Business Combinations (Tables)

3 Months Ended

Mar. 31, 2026

The table below summarizes the fair value of assets acquired and liabilities assumed from the UDF IV Merger.


(in thousands)	Preliminary Purchase Price Allocation	Measurement Period Adjustments	Updated Purchase Price Allocation
Assets
Cash and cash equivalents	$16,020	$—	$16,020
Loans, net	158,469	10,836	169,305
Investment in unconsolidated joint ventures	5,290	—	5,290
Other Assets:
Accrued interest	1,231	—	1,231
Receivable from third party	738	—	738
Other	1,946	—	1,946
Total assets acquired	$183,694	$10,836	$194,530
Liabilities
Accounts payable and other accrued liabilities	1,214	(605)	609
Contract liability	—	4,529	4,529
Total liabilities assumed	$1,214	$3,924	$5,138
Net assets acquired	$182,480	$6,912	$189,392

The table below illustrates the aggregate consideration transferred, net assets acquired, and the related bargain purchase

gain, which was primarily driven by a discount in UDF IV’s market valuation due to factors such as the illiquid nature of

UDF IV’s shares, and a change in our stock price between the date of the agreement and the closing date of the UDF IV

Merger.


(in thousands)	Preliminary Purchase Price Allocation	Measurement Period Adjustments	Updated Purchase Price Allocation
Fair value of net assets acquired	$182,480	$6,912	$189,392

Consideration transferred based on the value of common stock issued	64,600	—	64,600
Contingent consideration	15,409	(167)	15,242
Total consideration transferred	$80,009	$(167)	$79,842

Bargain purchase gain	$102,471	$7,079	$109,550

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.