Loans Receivable, Net

The following table details overall statistics for our loans receivable portfolio ($ in thousands):


	June 30, 2026	December 31, 2025
Number of loans	133	131
Principal balance	$17,409,208	$18,154,768
Net book value	$16,936,895	$17,784,694
Unfunded loan commitments(1)	$1,107,729	$1,185,004
Weighted-average cash coupon(2)	+ 3.13%	+ 3.19%
Weighted-average all-in yield(2)	+ 3.35%	+ 3.39%
Weighted-average maximum maturity (years)(3)	2.8	2.5

(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real

estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will

generally be funded over the term of each loan, subject in certain cases to an expiration date.

(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark

rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of both

June 30, 2026 and December 31, 2025, 97% of our loans by principal balance earned a floating rate of interest,

primarily indexed to SOFR. The remaining 3% of our loans by principal balance earned a fixed rate of interest. In

addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the

cost-recovery and nonaccrual methods, if any.

(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid

prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of

June 30, 2026, 47% of our loans by principal balance were subject to yield maintenance or other prepayment

restrictions and 53% were open to repayment by the borrower without penalty. As of December 31, 2025, 40% of

our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 60% were

open to repayment by the borrower without penalty.

The following table details the index rate floors for our loans receivable portfolio as of June 30, 2026 ($ in thousands):


	Loans Receivable Principal Balance
Index Rate Floors	USD	Non-USD(1)	Total
Fixed Rate	$398,405	$135,273	$533,678
0.00% or no floor(2)	1,060,787	3,701,597	4,762,384
0.01% to 1.00% floor	1,314,333	1,286,448	2,600,781
1.01% to 2.00% floor	856,529	1,651,960	2,508,489
2.01% to 3.00% floor	5,754,709	366,401	6,121,110
3.01% or more floor	608,673	274,093	882,766
Total(3)	$9,993,436	$7,415,772	$17,409,208

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.

(2)Includes all impaired loans.

(3)As of June 30, 2026, the weighted-average index rate floor of our floating-rate loans receivable principal balance

was 1.53%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was

Activity relating to our loans receivable portfolio was as follows ($ in thousands):


	Net Book Value
Loans Receivable, as of December 31, 2025	$18,069,134
Loan fundings	1,451,838
Loan repayments, sales, and cost-recovery proceeds	(1,820,897)
Charge-offs	(75,071)
Transfer to owned real estate	(180,416)
Transfer to other assets, net(1)	(10,572)
Payment-in-kind interest, net of interest received	9,049
Unrealized loss on foreign currency translation	(121,642)
Deferred fees and other items(2)	(21,046)
Amortization of fees and other items(2)	34,353
Loans Receivable, as of June 30, 2026	$17,334,730
CECL reserve	(397,835)
Loans Receivable, net, as of June 30, 2026	$16,936,895

(1)This amount relates to intangible and other assets recorded in connection with a loan that was transferred to owned

real estate, net of any liabilities recorded upon acquisition. See Note 6 for further information.

(2)Other items primarily consist of purchase and sale discounts or premiums, exit fees, and deferred origination

expenses.

The tables below detail the property type and geographic distribution of the properties securing the loans in our loans

receivable portfolio ($ in thousands):


June 30, 2026
Property Type	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
Industrial	24	$4,503,186	$4,195,901	26%
Multifamily	46	4,161,897	3,994,054	25
Office	34	4,461,290	3,967,961	25
Hospitality	10	1,743,045	1,656,740	10
Retail	8	822,936	744,291	5
Self-storage	3	642,244	479,964	3
Life Sciences / Studio	4	284,772	266,408	2
Other	4	715,360	713,113	4
Total loans receivable	133	$17,334,730	$16,018,432	100%
CECL reserve		(397,835)
Loans receivable, net		$16,936,895

