BrightSpire Capital, Inc., through its indirect subsidiary BrightSpire Credit 9, LLC, has entered into a new Master Repurchase Agreement with JPMorgan Chase Bank, National Association. This agreement provides up to $250.0 million in financing for commercial real estate loans and related assets, specifically first mortgage loans, senior loan participations, and mezzanine loans. The facility is a revolving term-SOFR-based repo with an initial maturity date of March 12, 2029, and includes two optional one-year extensions.
This new financing expands BrightSpire’s secured real estate financing capacity, with execution dependent on the company's ability to source qualifying commercial real estate loans while maintaining covenant compliance. The agreement includes financial covenants for the guarantor, BrightSpire Capital Operating Company, LLC, requiring a minimum liquidity of at least $10.0 million, tangible net worth of not less than $900 million plus 70% of net cash proceeds from equity issuance, consolidated total debt not exceeding 75% of total assets, and a ratio of consolidated EBITDA to consolidated interest expense of not less than 1.40 to 1.00.
This development comes shortly after BrightSpire Capital announced the closing of BRSP 2026-FL3, a $955 million managed Commercial Real Estate Collateralized Loan Obligation (CLO) on February 17, 2026. This CLO provided term financing on a non-mark-to-market, non-recourse basis for a portfolio of 29 first-lien floating-rate mortgages. The company aims to reinvest proceeds from such transactions into new loans to grow its overall loan portfolio and earnings, further diversifying its funding sources and expanding its balance sheet’s non-recourse, non-mark-to-market, match-term financing.
