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Organization and Operations<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Granite Point Mortgage Trust Inc., or the Company, is an internally managed commercial real estate finance company that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. These investments are capitalized by accessing a variety of funding sources, including borrowing under the Company’s bank credit facilities or other asset financings, issuing commercial real estate collateralized loan obligations, or CRE CLOs, and issuing other forms of secured and unsecured debt and equity securities, depending on market conditions and the Company’s view of the most appropriate funding option available for the Company’s investments. The Company is not in the business of buying or trading securities, and the only securities it owns are the retained interests from its CRE CLOs. The Company’s investment objective is to preserve the Company’s stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by the Company’s investment portfolio. The Company’s common stock is listed on the NYSE under the symbol “GPMT.” The Company operates its business in a manner that is intended to permit it to maintain its exclusion from registration under the Investment Company Act. The Company operates its business as one segment. The Company was incorporated in Maryland on April 7, 2017, and commenced operations as a publicly traded company on June 28, 2017. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company has elected to be treated as a REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.</div>

Basis of Presentation and Significant Accounting Policies<div style="margin-top:3pt">Consolidation and Basis of Presentation</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at June 30, 2026, and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 2026, should not be construed as indicative of the results to be expected for future periods or the full year.</div><div style="margin-top:3pt;text-indent:13.5pt">The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity. See Note 5 - Variable Interest Entities and Securitized Debt Obligations to the Company’s Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional details regarding consolidation of VIEs.</div><div style="margin-top:3pt;text-align:justify">Use of Estimates</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, including real estate owned and associated purchase price allocation of fair value, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market interest and capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-</div><div style="margin-top:3pt;text-align:justify">markets or other factors) will occur in the near term. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2026. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material.</div><div style="margin-top:3pt">Significant Accounting Policies</div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify;text-indent:13.5pt">Included in Note 2 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the Company’s condensed consolidated financial condition and results of operations for the three and six months ended June 30, 2026.</div><div style="margin-top:3pt;text-align:justify">Real Estate Owned, Held-for-Investment, Net and Real Estate Owned, Held-for-Sale</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">If the Company intends to hold, operate or develop the property, the asset is classified as real estate owned, held-for-investment, net on its consolidated balance sheets. If the held-for-sale criteria prescribed by ASC 360, Property, Plant and Equipment, are met, the asset is classified as real estate owned, held-for-sale and reflected at the lower of amortized cost and fair value less estimated transaction costs to sell on the consolidated balance sheets. Once classified as real estate owned, held-for-sale, the Company ceases recognition of the related depreciation and amortization.</div><div style="margin-top:3pt;text-align:justify">Loan Participations Sold</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">When a transfer or sale of a loan participation does not meet the requirements for sale accounting, including circumstances in which the transferred portion does not qualify as a participating interest, the transaction is accounted for as a secured borrowing. In such cases, the Company continues to recognize the entire loan as an asset and records a corresponding loan participations sold liability on the consolidated balance sheet for the proceeds received; however, this gross presentation does not impact stockholders’ equity or net income. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Interest paid to the participation holders are recognized as interest expense, while interest income continues to be recognized on the entire loan. The difference between the participation’s contractual principal balance and proceeds received is recorded as a discount and amortized to interest expense over the remaining term of the loan.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">See Note 6 - Secured Financing Agreements for further details regarding the Loan Participations Sold.</div><div style="margin-top:3pt;text-align:justify">Equity Incentive Plans</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">On June 5, 2025, the Company’s stockholders approved an amendment to the Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan, resulting in the Granite Point Mortgage Trust Inc. Amended and Restated 2022 Omnibus Incentive Plan, or the A&R 2022 Plan. The A&R 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (both non-performance-based units, or RSUs, and performance-based units, or PSUs), dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">See Note 12 - Equity Incentive Plans for further details regarding the Equity Incentive Plans.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The cost of equity-based compensation is measured at its fair value at the grant date. Valuation methods used and subsequent expense recognition is dependent upon each award’s service and performance conditions. The Company accounts for forfeitures as they occur. Amortization expense is included within compensation and benefits expense on the consolidated statements of comprehensive (loss) income. Compensation costs for equity-based awards subject only to service conditions are measured at the closing stock price on the grant date and are recognized as expense on a straight-line basis over the requisite service periods for the awards, adjusted for any forfeitures. Compensation costs for equity-based awards subject to market-based performance metrics are measured at the grant date using Monte Carlo simulations, which incorporate assumptions for stock return volatility, dividend yield and risk-free interest rates. These initial valuation amounts are recognized as expense over the requisite performance periods, subject to adjustments only for actual forfeitures. Amortization of equity-based awards (non-cash equity compensation expense) is included within compensation and benefits on the consolidated statements of comprehensive (loss) income.</div><div style="margin-top:3pt;text-align:justify">Recently Issued and/or Adopted Accounting Standards </div><div style="margin-top:3pt;text-align:justify">Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03. The new guidance requires a public business entity to provide disaggregated disclosures in the notes to the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026. The guidance is applied prospectively and may be applied retrospectively. The Company is evaluating the impact of ASU 2024-03.</div><div style="margin-top:3pt;text-align:justify">Interim Reporting (Topic 270): Narrow Scope Improvements</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, or ASU 2025-11. The new guidance clarifies the information that must be presented in quarterly periods, including improved reporting dates. ASU 2025-11 also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 31, 2027, and early adoption is permitted. The Company does not expect a material impact from ASU 2025-11.</div>

<div style="margin-top:3pt">Consolidation and Basis of Presentation</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at June 30, 2026, and results of operations for all periods presented have been made. The results of operations for the three and six months ended June 30, 2026, should not be construed as indicative of the results to be expected for future periods or the full year.</div><div style="margin-top:3pt;text-indent:13.5pt">The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation.</div>All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity.

<div style="margin-top:3pt;text-align:justify">Use of Estimates</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, including real estate owned and associated purchase price allocation of fair value, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market interest and capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-</div><div style="margin-top:3pt;text-align:justify">markets or other factors) will occur in the near term. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2026. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material.</div>

<div style="margin-top:3pt;text-align:justify">Real Estate Owned, Held-for-Investment, Net and Real Estate Owned, Held-for-Sale</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">If the Company intends to hold, operate or develop the property, the asset is classified as real estate owned, held-for-investment, net on its consolidated balance sheets. If the held-for-sale criteria prescribed by ASC 360, Property, Plant and Equipment, are met, the asset is classified as real estate owned, held-for-sale and reflected at the lower of amortized cost and fair value less estimated transaction costs to sell on the consolidated balance sheets. Once classified as real estate owned, held-for-sale, the Company ceases recognition of the related depreciation and amortization.</div>

<div style="margin-top:3pt;text-align:justify">Equity Incentive Plans</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">On June 5, 2025, the Company’s stockholders approved an amendment to the Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan, resulting in the Granite Point Mortgage Trust Inc. Amended and Restated 2022 Omnibus Incentive Plan, or the A&R 2022 Plan. The A&R 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (both non-performance-based units, or RSUs, and performance-based units, or PSUs), dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">See Note 12 - Equity Incentive Plans for further details regarding the Equity Incentive Plans.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The cost of equity-based compensation is measured at its fair value at the grant date. Valuation methods used and subsequent expense recognition is dependent upon each award’s service and performance conditions. The Company accounts for forfeitures as they occur. Amortization expense is included within compensation and benefits expense on the consolidated statements of comprehensive (loss) income. Compensation costs for equity-based awards subject only to service conditions are measured at the closing stock price on the grant date and are recognized as expense on a straight-line basis over the requisite service periods for the awards, adjusted for any forfeitures. Compensation costs for equity-based awards subject to market-based performance metrics are measured at the grant date using Monte Carlo simulations, which incorporate assumptions for stock return volatility, dividend yield and risk-free interest rates. These initial valuation amounts are recognized as expense over the requisite performance periods, subject to adjustments only for actual forfeitures. Amortization of equity-based awards (non-cash equity compensation expense) is included within compensation and benefits on the consolidated statements of comprehensive (loss) income.</div>

<div style="margin-top:3pt;text-align:justify">Recently Issued and/or Adopted Accounting Standards </div><div style="margin-top:3pt;text-align:justify">Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03. The new guidance requires a public business entity to provide disaggregated disclosures in the notes to the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026. The guidance is applied prospectively and may be applied retrospectively. The Company is evaluating the impact of ASU 2024-03.</div><div style="margin-top:3pt;text-align:justify">Interim Reporting (Topic 270): Narrow Scope Improvements</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, or ASU 2025-11. The new guidance clarifies the information that must be presented in quarterly periods, including improved reporting dates. ASU 2025-11 also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 31, 2027, and early adoption is permitted. The Company does not expect a material impact from ASU 2025-11.</div>

Loans Held-for-Investment, Net of Allowance for Credit Losses<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.303%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.497%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Senior</div><div style="text-align:center">Loans(1)</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unpaid principal balance</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,393,104 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Unamortized net deferred origination fees</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,724)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Allowance for credit losses</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(163,484)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Carrying value</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unfunded commitments</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">57,169 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Number of loans</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">38 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Weighted average coupon(2)</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Weighted average years to maturity(3)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.4</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:56.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.518%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Senior </div><div style="text-align:center">Loans(1)</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">B-Notes(4)</div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unpaid principal balance</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,677,017 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,950 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,689,967 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Unamortized net deferred origination fees</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,323)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,323)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Allowance for credit losses</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(145,891)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(145,912)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Carrying value</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,524,803 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,929 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unfunded commitments</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">77,399 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">77,399 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Number of loans</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Weighted average coupon(2)</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.2</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8.0</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.2</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Weighted average years to maturity(3)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.5</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.1</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.5</td></tr></table></div><div>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans or other investments.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Weighted average coupon inclusive of the impact of nonaccrual loans.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(3)Based on contractual maturity date, including maturity defaulted loans with no remaining term. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with certain loan modifications.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(4)A subordinate loan secured by the same mortgage as the senior loan. </div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:41.252%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.580%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Property Type</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">% of Loan Portfolio</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">% of Loan Portfolio</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Office</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">595,333 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48.6</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">670,061 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43.6</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Multifamily</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">374,854 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">30.6</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">480,737 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">31.3</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Hotel</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">84,995 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.9</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">106,208 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.9</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Retail</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,214 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1.2</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">126,757 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8.2</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Industrial</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,007 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9.3</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">113,791 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">41,493 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3.4</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40,178 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2.6</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr></table></div><div style="margin-top:3pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:41.252%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.580%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Geographic Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">% of Loan Portfolio</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">% of Loan Portfolio</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Northeast</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">342,663 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">28.0</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">384,371 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25.0</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Southwest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">330,010 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.9</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">330,382 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21.5</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">West</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">117,619 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9.6</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">233,741 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15.2</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Midwest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">108,208 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8.8</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">259,115 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16.9</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Southeast</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">327,396 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.7</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">330,123 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr></table></div><div style="margin-top:3pt;text-align:justify">Loan Portfolio Activity</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following tables summarize activity related to loans held-for-investment, net of allowance for credit losses, for the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.433%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30, 2026</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amortized Cost</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Allowance for Credit Losses</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amortized Cost</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Allowance for Credit Losses</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,510,097 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(147,298)</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,362,799 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,683,644 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(145,912)</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:21pt;text-indent:-9pt">Originations, additional fundings, upsizing of loans and capitalized deferred interest(1)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,997 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,997 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,276 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,276 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Repayments</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(99,960)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(99,960)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(276,441)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(276,441)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Transfers to loans held-for-sale, net of discount at time of transfer</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,873)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,873)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top">Increase from net deferred fees</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">373 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">373 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">245 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">245 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top">Amortization of net deferred fees</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">533 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">533 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,189 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,189 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Provision for credit losses</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(45,846)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(45,846)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(46,932)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(46,932)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Write-offs</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29,660 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29,660 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Recoveries of previous