | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input	0.120	0.120

Fair Value - Principal Amount,

Fair Value - Principal Amount, Carrying Value and Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial assets:
Unpaid Principal Balance	$ 3,148,328	$ 3,586,248
Financial liabilities:
Principal amount, financial liabilities	2,847,807	3,169,278
Commercial mortgage
Financial assets:
Unpaid Principal Balance	3,148,328	3,586,248
Financial liabilities:
Future funding commitments	200,500	263,400
Carrying Value
Financial assets:
Loans held for investment, net	3,056,024	3,468,472
Fair Value
Financial assets:
Loans held for investment, net	3,059,156	3,480,001
Securitization bonds payable, net
Financial liabilities:
Principal amount, financial liabilities	995,026	1,172,717
Securitization bonds payable, net | Carrying Value
Financial liabilities:
Financial liabilities	993,000	1,167,600
Securitization bonds payable, net | Fair Value
Financial liabilities:
Financial liabilities	995,026	1,172,717
Mortgage and other notes payable, net
Financial liabilities:
Principal amount, financial liabilities	645,599	656,568
Mortgage and other notes payable, net | Carrying Value
Financial liabilities:
Financial liabilities	643,995	656,468
Mortgage and other notes payable, net | Fair Value
Financial liabilities:
Financial liabilities	605,476	656,568
Master repurchase facilities
Financial liabilities:
Principal amount, financial liabilities	1,207,182	1,339,993
Master repurchase facilities | Carrying Value
Financial liabilities:
Financial liabilities	1,207,182	1,339,993
Master repurchase facilities | Fair Value
Financial liabilities:
Financial liabilities	$ 1,207,182	$ 1,339,993

Fair Value - Fair Value - Summa

Fair Value - Fair Value - Summary of Assets Carried at Fair Value on a Nonrecurring Basis (Details) (Details) $ in Thousands	1 Months Ended			3 Months Ended						9 Months Ended
	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Sep. 30, 2022 loan	Sep. 30, 2022 forwardSwap	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve	$ 10,900	$ 67,800	$ 67,800							$ 76,250	$ 50,249
Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve				$ 4,791	$ 10,918	$ 55,007	$ 57,200
Number of loans						2		2	2
Loans and preferred equity held for investment | Washington, D.C.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve				$ 4,800		$ 29,900
Number of loans | loan				1		1
Loans and preferred equity held for investment | Long Island City, New York
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve						$ 10,600	$ 57,200
Number of loans | loan						1
Development Mezzanine Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected time of asset resolution						3 years
Development Mezzanine Loan | Milpitas, California
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase of current expected credit loss reserve						$ 14,500
Rent per square foot | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			25				25	25	25		25
Rent per square foot | Minimum | Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input				44	30	25				44
Rent per square foot | Minimum | Development Mezzanine Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						42
Rent per square foot | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			34				34	34	34		34
Rent per square foot | Maximum | Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input				45	45	48				45
Rent per square foot | Maximum | Development Mezzanine Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						60
Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input				0.075						0.075
Capitalization Rate | Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input					0.080
Capitalization Rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			0.060				0.060	0.060	0.060		0.060
Capitalization Rate | Minimum | Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						0.060
Capitalization Rate | Minimum | Development Mezzanine Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						0.050
Capitalization Rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			0.065				0.065	0.065	0.065		0.065
Capitalization Rate | Maximum | Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						0.075
Capitalization Rate | Maximum | Development Mezzanine Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						0.070
Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input				0.120						0.120
Discount Rate | Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input					0.090
Discount Rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			0.095				0.095	0.095	0.095		0.095
Discount Rate | Minimum | Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						0.090
Discount Rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input			0.122				0.122	0.122	0.122		0.122
Discount Rate | Maximum | Loans and preferred equity held for investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
PE investment, measurement input						0.120
Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - PE Investments				$ 20,000						$ 20,000		$ 79,596
Level 1 | Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - PE Investments				0						0		0
Level 2 | Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - PE Investments				0						0		0
Level 3 | Fair value, measurements, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - PE Investments				$ 20,000						$ 20,000		$ 79,596

