As of December 31, 2025, we had aggregate unfunded commitments of $1.2 billion across 53 loans receivable, and

$754.8 million of committed or identified financings for those commitments, resulting in net unfunded commitments of

$430.2 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs,

and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without

limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact

timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of

the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans,

Our contractual principal debt repayments as of December 31, 2025 were as follows ($ in thousands):

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.

Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity

date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer

(4)Total does not include $2.1 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities

As of December 31, 2025, our seven non-employee directors are entitled to annual compensation of $210,000 each, of

which $95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of

restricted common stock. As of December 31, 2025, the other two board members are employees of affiliates of our

Manager who also serve as executive officers and they are not compensated by us for their service as directors. In addition,

(i) the lead independent director receives additional annual cash compensation of $30,000, (ii) the chairs of our audit,

compensation, and corporate governance committees receive additional annual cash compensation of $20,000, $15,000,

and $10,000, respectively, and (iii) the members of our audit and investment risk management committees receive

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of