BrightSpire Capital is an internally-managed commercial real estate (CRE) credit REIT focused on originating and managing senior mortgage loans secured by commercial properties. BrightSpire acts as a bridge lender, providing floating-rate senior loans to borrowers in transitional situations — refinancing, acquisitions, or construction — primarily backed by multifamily, hospitality, industrial, and select other property types. The loan portfolio stands at roughly $2.7B across ~98 loans, with management targeting growth to ~$3.5B. BrightSpire earns revenue on the spread between interest income on its CRE loans and its cost of financing, which includes CLO securitizations, repurchase facilities, and warehouse lines. CLO financing is a key tool, with management targeting ~12% levered returns on new loans. Alongside its core lending business, BrightSpire holds a small portfolio of net-leased properties — assets triple-net leased to tenants like Labcorp and Albertsons — though management has no plans to grow this segment. BrightSpire also holds real estate owned (REO), properties taken back through foreclosure, currently at ~$360M across 7 properties. REO is not a core business; management is actively monetizing these assets to redeploy capital into loans. BrightSpire sources deals directly through its management team's industry relationships and operates with ~47 employees across New York and Los Angeles.