BrightSpire Capital, Inc. Completes Sale of Previously Announced $ 223 Million Co-Investment Portfolio to Fortress


NEW YORK, December 21, 2021– (COMMERCIAL THREAD) – On December 20, 2021, BrightSpire Capital, Inc. (NYSE: BRSP) (“BrightSpire Capital” or the “Company”), one of the largest publicly traded commercial real estate credit REITs (CREs), closed the sale of 5 historic development and / or unaccounted-for vehicles to managed vehicles of Fortress Investment Group LLC (“Fortress”), a leading diversified global investment manager, for gross proceeds of $ 223 million (the “Sale of co-investment portfolio”). The Company received net proceeds from the transaction of approximately $ 198 million, primarily as a result of offsetting distributions from the underlying investments that were received by the Company between signing and closing.

“This portfolio sale accelerates our business plan to simplify the portfolio and effectively concludes BrightSpire’s portfolio rotation. We will continue to build a diversified portfolio of primarily senior mortgages generating current and predictable earnings. We would like to thank the Fortress team for their commitment to the transaction and for working together throughout the process to bring it to a successful conclusion, ”said Andy Witt, COO of BrightSpire Capital.

The sale of the co-investment portfolio helped achieve some key company goals, including:

  • Resolve several historical developments and / or unrecognized assets – The sale of the co-investment portfolio included (i) the four co-investments subject to the Company’s “5-investment preferential financing”, which includes both development loans in Dublin, Ireland and two others mixed-use and single-family development loans, and (ii) a residual equity interest in a hotel loan in Austin, Texas. The sale of co-investment portfolio resolved 5 (of 6) legacy co-investment assets held alongside DigitalBridge Group, Inc. (NYSE: DBRG), formerly known as Colony Capital, Inc. December 20 2021, Colony Capital finalized the sale of its portfolio. with Fortress which included its joint venture interests in these five underlying investments;

  • Preservation of book value – Gross proceeds of $ 223 million, resolved primarily in line with the combined GAAP book value of assets as at March 31, 2021.

About BrightSpire Capital, Inc.

BrightSpire Capital, Inc. (NYSE: BRSP), formerly Colony Credit Real Estate, Inc. (NYSE: CLNY), is one of the largest publicly traded, establishment-focused Commercial Real Estate Credit (CRE) REITs, the acquisition, financing and management of a diversified portfolio consisting mainly of investments in CRE debt and net buildings mainly leased in the United States. CRE’s debt investments consist primarily of senior mortgages, which we expect to be the primary investment strategy. BrightSpire Capital is organized as a Maryland corporation and taxed as a REIT for US federal income tax purposes. For more information on the Company, its management and its activities, please refer to www.brightspire.com.

Caution regarding forward-looking statements

This press release may contain forward-looking statements within the meaning of federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by using forward-looking terminology such as “may”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates” “,” Believe “,” estimate “,” predict “or” potential “or the negative of those words and expressions or similar words or expressions which are predictions or indicate future events or trends and which do not relate solely to to historical questions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially from BrightSpire Capital’s expectations include, without limitation, the preservation and / or the net effect on the Company’s carrying value for such events; the ability to simplify the portfolio and / or achieve efficiency gains, as well as achieve the strategic and financial benefits expected from internalization; and uncertainties regarding the continued impact of the novel coronavirus (COVID-19). The foregoing list of factors is not exhaustive. Additional information on these and other factors can be found in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as other documents filed by BrightSpire Capital with the US Securities and Exchange. Commission. In addition, each of the factors mentioned above are also likely to be affected directly or indirectly by the continued impact of COVID-19 and investors are urged to interpret substantially all of these statements and risks as being heightened in due to the continued impact of COVID-19[WOMANAdditionalinformationonthesefactorsandothersmaybefoundinthereportsofBrightSpireCapitaldepositedfromtimetotimeneartheSecuritiesandExchangeCommission[FEMININEDesinformationssupplémentairessurcesfacteursetd’autrespeuventêtretrouvéesdanslesrapportsdeBrightSpireCapitaldéposésdetempsàautreauprèsdelaSecuritiesandExchangeCommission

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

See the source version on businesswire.com: https://www.businesswire.com/news/home/2021122005980/en/

Contacts

Investor Relations
BrightSpire Capital, Inc.
Addo Investor Relations
Lasse Glassen
310-829-5400


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