Loans and Investments

6 Months Ended

Jun. 30, 2026

Our Structured Business loan and investment portfolio consists of ($ in thousands):


	June 30, 2026		Percent of Total		Loan Count	Wtd. Avg. Pay Rate (1)		Wtd. Avg. Remaining Months to Maturity (2)	Wtd. Avg. First Dollar LTV Ratio (3)		Wtd. Avg. Last Dollar LTV Ratio (4)
Bridge loans (5)	$	11,318,551	93	%	386	6.39	%	14.5	0	%	78	%
Mezzanine loans	300,880		3	%	61	8.01	%	45.1	57	%	80	%
Construction - multifamily	285,482		2	%	9	9.00	%	22.5	0	%	59	%
Preferred equity investments	202,118		2	%	34	6.87	%	40.1	63	%	82	%

Total UPB	12,107,031		100	%	490	6.50	%	15.9	2	%	77	%
Allowance for credit losses	(163,431)
Unearned revenue	(28,384)
Loans and investments, net (6)	$	11,915,216

	December 31, 2025
Bridge loans (5)	$	11,371,758	94	%	524	6.39	%	12.9	0	%	77	%
Mezzanine loans	290,212		2	%	65	7.84	%	52.3	59	%	78	%
Construction - multifamily	249,019		2	%	9	9.13	%	24.6	0	%	60	%
Preferred equity investments	202,118		2	%	34	6.87	%	46.0	62	%	80	%

Total UPB	12,113,107		100	%	632	6.49	%	14.7	2	%	77	%
Allowance for credit losses	(145,971)
Unearned revenue	(32,888)
Loans and investments, net (6)	$	11,934,248

________________________

(1)“Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table.

(2)Including extension options, the weighted average remaining months to maturity at June 30, 2026 and December 31, 2025 was 21.5 and 19.9, respectively.

(3)The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of all senior lien positions ahead of our loan or investment within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. If we own the senior most position within the capital stack, the First Dollar LTV Ratio is 0%.

(4)The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan or investment and all senior lien positions ahead of our loan or investment within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially begin to absorb a loss.

(5)At June 30, 2026 and December 31, 2025, bridge loans included 176 and 298, respectively, of SFR loans with a total gross loan commitment of $4.53 billion and $4.73 billion, respectively, of which $3.38 billion and $3.18 billion, respectively, was funded.

(6)Excludes exit fee receivables of $41.5 million and $43.0 million at June 30, 2026 and December 31, 2025, respectively, which is included in other assets on the consolidated balance sheets.

Concentration of Credit Risk

We are subject to concentration risk in that, at June 30, 2026, the UPB related to 33 loans with five different borrowers represented 8% of total assets. At December 31, 2025, the UPB related to 65 loans with five different borrowers represented 9% of total assets. During both the three and six months ended June 30, 2026 and the year ended December 31, 2025, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. See Note 18 for details on our concentration of related party loans and investments.

We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, payment status in accordance with current contractual terms, and funded cash reserves. Other factors such as guarantees and other forms of recourse, market strength, remaining loan term and borrower equity are also reviewed and considered in determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed; however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality.

Generally speaking, given our typical loan profile, risk ratings of pass and pass/watch suggest the loan is performing and that we expect the borrower to make both principal and interest payments according to the contractual terms of the current loan agreement. A risk rating of special mention indicates loans that require closer monitoring given an observed credit weakness or may have been modified, but we currently expect the borrower to make both principal and interest payments according to the terms of the current loan agreement or we expect to fully recover our investment, including accrued interest, through the current value of the collateral and/or the financial strength of the guarantors. A risk rating of substandard indicates we have observed weaknesses or significant deterioration in multiple credit quality factors, we expect the loan to underperform in the near term, and we anticipate the loan will require intervention in the form of a modification or potential foreclosure to avoid or limit a loss of interest and/or principal. A risk rating of doubtful indicates a loss of interest and/or principal is probable and we are actively exploring options to protect our investment including foreclosing on the underlying collateral. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as the financial strength of guarantors, market strength, asset quality, or a borrower's ability to perform under modified loan terms may result in a rating that is higher or lower than might be indicated by any risk rating matrix.