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives Assets and Liabilities (Details) - Other assets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Assets
Non-designated hedges included in other assets	$ 1,268	$ 1,601
Foreign exchange contracts
Derivative Assets
Non-designated hedges included in other assets	1,268	1,599
Interest rate contracts
Derivative Assets
Non-designated hedges included in other assets	$ 0	$ 2

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	Sep. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral for the derivative contracts	$ 0

Derivatives - Summary Of Intere

Derivatives - Summary Of Interest Rate Contracts (Details) - Non-Designated kr in Thousands, $ in Thousands	Sep. 30, 2023 NOK (kr)	Dec. 31, 2022 NOK (kr)	Dec. 31, 2022 USD ($)
FX Forward
Derivative [Line Items]
Notional amount | kr	kr 49,709	kr 99,733
Interest Rate Swap
Derivative [Line Items]
Notional amount | $			$ 285

Derivatives - Summary of Deriva

Derivatives - Summary of Derivative Effects (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-designated foreign exchange contracts	$ (237)	$ 1,279	$ 695	$ 3,174
Non-designated interest rate contracts	0	1	(2)	13
Adjustments to fair value	$ (237)	$ 1,280	$ 693	$ 3,187

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Assets
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ 1,268	$ 1,601
Net Amounts of Assets (Liabilities)	1,268	1,601
Foreign exchange contracts
Derivative Assets
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	1,268	1,599
Net Amounts of Assets (Liabilities)	$ 1,268	1,599
Interest rate contracts
Derivative Assets
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		2
Net Amounts of Assets (Liabilities)		$ 2

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Ground Leases
Debt Instrument [Line Items]
Weighted average remaining lease term	14 years 2 months 12 days	13 years 8 months 12 days
Weighted average discount rate (as a percentage)	5.30%
New York and Los Angeles Offices
Debt Instrument [Line Items]
Weighted average remaining lease term	5 years 2 months 12 days	5 years 10 months 24 days
Weighted average discount rate (as a percentage)	2.36%
Senior loans
Debt Instrument [Line Items]
Future funding commitments	$ 196	$ 258.5
Mezzanine loans
Debt Instrument [Line Items]
Future funding commitments	$ 4.5	$ 4.9

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Ground Leases
Long-term Purchase Commitment [Line Items]
Minimum and Fixed lease expense	$ 777	$ 770	$ 2,332	$ 2,306
Variable lease expense	0	0	0	0
Total operating lease expense	777	770	2,332	2,306
New York and Los Angeles Offices
Long-term Purchase Commitment [Line Items]
Minimum and Fixed lease expense	315	315	944	906
Total operating lease expense	$ 315	$ 315	$ 944	$ 906

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Rental Payments, Ground Leases 2022 (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-term Purchase Commitment [Line Items]
Operating lease liability	$ 23,770	$ 25,961
Ground Leases
Long-term Purchase Commitment [Line Items]
Remainder of 2023	777
2024	2,213
2025	2,155
2026	2,157
2027	1,839
2028 and thereafter	15,884
Total lease payments	25,025
Less: Present value discount	8,101
Operating lease liability	$ 16,924

Commitments and Contingencies_4

Commitments and Contingencies - Future Minimum Rental Payments - Office Lease 2022 (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-term Purchase Commitment [Line Items]
Operating lease liability	$ 23,770	$ 25,961
New York and Los Angeles Offices
Long-term Purchase Commitment [Line Items]
Remainder of 2023	321
2024	1,293
2025	1,308
2026	1,323
2027	1,339
2028 and thereafter	1,729
Total lease payments	7,313
Less: Present value discount	467
Operating lease liability	$ 6,846

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 property
Segment Reporting [Abstract]
Number of legal titles acquired through a deed-in-lieu of foreclosure	2

