Consolidated Variable Interest Entities Assets and Liabilities, at Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

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

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(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 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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