BrightSpire Capital (BRSP) Prices $960 Million Financing Deal. Can Lending Returns Improve?
BrightSpire Capital (BRSP) priced a $960M commercial real estate CLO, set to close October 16. The deal includes 29 mortgages secured by 38 properties, with $844.8M in investment-grade securities. The weighted-average coupon is Term SOFR plus 1.54%. BRSP plans to redeem its BRSP 2024-FL2 securitization on October 19. The transaction aims to improve funding efficiency and flexibility, but risks include credit exposure and floating-rate mortgage challenges.



