| Schedule IV - Mortgage Loans on Real Estate |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal | | | | | | | | | | | | | | | Carrying | | Amount of | | | | | | | | | | | | | | | Amount of | | Loans Subject | | | | | | | Final | | Periodic | | | | Face | | Mortgages at | | to Delinquent | | | | | Interest | | Maturity | | Payment | | Prior | | Amount of | | December 31, | | Principal or | Loan Type | | Description / Location | | Rate (a) | | Date (b) | | Terms (c) | | Liens | | Mortgages (d) | | 2025 (e) | | Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior loan | | Office / Duluth, Georgia | | + 3.25% | | 4/1/2027 | | I/O | | N/A | | $ | 53,941 | | | $ | 53,941 | | | $ | — | | Senior loan | | Office / Orlando, Florida | | + 4.10% | | 3/10/2026 | | I/O | | N/A | | 62,140 | | | 62,057 | | | — | | Senior loan | | Office / Irvine, California | | Fixed 6.25% | | 7/7/2029 | | I/O | | N/A | | 168,568 | | | 168,150 | | | — | | Senior loan | | Office / Bethesda, Maryland | | + 3.86% | | 9/16/2026 | | I/O | | N/A | | 54,874 | | | 54,659 | | | — | | Senior loan | | Multifamily / Fort Lauderdale, Florida | | + 1.47% | | 12/7/2025 | (f) | I/O | | N/A | | 199,930 | | | 199,930 | | | — | | Senior loan | | Multifamily / Los Angeles, California | | + 2.60% | | 10/7/2028 | | I/O | | N/A | | 98,000 | | | 98,000 | | | — | | Senior loan | | Multifamily / Gainesville, Florida | | + 2.85% | | 3/6/2030 | | I/O | | N/A | | 55,000 | | | 54,647 | | | — | | Senior Loan | | Office / Boston, Massachusetts | | Fixed 5.00% | | 2/7/2031 | | I/O | | N/A | | 78,203 | | | 78,045 | | | — | | Senior Loan | | Office / Boston, Massachusetts | | (g) | | 2/7/2031 | | I/O | | N/A | | 52,860 | | | 52,754 | | | — | | Senior Loan | | Multifamily / Miami, Florida | | + 2.95% | | 8/7/2027 | | I/O | | N/A | | 155,000 | | | 154,529 | | | — | | Senior Loan | | Office / Tampa, Florida | | + 3.28% | | 2/7/2029 | | I/O | | N/A | | 169,769 | | | 169,450 | | | — | | Senior Loan | | Office / Atlanta, Georgia | | + 3.40% | | 3/7/2027 | | I/O | | N/A | | 300,780 | | | 300,150 | | | — | | Senior Loan | | Office / Phoenix, Arizona | | + 3.34% | | 4/7/2027 | | I/O | | N/A | | 347,531 | | | 346,142 | | | — | | Senior Loan | | Mixed-Use / Alpharetta, Georgia | | + 4.70% | | 4/7/2027 | | I/O | | N/A | | 86,112 | | | 85,717 | | | — | | Senior Loan | | Office / Washington D.C. | | + 4.00% | | 6/6/2027 | | I/O | | N/A | | 199,638 | | | 198,764 | | | — | | Senior Loan | | Industrial / Spanish Fork, Utah | | + 3.50% | | 1/7/2026 | | I/O | | N/A | | 65,412 | | | 65,210 | | | — | | Senior Loan | | Self-Storage / Various | | + 4.20% | | 9/7/2027 | | I/O | | N/A | | 61,120 | | | 60,923 | | | — | | Senior Loan | | Industrial / Various | | + 2.40% | | 8/9/2027 | | I/O | | N/A | | 232,800 | | | 230,185 | | | — | | Senior Loan | | Hospitality / Orlando, Florida | | + 4.40% | | 9/7/2028 | | I/O | | N/A | | 34,950 | | | 34,740 | | | — | | Senior Loan | | Hospitality / Philadelphia, Pennsylvania | | + 4.05% | | 1/7/2029 | | I/O | | N/A | | 33,714 | | | 33,483 | | | — | | Senior Loan | | Office / Houston, Texas | | + 2.22% | | 1/7/2028 | | I/O | | N/A | | 102,637 | | | 102,637 | | | — | | Senior Loan | | Hospitality / Salt Lake City, Utah | | + 4.25% | | 3/7/2029 | | I/O | | N/A | | 17,830 | | | 17,703 | | | — | | Senior Loan | | Hospitality / Alexandria, Virginia | | + 3.65% | | 9/7/2029 | | I/O | | N/A | | 31,000 | | | 30,760 | | | — | | Senior Loan | | Multifamily / Salt Lake City, Utah | | + 3.05% | | 11/9/2029 | | I/O | | N/A | | 32,500 | | | 32,241 | | | — | | Senior Loan | | Industrial / Houston, Texas | | + 2.95% | | 2/7/2030 | | I/O | | N/A | | 52,137 | | | 51,654 | | | — | | Senior Loan | | Hospitality / Casper, Wyoming | | + 3.85% | | 3/7/2030 | | I/O | | N/A | | 15,599 | | | 15,467 | | | — | | Senior Loan | | Hospitality / Prussia , Pennsylvania | | + 4.15% | | 7/7/2029 | | I/O | | N/A | | 30,300 | | | 30,032 | | | — | | Senior Loan | | Hospitality / New Orleans, Louisianna | | + 3.40% | | 6/7/2030 | | I/O | | N/A | | 33,399 | | | 33,009 | | | — | | Senior Loan | | Multifamily / Phoenix, Arizona | | + 3.05% | | 5/7/2028 | | I/O | | N/A | | 120,400 | | | 120,139 | | | — | | Senior Loan | | Multifamily / Salt Lake City, Utah | | + 2.70% | | 10/7/2030 | | I/O | | N/A | | 80,700 | | | 79,753 | | | — | | Senior Loan | | Mixed-Use / Boston, Massachusetts | | + 2.80% | | 11/9/2030 | | I/O | | N/A | | 78,000 | | | 77,094 | | | — | | Senior Loan | | Hospitality / Various | | + 3.50% | | 1/9/2031 | | I/O | | N/A | | 18,800 | | | 18,614 | | | — | | Senior Loan | | Hospitality / Various | | + 3.50% | | 1/9/2031 | | I/O | | N/A | | 79,876 | | | 79,084 | | | — | | Senior Loan | | Hospitality / Various | | + 3.50% | | 1/9/2031 | | I/O | | N/A | | 18,997 | | | 18,809 | | | — | | Senior Loan | | Mixed-Use / Dallas, Texas | | + 2.70% | | 1/9/2031 | | I/O | | N/A | | 154,900 | | | 153,207 | | | — | | Total loans | | | | | | | | | | | | $ | 3,377,417 | | | $ | 3,361,679 | | | $ | — | | | | | | | | | | | | | | | | | Current expected credit losses (h) | | | | | | | | | | — | | | (287,228) | | | — | | Total loans, net | | | | | | | | | | | | $ | 3,377,417 | | | $ | 3,074,451 | | | $ | — | |
____________________________________ (a)Expressed as a spread over the relevant floating benchmark rates, which include Term SOFR, and the 30-day SOFR average, as applicable to each loan. (b)Final maturity date assumes all extension options are exercised. (c)I/O = interest only until final maturity unless otherwise noted. (d)Face amount of mortgages includes $5.5 million in protective advances as of December 31, 2025. (e)The tax basis of the loans included above is $3.4 billion as of December 31, 2025. (f)As of December 31, 2025, the first mortgage loan was in maturity default. Subsequent to December 31, 2025, the first mortgage loan was repaid in full, inclusive of $4.6 million in accrued interest and fees. (g)The Company modified the first mortgage loan during the year ended December 31, 2025 and as a result of the modification, is not subject to any interest payments, provided no event of default occurs as defined in the loan agreement, as further discussed in Note 8 — Loans Held-For-Investment (h)As of December 31, 2025, the Company’s current expected credit losses related to its loans held-for-investment totaled $297.9 million, $287.2 million of which was related to the CRE loans. The following table reconciles mortgage loans on real estate for the years ended December 31 (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | Balance, beginning of period | $ | 3,085,104 | | | $ | 3,539,111 | | | $ | 3,264,841 | | Additions during period: | | | | | | Loan originations, acquisitions and funding | 715,117 | | | 162,892 | | | 483,099 | | Capitalized interest | 15,433 | | | 8,095 | | | — | | | | | | | | Accretion of fees and other items | 9,358 | | | 6,414 | | | 8,726 | | Total additions | $ | 739,908 | | | $ | 177,401 | | | $ | 491,825 | | Less: Deductions during period: | | | | | | Collections of principal | (598,531) | | | (356,649) | | | (120,394) | | Capitalized interest | — | | | — | | | — | | Transfer to real estate assets | (149,439) | | | — | | | — | | Charge-offs of CECL | (87,475) | | | — | | | — | | Deferred fees and other items | (9,713) | | | (2,174) | | | (8,273) | | Total deductions | $ | (845,158) | | | $ | (358,823) | | | $ | (128,667) | | | | | | | | | | | | | | Provision for credit losses | 94,597 | | | (272,585) | | | (88,888) | | Net balance, end of period | $ | 3,074,451 | | | $ | 3,085,104 | | | $ | 3,539,111 | |
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