BrightSpire Capital Inc

4. Real Estate Securities

Investments in Investing VIEs

As of December 31, 2024 and December 31, 2023, the Company did not hold any assets or liabilities attributable to securitization trusts.

The Company did not generate net income attributable to investments in the subordinate tranches of securitization trusts for the years ended December 31, 2024 and 2023.

During the year ended December 31, 2022, the Company sold its retained investments in the subordinate tranches ofone securitization trust for $36.9 million in total proceeds. In connection with the sale, the Company recorded an unrealized gain of $0.9 million and realized loss of $0.9 million as the accumulated losses related to the retained investments were reversed. These amounts, when incurred, are recorded as unrealized and realized gain (loss) on mortgage loans and obligations held in securitization trusts, net in the consolidated statement of operations. The Company also recorded a realized gain of $1.4 million as the sale proceeds from the transaction exceeded the GAAP book value of the Company’s retained investments at the time of sale. This amount, when incurred, is recorded as other gain (loss), net on the Company’s consolidated statement of operations. The Company also deconsolidated the securitization trust with approximate gross assets and liabilities of $682.8 million and $646.6 million, respectively, which excludes accrued interest receivable and payable amounts of $0.3 million and $0.3 million, respectively.

The below table presents net income attributable to the Company’s common stockholders for the year ended December 31, 2022, generated from the Company’s investments in the subordinate tranches of securitization trusts (dollars in thousands):