Debt (Tables)

6 Months Ended

Jun. 30, 2026

Below is a summary of the Company's Repurchase facilities and revolving credit facilities - commercial mortgage loans ("Repo and Revolving Credit Facilities"), Mortgage note payable, Other financings and Unsecured debt as of June 30, 2026 and December 31, 2025 (dollars in thousands):


	June 30, 2026
Repo and revolving credit facilities - commercial mortgage loans(2):	Capacity		Amount Outstanding		Interest Expense(1)		Ending Weighted Average Interest Rate		Term Maturity
JPM Repo Facility(3)	$	750,000	$	481,069	$	18,280	5.84	%	07/2027

Atlas Repo Facility	350,000		77,878		5,918		6.26	%	01/2027
WF Repo Facility(4)	250,000		—		2,214		N/A		10/2027
Barclays Revolver Facility(5)	100,000		—		62		N/A		09/2026
Barclays Repo Facility(5)	500,000		—		1,856		N/A		03/2028
MS Repo Facility(6)	150,000		—		—		N/A		05/2029
BAML WH Line of Credit(8)	450,000		13,442		1,044		4.92	%	06/2027
Fifth Third WH Line of Credit(8)	400,000		56,427		521		4.92	%	07/2027
Fifth Third Line of Credit(9)	125,000		—		946		N/A		03/2027
JPM WH Line of Credit(10)	700,000		127,720		1,546		5.00	%	01/2027
PNC WH Line of Credit(11)	500,000		45,844		827		4.95	%	12/2026
ASAP WH Line of Credit(12)	100,000		—		—		N/A		N/A
Total/Weighted average	$	4,375,000	$	802,380	$	33,214	5.62	%
Mortgage note payable:
Debt related to our REO(13)	N/A		$	24,186	$	767	5.88	%	04/2029
Other financings:
Other financings(14)	N/A		$	12,865	$	388	6.00	%	07/2028
Unsecured Debt
Senior Notes(15)(16)	N/A		$	107,000	$	4,761	Various(15)(16)		Various(15)(16)
Junior Note I(17)	N/A		17,500		675		7.43	%	10/2035
Junior Note II(17)	N/A		40,000		1,478		7.23	%	12/2035
Junior Note III(17)	N/A		25,000		924		7.23	%	09/2036
Total/Weighted average	N/A		$	189,500	$	7,838	7.74	%

________________________

See notes below.


	December 31, 2025
Repo and revolving credit facilities - commercial mortgage loans(2):	Capacity		Amount Outstanding		Interest Expense(1)		Ending Weighted Average Interest Rate		Term Maturity
JPM Repo Facility(3)	$	500,000	$	439,408	$	18,107	6.04	%	07/2026
Atlas Repo Facility	350,000		150,744		10,598		6.35	%	01/2027
WF Repo Facility(4)	250,000		75,172		1,749		5.22	%	10/2027
Barclays Revolver Facility(5)	100,000		—		438		N/A		09/2026
Barclays Repo Facility(5)	500,000		82,602		8,889		5.59%		03/2028
Churchill Repo Facility(7)	—		—		555		N/A		N/A
BAML WH Line of Credit(8)	500,000		9,399		1,210		5.17%		06/2026
Fifth Third WH Line of Credit(8)	400,000		44,007		3,169		5.02%		07/2026
Fifth Third Line of Credit(9)	100,000		15,000		1,265		6.53	%	08/2026
JPM WH Line of Credit(10)	700,000		222,831		5,892		5.04	%	01/2026
PNC WH Line of Credit(11)	500,000		47,924		1,628		4.99	%	12/2026
ASAP WH Line of Credit(12)	100,000		—		—		N/A		N/A
Total/Weighted average	$	4,000,000	$	1,087,087	$	53,500	5.70	%
Mortgage note payable:
Debt related to our REO(13)	N/A		$	23,998	$	1,783	6.87	%	10/2026
Other financings:
Other financings(14)	N/A		$	12,865	$	783	6.00	%	07/2028
Unsecured Debt
Senior Notes(15)(16)	N/A		$	107,000	$	6,158	Various(15)(16)		Various(15)(16)
Junior Note I(17)	N/A		17,500		1,458		7.60	%	10/2035
Junior Note II(17)	N/A		40,000		3,195		7.28	%	12/2035
Junior Note III(17)	N/A		25,000		1,997		7.28	%	09/2036
Total/Weighted average	N/A		$	189,500	$	12,808	7.81	%

________________________

(1) Represents year to date expense and includes amortization of deferred financing costs.