Geographic Location	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	47	$4,771,723	$3,980,482	25%
Northeast	19	2,132,423	2,028,575	13
West	23	1,858,650	1,774,545	11
Midwest	6	637,152	506,250	3
Northwest	3	476,987	472,722	3
Subtotal	98	9,876,935	8,762,574	55
International
United Kingdom	16	2,680,430	2,667,644	17
Australia	4	1,181,561	1,175,243	7
Ireland	3	1,000,931	990,480	6
Spain	2	657,798	654,260	4
Sweden	1	477,022	475,327	3
Canada	1	440,265	278,678	2
Other Europe	7	958,513	953,482	6
Other International	1	61,275	60,744	—
Subtotal	35	7,457,795	7,255,858	45
Total loans receivable	133	$17,334,730	$16,018,432	100%
CECL reserve		(397,835)
Loans receivable, net		$16,936,895

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2026,

which is our principal balance net of (i) $972.6 million of asset-specific debt, (ii) $20.3 million of cost-recovery

proceeds, and (iii) our total loans receivable CECL reserve of $397.8 million. Our asset-specific debt is structurally

non-recourse and term-matched to the corresponding collateral loans.


December 31, 2025
Property Type	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
Office	37	$4,879,422	$4,556,980	27%
Multifamily	46	4,457,767	4,305,534	26
Industrial	21	4,458,487	4,114,141	24
Hospitality	12	1,940,693	1,827,133	11
Retail	6	674,612	596,204	3
Self-storage	3	659,515	492,376	3
Life Sciences/Studio	4	284,079	277,373	2
Other	2	714,559	676,293	4
Total loans receivable	131	$18,069,134	$16,846,034	100%
CECL reserve		(284,440)
Loans receivable, net		$17,784,694

Geographic Location	Number of Loans	Net Book Value	Net Loan Exposure(1)	Net Loan Exposure Percentage of Portfolio
United States
Sunbelt	45	$4,715,039	$3,918,928	23%
West	23	1,963,032	1,872,531	11
Northeast	17	1,893,877	1,800,387	11
Midwest	6	619,726	609,433	4
Northwest	3	457,215	454,507	3
Subtotal	94	9,648,889	8,655,786	52
International
United Kingdom	19	3,595,424	3,582,983	21
Ireland	3	1,141,770	1,135,749	7
Australia	4	1,104,765	1,110,648	7
Spain	2	684,109	638,112	4
Sweden	1	502,124	500,917	3
Canada	1	455,407	288,504	2
Other Europe	6	875,579	872,527	4
Other International	1	61,067	60,808	—
Subtotal	37	8,420,245	8,190,248	48
Total loans receivable	131	$18,069,134	$16,846,034	100%
CECL reserve		(284,440)
Loans receivable, net		$17,784,694

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31,

2025, which is our principal balance net of (i) $999.8 million of asset-specific debt, (ii) $24.5 million of cost-

recovery proceeds, and (iii) our total loans receivable CECL reserve of $284.4 million. See Note 2 for further

discussion of loan participations sold. Our asset-specific debt is structurally non-recourse and term-matched to the

corresponding collateral loans.

Loan Risk Ratings

As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan

portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors

considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral

performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings

are defined in Note 2.

The following tables allocate the net book value and net loan exposure balances based on our internal risk ratings ($ in

thousands):


	June 30, 2026
Risk Rating	Number of Loans	Net Book Value	Net Loan Exposure(1)
1	1	$60,896	$61,025
2	21	2,884,735	2,715,318
3	85	11,667,474	10,798,610
4	17	2,026,473	1,969,169
5	9	695,152	474,310
Total loans receivable	133	$17,334,730	$16,018,432
CECL reserve		(397,835)
Loans receivable, net		$16,936,895

	December 31, 2025
Risk Rating	Number of Loans	Net Book Value	Net Loan Exposure(1)
1	3	$303,971	$302,564
2	20	2,875,870	2,704,222
3	85	11,907,947	11,045,913
4	17	2,806,758	2,705,706
5	6	174,588	87,629
Total loans receivable	131	$18,069,134	$16,846,034
CECL reserve		(284,440)
Loans receivable, net		$17,784,694

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2026,

which is our principal balance net of (i) $972.6 million of asset-specific debt, (ii) $20.3 million of cost-recovery

proceeds, and (iii) our total loans receivable CECL reserve of $397.8 million. Our net loan exposure as of

December 31, 2025 is our principal balance net of (i) $999.8 million of asset-specific debt, (ii) $24.5 million of cost-

recovery proceeds, and (iii) our total loans receivable CECL reserve of $284.4 million. Our asset-specific debt is

structurally non-recourse and term-matched to the corresponding collateral loans.

