Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

COMMITMENTS AND CONTINGENCIES

Unfunded Commitments Under Loans Receivable

As of June 30, 2026, we had aggregate unfunded commitments of $1.1 billion across 53 loans receivable, and

$680.3 million of committed or identified financings for those commitments, resulting in net unfunded commitments of

$427.4 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs,

and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without

limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact

timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of

the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans,

which have a weighted-average future funding period of 1.7 years.

Principal Debt Repayments

Our contractual principal debt repayments as of June 30, 2026 were as follows ($ in thousands):

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.

Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity

date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the

maturity date of the respective debt agreement is used.

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance

due in quarterly installments. Refer to Note 10 for further details on our Term Loans.

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer

to Note 12 for further details on our Convertible Notes.

(4)Amounts are included in other liabilities on our consolidated balance sheets.

(5)Total does not include $2.7 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities

will not require cash outlays from us.

Board of Directors’ Compensation

As of June 30, 2026, our seven non-employee directors are entitled to annual compensation of $210,000 each, of which

$95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted

common stock. As of June 30, 2026, the other two board members are employees of affiliates of our Manager who also

serve as executive officers and they are not compensated by us for their service as directors. In addition, (i) the lead

independent director receives additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation,

and corporate governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000,

respectively, and (iii) the members of our audit and investment risk management committees receive additional annual cash

compensation of $10,000 and $7,500, respectively.

Litigation

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of

June 30, 2026, we were not involved in any material legal proceedings.