(2) The Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of between 60% to 75% of the principal amount of the mortgage loan being pledged. These loans are all floating rate at the Secured Overnight Financing Rate ("SOFR") plus an applicable spread. Additionally, the Repo and Revolving Credit Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of both June 30, 2026 and December 31, 2025, the Company was in compliance with all debt covenants.

(3) On May 7, 2026, the Company extended the maturity date to July 27, 2027. There is one one-year extension option remaining.

(4) There are three one-year extension options.

(5) There is one one-year extension option.

(6) On May 27, 2026, the Company entered into a master repurchase agreement ("MRA") with Morgan Stanley Mortgage Capital Holdings LLC, with a maximum facility amount of $150.0 million and an initial three year term with two one-year extension options.

(7) On October 21, 2025, the Company terminated the Churchill MRA.

(8) Collateralized by a first lien on the Company’s interest in the mortgage loans that it originates. Advances cannot exceed 100% of the principal amounts of the mortgage loans originated by the Company and must be repaid at the earlier of the sale or other disposition of the mortgage loans or at the expiration date of the Line of Credit.

(9) Operating line that is secured by an equity interest in NewPoint Real Estate Capital LLC ("NPREC").

(10) On January 31, 2026, the Company extended the maturity date to January 29, 2027.

(11) Collateralized by a first lien on the Company’s interest in the mortgage loans that it originates.

(12) The Company has a $100.0 million ASAP agreement with Fannie Mae providing us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, has no expiration date and bears interest at SOFR + 1.50%, with a 0.25% SOFR floor.

(13) Relates to a mortgage note payable in Jeffersonville JV, a consolidated joint venture. The loan has a principal amount of $113.6 million of which $89.4 million of the loan is owned by the Company and was eliminated in our consolidated financial statements (see Note 8 - Real Estate Owned). On April 9, 2026, the Company refinanced the mortgage note, upsized the capacity and extended the maturity date to April 9, 2029 for the Company and the affiliated fund (see Note 18 - Related Party Transactions and Arrangements).

(14) Comprised of one note-on-note financing via a participation agreement. From inception of the loan, the Company's outstanding loan could increase as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The contractual maturity date of this loan is July 2028.

(15) During the second quarter of 2025, the Company issued $82.0 million of 8.25% fixed-rate senior unsecured notes. These notes mature on April 25, 2030.

(16) During the second quarter of 2025, the Company issued $25.0 million of floating-rate senior unsecured notes. As of June 30, 2026, the interest rate on these notes was SOFR + 4.00%. These notes mature on April 25, 2028.

(17) The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Interest paid on unsecured junior debt totaled $1.5 million and $3.1 million for the three and six months ended June 30, 2026, respectively.

Schedule of Repurchase Agreements

Below is a summary of the Company's MRAs which were included in Repurchase agreements - real estate securities in the Company's consolidated balance sheets as of June 30, 2026 and December 31, 2025 (dollars in thousands):


	June 30, 2026
Counterparty	Amount Outstanding		Interest Expense		Collateral Pledged(1)		Weighted Average Interest Rate		Weighted Average Days to Maturity
JP Morgan Securities LLC	$	31,714	$	590	$	38,041	4.52	%	10
Wells Fargo Securities, LLC	—		—		—		—	%	0
Barclays Capital Inc.	30,688		623		38,448		4.75	%	8
Lucid Prime Fund	36,314		1,270		42,779		4.44	%	16
Santander Securities	97,822		2,116		116,950		4.43	%	12
Total/Weighted Average	$	196,538	$	4,599	$	236,218	4.50	%	12

________________________

See note below


	December 31, 2025
Counterparty	Amount Outstanding		Interest Expense		Collateral Pledged(1)		Weighted Average Interest Rate		Weighted Average Days to Maturity
JP Morgan Securities LLC	$	7,856	$	1,278	$	9,254	4.63	%	29
Wells Fargo Securities, LLC	—		2,288		—		—	%	0
Barclays Capital Inc.	25,044		1,510		31,386		4.83	%	25
Lucid Prime Fund	54,718		1,644		65,324		4.67	%	15
Santander Securities	99,753		1,294		119,880		4.60	%	14
Total/Weighted Average	$	187,371	$	8,014	$	225,844	4.65	%	16

________________________

(1) Includes $49.0 million and $74.2 million of CMBS bonds, held by the Company, which is eliminated through consolidation of the related CLO's on the Company's consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.

