| Schedule IV - Mortgage Loans on Real Estate |
Schedule IV — Mortgage Loans on Real Estate As of December 31, 2025 ($ in thousands)
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Description |
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Number of Loans |
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Property Type/Location |
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Contractual Interest Rate (1) |
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Maturity Date(2) |
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Periodic Payment |
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Principal Balance |
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Fair Value(5) |
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Commercial mortgage loans individually >3%(3) |
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Loan A |
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Data Center/Southwest |
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6.2% |
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Jan-30 |
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Interest Only |
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$ |
101,374 |
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$ |
101,374 |
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Loan B |
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Self-Storage/Various |
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6.5% |
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May-30 |
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Interest Only |
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95,181 |
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95,181 |
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Loan C |
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Mixed Use/Northeast |
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7.2% |
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Aug-30 |
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Interest Only |
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93,369 |
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93,369 |
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Loan D |
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Production Studio/West |
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7.7% |
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Sep-28 |
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Interest Only |
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80,912 |
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80,912 |
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Loan E |
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Data Center/Mid-Atlantic |
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8.2% |
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Apr-29 |
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Interest Only |
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69,786 |
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69,786 |
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Loan F |
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Multifamily/West |
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6.7% |
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Feb-29 |
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Interest Only |
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60,000 |
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60,000 |
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Loan G |
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Multifamily/Northeast |
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7.9% |
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Jul-28 |
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Interest Only |
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50,688 |
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50,688 |
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Loan H |
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Multifamily/Northeast |
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6.7% |
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Jan-29 |
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Interest Only |
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50,000 |
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49,873 |
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Loan I |
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Hotel/West |
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7.4% |
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Feb-29 |
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Interest Only |
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46,643 |
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46,643 |
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Loan J |
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Data Center/Mid-Atlantic |
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7.2% |
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Jul-29 |
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Interest Only |
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42,041 |
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42,041 |
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Loan K |
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Data Center/West |
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7.3% |
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Feb-30 |
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Interest Only |
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34,926 |
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34,926 |
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Loan L |
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Multifamily/Southwest |
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6.7% |
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Jul-29 |
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Interest Only |
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34,417 |
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34,417 |
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Commercial mortgage loans individually <3%(3) |
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First Mortgage |
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4 |
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Data Center/Various |
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5.95% - 8.1% |
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2030 |
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Interest Only |
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$ |
73,940 |
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$ |
73,940 |
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First Mortgage |
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4 |
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Multifamily/Various |
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7.45% - 8.1% |
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2025-2031 |
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Interest Only |
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71,729 |
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71,729 |
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First Mortgage |
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2 |
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Hotel/Various |
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7.45% - 8.45% |
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2028-2030 |
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Interest Only |
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43,504 |
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43,473 |
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First Mortgage |
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1 |
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Life Sciences/Northeast |
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7.0% |
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Aug-29 |
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Interest Only |
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24,663 |
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24,475 |
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Total Commercial mortgage loans |
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973,173 |
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972,826 |
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Description |
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Number of Loans |
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Property Type/location |
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Contractual Interest Rate (1) |
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Maturity Date(2) |
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Periodic Payment |
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Principal Balance |
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Fair Value |
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Subordinate loans individually >3%(3) |
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Loan A |
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1 |
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Multifamily/Various |
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11.0% |
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Jul-29 |
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Interest Only |
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$ |
62,500 |
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$ |
62,500 |
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Loan B |
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1 |
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Industrial/Various |
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10.0% |
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Sep-26 |
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Interest Only |
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50,000 |
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50,000 |
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Total Subordinate loans |
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$ |
112,500 |
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$ |
112,500 |
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Total loans(4) |
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$ |
1,085,673 |
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$ |
1,085,326 |
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________ 1.Assumes applicable benchmark rates as of December 31, 2025 for all floating rate loans. 2.Assumes all extension options are exercised. 3.No prior tax liens or delinquent interest exists on any of the Company's commercial real estate loans. 4.The aggregate cost for U.S. federal income tax purposes is $1.1 billion. 5.There are no delinquent principal or interest on any loan as of December 31, 2025. The following table summarizes the changes in the balance sheet reported amount of the Company's loan portfolio during 2025 and 2024 ($ in thousands):
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Reconciliation of Balance Sheet Reported Amount of Loans |
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December 31, 2025 |
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December 31, 2024 |
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Balance at the beginning of the year |
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$ |
814,066 |
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$ |
302,868 |
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Loan fundings |
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534,082 |
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511,374 |
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Loan repayments |
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(263,556 |
) |
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- |
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Unrealized gain/(loss) on fair value |
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3 |
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(354 |
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Amortization of fees, payment-in-kind interest and other items |
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731 |
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178 |
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Balance at the end of the year |
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$ |
1,085,326 |
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$ |
814,066 |
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