| Schedule of Financial Information of The Unconsolidated Joint Venture |
The following tables provide summarized financial information of the Unconsolidated Joint Venture for the periods set forth below (in thousands): | | | | | | | | | | | | | | | | | 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 | |
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