A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at June 30, 2026, and charge-offs recorded for the six months ended June 30, 2026 is as follows ($ in thousands):


	UPB by Origination Year												Total			Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating	2026		2025		2024		2023		2022		Prior
Multifamily:
Pass	$	574,805	$	443,399	$	50,118	$	18,643	$	94,477	$	158,803	$	1,340,245
Pass/Watch	269,500		1,139,077		234,660		88,374		540,818		723,660		2,996,089
Special Mention	—		464,750		206,869		23,570		1,086,717		1,607,844		3,389,750
Substandard	—		—		22,758		—		388,659		175,894		587,311
Doubtful	—		1,450		9,460		—		164,015		184,726		359,651
Total Multifamily	$	844,305	$	2,048,676	$	523,865	$	130,587	$	2,274,686	$	2,850,927	$	8,673,046		3	%	82	%
Single-Family Rental:	Percentage of portfolio												72		%
Pass	$	—	$	27,000	$	—	$	—	$	—	$	—	$	27,000
Pass/Watch	342,645		1,023,989		1,004,907		456,066		287,836		41,106		3,156,549
Special Mention	—		25,250		20,256		130,405		19,675		—		195,586

Total Single-Family Rental	$	342,645	$	1,076,239	$	1,025,163	$	586,471	$	307,511	$	41,106	$	3,379,135		0	%	66	%
Office:	Percentage of portfolio												28		%
Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410

Total Office	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410		0	%	88	%
Retail:	Percentage of portfolio												< 1%


Substandard	$	—	$	—	$	—	$	—	$	—	$	16,424	$	16,424
Doubtful	—		—		—		—		—		531		531
Total Retail	$	—	$	—	$	—	$	—	$	—	$	16,955	$	16,955		0	%	100	%
Land:	Percentage of portfolio												< 1%

Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	2,785	$	2,785


Total Land	$	—	$	—	$	—	$	—	$	—	$	2,785	$	2,785		0	%	14	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		0	%	100	%
	Percentage of portfolio												< 1%
Grand Total	$	1,186,950	$	3,124,915	$	1,549,028	$	717,058	$	2,582,197	$	2,946,883	$	12,107,031		2	%	77	%

Charge-offs	$	—	$	—	$	4,911	$	—	$	17,322	$	3,356	$	25,589

A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2025, and charge-offs recorded during 2025 is as follows ($ in thousands):


	UPB by Origination Year												Total			Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating	2025		2024		2023		2022		2021		Prior
Multifamily:
Pass	$	556,801	$	87,533	$	22,253	$	9,832	$	34,843	$	26,758	$	738,020
Pass/Watch	1,195,412		429,300		108,276		376,064		526,961		159,810		2,795,823
Special Mention	211,404		186,984		185,088		1,788,580		2,028,742		44,479		4,445,277
Substandard	4,990		47,258		21,100		297,729		307,350		—		678,427
Doubtful	—		9,460		—		153,443		28,826		24,565		216,294
Total Multifamily	$	1,968,607	$	760,535	$	336,717	$	2,625,648	$	2,926,722	$	255,612	$	8,873,841		3	%	81	%
Single-Family Rental:	Percentage of portfolio												73		%
Pass	$	98,510	$	—	$	—	$	—	$	—	$	—	$	98,510
Pass/Watch	859,819		1,006,016		571,891		448,769		71,916		34,216		2,992,627
Special Mention	36,230		—		—		52,943		—		4,600		93,773

Total Single-Family Rental	$	994,559	$	1,006,016	$	571,891	$	501,712	$	71,916	$	38,816	$	3,184,910		0	%	64	%
Office:	Percentage of portfolio												26		%
Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410

