| Schedule IV - Mortgage Loans on Real Estate |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Type of Loan | | Underlying Property Type | | Interest Rates (1) | | Effective Maturity Dates | | Periodic Payment Terms (2) | | Prior Liens | | Face amount of Mortgages | | Carrying Amount of Mortgages | | Principal Amount of Mortgages Subject to Delinquent Principal or Interest (3) | | First Mortgages individually >3% | | | | | | | | | | | | | | | | | | | | First Mortgage | | Office | | 7.97% | | 3/6/2026 | | IO | | $ | — | | | $ | 228,425 | | | $ | 228,228 | | | $ | — | | | First Mortgage | | Multi-Family | | 7.28% | | 12/6/2027 | | IO | | — | | | 99,050 | | | 98,098 | | | — | | | First Mortgage | | Multi-Family | | 7.00% | | 8/6/2028 | | IO | | — | | | 98,738 | | | 97,791 | | | — | | | First Mortgage | | Office | | 8.55% | | 11/6/2026 | | IO | | — | | | 80,000 | | | 79,629 | | | — | | | First Mortgage | | Multi-Family | | 7.01% | | 8/6/2028 | | IO | | — | | | 74,000 | | | 73,354 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Mortgages individually <3% | | | | | | | | | | | | | | | | | | | | First Mortgage | | Multi-Family, Office, Industrial, Mixed, Land, Retail, Hotel | | 4.25% | — | 13.81% | | 2024 | — | 2032 | | IO, P&I | | — | | | 1,678,161 | | | 1,660,948 | | | 129,679 | | | Total First Mortgages | | | | | | | | | | | | — | | | 2,258,374 | | | 2,238,048 | | | 129,679 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Subordinated Mortgages individually <3% | | | | | | | | | | | | | | | | | | | | Subordinate Mortgage | | Hotel | | 11.00% | — | 11.66% | | 2025 | — | 2027 | | IO | | 31,207 | | | 7,322 | | | 7,313 | | | — | | | Total Subordinated Mortgages | | | | | | | | | | | | 31,207 | | | 7,322 | | | 7,313 | | | — | | | Total Mortgages | | | | | | | | | | | | | | 31,207 | | | 2,265,696 | | | 2,245,361 | | | 129,679 | | | Allowance for credit losses | | | | | | | | | | | | N/A | | N/A | | (47,137) | | (4) | N/A | | Total Mortgages after Allowance for Credit Losses | | | | | | | | $ | 31,207 | | | $ | 2,265,696 | | | $ | 2,198,224 | | (5)(6) | $ | 129,679 | |
(1) Interest rates as of December 31, 2025. (2) IO = Interest only. P&I = Principal and Interest. (3) Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $129.7 million as of December 31, 2025. Refer to the Allowance for Credit Losses and Non-Accrual Status section of Note 3, Mortgage Loan Receivables, for further detail. (4) Refer to Note 3, Mortgage Loan Receivables, for further detail. (5) The aggregate cost for U.S. federal income tax purposes is $2.2 billion. (6) Includes $28.0 million of mortgage loans held for sale as of December 31, 2025. Reconciliation of mortgage loans on real estate:
The following tables reconcile mortgage loans on real estate from December 31, 2022 to December 31, 2025 ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage loan receivables held for investment, net, at amortized cost: | | | | | | | Mortgage loans receivable | | | | Allowance for credit losses | | Mortgage loan
receivables held
for sale | | Total Mortgage loan
receivables | | Balance December 31, 2024 | $ | 1,591,322 | | | | | $ | (52,323) | | | $ | 26,898 | | | $ | 1,565,897 | | | Origination of mortgage loan receivables | 1,294,976 | | | | | — | | | 63,360 | | | 1,358,336 | | | | | | | | | | | | | Repayment of mortgage loan receivables | (609,028) | | | | | — | | | (141) | | | (609,169) | | | Proceeds from sales of mortgage loan receivables | — | | | | | — | | | (66,847) | | | (66,847) | | | Non-cash disposition of loan via foreclosure | (65,078) | | | | | — | | | — | | | (65,078) | | | Realized gain on sale of mortgage loan receivables | — | | | | | — | | | 4,716 | | | 4,716 | | | | | | | | | | | | | Accretion/amortization of discount, premium and other fees | 10,183 | | | | | — | | | — | | | 10,183 | | | Charge-offs | (5,000) | | | | | 5,000 | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | Release of provision for current expected credit loss, net | — | | | | | 186 | | | — | | | 186 | | | Balance December 31, 2025 | $ | 2,217,375 | | | | | $ | (47,137) | | | $ | 27,986 | | | $ | 2,198,224 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage loan receivables held for investment, net, at amortized cost: | | | | | | | Mortgage loans receivable | | | | Allowance for credit losses | | Mortgage loan receivables held | | Total Mortgage loan
receivables | | Balance December 31, 2023 | $ | 3,155,089 | | | | | $ | (43,165) | | | $ | 26,868 | | | $ | 3,138,792 | | | Origination of mortgage loan receivables | 195,232 | | | | | — | | | — | | | 195,232 | | | | | | | | | | | | | Repayment of mortgage loan receivables | (1,720,643) | | | | | — | | | — | | | (1,720,643) | | | | | | | | | | | | | Non-cash disposition of loan via foreclosure | (52,975) | | | | | 5,023 | | | — | | | (47,952) | | | Realized gain on sale of mortgage loan receivables | — | | | | | — | | | 30 | | | 30 | | | | | | | | | | | | | Accretion/amortization of discount, premium and other fees | 14,619 | | | | | — | | | — | | | 14,619 | | | | | | | | | | | | | | | | | | | | | | | Release of provision for current expected credit loss, net | — | | | | | (14,181) | | | — | | | (14,181) | | | | | | | | | | | | | | | | | | | | | | | Balance December 31, 2024 | $ | 1,591,322 | | | | | $ | (52,323) | | | $ | 26,898 | | | $ | 1,565,897 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage loan receivables held for investment, net, at amortized cost: | | | | | | | | | Mortgage loans receivable | | Allowance for credit losses | | | | Mortgage loan receivables held | | Total Mortgage loan
receivables | | Balance December 31, 2022 | $ | 3,885,746 | | | $ | (20,755) | | | | | $ | 27,391 | | | $ | 3,892,382 | | | Origination of mortgage loan receivables | 68,415 | | 1 | — | | | | | — | | | 68,415 | | | | | | | | | | | | | Repayment of mortgage loan receivables | (726,710) | | | — | | | | | — | | | (726,710) | | | | | | | | | | | | | Non-cash disposition of loan via foreclosure | (91,408) | | | 2,700 | | | | | — | | | (88,708) | | | Realized gain on sale of mortgage loan receivables | — | | | — | | | | | (523) | | | (523) | | | | | | | | | | | | | Accretion/amortization of discount, premium and other fees | 19,046 | | | — | | | | | — | | | 19,046 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Release of provision for current expected credit loss, net | — | | | (25,110) | | | | | — | | | (25,110) | | | Balance December 31, 2023 | $ | 3,155,089 | | | $ | (43,165) | | | | | $ | 26,868 | | | $ | 3,138,792 | |
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