Schedule of Collateralized Loan Obligations by Tranche

The following table represents the terms of the notes issued by 2023-FL10 Issuer, 2024-FL11 Issuer, 2025-FL12 Issuer and 2026-FL13 Issuer (collectively the “CLOs”), as of June 30, 2026 and December 31, 2025:


	June 30, 2026
CLO Facility	Number of Loans in pool(1)	Benchmark interest rate	Weighted Average Spread		Par Value		Par Value Outstanding(2)		Principal Balance of Collateralized Mortgage Assets		Maturity Dates
2023-FL10 Issuer	27	AVG SOFR	2.92	%	717,243		355,541		534,854		9/15/2035
2024-FL11 Issuer	35	Term SOFR	1.99	%	886,176		886,176		1,021,614		7/15/2039
2025-FL12 Issuer	61	Term SOFR	1.61	%	947,189		947,189		1,002,235		4/17/2043
2026-FL13 Issuer	45	Term SOFR	1.76	%	778,094		778,094		879,966		10/18/2043
					$	3,328,702	$	2,967,000	$	3,438,669

	December 31, 2025
CLO Facility	Number of Loans in pool(1)	Benchmark interest rate	Weighted Average Spread		Par Value		Par Value Outstanding(2)		Principal Balance of Collateralized Mortgage Assets		Maturity Dates
2022-FL8 Issuer	21	AVG SOFR	2.07	%	960,000		370,348		609,074		2/15/2037
2023-FL10 Issuer	32	Term SOFR	2.68	%	717,243		553,214		715,694		9/15/2035
2024-FL11 Issuer	38	Term SOFR	1.99	%	886,176		886,176		1,024,380		7/15/2039
2025-FL12 Issuer	50	Term SOFR	1.67	%	947,189		947,189		1,046,909		4/17/2043
					$	3,510,608	$	2,756,927	$	3,396,057

________________________

(1) Loan assets may be pledged towards one or multiple CLO pool.

(2) Excludes $277.0 million and $366.1 million of CLO notes held by the Company, which are eliminated in Collateralized loan obligations in the consolidated balance sheet as of June 30, 2026 and December 31, 2025, respectively.

Schedule of Collateralized Loan Obligations

The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of June 30, 2026 and December 31, 2025 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. The VIEs are non-recourse to the Company.


	June 30, 2026		December 31, 2025
Assets (dollars in thousands)
Cash and cash equivalents(1)	$	80,890	$	51,153
Commercial mortgage loans, held for investment, net(2)	3,245,578		3,317,040
Accrued interest receivable	14,654		18,302
Total Assets	$	3,341,122	$	3,386,495

Liabilities (dollars in thousands)
Notes payable(3)(4)	$	3,244,040	$	3,123,046
Accrued interest payable	7,829		8,857
Total Liabilities	$	3,251,869	$	3,131,903

________________________

(1) Includes $80.2 million and $50.5 million of cash held by the servicer related to CLO loan payoffs as of June 30, 2026 and December 31, 2025, respectively.

(2) The balance is presented net of allowance for credit losses of $15.2 million and $15.4 million as of June 30, 2026 and December 31, 2025, respectively.

(3) Includes $277.0 million and $366.1 million of CLO notes, held by the Company, which are eliminated in Collateralized loan obligations of the consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.

(4) The balance is presented net of deferred financing cost and discount of $23.4 million and $21.3 million as of June 30, 2026 and December 31, 2025, respectively. The deferred financing costs are amortized over the expected lifetime of each CLO.

The following table presents the assets and liabilities of the consolidated CMBS trust (dollars in thousands):


Assets:	June 30, 2026
Commercial mortgage loans, at fair value	$	541,121
Accrued interest receivable	2,896
Consolidated variable interest entities assets, at fair value	$	544,017
Liabilities:
Commercial mortgage-backed securities, at fair value	$	513,716
Accrued interest payable	2,703
Consolidated variable interest entities liabilities, at fair value	$	516,419

________________________

In the prior year, the Company did not consolidate any CMBS trust entities.

The following table presents the change in net assets of the consolidated variable interest entity (dollars in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Interest income	$	3,957	$	3,957
Interest expense	(3,661)		(3,661)
Unrealized gain/(loss)	—		—
Change in net assets of consolidated variable interest entity	$	296	$	296

________________________

In the prior year, the Company did not consolidate any CMBS trust entities.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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