As further discussed in Note 2 to our consolidated financial statements, the impact of the current macroeconomic conditions on the Company’s business is uncertain. As of June 30, 2026, there were no contingencies recorded on the Company’s consolidated balance sheets as a result of such conditions; however, if global market conditions worsen, it could adversely affect the Company’s business, financial condition and results of operations.

As of June 30, 2026 and December 31, 2025, the Company had the following commitments to fund various whole and co-invested senior mortgage loans, subordinated debt investments, as well as preferred equity investments accounted for as loans held for investment ($ in thousands):


	As of
	June 30, 2026		December 31, 2025


Total commitments	$	1,925,496	$	1,660,935
Less: funded commitments	(1,840,169)		(1,601,059)
Total unfunded commitments	$	85,327	$	59,876

The timing and amount of future fundings are uncertain as loan funding commitments relate to, among others, construction costs, capital expenditures, leasing costs and interest and carry costs. As such, the timing and amount of fundings depend mainly on the progress and performance of the underlying collateral assets for the Company’s loans and funding requests from borrowers are subject to the Company’s review and approval in accordance with the contractual loan agreements. Certain of the Company’s lenders under its Secured Funding Agreements may be contractually obligated to fund their ratable portion of these loan commitments over time, while others may have some degree of discretion over future loan funding obligations.

The Company from time to time may be a party to litigation relating to claims arising in the normal course of business. As of June 30, 2026, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations.