We have financed a portion of our loans through the CLOs and the European Loan Securitization, all of which are VIEs.

We are the primary beneficiary of, and therefore consolidate, the CLOs and the European Loan Securitization on our

balance sheet as we (i) control the relevant interests of the CLOs and the European Loan Securitization that give us power

to direct the activities that most significantly affect the CLOs and the European Loan Securitization, and (ii) have the right

to receive benefits and obligation to absorb losses of the CLOs and the European Loan Securitization through the

During 2025, we modified three loans that included, among other changes, control over decision making at the respective

properties. Similarly, during 2024, we modified two other loans that included, among other changes, an equity interest in

and/or control over decision-making at the property. As a result of these modifications, our investments in these loans are

VIEs. As of June 30, 2026, we are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our

balance sheet as we (i) have the power to direct the activities that most significantly affect the property, and (ii) have the

The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):


	June 30, 2026	December 31, 2025
Assets
Cash and cash equivalents	$48,974	$58,663
Loans receivable	3,194,645	2,422,505
Current expected credit loss reserve	(92,867)	(23,609)
Loans receivable, net	3,101,778	2,398,896
Owned real estate, net	602,877	603,130
Other assets	140,395	196,840
Total assets	$3,894,024	$3,257,529
Liabilities
Securitized debt obligations, net	$2,732,964	$2,139,719
Other liabilities	54,697	47,645
Total liabilities	$2,787,661	$2,187,364

Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate

interests of the securitized debt obligations owned by us. The liabilities of these VIEs are non-recourse to us and can only

be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets,

liabilities, revenues and expenses; however, it does not affect our stockholders’ equity or net income. We are not obligated