Total Office	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410		0	%	88	%
Retail:	Percentage of portfolio												< 1%
Substandard	$	—	$	—	$	—	$	—	$	—	$	16,424	$	16,424
Doubtful	—		—		—		—		—		531		531
Total Retail	$	—	$	—	$	—	$	—	$	—	$	16,955	$	16,955		0	%	97	%
Land:	Percentage of portfolio												< 1%

Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	2,291	$	2,291


Total Land	$	—	$	—	$	—	$	—	$	—	$	2,291	$	2,291		0	%	77	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		0	%	100	%
	Percentage of portfolio												< 1%
Grand Total	$	2,963,166	$	1,766,551	$	908,608	$	3,127,360	$	2,998,638	$	348,784	$	12,113,107		2	%	77	%

Charge-offs, net	$	—	$	3,000	$	—	$	24,476	$	31,968	$	68,893	$	128,337

Geographic Concentration Risk

At June 30, 2026, underlying properties in Texas and Florida represented 23% and 18%, respectively, and at December 31, 2025, underlying properties in Texas and Florida represented 23% and 17%, respectively, of the outstanding balance of our loan and investment portfolio. No other states represented 10% or more of the total loan and investment portfolio.

Allowance for Credit Losses

A summary of the changes in the allowance for credit losses is as follows ($ in thousands):


	Three Months Ended June 30, 2026
	Multifamily		Single-Family Rental		Retail		Commercial		Office		Land		Total
Allowance for credit losses:
Beginning balance	$	118,462	$	7,910	$	2,903	$	1,700	$	248	$	—	$	131,223
Provision for credit losses (net of reversals)	37,943		1,625		—		—		21		—		39,589

Charge-offs (1)	(7,381)		—		—		—		—		—		(7,381)
Ending balance	$	149,024	$	9,535	$	2,903	$	1,700	$	269	$	—	$	163,431

	Three Months Ended June 30, 2025
Allowance for credit losses:
Beginning balance	$	150,911	$	6,524	$	3,293	$	1,700	$	509	$	78,000	$	240,937
Provision for credit losses (net of reversals)	16,552		788		—		—		(46)		190		17,484

Charge-offs (1)	(15,143)		—		—		—		—		—		(15,143)
Ending balance	$	152,320	$	7,312	$	3,293	$	1,700	$	463	$	78,190	$	243,278

	Six Months Ended June 30, 2026
Allowance for credit losses:
Beginning balance	$	131,924	$	8,817	$	2,903	$	1,700	$	251	$	376	$	145,971
Provision for credit losses (net of reversals)	42,689		718		—		—		18		(376)		43,049

Charge-offs (1)	(25,589)		—		—		—		—		—		(25,589)
Ending balance	$	149,024	$	9,535	$	2,903	$	1,700	$	269	$	—	$	163,431

	Six Months Ended June 30, 2025
Allowance for credit losses:
Beginning balance	$	148,139	$	7,524	$	3,293	$	1,700	$	181	$	78,130	$	238,967
Provision for credit losses (net of reversals)	23,324		(212)		—		—		282		60		23,454
Recoveries	(406)		—		—		—		—		—		(406)
Charge-offs (1)	(18,737)		—		—		—		—		—		(18,737)
Ending balance	$	152,320	$	7,312	$	3,293	$	1,700	$	463	$	78,190	$	243,278

________________________

(1)Includes specific reserves that were charged-off in connection with the foreclosure of the underlying collateral as real estate owned ("REO") assets at fair value of $6.0 million during both the three and six months ended June 30, 2026, and $4.4 million and $8.4 million during the three and six months ended June 30, 2025, respectively.

The provision for credit losses during the three and six months ended June 30, 2026 was primarily attributable to specifically impaired multifamily loans and a softer macroeconomic outlook of the commercial real estate market. Our estimate of allowance for credit losses on our structured portfolio, including related unfunded loan commitments, was based on a reasonable and supportable forecast period that reflects recent observable data, including price indices for commercial real estate, unemployment rates, and interest rates.

