The following is a summary of the Company’s CRE loans held for investment by asset type (dollars in thousands, except amounts in footnotes):


Description	Quantity	Principal		Unamortized (Discount) Premium, net (1)			Amortized Cost		Allowance for Credit Losses			Carrying Value		Contractual Interest Rates (2)	Maturity Dates (3)(4)
At June 30, 2026:
Whole loans (5)(6)(7)	57	$	2,127,806	$	(8,855	)	$	2,118,951	$	(20,877	)	$	2,098,074	1M Term SOFR + 2.50% to 1M Term SOFR + 7.00%	July 2026 to May 2030
Preferred equity investment (see Note 3) (8)			9,999		(71	)		9,928		(237	)		9,691	10.00%	October 2028
Total		$	2,137,805	$	(8,926	)	$	2,128,879	$	(21,114	)	$	2,107,765

At December 31, 2025:
Whole loans (5)(6)(7)	53	$	1,828,299	$	(7,357	)	$	1,820,942	$	(20,158	)	$	1,800,784	1M Term SOFR + 2.50% to 1M Term SOFR + 7.00%	January 2026 to May 2030
Preferred equity investment (see Note 3) (8)			9,511		(86	)		9,425		(240	)		9,185	10.00%	October 2028
Total		$	1,837,810	$	(7,443	)	$	1,830,367	$	(20,398	)	$	1,809,969

(1)

Amounts include unamortized loan origination fees of $8.5 million and $6.6 million and deferred amendment fees of $434,000 and $852,000 at June 30, 2026 and December 31, 2025, respectively.

(2)

References to ("1M Term SOFR") are one-month Term SOFR. Weighted-average one-month Term SOFR was 3.64% and 3.83% at June 30, 2026 and December 31, 2025, respectively. Additionally, the weighted-average benchmark rate floor was 2.22% and 1.78% at June 30, 2026 and December 31, 2025, respectively.

(3)

Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers.

(4)

Maturity dates exclude four and two whole loans, with total amortized costs of $108.4 million and $37.9 million, in maturity default at June 30, 2026 and December 31, 2025, respectively.

(5)

Substantially all loans are pledged as collateral under various borrowings at June 30, 2026 and December 31, 2025.

(6)

CRE whole loans had $81.4 million and $88.6 million in unfunded loan commitments at June 30, 2026 and December 31, 2025, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreements, and any necessary approvals have been obtained.

(7)

Includes four mezzanine loans, with total amortized costs of $21.2 million and $17.8 million, with three having fixed interest rates of 15.0% and one having a fixed interest rate of 20.0% at June 30, 2026. and December 31, 2025, respectively. Because the Company is also the first mortgage lender on these loans, it considers the first mortgage and mezzanine loans together as one whole loan.

(8)

The Company had one preferred equity investment associated with a CRE whole loan at June 30, 2026 and December 31, 2025, respectively. The preferred equity investment has a fixed interest rate of 10%, of which 4.0% interest is deferred until maturity.

The following is a summary of the Company’s CRE loans held for investment by property type and geographic location (dollars in thousands):


	June 30, 2026					December 31, 2025
Property Type	Carrying Value		% of Loan Portfolio			Carrying Value		% of Loan Portfolio
Multifamily	$	1,703,301		80.8	%	$	1,482,268		81.9	%
Office		238,852		11.4	%		230,385		12.7	%
Hotel		101,584		4.8	%		57,426		3.2	%
Mixed-Use		48,882		2.3	%		24,614		1.4	%
Self-Storage		15,146		0.7	%		15,276		0.8	%
Total	$	2,107,765		100	%	$	1,809,969		100	%


	June 30, 2026					December 31, 2025
Geographic Location	Carrying Value		% of Loan Portfolio			Carrying Value		% of Loan Portfolio
Southeast	$	383,422		18.2	%	$	373,256		20.6	%
Southwest		342,912		16.3	%		437,113		24.2	%
East North Central		309,634		14.7	%		72,720		4.0	%
Mountain		285,743		13.5	%		223,247		12.3	%
Northeast		279,484		13.3	%		163,724		9.1	%
Mid Atlantic		233,446		11.1	%		222,958		12.3	%
Pacific		193,037		9.1	%		253,558		14.0	%
West North Central		80,087		3.8	%		63,393		3.5	%
Total	$	2,107,765		100	%	$	1,809,969		100	%

The following is a summary of the contractual maturities of the Company’s CRE loans held for investment, at amortized cost (in thousands, except amounts in the footnotes):


Description	2026		2027		2028 and Thereafter		Total
At June 30, 2026:
Whole loans (1)(2)	$	328,985	$	514,584	$	1,166,956	$	2,010,525
Preferred equity investment		—		—		9,928		9,928
Total CRE loans	$	328,985	$	514,584	$	1,176,884	$	2,020,453

Description	2026		2027		2028 and Thereafter		Total
At December 31, 2025:
Whole loans (1)(2)	$	592,949	$	498,541	$	691,589	$	1,783,079
Preferred equity investment		—		—		9,425		9,425
Total CRE loans	$	592,949	$	498,541	$	701,014	$	1,792,504

(1)

Maturity dates exclude four and two whole loans with amortized costs of $108.4 million and $37.9 million, in maturity default at June 30, 2026 and December 31, 2025, respectively.

(2)

At June 30, 2026, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options were $284.0 million, $236.6 million and $1.5 billion in 2026, 2027 and 2028 and thereafter, respectively. At December 31, 2025, the amortized costs of the CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $397.1 million, $384.7 million and $1.0 billion in 2026, 2027 and 2028 and thereafter, respectively.

At June 30, 2026 and December 31, 2025, no single loan or investment represented more than 10% of the Company's total assets, and one investor group representing five CRE loans generated 11% and 14% of the Company's revenue, respectively.