
	Investments in Equity Affiliates at				UPB of Loans to Equity Affiliates at June 30, 2026
Equity Affiliates	June 30, 2026		December 31, 2025
Biscayne Shores	$	24,343	$	—	$	—
Fifth Wall Ventures	19,783		17,260		—
AWC Real Estate Opportunity Partners I LP	16,401		17,134		108,450
AMAC Holdings III LLC	11,598		12,714		33,410
ARSR DPREF I LLC	5,921		5,745		—
Lightstone Value Plus REIT L.P.	1,895		1,895		—
Clarus Berkley	1,140		1,500		67,900
The Park at Via Terrossa	552		578		21,845
Docsumo Pte. Ltd.	439		450		—
JT Prime	425		425		—
The Cypress at Wesley Park	265		265		14,964
Lexford Portfolio	—		—		—
East River Portfolio	—		—		—
Total	$	82,762	$	57,966	$	246,569

Biscayne Shores. In the second quarter of 2026, we contributed $25.0 million for a 25.6% interest in a multifamily property. During both the three and six months ended June 30, 2026, we received distributions of $0.7 million, which were classified as returns of capital. Operating results from this investment were de minimis this period.

Fifth Wall Ventures ("Fifth Wall"). During the three and six months ended June 30, 2026, we recorded income of $0.1 million and loss of $0.7 million, respectively, and made contributions of $2.9 million and $3.2 million, respectively. During the three and six months ended June 30, 2025, we recorded income of $0.3 million and $0.8 million, respectively, and made contributions of $1.2 million and $1.9

AWC Real Estate Opportunity Partners I LP ("AWC"). During the three and six months ended June 30, 2026, we recorded a loss of $0.4 million and $0.7 million, respectively, and during the three and six months ended June 30, 2025, we recorded a loss of $0.1 million and $0.2 million, respectively, related to this investment. During the three and six months ended June 30, 2025, we made contributions of $1.3 million and $3.7 million, respectively, related to this investment. During both the three and six months ended June 30, 2025 we received distributions of $1.0 million, which were classified as returns of capital. Certain investments made by AWC are in qualified properties that have outstanding bridge loans originated by us and a Fannie Mae DUS loan we continue to service. Interest income recorded from the bridge loans was $1.8 million and $3.6 million for the three and six months ended June 30, 2026, respectively, and $2.1 million and $4.2 million for the three and six months ended June 30, 2025, respectively.

AMAC Holdings III LLC (“AMAC III”). During the three and six months ended June 30, 2026, we recorded a loss of $0.7 million and $1.1 million, respectively. During the three and six months ended June 30, 2025, we recorded a loss of $1.1 million and $1.9 million, respectively, and made contributions of $0.9 million for both the three and six months ended June 30, 2025.

Lexford Portfolio. During the three and six months ended June 30, 2026, we received distributions from this investment and recognized income of $3.0 million and $8.8 million, respectively. During both the three and six months ended June 30, 2025, we received distributions from this investment and recognized income of $3.4 million.

Arbor Residential Investor LLC. During the six months ended June 30, 2025, we recorded a loss of $1.4 million. During the three and six months ended June 30, 2025, we received distributions of $5.6 million and $6.1 million, respectively, which were classified as returns of capital. We completed the sale of our interest in this investment in July 2025.