Earnings Per Share (Tables)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income (loss)	$	47,234	$	(1,304)	$	30,175	$	(22,769)
Net income (loss) attributable to noncontrolling interests:
Investment Entities	(300)		2,288		3,272		5,976

Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders	$	46,934	$	984	$	33,447	$	(16,793)

Numerator:
Dividends and undistributed earnings allocated to participating securities (non-vested shares)	$	(1,291)	$	(458)	$	(1,680)	$	(1,398)

Numerator for basic income (loss) per common share	$	45,643	$	526	$	31,767	$	(18,191)
Impact of assumed conversion of dilutive unvested PSUs	124		—		—		—
Numerator for diluted income (loss) per common share	$	45,767	$	526	$	31,767	$	(18,191)

Denominator:
Weighted average shares outstanding - basic(1)	122,318		126,940		124,974		127,089
Unvested PSUs	582		—		979		—
Unvested restricted stock	—		2,905		—		—
Weighted average shares outstanding - diluted(2)	122,900		129,845		125,953		127,089

Net income (loss) per common share - basic	$	0.37	$	0.00	$	0.25	$	(0.14)
Net income (loss) per common share - diluted	$	0.37	$	0.00	$	0.25	$	(0.14)

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(1)The outstanding shares used to calculate the weighted average basic shares outstanding exclude 3,407,046 and 2,865,399 of restricted stock awards as of September 30, 2026 and September 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 nine months ended September 30, 2025, excludes the effect of weighted average unvested restricted shares of 2,874,546 as the effect would be antidilutive.