NOTE 11 — SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | Supplemental Disclosures of Non-Cash Investing and Financing Activities: | | | | | | Distributions declared and unpaid | $ | 14,477 | | | $ | 16,508 | | | $ | 16,047 | | Accrued capital expenditures | $ | 382 | | | $ | 2,201 | | | $ | 544 | | Construction reserve allocation | $ | — | | | $ | — | | | $ | (190) | | Real estate acquired via deed-in-lieu of foreclosure | $ | 151,043 | | | $ | — | | | $ | — | | Assumption of other assets and liabilities related to real estate acquired via deed-in-lieu of foreclosure | $ | (3,260) | | | $ | — | | | $ | — | | Transfer of loans held-for-investment to real estate acquired via deed-in-lieu of foreclosure | $ | (149,438) | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | Accrued deferred financing costs | $ | — | | | $ | — | | | $ | 132 | | Common stock issued through distribution reinvestment plan | $ | 31,217 | | | $ | 42,635 | | | $ | 42,879 | | | | | | | | | | | | | | Change in fair value of real estate-related securities | $ | (4,167) | | | $ | (5,140) | | | $ | (32,617) | | | | | | | | Conversion of loan held-for-investment to equity securities | $ | — | | | $ | (5,060) | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Supplemental Cash Flow Disclosures: | | | | | | Interest paid | $ | 164,435 | | | $ | 233,379 | | | $ | 247,521 | | Cash paid for taxes | $ | 420 | | | $ | 1,704 | | | $ | 1,115 | |
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