Segment Reporting - Reportable

Segment Reporting - Reportable Operating Segments (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended						9 Months Ended
	May 31, 2023	Apr. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Property operating expense				$ (7,392)			$ (5,814)			$ (18,687)	$ (17,804)
Transaction, investment and servicing expense				(311)			(932)			(1,966)	(3,037)
Interest expense on real estate				(6,833)			(7,047)			(19,115)	(21,720)
Depreciation and amortization				(8,851)			(8,572)			(24,788)	(25,886)
Increase of current expected credit loss reserve	$ (10,900)	$ (67,800)	$ (67,800)							(76,250)	(50,249)
Compensation and benefits				(11,971)			(8,373)			(30,144)	(24,868)
Operating expense				(3,286)			(3,545)			(10,033)	(11,964)
Other gains (loss), net				(220)			(30)			615	34,590
Income (loss) before equity in earnings of unconsolidated ventures and income taxes				12,550			(19,835)			(7,505)	43,672
Equity in earnings of unconsolidated ventures				0			0			9,055	25
Income tax (expense) benefit				(158)			(633)			(859)	(1,135)
Net income (loss)				12,392	$ (7,498)	$ (4,202)	(20,468)	$ 34,631	$ 28,400	691	42,562
Total Assets				4,352,676						4,352,676		$ 4,750,389
Investments				2,614						2,614		3,035
Core
Segment Reporting Information [Line Items]
Net interest income (expense)				31,983			31,347			95,180	93,495
Property and other income				27,102			23,881			77,683	70,892
Property operating expense				(7,392)			(5,814)			(18,687)	(17,804)
Transaction, investment and servicing expense				(311)			(932)			(1,966)	(3,037)
Interest expense on real estate				(6,833)			(7,047)			(19,115)	(21,720)
Depreciation and amortization				(8,851)			(8,572)			(24,788)	(25,886)
Increase of current expected credit loss reserve				(7,671)			(40,750)			(76,250)	(50,026)
Compensation and benefits				(11,971)			(8,373)			(30,144)	(24,868)
Operating expense				(3,286)			(3,545)			(10,033)	(11,964)
Other gains (loss), net				(220)			(30)			615	34,590
Income (loss) before equity in earnings of unconsolidated ventures and income taxes				12,550			(19,835)			(7,505)	43,672
Equity in earnings of unconsolidated ventures										9,055	25
Income tax (expense) benefit				(158)			(633)			(859)	(1,135)
Net income (loss)				12,392			(20,468)			691	42,562
Total Assets				4,352,676						4,352,676		4,750,389
Core | Senior and Mezzanine Loans and Preferred Equity
Segment Reporting Information [Line Items]
Net interest income (expense)				32,246			30,929			96,034	92,357
Property and other income				(19)			58			(19)	256
Property operating expense				0			0			0	0
Transaction, investment and servicing expense				(248)			(739)			(1,327)	(2,750)
Interest expense on real estate				0			0			0	0
Depreciation and amortization				0			0			0	0
Increase of current expected credit loss reserve				(7,671)			(40,750)			(76,250)	(50,026)
Compensation and benefits				0			0			0	0
Operating expense				(4)			0			(12)	(137)
Other gains (loss), net				0			0			0	21,356
Income (loss) before equity in earnings of unconsolidated ventures and income taxes				24,304			(10,502)			18,426	61,056
Equity in earnings of unconsolidated ventures										9,055	25
Income tax (expense) benefit				(27)			6			(284)	(347)
Net income (loss)				24,277			(10,496)			27,197	60,734
Total Assets				3,202,103						3,202,103		3,580,912
Core | CRE Debt Securities
Segment Reporting Information [Line Items]
Net interest income (expense)				0			620			0	2,641
Property and other income				0			0			0	353
Property operating expense				0			0			0	0
Transaction, investment and servicing expense				0			46			0	75
Interest expense on real estate				0			0			0	0
Depreciation and amortization				0			0			0	0
Increase of current expected credit loss reserve				0			0			0	0
Compensation and benefits				0			0			0	0
Operating expense				0			(241)			0	(526)
Other gains (loss), net				0			0			0	0
Income (loss) before equity in earnings of unconsolidated ventures and income taxes				0			425			0	2,543
Equity in earnings of unconsolidated ventures										0	0
Income tax (expense) benefit				0			0			0	0
Net income (loss)				0			425			0	2,543
Total Assets				14,943						14,943		15,459
Core | Net Leased and Other Real Estate
Segment Reporting Information [Line Items]
Net interest income (expense)				0			0			0	0
Property and other income				24,256			22,265			68,534	68,239
Property operating expense				(7,392)			(5,814)			(18,687)	(17,804)
Transaction, investment and servicing expense				(31)			(91)			(84)	(243)
Interest expense on real estate				(6,833)			(7,047)			(19,115)	(21,720)
Depreciation and amortization				(8,817)			(8,515)			(24,642)	(25,730)
Increase of current expected credit loss reserve				0			0			0	0
Compensation and benefits				0			0			0	0
Operating expense				0			0			0	(90)
Other gains (loss), net				(220)			1,281			615	13,800
Income (loss) before equity in earnings of unconsolidated ventures and income taxes				963			2,079			6,621	16,452
Equity in earnings of unconsolidated ventures										0	0
Income tax (expense) benefit				(131)			(639)			(575)	(788)
Net income (loss)				832			1,440			6,046	15,664
Total Assets				910,434						910,434		864,856
Core | Corporate
Segment Reporting Information [Line Items]
Net interest income (expense)				(263)			(202)			(854)	(1,503)
Property and other income				2,865			1,558			9,168	2,044
Property operating expense				0			0			0	0
Transaction, investment and servicing expense				(32)			(148)			(555)	(119)
Interest expense on real estate				0			0			0	0
Depreciation and amortization				(34)			(57)			(146)	(156)
Increase of current expected credit loss reserve				0			0			0	0
Compensation and benefits				(11,971)			(8,373)			(30,144)	(24,868)
Operating expense				(3,282)			(3,304)			(10,021)	(11,211)
Other gains (loss), net				0			(1,311)			0	(566)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes				(12,717)			(11,837)			(32,552)	(36,379)
Equity in earnings of unconsolidated ventures										0	0
Income tax (expense) benefit				0			0			0	0
Net income (loss)				(12,717)			$ (11,837)			(32,552)	$ (36,379)
Total Assets				$ 225,196						$ 225,196		$ 289,162