Our loan portfolio had a weighted-average risk rating of 3.0, based on net loan exposure, as of both June 30, 2026 and

December 31, 2025.

Current Expected Credit Loss Reserve

The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included

in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table

presents the activity in our loans receivable CECL reserve by investment pool for the three months ended June 30, 2026

and 2025 ($ in thousands):


	U.S. Loans(1)	Non-U.S. Loans	Unique Loans	Impaired Loans	Total
Loans Receivable, Net
CECL reserves as of December 31, 2025	$101,180	$45,470	$50,465	$87,325	$284,440
Increase (decrease) in CECL reserves	15,673	(6,305)	182	44,051	53,601
Charge-offs of CECL reserves	—	—	—	(46,451)	(46,451)
CECL reserves as of March 31, 2026	$116,853	$39,165	$50,647	$84,925	$291,590
Increase (decrease) in CECL reserves	980	21,358	(50,647)	163,174	134,865
Charge-offs of CECL reserves	—	—	—	(28,620)	(28,620)
CECL reserves as of June 30, 2026	$117,833	$60,523	$—	$219,479	$397,835

CECL reserves as of December 31, 2024	$80,057	$26,141	$47,087	$580,651	$733,936
Increase in CECL reserves	17,604	13,796	1,477	16,552	49,429
Charge-offs of CECL reserves	—	—	—	(41,824)	(41,824)
CECL reserves as of March 31, 2025	$97,661	$39,937	$48,564	$555,379	$741,541
(Decrease) increase in CECL reserves	(6,759)	(1,568)	4,249	48,445	44,367
Charge-offs of CECL reserves	—	—	—	(45,057)	(45,057)
CECL reserves as of June 30, 2025	$90,902	$38,369	$52,813	$558,767	$740,851

(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.

During the three months ended June 30, 2026, we recorded a net increase of $106.2 million in the CECL reserves against

our loans receivable portfolio, primarily driven by a $134.6 million increase in our asset-specific CECL reserve, partially

offset by a $28.3 million decrease in our general CECL reserve, bringing our total loans receivable CECL reserves to

$397.8 million as of June 30, 2026. The increase in our asset-specific reserve was driven by three additional loans with an

aggregate amortized cost basis of $502.0 million that were impaired during the three months ended June 30, 2026, of which

two are secured by office properties, and the other is secured by an office/mixed-use asset. The office sector recovery in

certain markets has continued to lag other commercial real estate sectors, which has, in certain cases, extended business

plans on transitional properties and impacted their performance, affecting some borrowers’ willingness and ability to

continue to support their assets. Impairments are determined individually as a result of changes in specific credit quality

factors for such loans. These factors include, among others, (i) the performance of the underlying property collateral, (ii)

discussions with the borrower, (iii) borrower events of default, and (iv) other facts and circumstances affecting the

borrower’s willingness and ability to satisfy its contractual obligations under the terms of the loan. During the three months

ended June 30, 2026, we recorded $7.1 million of interest income on these loans. Upon determining that the three loans

were impaired, the income accrual was suspended, as the recovery of interest income and principal was doubtful. The

increase in our asset-specific reserve was partially offset by charge-offs of $28.6 million primarily related to the resolution

of one previously impaired loan as a result of our acquisition of title through a foreclosure of a multifamily collateral

property located in Dallas, TX, which is now included on our consolidated balance sheet as an owned real estate asset. The

decrease in our general CECL reserve was primarily driven by changes in risk ratings, and a decrease in our loans

receivable balance, partially offset by new loan originations and an increase in the historical loss rate used in reserve

calculations related to the additional CECL reserve charge-offs.

As of June 30, 2026, we had an aggregate $219.5 million asset-specific CECL reserve related to nine of our loans

receivable, with a total amortized cost basis of $695.2 million, net of cost-recovery proceeds. Impairments are each

determined individually as a result of changes in the specific credit quality factors for each such loan. These factors

included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events

of default, and (iv) other facts that impact the borrower’s ability to pay the contractual amounts due under the terms of the

loan. This asset-specific CECL reserve was recorded based on our estimation of the fair value of each loan’s underlying

collateral as of June 30, 2026.