The expected credit losses over the contractual period of our loans also include the obligation to extend credit through our unfunded loan commitments. Estimates of current expected credit losses (“CECL”) for unfunded loan commitments are adjusted quarterly and correspond with the associated outstanding loans. At June 30, 2026 and December 31, 2025, we had outstanding unfunded commitments of $1.53 billion and $1.92 billion, respectively, that we are obligated to fund as borrowers meet certain requirements. The outstanding unfunded commitments are predominantly related to our SFR build-to-rent ("BTR") business.

At June 30, 2026 and December 31, 2025, accrued interest receivable related to our loans totaling $156.4 million and $165.7 million, respectively, was excluded from the estimate of credit losses, is subject to our revenue recognition policy, and is included in other assets on the consolidated balance sheets.

All of our structured loans and investments are secured by real estate assets or by interests in real estate assets, and, as such, the measurement of credit losses may be based on the difference between the fair value of the underlying collateral and the carrying value of the assets as of the period end. A summary of our specific reserve loans considered impaired by asset class is as follows ($ in thousands):


	June 30, 2026
Asset Class	UPB (1)		Carrying Value		Allowance for Credit Losses		Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Multifamily	$	422,144	$	427,118	$	41,937	0	%	97	%


Retail	16,955		16,911		2,903		0	%	100	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	440,799	$	445,729	$	46,540	0	%	97	%

	December 31, 2025
Multifamily	$	366,275	$	363,635	$	38,487	0	%	96	%

Retail	16,955		16,855		2,903		0	%	97	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	384,930	$	382,190	$	43,090	0	%	96	%

________________________

(1)Represents the UPB of 19 and 20 impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at June 30, 2026 and December 31, 2025, respectively.

Non-performing Loans

Loans are generally classified as non-performing once the contractual payments exceed 60 days past due, unless past due payments due to us are in the process of being collected or otherwise reasonably certain to be received in the immediate future. Income from non-performing loans is generally recognized on a cash basis when it is received. Full income recognition will resume when the loan becomes contractually current, and performance has recommenced. At June 30, 2026, 19 loans with an aggregate net carrying value of $396.4 million, net of related loan loss reserves of $31.1 million, were classified as non-performing and, at December 31, 2025, 26 loans with an aggregate net carrying value of $545.0 million, net of related loan loss reserves of $10.2 million, were classified as non-performing.

A summary of our non-performing loans by asset class is as follows ($ in thousands):


	June 30, 2026				December 31, 2025
	UPB		Carrying Value		UPB		Carrying Value
Multifamily	$	426,614	$	425,272	$	566,906	$	553,016
Commercial	1,700		1,700		1,700		1,700
Retail	531		531		531		531
Total	$	428,845	$	427,503	$	569,137	$	555,247

At June 30, 2026 and December 31, 2025, we had loans with a UPB of $91.2 million and $237.0 million, respectively, and accrued interest of $1.9 million and $6.6 million, respectively, that were greater than 60 days past due and classified as performing loans. All past due payments on these loans have been subsequently collected, except for a loan that was greater than 60 days past due at June 30, 2026 with a UPB of $58.6 million and accrued interest of $1.6 million. We are currently in the process of modifying that loan and expect to collect the accrued interest in August 2026.

Other Non-accrual Loans

In this challenging economic environment, we have been experiencing late and partial payments on certain loans in our structured portfolio. Therefore, for loans that are 60 days past due or less, if we have determined there is reasonable doubt about collectability of all principal and interest, we classify those loans as non-accrual and recognize interest income only when cash is received. The table below is

a summary of those loans that are 60 days past due or less that we have classified as non-accrual, and changes to those loans for the periods presented ($ in thousands).


