As of December 31, 2025, the Company's held for investment loan portfolio was as follows (dollars in thousands):


Description	Location	Origination Date	Weighted Average Interest Rate(1)			Loan Amount(2)		Principal Balance Outstanding		Fair Value		Payment Terms	Maximum Maturity Date(3)
Industrial	Washington, D.C.	12/24/2025		6.13	%	$	147,250	$	139,400	$	139,400	Monthly; I/O	1/9/2031
Multifamily	Orlando, FL	12/9/2025		6.12	%		66,800		63,800		63,800	Monthly; I/O	12/9/2030
Multifamily	Santa Clara, CA	11/20/2025		6.26	%		87,750		87,500		87,500	Monthly; I/O	12/9/2030
Multifamily	New York, NY	10/16/2025		6.28	%		64,000		64,000		64,000	Monthly; I/O	11/9/2030
Multifamily	Pensacola, FL	10/9/2025		6.41	%		41,000		41,000		41,000	Monthly; I/O	10/9/2030
Industrial	Alpharetta, GA	9/22/2025		6.44	%		53,700		49,500		49,500	Monthly; I/O	10/9/2030
Multifamily	Fort Collins, CO	7/31/2025		6.41	%		82,000		81,750		81,750	Monthly; I/O	8/9/2030
Industrial	Canoga Park, CA	5/8/2025		7.04	%		28,930		21,726		21,726	Monthly; I/O	5/9/2030
Multifamily	Phoenix, AZ	4/16/2025		6.60	%		34,750		34,585		34,585	Monthly; I/O	5/9/2030
Multifamily	San Antonio, TX	4/3/2025		6.70	%		46,000		39,530		39,530	Monthly; I/O	4/9/2030
Industrial	Mooresville, NC	3/31/2025		6.70	%		36,750		35,000		35,000	Monthly; I/O	4/9/2030
Multifamily	Grand Prairie, TX	2/21/2025		6.72	%		46,000		45,420		45,420	Monthly; I/O	3/9/2030
Multifamily	Spring, TX	12/12/2024		7.17	%		32,800		32,800		32,800	Monthly; I/O	1/9/2030
Industrial	Nashville, TN & Atlanta, GA	9/12/2024		7.08	%		188,326		181,976		180,854	Monthly; I/O	10/9/2029
Multifamily	Berkeley, CA	8/7/2024		6.98	%		88,000		88,000		87,797	Monthly; I/O	8/7/2029
Multifamily	New York, NY	6/27/2024		7.48	%		20,000		20,000		19,948	Monthly; I/O	7/9/2029
Industrial	Various, United Kingdom	4/25/2024(4)		6.76	%		202,125		200,110		200,091	Quarterly; I/O	2/15/2029
Multifamily	Hayward, CA	11/30/2023		7.06	%		185,050		168,034		167,430	Monthly; I/O	12/9/2028
Total						$	1,451,231	$	1,394,131	$	1,392,131

__________________

(1)

Represents the weighted average interest rate for each loan as of period end. With the exception of the industrial loan asset collateralized by properties in various locations in the United Kingdom, loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. The industrial loan asset collateralized by properties in the United Kingdom earns interest based on the Secured Overnight Index Average (“SONIA”) plus a spread. On December 31, 2025, the 30-day SOFR and 30-day SONIA were 3.8% and 3.7%, respectively.

(2)

Loan amounts consist of outstanding principal balance plus unfunded loan commitments for each loan.

(3)

Maximum maturity date assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to satisfaction of certain predefined conditions as defined in the respective loan agreements.

(4)

Reflects the acquisition date of the loan participation.

As of December 31, 2024, the Company's held for investment loan portfolio was as follows (dollars in thousands):


Description	Location	Origination Date	Weighted Average Interest Rate(1)			Loan Amount(2)		Principal Balance Outstanding		Fair Value		Payment Terms	Maximum Maturity Date(3)
Multifamily	Spring, TX	12/12/2024		7.42	%	$	32,800	$	32,800	$	32,800	Monthly; I/O	1/9/2030
Industrial	Nashville, TN & Atlanta, GA	9/12/2024		7.33	%		188,326		181,178		179,422	Monthly; I/O	10/9/2029
Multifamily	Berkeley, CA	8/7/2024		7.23	%		88,000		88,000		87,463	Monthly; I/O	8/7/2029
Self-Storage	Various, United States	8/1/2024		7.68	%		78,209		65,894		65,254	Monthly; I/O	8/1/2029
Multifamily	New York, NY	6/27/2024		7.73	%		20,000		20,000		19,849	Monthly; I/O	7/9/2029
Industrial	Various, United Kingdom	4/25/2024(4)		7.21	%		187,740		187,740		186,328	Quarterly; I/O	2/15/2029
Multifamily	Houston, TX	2/9/2024		7.73	%		96,300		93,800		93,267	Monthly; I/O	2/11/2030
Multifamily	Hayward, CA	11/30/2023		7.73	%		185,050		165,080		163,832	Monthly; I/O	12/9/2028
Total						$	876,425	$	834,492	$	828,215

__________________

(1)

Represents the weighted average interest rate for each loan as of period end. With the exception of the industrial loan asset collateralized by properties in various locations in the United Kingdom, loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. The industrial loan asset collateralized by properties in the United Kingdom earns interest based on the Secured Overnight Index Average (“SONIA”) plus a spread. On December 31, 2024, the 30-day SOFR and 30-day SONIA were 4.5% and 4.7%, respectively.

(2)

Loan amounts consist of outstanding principal balance plus unfunded loan commitments for each loan.

(3)

(4)

Reflects the acquisition date of the loan participation. The loan is denominated in £.The values associated with this loan in the table above have been converted from £ to USD using the prevailing spot exchange rate for the applicable reporting period.

Unfunded commitments associated with these loans totaled $55.1 million as of December 31, 2025. Refer to Note 13 – “Commitments and Contingencies” for additional information.