BrightSpire Capital announced the pricing of BRSP 2026-FL4, a $960 million managed Commercial Real Estate Collateralized Loan Obligation, on September 18, 2026. The company expects approximately $844.8 million of investment-grade securities to be placed with institutional investors, providing term financing on a non-mark-to-market, non-recourse basis. The transaction is scheduled to close on October 16, 2026.
The 2026-FL4 CLO is collateralized by interests in 29 first-lien floating-rate mortgages secured by 38 properties, with an 88.00% initial advance rate and a weighted-average coupon of Term SOFR + 1.54% before transaction costs. The collateral is located across 11 states and consists primarily of multifamily properties (94.2%) and industrial (5.8%), with all loans originated by subsidiaries of the company. The structure features a 30-month reinvestment period and approximately $99 million in available proceeds to be used within a six-month ramp-up period from closing. Fitch Ratings and DBRS assigned a AAA rating to the seniormost notes.
Citigroup Global Markets acted as sole structuring agent. Citigroup Global Markets, Morgan Stanley & Co., J.P. Morgan Securities, and Wells Fargo Securities acted as co-lead managers and joint bookrunners. The company also announced it will redeem its BRSP 2024-FL2 securitization on October 19, 2026. This is BrightSpire’s fifth managed CRE CLO, following its 2026-FL3 CLO that closed in early 2026.
KEY QUOTES:
“The successful execution of our fifth managed CRE CLO highlights the continuing strength of the platform and business objectives. We look forward to investing the liquidity generated from the transaction in new loan origination opportunities to further expand our loan portfolio.”
Andy Witt, President and Chief Operating Officer, BrightSpire Capital
“This transaction, in conjunction with our 2026-FL3 CLO that closed in early 2026, further expands our non-recourse, non mark-to-market, matched term funding sources, among a broad base of supporting investors. As a seasoned and respected issuer and collateral manager, CRE CLOs will continue to be an important financing source for our business moving forward.”
Matthew Heslin, Chief Credit Officer and Head of Debt Capital Markets, BrightSpire Capital