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Beginning balance (0 and 3 multifamily bridge loans)	$	—	$	48,311
Loans that progressed to greater than 60 days past due	—		(1,221)
Loans modified or paid off	—		(47,090)

Additional loans classified as non-accrual	94,920		94,920
Ending balance (3 multifamily bridge loans)	$	94,920	$	94,920

	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Beginning balance (5 and 9 multifamily bridge loans)	$	142,823	$	167,428
Loans that progressed to greater than 60 days past due	—		(82,290)
Loans modified or paid off	(47,675)		(86,165)
Loans transferred to REO	(48,500)		(48,500)
Additional loans classified as non-accrual	10,264		106,439
Ending balance (3 multifamily bridge loans)	$	56,912	$	56,912

We recorded interest income on non-performing and other non-accrual loans of $1.3 million and $8.0 million during the three and six months ended June 30, 2026, respectively, and $4.1 million and $9.9 million during the three and six months ended June 30, 2025, respectively.

Loan Modifications

We may agree to amend or modify loans to certain borrowers experiencing financial difficulty based on specific facts and circumstances in order to improve long-term collectability efforts and avoid foreclosure and repossession of the underlying collateral. The loan modifications to borrowers experiencing financial difficulty may include a delay in payments, including payment deferrals, term extensions, principal forgiveness, interest rate reductions, or a combination thereof. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current and we believe it is ultimately collectible. The allowance for credit losses on loan modifications is measured using the same method as all other loans held for investment.

As part of the modifications of each of these loans, we generally expect borrowers to invest additional capital to recapitalize their projects, which the vast majority have funded in the form of either, or a combination of: (1) reallocation of and/or additional deposits into interest, renovation and/or general reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan; and (4) bringing any delinquent loans current by paying past due interest owed.

The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the three months ended June 30, 2026 ($ in thousands):


Asset Class	Payment Deferrals With/Without Term Extensions (1)		Rate Reductions With/Without Term Extensions (2)		Other (3)		Total (4)(5)
Multifamily	$	13,200	$	260,723	$	113,000	$	386,923

________________________

(1)This loan was modified to a weighted average pay rate and deferred rate of 5.65% and 3.00%, respectively, at June 30, 2026 and the pay rate increases from time-to-time throughout the loan maturity. This loan was also modified to extend the weighted average term by 22.1 months.

(2)These loans were modified to reduce the interest rate to a weighted average rate of 5.72% at June 30, 2026, and to extend the weighted average term by 36.8 months. The interest rate on one of these loans with a UPB of $20.8 million increases from time-to-time throughout the loan maturity.

(3)This loan modification capitalized $1.2 million of unpaid interest and divided this loan into a $104.1 million tranche bearing interest at SOFR plus 3.00% and a $10.1 million tranche bearing interest at a fixed rate of 10.00%.

(4)The total UPB of these loan modifications were $386.1 million at June 30, 2026 and represented 3% of our Structured portfolio at June 30, 2026.

(5)Includes loans with a total UPB of $113.0 million, which were previously modified in prior years. Using the SOFR rate at June 30, 2026, such loans were modified from a weighted average pay rate and deferred rate of 6.65% and 1.25%, respectively, to a weighted average pay rate and deferred rate of 6.95% and 0.00%, respectively.

The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the six months ended June 30, 2026 (in thousands):


Asset Class	Payment Deferrals With/Without Term Extensions (1)		Rate Reductions With/Without Term Extensions (2)		Other (3)		Total (4)(5)(6)
Multifamily	$	179,986	$	457,317	$	228,420	$	865,723

________________________

(1)These loans were modified to a weighted average pay rate and deferred rate of 4.69% and 2.81%, respectively, at June 30, 2026 and to extend the weighted average term by 23.5 months. These modifications also include loans with a total UPB of $78.3 million in which the pay rate increases from time-to-time throughout the loans' maturities.

