BrightSpire Capital closes $675M CLO securitization with eight tranches of notes and preferred shares

BrightSpire Capital, Inc.

Issued $632.8M notes (Classes A-G) and $42.2M preferred shares via BRSP 2024-FL2 CLO.
Class A notes: $367.9M, rated Aaa/AAAsf, SOFR+1.95%, final maturity Aug 2037, 3.25yr weighted avg life.
Proceeds used to purchase initial collateral, fund ramp-up, and repay pre-closing repurchase facility debt.
BrightSpire subsidiary retained all $30.4M Class F notes, $18.6M Class G notes, and $42.2M preferred shares.
Collateral manager fee waived; 24-month reinvestment period; 6-month ramp-up for up to $84.8M additional collateral.

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