The Company’s net loss and weighted average shares outstanding for the three and six months ended June 30, 2026 and 2025 consist of the following (dollars in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net loss	$	(20,184)	$	(25,172)	$	(17,060)	$	(21,465)
Net loss attributable to noncontrolling interests:
Investment Entities	1,850		2,054		3,572		3,688

Net loss attributable to BrightSpire Capital, Inc. common stockholders	$	(18,334)	$	(23,118)	$	(13,488)	$	(17,777)

Numerator:
Dividends allocated to participating securities (non-vested shares)	$	(568)	$	(471)	$	(1,135)	$	(940)

Net loss attributable to common stockholders	$	(18,902)	$	(23,589)	$	(14,623)	$	(18,717)

Denominator:
Weighted average shares outstanding - basic(1)	126,710		127,247		126,324		127,165
Weighted average shares outstanding - diluted(2)	126,710		127,247		126,324		127,165

Net loss per common share - basic	$	(0.15)	$	(0.19)	$	(0.12)	$	(0.15)
Net loss per common share - diluted	$	(0.15)	$	(0.19)	$	(0.12)	$	(0.15)

(1)The outstanding shares used to calculate the weighted average basic shares outstanding exclude 3,545,686 and 2,945,872 of restricted stock awards as of June 30, 2026 and June 30, 2025, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income (loss) per common share.

(2)The calculation of diluted earnings per share for the three and six months ended June 30, 2026, excludes the effect of weighted average unvested restricted shares of 3,548,112 and 3,269,184, respectively, as the effect would be antidilutive. The calculation of diluted earnings per share for the three and six months ended June 30, 2025, excludes the effect of weighted average unvested restricted shares of 2,938,780 and 2,859,189, respectively, as the effect would be antidilutive.