| Schedule of Offsetting Assets |
The table below provides a gross presentation, the effects of offsetting, and a net presentation of the Company's derivative instruments and repurchase agreements as of June 30, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts Not Offset on the Balance Sheet | | Assets(1) | | Gross Amounts of Recognized Assets | | Gross Amounts Offset on the Balance Sheet | | Net Amount of Assets Presented on the Balance Sheet | | Financial Instruments | | Cash Collateral(2) | | Net Amount | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | | | | | | | | | | Derivative instruments, at fair value | | $ | 10 | | | $ | 10 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | December 31, 2025 | | | | | | | | | | | | | | Derivative instruments, at fair value | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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| | Gross Amounts Not Offset on the Balance Sheet | | | | Liabilities | | Gross Amounts of Recognized Liabilities | | Gross Amounts Offset on the Balance Sheet | | Net Amount of Liabilities Presented on the Balance Sheet | | Financial Instruments | | Cash Collateral(2) | | Net Amount | | June 30, 2026 | | | | | | | | | | | | | | Repurchase agreements - commercial mortgage loans | | $ | 802,380 | | | $ | — | | | $ | 802,380 | | | $ | 802,380 | | | $ | — | | | $ | — | | | Repurchase agreements - real estate securities | | 196,538 | | | — | | | 196,538 | | | 196,538 | | | — | | | — | | | Derivative instruments, at fair value | | 66 | | | 10 | | | 56 | | | — | | | 56 | | | — | | | December 31, 2025 | | | | | | | | | | | | | | Repurchase agreements - commercial mortgage loans | | $ | 1,087,087 | | | $ | — | | | $ | 1,087,087 | | | $ | 1,087,087 | | | $ | — | | | $ | — | | | Repurchase agreements - real estate securities | | 187,371 | | | — | | | 187,371 | | | 187,371 | | | — | | | — | | | Derivative instruments, at fair value | | 742 | | | — | | | 742 | | | — | | | 742 | | | — | |
________________________(1) As of June 30, 2026, there were no assets which were presented gross within the scope of ASC 210-20, Balance Sheet — Offsetting. (2) Included in Restricted cash in the Company's consolidated balance sheets.
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| Schedule of Offsetting Liabilities |
The table below provides a gross presentation, the effects of offsetting, and a net presentation of the Company's derivative instruments and repurchase agreements as of June 30, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts Not Offset on the Balance Sheet | | Assets(1) | | Gross Amounts of Recognized Assets | | Gross Amounts Offset on the Balance Sheet | | Net Amount of Assets Presented on the Balance Sheet | | Financial Instruments | | Cash Collateral(2) | | Net Amount | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | | | | | | | | | | Derivative instruments, at fair value | | $ | 10 | | | $ | 10 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | December 31, 2025 | | | | | | | | | | | | | | Derivative instruments, at fair value | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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| | Gross Amounts Not Offset on the Balance Sheet | | | | Liabilities | | Gross Amounts of Recognized Liabilities | | Gross Amounts Offset on the Balance Sheet | | Net Amount of Liabilities Presented on the Balance Sheet | | Financial Instruments | | Cash Collateral(2) | | Net Amount | | June 30, 2026 | | | | | | | | | | | | | | Repurchase agreements - commercial mortgage loans | | $ | 802,380 | | | $ | — | | | $ | 802,380 | | | $ | 802,380 | | | $ | — | | | $ | — | | | Repurchase agreements - real estate securities | | 196,538 | | | — | | | 196,538 | | | 196,538 | | | — | | | — | | | Derivative instruments, at fair value | | 66 | | | 10 | | | 56 | | | — | | | 56 | | | — | | | December 31, 2025 | | | | | | | | | | | | | | Repurchase agreements - commercial mortgage loans | | $ | 1,087,087 | | | $ | — | | | $ | 1,087,087 | | | $ | 1,087,087 | | | $ | — | | | $ | — | | | Repurchase agreements - real estate securities | | 187,371 | | | — | | | 187,371 | | | 187,371 | | | — | | | — | | | Derivative instruments, at fair value | | 742 | | | — | | | 742 | | | — | | | 742 | | | — | |
________________________(1) As of June 30, 2026, there were no assets which were presented gross within the scope of ASC 210-20, Balance Sheet — Offsetting. (2) Included in Restricted cash in the Company's consolidated balance sheets.
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