(2)These loans were modified to reduce the interest rate to a weighted average pay rate and deferred rate of 5.52% and 0.46%, respectively, and to extend the weighted average term by 29.0 months.

(3)Loan modifications with a total UPB of $115.4 million included amending certain terms, such as reallocating and/or replenishment of reserves, providing for a temporary and conditional forbearance of foreclosure and temporarily delaying past due interest payments. A loan modification with a UPB of $113.0 million was modified to capitalize $1.2 million of unpaid interest and was divided into a $104.1 million tranche bearing interest at SOFR plus 3.00% and a $10.1 million tranche bearing interest at a fixed rate of 10.00%.

(4)The total UPB of the loan modifications made during the six months ended June 30, 2026 was $865.4 million at June 30, 2026 and represented 7% of our Structured portfolio at June 30, 2026.

(5)At June 30, 2026, modified loans with a UPB of $33.0 million have specific reserves totaling $1.0 million.

(6)Includes loans with a total UPB of $421.1 million, which were previously modified in prior years. Using the SOFR rate at June 30, 2026, these loans were modified from a weighted average pay rate and deferred rate of 5.67% and 2.01%, respectively, to a weighted average pay rate and deferred rate of 4.99% and 1.89%, respectively.


Asset Class	Payment Deferrals With/Without Term Extensions (1)		Rate Reduction Without Term Extension (2)		Total (3)(4)(5)
Multifamily	$	144,905	$	107,000	$	251,905

________________________

(1)These loans were modified to a weighted average pay rate and deferred rate of 5.50% and 2.78%, respectively, at June 30, 2025. A portion of these loans with a total UPB of $116.5 million were also modified to extend the weighted average term by 19 months. These modifications also include loans with a total UPB of $38.1 million in which the pay rate increases from time-to-time throughout the loans' maturities.

(2)These loans were modified to reduce the interest rate to a weighted average pay rate and deferred rate of 5.97% and 0.56%, respectively, and to extend the weighted average term by 23 months.

(3)The total UPB of the loan modifications made during the three months ended June 30, 2025 was $249.9 million at June 30, 2025 and represented 2% of our Structured portfolio at June 30, 2025.

(4)At June 30, 2025, a modified loan with a UPB of $25.6 million has a specific reserve of $2.2 million.

(5)Includes loans with a total UPB of $136.1 million, which were previously modified in prior years. Using the SOFR rate at June 30, 2025, these loans were modified from a weighted average pay rate and deferred rate of 6.47% and 1.65%, respectively, to a weighted average pay rate and deferred rate of 5.18% and 2.28%, respectively.


Asset Class	Payment Deferrals With/Without Term Extensions (1)		Rate Reductions With/Without Term Extensions (2)		Other (3)		Total (4)(5)(6)
Multifamily	$	994,270	$	107,000	$	83,975	$	1,185,245
Single-Family Rental	—		—		16,490		16,490
Total UPB	$	994,270	$	107,000	$	100,465	$	1,201,735

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(1)These loans were modified to a weighted average pay rate and deferred rate of 5.23% and 2.19%, respectively, at June 30, 2025. A portion of these loans with a total UPB of $225.2 million were also modified to extend the weighted average term by 19.3 months. These modifications also include loans with a total UPB of $508.4 million in which the pay rate increases from time-to-time throughout the loans' maturities.

(2)These loans were modified to reduce the interest rate to a weighted average pay rate and deferred rate of 5.97% and 0.56%, respectively, and to extend the weighted average term by 23 months.

(3)These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves, providing for a temporary and conditional forbearance of foreclosure and temporarily delaying past due interest payments.

(4)The total UPB of the loan modifications made during the six months ended June 30, 2025 was $1.20 billion at June 30, 2025 and represented 11% of our Structured portfolio at June 30, 2025.

(5)At June 30, 2025, modified loans with a UPB of $51.1 million have specific reserves totaling $7.4 million.

