Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

The following table details the components of our other assets ($ in thousands):


	June 30, 2026	December 31, 2025
Accrued interest receivable	$136,161	$132,975
Real estate intangible assets, net	100,917	117,089
Debt securities, at fair value(1)	66,310	—
Other real estate assets	51,890	42,153
Derivative assets	47,908	10,492
Accounts receivable and other assets(2)	5,883	56,848
Collateral deposited under derivative agreements	3,280	25,300
Loan portfolio payments held by servicer(3)	2,288	27,374
Prepaid expenses	628	1,032
Total	$415,265	$413,263

(1)Represents an investment in a significant risk transfer, or SRT, transaction with a UK financial institution structured

as a credit-linked note, or the UK Bank Loan Portfolio SRT. The investment constitutes the first-loss tranche of a

reference portfolio comprising a diversified, granular portfolio of low-leverage commercial real estate loans held by

the UK financial institution. The SRT investment earns a floating-rate cash coupon of SONIA + 7.00%, which is

recognized in interest and related income in our consolidated statements of operations. The investment is recorded at

fair value, with changes in fair value recognized in other income, net in our consolidated statements of operations.

As of June 30, 2026, no realized credit losses have been incurred with respect to the underlying reference loan

portfolio.

(2)Includes $3.6 million and $55.5 million as of June 30, 2026 and December 31, 2025, respectively, of cash collateral

held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding senior CLO

securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.

(3)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that

were remitted to us during the subsequent remittance cycle.

The following table details the components of our other liabilities ($ in thousands):


	June 30, 2026	December 31, 2025
Other real estate liabilities	$133,697	$127,703
Accrued dividends payable	79,215	79,081
Accrued interest payable	60,100	58,871
Other secured debt(1)	38,386	39,475
Accrued management fees payable	14,641	16,434
Accounts payable and other liabilities	13,889	14,653
Current expected credit loss reserves for unfunded loan commitments(2)	12,610	11,617
Derivative liabilities	10,351	26,596
Debt repayments pending servicer remittance(3)	1,982	11,748
Total	$364,871	$386,178

(1)Represents financing on our retained investment in the European Loan Securitization. Refer to Note 8 for further

information.

(2)Represents the CECL reserve related to our unfunded loan commitments.

(3)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties

during the subsequent remittance cycle.