BrightSpire Capital Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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9. Related Party Arrangements F-
- Related Party Arrangements
The Company hadno related party transactions for the years ended December 31, 2023 and 2022.
On April 30, 2021, the Company completed the internalization of the Company’s management and operating functions and terminated its relationship with its Manager in accordance with the Termination Agreement (the “Internalization”). The Company paid the Manager a one-time termination fee of $102.3 million. The Company has not paid management or incentive fees to the Manager for any post-closing period.
For the year ended December 31, 2021, total management fee expense incurred was $9.6 million and the Company did not incur any incentive fees.
Following the Internalization on April 30, 2021, the Company no longer reimburses expenses incurred by the Manager. For the year ended December 31, 2021, the total reimbursements of expenses incurred by the Manager on behalf of the Company and reimbursable in accordance with the Management Agreement was $3.1 million and is included in operating expense on the consolidated statement of operations.
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