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BrightSpire Capital Inc

For the period ended Dec 31, 2024. Filed Feb 19, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 19, 2025

BRSP$3.37+0.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

14. Derivatives

  1. Derivatives

The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign-denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships, designated hedges, or non-designated hedges.

As of December 31, 2024, the Companyno longer holds any derivative instruments.

As of December 31, 2023, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):

Non-Designated Hedges
Derivative Assets
Foreign exchange contracts$164
Included in other assets$164

The following table summarizes the Company’s FX forwards as of December 31, 2023:

Type of DerivativesNotional CurrencyNotional Amount (in thousands)Range of Maturity Dates
Non-Designated
FX ForwardNOK8,229February 2024 - May 2024

The table below represents the effect of the derivative financial instruments on the consolidated statements of operations for theyears ended December 31, 2024, 2023 and 2022 (dollars in thousands):

Year Ended December 31,
202420232022
Other gain (loss), net
Non-designated foreign exchange contracts$45$839$1,827
Non-designated interest rate contracts—(2)12
Total$45$837$1,839

Offsetting Assets and Liabilities

The Company enters into agreements subject to enforceable netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the consolidated balance sheets.

As of December 31, 2024, the Company no longer holds any derivative positions.

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of December 31, 2023 (dollars in thousands):

Gross Amounts of Assets (Liabilities) Included on Consolidated Balance SheetsNet Amounts of Assets (Liabilities)
Derivative Assets
Foreign exchange contracts$164$164
Total$164$164

The Company did not offset any of its derivative positions as of December 31, 2023.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.