
				March 31, 2026
in thousands	Origination Date	Loan Type	Periodic Payment Terms	Interest Rate(1)	Loan Amount(2)		Principal Balance Outstanding		Fair Value		Maturity Date(3)


The Catherine II Loan	12/10/2025	Senior	Interest Only	6.63%	$	86,250	$	83,100	$	83,100	12/9/2030
Sync DFW Multifamily Portfolio Loan	1/9/2026	Senior	Interest Only	6.28%	113,998		113,998		113,998		1/9/2031
Total					$	200,248	$	197,098	$	197,098


				December 31, 2025
in thousands	Origination Date	Loan Type	Periodic Payment Terms	Interest Rate(1)	Loan Amount(2)		Principal Balance Outstanding		Fair Value		Maturity Date(3)
5805 N Jackson Gap Loan	1/20/2023	Mezzanine	Interest Only	12.48%	$	12,245	$	12,245	$	12,235	2/9/2028
The Catherine II Loan	12/10/2025	Senior	Interest Only	6.71%	86,250		83,100		83,100		12/9/2030
Total					$	98,495	$	95,345	$	95,335

(3)Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement.

During the three months ended March 31, 2026 and 2025, we recognized $0.3 million and $0.4 million, respectively, of interest income from the 5805 N Jackson Gap Loan, a mezzanine commercial real estate loan, which is recorded as income from commercial loans in our condensed consolidated statement of operations. On February 10, 2026, a short-term extension was granted to the borrower of 5805 N Jackson Gap Loan to extend the maturity date of the loan to March 9, 2026. On February 20, 2026, the loan was repaid in full at par value.

We have originated commercial real estate loan investments structured as senior loans, which are partially financed by the secured lending agreement described in Note 10 — “Borrowings”. During the three months ended March 31, 2026, we recognized $3.0 million of interest income from these commercial loans which is recorded as income from commercial loans in our condensed consolidated statement of operations and we recognized interest expense on the secured lending agreement of $2.1 million which is recorded as interest expense in our condensed consolidated statement of operations. We also recognized income from origination fees of $1.0 million during the three months ended March 31, 2026, which is recorded as income from commercial loans in our condensed consolidated statement of operations. We did not have any senior commercial real estate loan investments generating interest income during the three months ended March 31, 2025.