During the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture, of which the Company currently owns as of June 30, 2025, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50% of the outstanding equity. The Unconsolidated Joint Venture holds approximately 93% of the membership interest in the NewPoint JV. Through the Unconsolidated Joint Venture, the Company holds an approximate 46% interest in the NewPoint JV and accounts for its investment under the equity method. The primary purpose of the NewPoint JV is to source, underwrite, close and service on an ongoing basis multifamily bridge loans, participation interests, and other debt instruments such as loans. As of June 30, 2025 and December 31, 2024, the carrying value of the Company’s investment in NP JV Holdings was $165.5 million and $181.4 million, respectively, which approximates fair value and is included in investment in unconsolidated entities on the condensed consolidated balance sheets. The Company recorded a gain totaling $2.9 million and $3.9 million, which represented its share of NP JV Holdings’ gain, during the three and six months ended June 30, 2025, respectively, in the condensed consolidated statements of operations. The Company recorded a gain totaling $2.7 million and $5.3 million, which represented its share of NP JV Holdings’ gain, during the three and six months ended June 30, 2024, respectively, in the condensed consolidated statements of operations. During the six months ended June 30, 2025, the Company contributed an additional $24.3 million in NP JV Holdings. The Company also received $44.1 million in distributions during the six months ended June 30, 2025, $38.0 million of which can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. Furthermore, of the $44.1 million in distributions received during the six months ended June 30, 2025, $2.7 million of which was recognized as a return on investment and $41.4 million of which was recognized as a return of investment and reduced the invested capital and the carrying amount. As of June 30, 2025, the Company had $47.6 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying condensed consolidated balance sheets.

The following tables provide summarized financial information of the Unconsolidated Joint Venture for the periods set forth below (in thousands):



	June 30, 2025		December 31, 2024
Assets:
Real estate investments - at fair value	$	73,900	$	40,796
Loans held-for-investment - at fair value, net of deferred fees	$	1,026,815	$	1,093,202
Total assets	$	1,117,106	$	1,186,794

Liabilities and equity:
Repurchase facilities and securitized debt, net of deferred fees	$	757,380	$	777,239
Total liabilities	$	761,069	$	798,626
Total equity	$	356,037	$	388,168