Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-29

BrightSpire Capital, Inc. (BSPR)

CEO Michael Mazzei was paid $5,699,383 in fiscal year 2025, down 2.6% from fiscal year 2024, the 7th percentile of its disclosed peer group (SEC filing 0001717547-26-000026 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,699,383
Michael Mazzei total, FY2025
7th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
—
Say-on-pay support, latest vote

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Companies that benchmark against BSPR
1 company names BSPR as a compensation peer

Each company listed discloses BSPR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BSPR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Mazzei$800,000$0$3,182,209$0$1,701,000$0$16,174$5,699,383
Chief Executive Officer
Andrew Witt500,00001,697,1780777,600015,8202,990,598
President &
Frank Saracino425,00001,007,6960607,500016,1742,056,370
Chief Financial Officer,
David Palamé352,50001,033,4770583,200016,1741,985,351
General Counsel,

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Michael Mazzei$5,699,383$5,849,879$5,832,378−150,496
Andrew Witt2,990,5983,005,5802,900,548−14,982
Frank Saracino2,056,3702,105,8792,057,294−49,509
David Palamé1,985,3512,034,9832,033,990−49,632

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael MazzeiPSU—124,793249,585—499,170$1,692,186
Michael MazzeiRSU———249,585—1,490,022
Frank SaracinoRSU———79,035—471,839
Frank SaracinoPSU—39,51879,035—158,070535,857
Andrew WittPSU2025-03-1766,556133,112—266,224902,499
Andrew WittRSU2025-03-17——133,112—794,679
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Mazzei$1,490,022$1,692,186$053.2%
Frank Saracino471,839535,857053.2%
Andrew Witt794,679902,499053.2%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Frank SaracinoRSU79,035—$442,596
Michael MazzeiRSU94,203—527,537
Frank SaracinoRSU47,194—264,286
Andrew WittRSU223,548—1,251,869
Michael MazzeiRSU447,094—2,503,726
Michael MazzeiRSU304,348—1,704,349
Michael MazzeiRSU249,585—1,397,676
Andrew WittRSU152,174—852,174
Michael MazzeiRSU149,032—834,579
David PalaméRSU145,202—813,131
Frank SaracinoRSU141,580—792,848
Andrew WittRSU133,112—745,427
David PalaméRSU98,844—553,526
Frank SaracinoRSU96,378—539,717
David PalaméRSU81,057—453,919
Andrew WittRSU74,516—417,290
David PalaméRSU48,401—271,046
Andrew WittRSU47,103—263,777
David PalaméRSU30,594—171,326
Frank SaracinoRSU29,831—167,054
05

Incentive-plan design — the Compensation Discussion & Analysis

The primary goal of the Compensation Committee is to align the interests of the Company's professionals with those of stockholders by linking compensation to short-term and long-term corporate performance, financial and strategic goals, and ensuring fair, equitable, and competitive pay practices through a majority weighting toward variable pay components.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFerguson Partners
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Catherine LongIndependent · NOMINATING AND CORPORATE GOVERNANCE COMMITTEE$100,000$97,959———$197,959
Catherine D. RiceIndependent · Audit · Nominating and Corporate Governance100,00097,959———197,959
John E. WesterfieldIndependent · COMPENSATION COMMITTEE · NOMINATING AND CORPORATE GOVERNANCE COMMITTEE (Chair)95,00097,959———192,959
Vernon B. SchwartzIndependent · COMPENSATION COMMITTEE (Chair)95,00097,959———192,959
Kim S. DiamondIndependent · COMPENSATION COMMITTEE · NOMINATING AND CORPORATE GOVERNANCE COMMITTEE80,00097,959———177,959
Michael J. MazzeiEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$100,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$470,000
Equity awards (grant-date value)$489,795
All other compensation$0
Total cost of the board$959,795

