BrightSpire Capital Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
$BRSP
Real Estate Investment Trusts
Real Estate
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 `
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 12, 2026
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Item 1.01 Entry Into a Material Definitive Agreement.
Master Repurchase Agreement and Guarantee - JPMorgan Chase Bank
On March 12, 2026, BrightSpire Credit 9, LLC (“Seller”), an indirect subsidiary of BrightSpire Capital, Inc. (the “Company”), entered into a Master Repurchase Agreement (the “Repurchase Agreement”) with JPMorgan Chase Bank, National Association (“JPM”). The Repurchase Agreement provides up to $250.0 million to finance first mortgage loans, senior loan participations and related mezzanine loans secured by commercial real estate, as described in more detail in the Repurchase Agreement and related ancillary documents.
Advances under the Repurchase Agreement shall be indexed to term secured overnight financing rate with a tenor of one-month, plus a spread to be determined on a case by case basis between Seller and JPM. The initial maturity date of the Repurchase Agreement is March 12, 2029, with two (2) one-year extensions at Seller’s option, which may be exercised upon the satisfaction of certain conditions set forth in the Repurchase Agreement. The Repurchase Agreement will act as a revolving credit facility that can be paid down and subsequently re-drawn subject to the satisfaction of customary conditions precedent. In addition, JPM may stop making advances under the Repurchase Agreement if any conditions precedent to funding are not satisfied.
In connection with the Repurchase Agreement, BrightSpire Capital Operating Company, LLC (“Guarantor”) entered into a Guarantee Agreement with JPM (the “Guarantee”) on March 12, 2026, under which Guarantor agreed to a partial recourse guaranty of Seller’s payment and performance obligations under the Repurchase Agreement. Subject to certain exceptions, the maximum liability under the Guarantee will not exceed 25% of the then-current total amount due and payable from Seller to JPM under the Repurchase Agreement with respect to purchased assets.
The Repurchase Agreement and Guarantee contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guarantee contains financial covenants that require Guarantor to maintain: (i) minimum liquidity of not less than the lower of (x) $50.0 million and (y) the greater of (A) $10.0 million and (B) 5% of Guarantor’s recourse indebtedness; (ii) tangible net worth of not less than $900 million plus 70% of the net cash proceeds of any equity issuance by the Company after the date of the Repurchase Agreement; (iii) consolidated total debt not to exceed 75% of total assets; and (iv) a ratio of consolidated EBITDA to consolidated interest expense of not less than 1.40 to 1.00.
The foregoing summary does not purport to be a complete description and is qualified in its entirety by reference to the Repurchase Agreement and the Guarantee, which are filed as exhibits to this Current Report on Form 8-K.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.
| Exhibit No. | Description | |||||||
| 10.1 | ||||||||
| 10.2 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 18, 2026 | BRIGHTSPIRE CAPITAL, INC. | |||||||
| By: | /s/ David A. Palamé | |||||||
| Name: | David A. Palamé | |||||||
| Title: | General Counsel & Secretary | |||||||