The Company finances pools of its commercial real estate loans through CRE CLOs, which are considered VIEs for financial reporting purposes, and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company has both the power to direct the activities of the CRE CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant; therefore, the Company consolidates the CRE CLOs.

The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of March 31, 2026, and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Loans held-for-investment	$	716,485	$	823,655
Allowance for credit losses	(23,136)		(21,689)
Loans held-for-investment, net	693,349		801,966

Restricted cash	—		31

Other assets	4,039		5,054
Total Assets	$	697,388	$	807,051
Securitized debt obligations	$	535,716	$	643,528

Other liabilities	995		1,273
Total Liabilities	$	536,711	$	644,801

The securitized debt obligations issued by the CRE CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets.


(dollars in thousands)	March 31, 2026					December 31, 2025
Securitized Debt Obligations	Principal Balance		Carrying Value		Wtd. Avg. Yield/Cost (1)	Principal Balance		Carrying Value		Wtd. Avg. Yield/Cost (1)
GPMT 2021-FL4 CRE CLO
Collateral assets	$	438,084	$	416,977	S+3.9%	$	464,162	$	446,569	S+3.9%
Financing provided	332,115		332,080		S+2.0%	358,193		357,954		S+1.9%
GPMT 2021-FL3 CRE CLO
Collateral assets	279,972		276,372		S+3.7%	361,910		355,428		S+3.6%
Financing provided	203,636		203,636		S+3.0%	285,574		285,574		S+2.7%






Total
Collateral assets	$	718,056	$	693,349	S+3.8%	$	826,072	$	801,997	S+3.7%
Financing provided	$	535,751	$	535,716	S+2.4%	$	643,767	$	643,528	S+2.3%

(1)Calculations of all-in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculation of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs.

As of March 31, 2026, the Company held $10.4 million in non-controlling other investments in limited partnerships, or LPs, and LLCs with the borrower entities of four loans held-for-investment by the Company. The Company may invest up to an additional aggregate $8.4 million in the form of other investments in these entities and is included within total unfunded commitments of loans held-for-investment as disclosed in Note 9 - Commitments and Contingencies.

The other investments in LPs and LLCs are considered VIEs, and the Company’s investments and loans are considered variable interests in the VIEs. The Company is not the primary beneficiary of the VIEs because it does not have the power to direct the activities of the entity that most significantly impact the entity’s performance as all decisions are directed by the unaffiliated general partner of the LPs and LLCs and, thus, does not consolidate the investee LPs and LLCs. The other investments are included in the Company's condensed consolidated balance sheets within loans held-for-investment with a maturity date corresponding to the associated senior loan.