No income was recorded on our impaired loans subsequent to determining that such loans were impaired. During the three

months ended June 30, 2026, we did not receive any cash proceeds from such loans that would have been applied as a

reduction to the amortized cost basis of each respective loan.

As of June 30, 2026, one of our performing loans with an amortized cost basis of $148.8 million was in payment default,

was less than 90 days past due on its interest payment, and had a risk rating of “4.” This loan was not impaired as of June

30, 2026 as we expect to fully recover all contractual principal and interest amounts due under the loan agreement. All

other borrowers under performing loans were in compliance with the applicable contractual terms of each respective loan,

including any required payment of interest. Refer to Note 2 for further discussion of our policies on revenue recognition

and our CECL reserves.

Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the

net book value of our loan portfolio as of June 30, 2026 and December 31, 2025, respectively, by year of origination and

risk rating ($ in thousands):


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of June 30, 2026
Risk Rating	2026	2025	2024	2023	2022	Prior	Total
1	$—	$60,896	$—	$—	$—	$—	$60,896
2	—	909,370	61,275	—	238,535	1,675,555	2,884,735
3	1,241,733	4,058,785	276,302	—	2,452,411	3,638,243	11,667,474
4	—	148,775	—	—	151,863	1,725,835	2,026,473
5	—	—	—	—	92,116	603,036	695,152
Total loans receivable	$1,241,733	$5,177,826	$337,577	$—	$2,934,925	$7,642,669	$17,334,730
CECL reserve							(397,835)
Loans receivable, net							$16,936,895

Gross charge-offs(2)	—	—	—	—	(29,380)	(45,691)	$(75,071)


	Net Book Value of Loans Receivable by Year of Origination(1)
	As of December 31, 2025
Risk Rating	2025	2024	2023	2022	2021	Prior	Total
1	$—	$—	$—	$151,674	$98,329	$53,968	$303,971
2	792,802	61,068	—	586,066	1,265,922	170,012	2,875,870
3	4,335,677	$274,866	—	2,592,446	2,869,787	1,835,171	11,907,947
4	—	—	—	367,804	582,317	1,856,637	2,806,758
5	—	—	—	—	31,700	142,888	174,588
Total loans receivable	$5,128,479	$335,934	$—	$3,697,990	$4,848,055	$4,058,676	$18,069,134
CECL reserve							(284,440)
Loans receivable, net							$17,784,694

Gross charge-offs(2)	—	—	—	(54,404)	(214,796)	(286,916)	$(556,116)

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan

modifications.

(2)Represents charge-offs by year of origination during the six months ended June 30, 2026 and year ended

December 31, 2025, respectively.

Loan Modifications Pursuant to ASC 326

During the twelve months ended June 30, 2026, we entered into one loan modification that requires disclosure pursuant to

ASC 326. This loan was collateralized by a life sciences/studio asset.

The loan modification included a term extension of 4.3 years, the interest rate decreased by 3.56%, and the loan was

bifurcated into a separate senior loan and subordinate loan. We are accruing all of the interest on the senior loan that is

paying current, and deferring interest on the subordinate loan, which is paid-in-kind. As of June 30, 2026, the aggregate

amortized cost basis of these loans was $122.3 million, or 0.7% of our aggregate loans receivable portfolio, with an

aggregate $34.7 million of unfunded commitments. These loans were in compliance with their modified contractual terms

as of June 30, 2026.

This loan had a risk rating of “5” at the time of modification. The modification resulted in the bifurcation of the loan into

separate senior and subordinate loans, or two loans in aggregate. As of June 30, 2026, the newly bifurcated senior loan had

a risk rating of “4,” and the newly bifurcated subordinate loan had a risk rating of “5,” as collection of amounts due under

the loan terms was doubtful.

Loans with a risk rating of “3” and “4” are included in the determination of our general CECL reserve and loans with a risk

rating of “5” are evaluated individually for an asset-specific CECL reserve. Loan modifications that allow the option to pay

interest in-kind increase our potential economics and the size of our secured claim, as interest is capitalized and added to

the outstanding principal balance for applicable loans. As of June 30, 2026, no income was recorded on our loans

subsequent to determining that such loans were impaired and risk rated “5.”