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies BrightSpire Capital, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including BrightSpire Capital, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Walker & Dunlop, Inc.2025William Walker$1,000,000$13,170,931$0$1,324,821$15,500,252
2Ladder Capital Corp.2025Brian Harris1,000,0008,816,83304,124,70013,944,233
3Arbor Realty Trust, Inc.2025Ivan Kaufman1,200,0005,259,1520011,785,559
4Hercules Capital, Inc.2025Scott Bluestein650,0005,047,162009,670,162
5Hannon Armstrong Sustainable Infrastructure Capital, Inc.2025Jeffrey Lipson807,3086,032,13802,709,8759,566,821
6Main Street Capital Corporation2025Dwayne Hyzak759,3754,283,7480—8,837,682
7Adamas Trust, Inc.2025Jason Serrano920,0004,102,96202,992,5008,175,252
8Dynex Capital, Inc.2025Byron Boston900,0003,122,24803,192,4807,771,011
9MFA Financial, Inc.2025Craig Knutson825,0004,080,011—1,605,1237,079,634
10Cohen & Steers, Inc.2025Joseph Harvey600,0004,719,995006,991,951
11Wisdom Tree, Inc.2025Jonathan Steinberg550,0003,507,589006,704,625
12Chimera Investment Corporation2025Phillip Kardis II900,0003,890,78101,356,1806,167,961
13Redwood Trust, Inc.2025Christopher Abate975,0003,262,48101,808,0166,131,948
14BrightSpire Capital, Inc.2025Michael Mazzei800,0003,182,20901,701,0005,699,383
15TPG RE Finance Trust2025Doug Bouquard03,915,423003,915,423
16Granite Point Mortgage Trust Inc.2025John Taylor1,000,0002,166,7410576,5003,757,041
17Franklin BSP Realty Trust, Inc.2025Michael Comparato01,747,984001,747,984
18Blackstone Mortgage Trust2025Timothy Johnson01,130,503001,130,503
19Apollo Commercial Real Estate Finance2025Stuart Rothstein01,085,764001,085,764
20KKR Real Estate Finance Trust2025Matthew Salem0688,18800688,188
21Ares Commercial Real Estate Corp.2025Bryan Donohoe0263,34000263,340
—Claros Mortgage Trust, Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
BrightSpire Capital, Inc.not disclosedRSU 50 · PRSU 50not disclosedFerguson Partners
Adamas Trust, Inc.130%not disclosedYesPearl Meyer
Apollo Commercial Real Estate Financenot disclosedRSU 100not disclosednot disclosed
Arbor Realty Trust, Inc.not disclosedPerformance-vesting restricted stock units (RSUs) 80 · Time-based vesting restricted stock 20Yes — Total Shareholder Return (TSR)not disclosed
Ares Commercial Real Estate Corp.not disclosedRSU 100not disclosedFerguson Partners Consulting, L.P.
Blackstone Mortgage Trustnot disclosedRSU 100not disclosedFPL Associates, L.P.
Chimera Investment Corporation65%not disclosedYes — Relative TSRFW Cook
Claros Mortgage Trust, Inc.not disclosednot disclosednot disclosednot disclosed
Cohen & Steers, Inc.not disclosedRSU 100not disclosedMcLagan
Dynex Capital, Inc.355%PSU 60 · RSU 40NoFPC
Franklin BSP Realty Trust, Inc.not disclosedRSU 100not disclosedF.W. Cook
Granite Point Mortgage Trust Inc.57.7%PSU 50 · RSU 50NoSemler Brossy Consulting Group LLC
Hannon Armstrong Sustainable Infrastructure Capital, Inc.190%LTIP Units 100Yes — Relative TSRPay Governance
Hercules Capital, Inc.not disclosednot disclosednot disclosedFW Cook
KKR Real Estate Finance Trustnot disclosedRSU 100not disclosedFerguson Partners Consulting, L.P. (FPL)
Ladder Capital Corp.not disclosedRSU 50 · PSU 50NoFTI Consulting, Inc.
Main Street Capital Corporationnot disclosedRSU 100not disclosedJohnson Associates, Inc.
MFA Financial, Inc.107.0%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc. (FW Cook)
Redwood Trust, Inc.86%PSU 55 · RSU 45Yes — relative TSR (rTSR)Semler Brossy Consulting Group, LLC
TPG RE Finance Trustnot disclosedRSU 100not disclosednot disclosed
Walker & Dunlop, Inc.132%not disclosedNoPay Governance
Wisdom Tree, Inc.127.6%RSU 50 · PSU 50NoFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at BrightSpire Capital, Inc. in fiscal 2025?
As disclosed, Michael Mazzei, the Chief Executive Officer, was the highest-paid executive at BrightSpire Capital, Inc. in fiscal 2025 with total compensation of $5,699,383.
How does BrightSpire Capital, Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows that the chief executive's pay ranked at the 7th percentile of the disclosed peer group.
What is BrightSpire Capital, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio is not disclosed in this filing.
How did shareholders vote on BrightSpire Capital, Inc.'s executive compensation?
The latest say-on-pay support vote is not disclosed in this filing.
How much does BrightSpire Capital, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, total board compensation for fiscal 2025 was $959,795.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael MazzeiDEF 14A2026-04-010001717547-26-000026Section “COMPENSATION TABLES” · page 43. As printed: 5,699,383. Filing ↗machine: r7 · c57 · span 543725–543734
