
	Carrying Value and Fair Value at
Collateral	June 30, 2025		December 31, 2024

110 East - Pledge of equity interests (1) Charlotte, NC, Office Building	$	17,014	$	16,559
Radius - Pledge of equity interests (1) Nashville, TN, Office Building	—		12,660

Saint Ann - Pledge of asset Dallas, TX, Office Building	—		138,000

	$	17,014	$	167,219

(1) The first priority lender of these mortgage loans had a combined balance of $89.0 million and $152.7 million as of June 30, 2025 and December 31, 2024, respectively.


	Interest Income for the Three Months Ended					Interest Income for the Six Months Ended
Collateral		June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024

110 East - Pledge of equity interests Charlotte, NC, Office Building		$	568	$	249		$	1,126	$	249
Radius - Pledge of equity interests Nashville, TN, Office Building		—		118			1,241		118

Saint Ann - Pledge of asset Dallas, TX, Office Building		—		—			350		—

		$	568	$	367		$	2,717	$	367

In the second quarter of 2024, the Company acquired the Radius and 110 East mezzanine real estate loans for $27.2 million, which were subordinated to the first priority mortgage loans. These loans had a weighted average spread in excess of Term Secured Overnight Financing Rate ("SOFR") of 8.68%.

In the fourth quarter of 2024, the Company acquired one mortgage loan at par for $138.0 million. This mortgage was secured by Saint Ann Court, a 320,000 square foot office property in Dallas, had a maturity of December 7, 2024, and had a spread in excess of SOFR of 3.66%, with an additional 5% spread during any default period. One month after the loan went into default, on January 7, 2025, the Saint Ann borrower repaid the $138.0 million mortgage loan at par and paid the interest in full.

On January 10, 2025, the Company entered into the First Amendment to Mezzanine Loan Agreement on the Radius loan, which among other things, reduced the requirements for the borrower to qualify for an extension on the loan in exchange for a minimum payment of interest. On March 27, 2025, the Radius borrower repaid the $12.8 million mezzanine loan, and paid the interest in full, including a minimum interest guaranty of $858,000. Interest income on investments in real estate debt, including this minimum interest guaranty, is included in other revenue in the Company's consolidated statement of operations.

The 110 East loan provides the borrower with an opportunity to extend the initial maturity date of February 2026 to February 2027, subject to certain conditions. The variable interest rate at June 30, 2025 was 13.31%, including a SOFR base rate of 4.31%. The borrower has additional borrowing capacity under this loan, for which the Company funded $2.3 million subsequent to the acquisition

of the loans through the period ended June 30, 2025. The Company's share of additional borrowing capacity commitment under this loan is $5.0 million as of June 30, 2025.

As of June 30, 2025, the Company believes the fair value of the remaining investment in real estate debt approximates its invested carrying value and, therefore, did not record any unrealized gain or loss on that investment. The acquisition of this loan was a recently executed market transaction (Level 2) and market instruments for similar debt have not changed significantly since acquisition. In subsequent periods, the Company may make adjustments to the carrying values of this loan investment if any are required through application of the fair value hierarchy provided for under GAAP. Interest income earned and any unrealized gain or loss associated with investments in real estate debt are recorded as a component of other revenue on the Company's consolidated statement of operations.