(6)Includes loans with a total UPB of $520.1 million, which were previously modified in prior years. Using the SOFR rate at June 30, 2025, these loans were modified from a weighted average pay rate and deferred rate of 6.71% and 1.25%, respectively, to a weighted average pay rate and deferred rate of 4.69% and 3.10%, respectively.

During the three and six months ended June 30, 2026, we recorded $0.4 million and $0.6 million, respectively, of deferred interest on the loans that we modified during 2026 and $3.9 million and $9.3 million, respectively, for loans previously modified. During the three and six months ended June 30, 2025, we recorded $1.9 million and $5.7 million, respectively, of deferred interest on the loans that we modified during 2025 and $8.3 million and $17.4 million, respectively, for loans previously modified. During the three and six months ended June 30, 2025, we reversed through interest income $4.3 million and $7.6 million, respectively, of interest receivable that was previously accrued on modified loans that we deemed the collection of interest to be doubtful.

At June 30, 2026 and December 31, 2025, we have recorded deferred interest totaling $62.7 million and $68.3 million, respectively, on all modified loans to borrowers experiencing financial difficulty, which is included in other assets on the consolidated balance sheets.

At June 30, 2026 and December 31, 2025, we had future funding commitments on modified loans with borrowers experiencing financial difficulty of $3.4 million and $17.4 million, respectively, which are generally subject to performance covenants that must be met by the borrower to receive funding.

All loan modifications completed in the past 12 months were performing pursuant to their contractual terms at June 30, 2026, except for three loans with a total UPB of $72.3 million. Since these loans are not performing pursuant to their modified terms, these loans are classified as non-accruing loans.

There were no other material loan modifications, refinancings and/or extensions during the three and six months ended June 30, 2026 and 2025 for borrowers experiencing financial difficulty.

Loan Resolutions

During the three months ended June 30, 2026, we exercised our right to foreclose on two properties in Texas that were the underlying collateral for bridge loans with an aggregate UPB of $42.0 million and an aggregate net carrying value of $41.3 million, including one non-performing loan with a UPB of $21.1 million. The loans had a weighted average pay rate of SOFR plus 3.55% and a weighted average deferred rate of 0.58%. At foreclosure, we recognized aggregate gains of $0.5 million through gain (loss) on real estate on the consolidated statements of operations. We sold the properties during the three months ended June 30, 2026 for aggregate proceeds of $42.5 million to new borrowers and provided new bridge loans totaling $41.9 million with a weighted average interest rate of SOFR plus 2.50% and a weighted average interest rate floor of 6.14%.

During the six months ended June 30, 2026, we exercised our right to foreclose on three properties in Texas that were the underlying collateral for bridge loans with an aggregate UPB of $67.0 million and an aggregate net carrying value of $66.1 million, including two

non-performing loans with an aggregate UPB of $46.1 million. The loans had a weighted average pay rate of SOFR plus 3.44% and a weighted average deferred rate of 0.36%. At foreclosure, we recognized aggregate gains of $0.5 million through gain (loss) on real estate and recorded a $1.8 million loss through the provision for credit losses, which was charged-off. We sold the properties during the six months ended June 30, 2026 for aggregate proceeds of $67.5 million to new borrowers and provided new bridge loans totaling $66.4 million with a weighted average interest rate of SOFR plus 2.50%. Two of the newly originated loans are subject to a weighted average interest rate floor of 6.14%.

The newly originated loans described above represent loan-to-capitalization ratios ranging from 81%-88%, reflecting additional equity contributed by the new borrowers to fund the agreed upon purchase price, closing costs, capital expenditures and other reserve requirements.

See Note 9 for additional loan resolution details.

Interest Reserves

Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve as required by the loan documents to cover debt service costs. At June 30, 2026 and December 31, 2025, we had total interest reserves of $216.2 million and $259.7 million, respectively, on 329 loans and 444 loans, respectively, with a total UPB of $8.44 billion and $8.68 billion, respectively.