The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three and nine months ended March 31, 2026 and 2025 and the associated payable as of March 31, 2026 and December 31, 2025 (dollars in thousands):


	Three Months Ended March 31,				(Payable)/Receivable as of
	2026		2025		March 31, 2026		December 31, 2025
Acquisition expenses(1)	$	171	$	299	$	—	$	—
Administrative services expenses	2,334		3,348		(2,334)		(3,556)
Asset management and subordinated performance fee	6,054		6,555		(6,054)		(6,594)
Other related party expenses(2)(3)	895		494		(2,311)		(2,275)
Referral Fee Income	200		—		200		371

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(1) Total acquisition expenses paid during the three months ended March 31, 2026 and 2025 were $1.9 million and $1.6 million, respectively, of which $1.7 million and $1.3 million, were capitalized within the Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets.

(2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations.

(3) As of March 31, 2026 and December 31, 2025, the related party payables included (i) $1.2 million and $1.8 million, respectively, of payments made by the Advisor to third party vendors on behalf of the Company (ii) $0.9 million and $0.2 million of fees per the fee arrangement agreement between the Advisor and the Company.