2Section 01, Andrew WittDEF 14A2026-04-010001717547-26-000026Section “COMPENSATION TABLES” · page 43. As printed: 2,990,598. Filing ↗machine: r12 · c57 · span 553259–553268
3Section 01, Frank SaracinoDEF 14A2026-04-010001717547-26-000026Section “COMPENSATION TABLES” · page 43. As printed: 2,056,370. Filing ↗machine: r17 · c57 · span 562972–562981
4Section 01, David PalaméDEF 14A2026-04-010001717547-26-000026Section “COMPENSATION TABLES” · page 43. As printed: 1,985,351. Filing ↗machine: r23 · c57 · span 573632–573641
5Section 03, Michael Mazzei PSUDEF 14A2026-04-010001717547-26-000026Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 592641–592650
6Section 03, Michael Mazzei RSUDEF 14A2026-04-010001717547-26-000026Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 594080–594089
7Section 03, Frank Saracino RSUDEF 14A2026-04-010001717547-26-000026Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 603222–603229
8Section 03, Frank Saracino PSUDEF 14A2026-04-010001717547-26-000026Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 601786–601793
9Section 03, Andrew Witt PSUDEF 14A2026-04-010001717547-26-000026Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 597402–597409
10Section 03, Andrew Witt RSUDEF 14A2026-04-010001717547-26-000026Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 598534–598541
11Section 08, Catherine LongDEF 14A2026-04-010001717547-26-000026Section “Director Compensation”. As printed: 197,959. Filing ↗machine: span 403593–403713
12Section 08, Catherine D. RiceDEF 14A2026-04-010001717547-26-000026Section “Director Compensation”. As printed: 197,959. Filing ↗machine: span 401719–401839
13Section 08, John E. WesterfieldDEF 14A2026-04-010001717547-26-000026Section “Director Compensation”. As printed: 192,959. Filing ↗machine: span 405475–405595
14Section 08, Vernon B. SchwartzDEF 14A2026-04-010001717547-26-000026Section “Director Compensation”. As printed: 192,959. Filing ↗machine: span 404471–404591
15Section 08, Kim S. DiamondDEF 14A2026-04-010001717547-26-000026Section “Director Compensation”. As printed: 177,959. Filing ↗machine: span 402593–402713
16Section 08, Michael J. MazzeiDEF 14A2026-04-010001717547-26-000026Section “Director Compensation”. As printed: 0. Filing ↗
17Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
18Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
19Section 09b board cost (computed)Computed——Cash 470,000 + equity 489,795 + all other 0 = 959,795, summed across the director compensation table rows.machine: formula: Σ = 959,795
20Walker & Dunlop, Inc., Section 10b CEO totalDEF 14A2026-04-010001104659-26-038515CEO total compensation as printed in Walker & Dunlop, Inc.'s own proxy. As printed: 15,500,252. Filing ↗machine: t197 · r6 · c14 · span 849398–849408
21Ladder Capital Corp., Section 10b CEO totalDEF 14A2026-04-210001577670-26-000018CEO total compensation as printed in Ladder Capital Corp.'s own proxy. As printed: 13,944,233. Filing ↗machine: r3 · c36 · span 603013–603023
22Arbor Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-160001253986-26-000027CEO total compensation as printed in Arbor Realty Trust, Inc.'s own proxy. As printed: 11,785,559. Filing ↗machine: span 343111–343121
23Hercules Capital, Inc., Section 10b CEO totalDEF 14A2026-04-230001280784-26-000015CEO total compensation as printed in Hercules Capital, Inc.'s own proxy. As printed: 9,670,162. Filing ↗machine: r2 · c36 · span 384564–384573
24Hannon Armstrong Sustainable Infrastructure Capital, Inc., Section 10b CEO totalDEF 14A2026-04-130001561894-26-000061CEO total compensation as printed in Hannon Armstrong Sustainable Infrastructure Capital, Inc.'s own proxy. As printed: 9,566,821. Filing ↗machine: r2 · c18 · span 998911–998920
25Main Street Capital Corporation, Section 10b CEO totalDEF 14A2026-03-230001396440-26-000020CEO total compensation as printed in Main Street Capital Corporation's own proxy. As printed: 8,837,682. Filing ↗machine: t24 · r2 · c16 · span 403689–403698
26Adamas Trust, Inc., Section 10b CEO totalDEF 14A2026-04-240001273685-26-000038CEO total compensation as printed in Adamas Trust, Inc.'s own proxy. As printed: 8,175,252. Filing ↗machine: span 827801–827810
27Dynex Capital, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040189CEO total compensation as printed in Dynex Capital, Inc.'s own proxy. As printed: 7,771,011. Filing ↗machine: t104 · r2 · c19 · span 1099489–1099498
