During the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture, of which the Company currently owns as of December 31, 2025, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50% of the outstanding equity. The Unconsolidated Joint Venture holds approximately 92% of the membership interest in the NewPoint JV. Through the Unconsolidated Joint Venture, the Company holds an approximate 46% interest in the NewPoint JV and accounts for its investment under the equity method. The primary purpose of the NewPoint JV is to source, underwrite, close and service on an ongoing basis multifamily bridge loans, participation interests, and other debt instruments such as loans. As of December 31, 2025 and 2024, the carrying value of the Company’s investment in NP JV Holdings was $149.2 million and $181.4 million, respectively, which approximates fair value and is included in investment in unconsolidated entities on the consolidated balance sheets. The Company recorded a gain totaling $9.1 million and $13.6 million, which represented its share of NP JV Holdings’ gain, during the years ended December 31, 2025 and 2024, respectively, in the consolidated statements of operations. During the year ended December 31, 2025, the Company contributed an additional $26.5 million to NP JV Holdings. The Company also received $67.9 million in distributions during the year ended December 31, 2025, $52.9 million of which can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. Further, of the $67.9 million in distributions received during the year ended December 31, 2025, $7.9 million was recognized as a return on investment and $60.0 million was recognized as a return of investment and reduced the invested capital and the carrying amount. As of December 31, 2025, the Company had $60.3 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying consolidated balance sheets.


	Year Ended December 31,
	2025		2024
Assets:
Real estate investments - at fair value	$	96,109	$	40,796
Loans held-for-investment - at fair value, net of deferred fees	$	813,069	$	1,093,202
Total assets	$	932,250	$	1,186,794

Liabilities and equity:
Repurchase facilities and securitized debt, net of deferred fees	$	604,347	$	777,239
Total liabilities	$	609,645	$	798,626
Total equity	$	322,605	$	388,168


	Year Ended December 31,
	2025		2024		2023
Total revenues	$	91,508	$	93,666	$	82,164
Total expenses	62,554		65,261		54,164
Total other (expense) income	(9,279)		1,002		(2,011)
Net income	$	19,675	$	29,407	$	25,989