0000000000-25-007614.txt : 20250923 0000000000-25-007614.hdr.sgml : 20250923 20250718083606 ACCESSION NUMBER: 0000000000-25-007614 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20250718 FILED FOR: 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: UPLOAD SEC FILE NUMBER: 001-38377 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. 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end TEXT-EXTRACT 2 filename2.txt July 18, 2025 Frank V. Saracino Chief Financial Officer BrightSpire Capital, Inc. 590 Madison Avenue, 33rd Floor New York, NY 10022 Re: BrightSpire Capital, Inc. Form10-K for the year ended December 31, 2024 File No. 001-38377 Dear Frank V. Saracino: We have reviewed your filing and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for year ended December 31, 2024 Non-GAAP Supplemental Financial Measures Undepreciated Book Value Per Share, page 60 1. We note your presentation of undepreciated book value and undepreciated book value per share as non-GAAP financial measures. In regards to your presentation please address the following 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 equity excluding noncontrolling interests in investment entities. Specifically, your definition does not appear to discuss non-GAAP impairment of real estate as an adjustment; and 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. Refer to Item 10(e) of Regulation S-K. July 18, 2025 Page 2 We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Ameen Hamady at 202-551-3891 or Isaac Esquivel at 202-551-3395 if you have questions regarding comments on the financial statements and related matters. Sincerely, Division of Corporation Finance Office of Real Estate & Construction