28MFA Financial, Inc., Section 10b CEO totalDEF 14A2026-04-170001140361-26-015388CEO total compensation as printed in MFA Financial, Inc.'s own proxy. As printed: 7,079,634. Filing ↗machine: r2 · c22 · span 815805–815814
29Cohen & Steers, Inc., Section 10b CEO totalDEF 14A2026-03-200001284812-26-000030CEO total compensation as printed in Cohen & Steers, Inc.'s own proxy. As printed: 6,991,951. Filing ↗machine: r2 · c66 · span 492842–492851
30Wisdom Tree, Inc., Section 10b CEO totalDEF 14A2026-04-290001214659-26-005251CEO total compensation as printed in Wisdom Tree, Inc.'s own proxy. As printed: 6,704,625. Filing ↗machine: r1 · c6 · span 1941349–1941358
31Chimera Investment Corporation, Section 10b CEO totalDEF 14A2026-04-230001206774-26-000238CEO total compensation as printed in Chimera Investment Corporation's own proxy. As printed: 6,167,961. Filing ↗machine: t63 · r1 · c7 · span 507844–507854
32Redwood Trust, Inc., Section 10b CEO totalDEF 14A2026-03-310000930236-26-000011CEO total compensation as printed in Redwood Trust, Inc.'s own proxy. As printed: 6,131,948. Filing ↗machine: span 755087–755096
33BrightSpire Capital, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-010001717547-26-000026CEO total compensation as printed in BrightSpire Capital, Inc.'s own proxy. As printed: 5,699,383. Filing ↗machine: r7 · c57 · span 543725–543734
34TPG RE Finance Trust, Section 10b CEO totalDEF 14A2026-04-080001193125-26-147949CEO total compensation as printed in TPG RE Finance Trust's own proxy. As printed: 3,915,423. Filing ↗machine: t54 · r2 · c15 · span 261628–261637
35Granite Point Mortgage Trust Inc., Section 10b CEO totalDEF 14A2026-04-200001104659-26-045496CEO total compensation as printed in Granite Point Mortgage Trust Inc.'s own proxy. As printed: 3,757,041. Filing ↗machine: r1 · c41 · span 1477032–1477041
36Franklin BSP Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-161379CEO total compensation as printed in Franklin BSP Realty Trust, Inc.'s own proxy. As printed: 1,747,984. Filing ↗machine: t167 · r5 · c8 · span 543482–543491
37Blackstone Mortgage Trust, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191913CEO total compensation as printed in Blackstone Mortgage Trust's own proxy. As printed: 1,130,503. Filing ↗machine: r4 · c27 · span 349508–349517
38Apollo Commercial Real Estate Finance, Section 10b CEO totalDEF 14A2026-05-290001193125-26-248362CEO total compensation as printed in Apollo Commercial Real Estate Finance's own proxy. As printed: 1,085,764. Filing ↗machine: r2 · c23 · span 262498–262507
39KKR Real Estate Finance Trust, Section 10b CEO totalDEF 14A2026-03-030001140361-26-007573CEO total compensation as printed in KKR Real Estate Finance Trust's own proxy. As printed: 688,188. Filing ↗machine: r2 · c27 · span 361601–361608
40Ares Commercial Real Estate Corp., Section 10b CEO totalDEF 14A2026-04-010001628280-26-022805CEO total compensation as printed in Ares Commercial Real Estate Corp.'s own proxy. As printed: 263,340. Filing ↗machine: r2 · c36 · span 324597–324604
41Section 10a, Redwood Trust, Inc. reciprocityDEF 14A—0000930236-26-000011Redwood Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
42Section 10a, Wisdom Tree, Inc. reciprocityDEF 14A—0001214659-26-005251Wisdom Tree, Inc.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
43Section 10a, Cohen & Steers, Inc. reciprocityDEF 14A—0001284812-26-000030Cohen & Steers, Inc.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
44Section 10a, Chimera Investment Corporation reciprocityDEF 14A—0001206774-26-000238Chimera Investment Corporation's most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
45Section 10a, Ladder Capital Corp. reciprocityDEF 14A—0001577670-26-000018Ladder Capital Corp.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
46Section 10a, Granite Point Mortgage Trust Inc. reciprocityDEF 14A—0001104659-26-045496Granite Point Mortgage Trust Inc.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
47Section 10a, MFA Financial, Inc. reciprocityDEF 14A—0001140361-26-015388MFA Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
48Section 10a, Dynex Capital, Inc. reciprocityDEF 14A—0001104659-26-040189Dynex Capital, Inc.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
49Section 10a, Walker & Dunlop, Inc. reciprocityDEF 14A—0001104659-26-038515Walker & Dunlop, Inc.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗
50Section 10a, Adamas Trust, Inc. reciprocityDEF 14A—0001273685-26-000038Adamas Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include BrightSpire Capital, Inc.. Filing ↗

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