<SEC-DOCUMENT>0001717547-25-000074.txt : 20250923
<SEC-HEADER>0001717547-25-000074.hdr.sgml : 20250923
<ACCEPTANCE-DATETIME>20250731160227
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001717547-25-000074
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BrightSpire Capital, Inc.
		CENTRAL INDEX KEY:			0001717547
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				384046290
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		590 MADISON AVENUE
		STREET 2:		33RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-547-2631

	MAIL ADDRESS:	
		STREET 1:		590 MADISON AVENUE
		STREET 2:		33RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Colony Credit Real Estate, Inc.
		DATE OF NAME CHANGE:	20180621

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Colony NorthStar Credit Real Estate, Inc.
		DATE OF NAME CHANGE:	20170920
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="ic4226da2a31743aeadb5b1b7e7f17c36_1"></div><div style="min-height:76.5pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div><img alt="image_07.jpg" src="image_07.jpg" style="height:55px;margin-bottom:5pt;vertical-align:text-bottom;width:314px"></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.748%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">590 Madison Avenue, 33rd Floor New York, NY 10022<br>212-287-2119</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">July 31, 2025</font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">VIA EDGAR</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">United States Securities and Exchange Commission<br>Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Office of Real Estate &#38; Construction<br>100 F Street, NE<br>Washington, D.C. 20549<br>Attention&#58; Ameen Hamady and Isaac Esquivel</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.519%"><tr><td style="width:1.0%"></td><td style="width:4.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.843%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.867%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.867%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.871%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:100%">Re&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:100%">BrightSpire Capital, Inc. </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Form 10-K for the year ended December 31, 2024</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:100%">File No. 001-38377</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Dear Mr. Hamady and Mr. Esquivel&#58;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;This letter sets forth the response of BrightSpire Capital, Inc. (the &#8220;Company&#8221;) to the comment from the staff (the &#8220;Staff&#8221;) of the Division of Corporation Finance of the United States Securities and Exchange Commission (the &#8220;Commission&#8221;) in a letter dated July 18, 2025 (the &#8220;Comment Letter&#8221;) regarding the above referenced filings.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">For ease of review, the Company has set forth below in bold type the numbered comment of the Staff in the Comment Letter, with the Company&#8217;s response thereto immediately following the comment.</font></div><div style="padding-left:72pt;text-indent:-72pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Form 10-K for year ended December 31, 2024</font></div><div style="padding-left:72pt;text-indent:-72pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Non-GAAP Supplemental Financial Measures<br>Undepreciated Book Value Per Share, page 60</font></div><div><font><br></font></div><div style="padding-left:32.4pt;text-indent:-14.4pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:5.4pt">We note your presentation of undepreciated book value and undepreciated book    value per share as non-GAAP financial measures. In regard to your presentation please address the following </font></div><div style="padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.8pt">Revise your disclosure regarding the definition of undepreciated book value as it does not appear to address all the items that are being adjusted from the most directly comparable GAAP measure, which appears to be stockholders&#8217; equity excluding noncontrolling interests in investment entities. Specifically, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </font></div></div></div><hr style="page-break-after:always"><div style="min-height:76.5pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">July 31, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Page 2</font></div><div><font><br></font></div></div><div style="padding-left:72pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">your definition does not appear to discuss non-GAAP impairment of real estate as an adjustment&#59; and </font></div><div style="padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.8pt">Expand your disclosure to indicate that the non-GAAP impairment adjustment is itself a non-GAAP financial measure, provide a reconciliation to its most directly comparable GAAP measure and expand your disclosure to discuss the usefulness of such measure. </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Refer to Item 10(e) of Regulation S-K</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%">.</font></div><div style="padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Response to Comment No. 1</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">&#58;  </font></div><div><font><br></font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;In the Company&#8217;s future filings, the Company will enhance its disclosures regarding undepreciated book value and undepreciated book value per share (with additions underlined and deletions indicated by strikethroughs in the paragraph below) and to include a reconciliation of non-GAAP impairment of real estate as follows&#58; &#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:115%">Undepreciated Book Value Per Share</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%">We believe that presenting undepreciated book value per share is a more useful and consistent measure of the value of our current portfolio and operations for our investors </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">as it</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">. It additionally</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%"> enhances the comparability to our peers who do not hold </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">similar</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%"> real estate investments. Undepreciated book value per share excludes our share of accumulated depreciation and amortization on real estate investments (including related intangible assets and liabilities)</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline"> and as of the quarter ended June 30, 2024, includes non-GAAP impairment of real estate and any related foreign currency translation.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%"> Non-GAAP impairment of real estate</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">and foreign currency translation excludes</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline"> is a non-GAAP measure that reflects</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%"> our share of </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">a property&#8217;s</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">the </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%">carrying value </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">(including any related foreign currency translation)</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%"> on certain net leased and other real estate office properties whose non-recourse mortgages </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">have matured</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">mature within 12 months </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%">or who have been placed in a cash flow sweep by their lender. Our ability to refinance at their maturity dates is burdened by the current interest rate environment, lenders&#8217; aversion to finance or refinance office properties and&#47;or associated improvements or paydowns potentially demanded at such properties. Loan maturity defaults can </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">and have led</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">lead</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%"> to foreclosures. </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">Cash flow sweeps restrict our ability to utilize earnings generated by a property.