Segment Reporting - Total Incom

Segment Reporting - Total Income and Long-lived Assets by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	$ 102,732	$ 97,149	$ 312,322	$ 260,934
Long-lived assets by geography	835,146		835,146		$ 786,448
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	98,245	92,607	298,853	246,809
Long-lived assets by geography	607,504		607,504		532,380
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	4,487	$ 4,542	13,469	$ 14,125
Long-lived assets by geography	$ 227,642		$ 227,642		$ 254,068

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 12,392	$ (7,498)	$ (4,202)	$ (20,468)	$ 34,631	$ 28,400	$ 691	$ 42,562
Net (income) loss attributable to noncontrolling interests:
Investment Entities	(3)			5			84	(2)
Operating Partnership	0			0			0	(1,013)
Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	12,389			(20,463)			775	41,547
Numerator:
Net (income) loss allocated to participating securities (non-vested shares)	(266)			0			(16)	(1,142)
Net income attributable to BrightSpire Capital, Inc. common stockholders	$ 12,123			$ (20,463)			$ 759	$ 40,405
Denominator:
Weighted average shares outstanding - basic (in shares)	127,197,000			126,564,000			127,014,000	127,551,000
Weighted average shares outstanding - diluted (in shares)	129,986,000			126,564,000			129,730,000	129,432,000
Net income (loss) per common share - basic (in dollars per share)	$ 0.10			$ (0.16)			$ 0.01	$ 0.32
Net income (loss) per common share - diluted (in dollars per share)	$ 0.09			$ (0.16)			$ 0.01	$ 0.31
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	3,172,185	3,226,547	3,195,452	2,673,154	2,673,154	1,253,632	3,172,185	2,673,154	2,580,691	1,754,094
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding (in shares)	2,787,807	2,842,169	2,811,074	2,401,154	2,401,154	981,632	2,787,807	2,401,154	2,308,691	1,482,094
Antidilutive securities excluded from computation of earnings per share (in shares)	2,788,398			2,401,154			2,715,967

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
	Oct. 31, 2023 $ / shares
Subsequent event
Subsequent Event [Line Items]
Quarterly cash dividend (in dollars per share)	$ 0.20