12. Subsequent Events

Investment Activity

Subsequent to December 31, 2025, the Company purchased an additional pool of nine residential bridge loans with a total loan amount and outstanding principal balance of $9.2 million and $3.5 million, respectively. Additionally, the Company funded an additional $3.3 million towards the principal balance of existing residential bridge loans.

Subsequent to December 31, 2025, the Company received $74.3 million related to the repayment of the outstanding principal balance of five commercial real estate loans.

Borrowing Activity

Subsequent to December 31, 2025 and including the date hereof, the Company was in compliance with all loan covenants.

Atlas Repurchase Facility

On January 14, 2026, a subsidiary of the Company, FCR DC JV Atlas Seller LLC, as seller (the “Atlas Seller”), and Atlas Securitized Products Investments 2, L.P., as administrative agent and buyer (“ASP”), Atlas Securitized Products Funding 1, L.P., Atlas Securitized Products Funding 2, L.P., Atlas Securitized Products Funding 3, L.P. and Atlas Securitized Products, L.P., each as a buyer, the Company, as guarantor and FCR DC JV Atlas Pledgor LLC, as equity pledgor entered into an second amendment (the “Second Amendment”) to the Master Repurchase Agreement, dated October 11, 2024 (as amended by that first amendment, dated April 23, 2025, and by the Second Amendment, together with the related transaction documents, the “Atlas Repurchase Agreement”). Pursuant to the Second Amendment, (i) the financing available in connection with the acquisition and origination by the Company of certain loans, as more particularly described in the Atlas Repurchase Agreement, was increased from an aggregate of $300 million to $450 million, (ii) Atlas Securitized Products Funding 1, L.P., Atlas Securitized Products Funding 2, L.P., Atlas Securitized Products Funding 3, L.P. and Atlas Securitized Products, L.P. were joined as buyers to the Atlas Repurchase Agreement and related Program Agreements (as defined therein) and (iii) Credit Events (as defined in the Atlas Repurchase Agreement) were removed as a condition precedent to Margin Deficits.

In connection with the Second Amendment, on January 14, 2026, the Company entered into a second amendment to guaranty, dated October 11, 2024 (the “Amended Atlas Guaranty”). Pursuant to the Amended Atlas Guaranty, the Company agreed to satisfy certain minimum adjusted net worth standards and certain liquidity requirements.

MS Repurchase Facility

On March 12, 2026, the MS Seller, Morgan Stanley, as administrative agent for MS Buyers entered into an amendment (the “Amended MS Seller Repurchase Agreement”) to the MS Seller Repurchase Agreement. Pursuant to the Amended MS Seller Repurchase Agreement, the financing available in connection with the acquisition and/or origination by the Company of certain loans as more particularly described in the MS Seller Repurchase Agreement was increased from an aggregate of $250 million to $500 million.

Proceeds from the Issuance of Common Shares

In addition, on January 2, 2026, the Company issued 14,990 Class E shares to the board of trustees as payment for $0.3 million compensation expense for 2025 fiscal year service.

The Company has performed an evaluation of subsequent events through March 24, 2026, which is the date the consolidated financial statements were issued. Other than those items previously disclosed, no other events have occurred that require consideration as adjustments to, or disclosures in, the consolidated financial statements.