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%">  </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">Given this potential likelihood</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">As such</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%">, we believe it is prudent to recognize impairments and exclude our share of the carrying value related to these properties. </font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%">The following table calculates our GAAP book value per share and undepreciated book value per share ($ in thousands, except per share data)&#58;</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.547%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.797%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.356%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.800%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">June 30, 2025</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</font></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Stockholders&#8217; equity excluding noncontrolling interests in investment entities</font></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:38.77pt;padding-right:2.77pt;text-align:justify;text-indent:-28pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Accumulated depreciation and amortization</font></div></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:38.77pt;padding-right:2.77pt;text-align:justify;text-indent:-28pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Non-GAAP impairment of real estate</font></div></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:38.77pt;padding-right:2.77pt;text-align:justify;text-indent:-28pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Foreign currency translation</font></div></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Undepreciated book value</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2pt double #000000;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </font></div></div></div><hr style="page-break-after:always"><div style="min-height:76.5pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">July 31, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Page 3</font></div><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.488%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.722%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.632%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">June 30, 2025</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</font></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">GAAP book value per share</font></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:38.77pt;padding-right:2.77pt;text-align:justify;text-indent:-28pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Accumulated depreciation and amortization per share</font></div></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:38.77pt;padding-right:2.77pt;text-align:justify;text-indent:-28pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Non-GAAP impairment of real estate</font></div></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="background-color:#f2f2f2;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:38.77pt;padding-right:2.77pt;text-align:justify;text-indent:-28pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Foreign currency translation</font></div></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:38.77pt;padding-right:2.77pt;text-align:justify;text-indent:-28pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Undepreciated book value per share</font></div></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="background-color:#f2f2f2;padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Total outstanding shares - Class A common stock</font></td><td colspan="3" style="background-color:#f2f2f2;border-top:2pt double #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;border-top:2pt double #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.488%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.722%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.632%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">June 30, 2025</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2024</font></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Impairment attributable to BrightSpire Capital, Inc. </font></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="background-color:#f2f2f2;padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Adjustments&#58; </font></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Current year non-GAAP impairment of operating real estate</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="background-color:#f2f2f2;padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Non-GAAP impairment as of prior fiscal year-end</font></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Impairment attributable to BrightSpire Capital, Inc. </font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(XX)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(XX)</font></td></tr><tr><td colspan="3" style="background-color:#f2f2f2;padding:2px 3.77pt 2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Non-GAAP impairment of real estate</font></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td><td colspan="3" style="background-color:#f2f2f2;padding:0 1pt"></td><td colspan="3" style="background-color:#f2f2f2;border-bottom:2pt double #000000;border-top:0.5pt solid #000000;padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">XX</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%">* * * * *</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The Company acknowledges that it is responsible for the accuracy and adequacy of the disclosure in its filings, notwithstanding any review, comments, action or absence of action by the Staff.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Should the Staff have any questions or comments, or would like additional information, please do not hesitate to contact me at (212) 287-2119.</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:64.262%"><tr><td style="width:1.0%"></td><td style="width:8.126%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:89.674%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Very truly yours,</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">BrightSpire Capital, Inc.</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">By&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">&#47;s&#47;&#160;Frank V. Saracino</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">Name&#58; Frank V. Saracino</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">Title&#58;   Chief Financial Officer  </font></td></tr></table></div><div style="margin-bottom:12pt;text-align:right"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </font></div></div></div><hr style="page-break-after:always"><div style="min-height:76.5pt;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">July 31, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Page 4</font></div><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.038%"><tr><td style="width:1.0%"></td><td style="width:3.268%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.336%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.968%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">cc&#58; </font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">David Palam&#233;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">BrightSpire Capital, Inc. </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">David W. Bonser</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">Tifarah R. Allen</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">Hogan Lovells US LLP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">Eric Rubin</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">Rivi Harari</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">Deloitte &#38; Touche LLP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">Tom Beversluis</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">Andrew Harvazinski</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">Ernst &#38; Young LLP</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">  </font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
