SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19 — SUBSEQUENT EVENTS In addition to subsequent events previously disclosed, the following events also occurred subsequent to December 31, 2025. Redemptions of Shares of Common Stock Subsequent to December 31, 2025, the Company redeemed approximately 1.5 million shares for $7.9 million (at an average redemption price of $5.22 per share). The remaining redemption requests received during the three months ended December 31, 2025 totaling approximately 44.2 million shares went unfulfilled. Estimated Per Share NAV On March 19, 2026, the Board established an updated estimated per share NAV of the Company’s common stock as of December 31, 2025, of $5.14 per share. Commencing on March 27, 2026, distributions will be reinvested in shares of the Company’s common stock under the DRIP at a price of $5.14 per share and $5.14 serves as the most recent estimated per share NAV for purposes of the share redemption program. Investment and Disposition Activity Subsequent to December 31, 2025, the Company’s investment and disposition activity included the following: •Disposed of one property for a gross sales price of $13.2 million, resulting in net proceeds of $12.0 million after closing costs and a gain of approximately $3.8 million. •Settled $37.4 million on purchases of four corporate senior loans. •Originated one first mortgage loan with a principal balance of $56.0 million, funded an aggregate amount of $10.5 million to six of the Company’s first mortgage loans, and received full payoffs of $443.6 million on five of the Company’s first mortgage loans. Financing Activity Subsequent to December 31, 2025, the Company’s financing activity included the following: •Repaid $86.9 million of borrowings under the repurchase facilities with Citibank and J.P. Morgan, both of which are held through CLR. In addition, repaid $167.0 million of borrowings under the repurchase facility with Wells Fargo and $126.5 million of borrowings under the note on note financing arrangement with Mass Mutual. •Borrowed $8.5 million under the repurchase facilities with Barclays and J.P. Morgan, both of which are held through CLR. •Borrowed $25.0 million under the Loan Facility with Ally Bank. •Entered into an amendment (the “Second Amendment”) to the Loan and Security Agreement with the Lenders, Ally Bank and the Collateral Custodian to, among other things, extend the scheduled revolving period end date from February 10, 2026 to February 6, 2029 and extend the termination date to be the earlier of (i) the date that is two years after the revolving period end date or (ii) the date of the declaration of the termination date or the date of the automatic occurrence of the termination date upon the occurrence and continuation of an event of default. Additionally, the Second Amendment amends the interest rate under the Loan and Security Agreement from SOFR for the relevant interest period plus an applicable rate of 2.875% (and an additional 2.00% per annum following an event of default) to an interest rate of SOFR plus an applicable rate of 2.10% per annum (and an additional 2.00% per annum following an event of default). •Entered into an amendment to the Master Repurchase and Securities Contract with Wells Fargo, to amend and restate the fee letter, that was entered into in connection with the Master Repurchase and Securities Contract, to reduce the maximum facility amount of the repurchase facility from approximately $512.0 million to approximately $277.5 million. Additionally, the Company and a subsidiary of CLR (“CLR Seller”), amended and restated the fee letter that was entered into in connection with the Master Repurchase and Securities Contract by and between CLR Seller and Wells Fargo to, among other things, increase the maximum facility amount of the repurchase facility from $250.0 million to $500.0 million.

SUBSEQUENT EVENTS

NOTE 19 — SUBSEQUENT EVENTS

In addition to subsequent events previously disclosed, the following events also occurred subsequent to December 31, 2025.

Redemptions of Shares of Common Stock

Subsequent to December 31, 2025, the Company redeemed approximately 1.5 million shares for $7.9 million (at an average redemption price of $5.22 per share). The remaining redemption requests received during the three months ended December 31, 2025 totaling approximately 44.2 million shares went unfulfilled.

Estimated Per Share NAV

On March 19, 2026, the Board established an updated estimated per share NAV of the Company’s common stock as of December 31, 2025, of $5.14 per share. Commencing on March 27, 2026, distributions will be reinvested in shares of the Company’s common stock under the DRIP at a price of $5.14 per share and $5.14 serves as the most recent estimated per share NAV for purposes of the share redemption program.

Investment and Disposition Activity

Subsequent to December 31, 2025, the Company’s investment and disposition activity included the following:

•Disposed of one property for a gross sales price of $13.2 million, resulting in net proceeds of $12.0 million after closing costs and a gain of approximately $3.8 million.

•Settled $37.4 million on purchases of four corporate senior loans.

•Originated one first mortgage loan with a principal balance of $56.0 million, funded an aggregate amount of $10.5 million to six of the Company’s first mortgage loans, and received full payoffs of $443.6 million on five of the Company’s first mortgage loans.

Subsequent to December 31, 2025, the Company’s financing activity included the following:

•Repaid $86.9 million of borrowings under the repurchase facilities with Citibank and J.P. Morgan, both of which are held through CLR. In addition, repaid $167.0 million of borrowings under the repurchase facility with Wells Fargo and $126.5 million of borrowings under the note on note financing arrangement with Mass Mutual.

•Borrowed $8.5 million under the repurchase facilities with Barclays and J.P. Morgan, both of which are held through CLR.

•Borrowed $25.0 million under the Loan Facility with Ally Bank.

•Entered into an amendment (the “Second Amendment”) to the Loan and Security Agreement with the Lenders, Ally Bank and the Collateral Custodian to, among other things, extend the scheduled revolving period end date from February 10, 2026 to February 6, 2029 and extend the termination date to be the earlier of (i) the date that is two years after the revolving period end date or (ii) the date of the declaration of the termination date or the date of the automatic occurrence of the termination date upon the occurrence and continuation of an event of default. Additionally, the Second Amendment amends the interest rate under the Loan and Security Agreement from SOFR for the relevant interest period plus an applicable rate of 2.875% (and an additional 2.00% per annum following an event of default) to an interest rate of SOFR plus an applicable rate of 2.10% per annum (and an additional 2.00% per annum following an event of default).

•Entered into an amendment to the Master Repurchase and Securities Contract with Wells Fargo, to amend and restate the fee letter, that was entered into in connection with the Master Repurchase and Securities Contract, to reduce the maximum facility amount of the repurchase facility from approximately $512.0 million to approximately $277.5 million. Additionally, the Company and a subsidiary of CLR (“CLR Seller”), amended and restated the fee letter that was entered into in connection with the Master Repurchase and Securities Contract by and between CLR Seller and Wells Fargo to, among other things, increase the maximum facility amount of the repurchase facility from $250.0 million to $500.0 million.