Agency Private Label Certificates (“APL certificates”). In connection with our Private Label securitizations, we retain the most subordinate class of the APL certificates in satisfaction of credit risk retention requirements. At June 30, 2026, we held APL certificates with an initial face value of $192.8 million, which were purchased at a discount for $119.0 million. These certificates are collateralized by 5-year to 10-year fixed rate first mortgage loans on multifamily properties, bear interest at an initial weighted average variable rate of 3.94% and have an estimated weighted average remaining maturity of 4.8 years. The weighted average effective interest rate was 8.84% at both June 30, 2026 and December 31, 2025, including the accretion of a portion of the discount deemed collectible. Approximately $63.6 million is estimated to mature in one to five years and $129.2 million is estimated to mature in five to ten years.

Agency B Piece Bonds. At June 30, 2026, we held 49%, or $106.2 million initial face value, of seven Freddie Mac SBL program B Piece bonds, which were previously purchased at a discount for $74.7 million, and sold the remaining 51% to a third party. These securities are collateralized by a pool of multifamily mortgage loans, had an initial weighted average variable rate of 3.74% and have an estimated weighted average remaining maturity of 11.6 years. The weighted average effective interest rate was 3.32% and 2.00% at June 30, 2026 and December 31, 2025, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $32.0 million is estimated to mature after ten years.


	Face Value		Net Carrying Value		Unrealized Gain (Loss)		Estimated Fair Value		Allowance for Credit Losses
June 30, 2026
APL certificates	$	192,791	$	143,810	$	(15,770)	$	128,040	$	1,676
B Piece bonds	31,970		13,327		8,954		22,281		12,667
Total	$	224,761	$	157,137	$	(6,816)	$	150,321	$	14,343
December 31, 2025
APL certificates	$	192,791	$	140,682	$	(15,143)	$	125,539	$	1,664
B Piece bonds	36,730		15,405		9,203		24,608		15,349
Total	$	229,521	$	156,087	$	(5,940)	$	150,147	$	17,013


	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
	APL Certificates		B Piece Bonds		Total		APL Certificates		B Piece Bonds		Total
Beginning balance	$	1,473	$	13,652	$	15,125	$	1,664	$	15,349	$	17,013
Provision for credit loss expense/(reversal)	203		(285)		(82)		12		2,115		2,127
Charge-offs	—		(700)		(700)		—		(4,797)		(4,797)
Ending balance	$	1,676	$	12,667	$	14,343	$	1,676	$	12,667	$	14,343

	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
Beginning balance	$	1,659	$	9,108	$	10,767	$	1,658	$	9,188	$	10,846
Provision for credit loss expense/(reversal)	448		2,444		2,892		449		2,364		2,813
Ending balance	$	2,107	$	11,552	$	13,659	$	2,107	$	11,552	$	13,659

The allowance for credit losses on our held-to-maturity securities consists of (1) a general reserve estimated on a collective basis by major security type and was based on a reasonable and supportable forecast period and a historical loss reversion for similar securities, and (2) a specific reserve for underlying loans that are probable of loss. At June 30, 2026, securities held-to-maturity with a carrying value of $11.6 million (before specific allowances of $9.5 million) were on non-accrual status. We continue to accrue interest on all other securities that remain current.