write-offs</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(300)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(300)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,389,380 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(163,484)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,389,380 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(163,484)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.433%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30, 2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amortized Cost</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Allowance for Credit Losses</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amortized Cost</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Allowance for Credit Losses</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,937,659 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(177,282)</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,760,377 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,097,375 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(199,727)</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,897,648 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:21pt;text-indent:-9pt">Originations, additional fundings, upsizing of loans and capitalized deferred interest(2)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,519 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,519 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">23,994 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">23,994 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Repayments</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(93,172)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(93,172)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(176,953)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(176,953)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt">Transfers to real estate owned(3)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63,353)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63,353)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt">Transfers in from loan related receivables(4)</div></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">567 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">567 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">567 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">567 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Decrease from net deferred fees</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(254)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(254)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(583)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(583)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Amortization of net deferred fees</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,034 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,034 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,944 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,944 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Provision for credit losses</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,760)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,760)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,953)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,953)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Write-offs</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(36,074)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">36,074 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,712)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">60,712 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,823,279 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(151,968)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,671,311 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,823,279 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(151,968)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,671,311 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Includes fundings of $2.3 million and $3.8 million of other investments classified as loans held-for-investment during the three and six months ended June 30, 2026.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Includes a $1.7 million unsecured note advance to an existing borrower during the six months ended June 30, 2025.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(3)Total transfers to real estate owned of $71.0 million comprised of $63.4 million of loans held-for-investment and $7.6 million in related receivables.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(4)Transfers in from loan related receivables of $0.6 million included in write-offs during the three and six months ended June 30, 2025.</div><div style="margin-top:3pt;text-align:justify">Allowance for Credit Losses</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the changes for the three and six months ended June 30, 2026, and 2025 in the allowance for credit losses on loans held-for-investment:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.911%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Loans Held-for-Investment</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Unfunded Loan Commitments(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Specific Reserve</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">General Reserve</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Specific and General Reserve</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total General Reserve</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Allowance for Credit Losses</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Three Months Ended June 30, 2026</td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">119,635 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">27,663 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">147,298 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,215 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">148,513 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Provision for credit losses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40,184 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,662 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,846 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,135 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">46,981 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Write-off</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">130,159 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">33,325 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">163,484 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,350 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">165,834 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six Months Ended June 30, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,466 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">41,446 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">145,912 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,517 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">148,429 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Provision for (benefit from) credit losses</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">55,053 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,121)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">46,932 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(167)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">46,765 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Write-off</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Recoveries of previous write-offs</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">300 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">300 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">300 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">130,159 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">33,325 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">163,484 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,350 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">165,834 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Three Months Ended June 30, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">134,253 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">43,029 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">177,282 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,880 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">180,162 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Provision for (benefit from) credit losses</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(638)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11,398 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,760 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">224 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,984 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Write-off</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(36,074)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(36,074)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(36,074)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">97,541 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">54,427 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">151,968 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,104 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">155,072 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six Months Ended June 30, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">154,687 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">45,040 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">199,727 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,303 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">201,030 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Provision for credit losses</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,566 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,387 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,953 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,801 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14,754 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Write-off</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,712)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,712)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,712)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">97,541 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">54,427 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">151,968 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,104 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">155,072 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)The current expected credit loss, or CECL, reserve for unfunded commitments is included in “Other liabilities” on the condensed consolidated balance sheets.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the three months ended June 30, 2026, the Company recorded a net increase of $17.3 million in its total allowance for credit losses primarily due to an increase of $40.2 million in specific reserves on collateral-dependent loans and an increase of $6.8 million in the general reserve, partially offset by $(29.7) million in write-offs, bringing the total allowance for credit losses to $165.8 million as of June 30, 2026. The increase in the allowance was primarily related to a provision for credit losses of $47.0 million as a result of one new collateral-dependent loan that was individually assessed for the first time, incremental specific reserves on other collateral-dependent loans and an unfavorable change in the general reserve due to worsening economic forecasts and changes in loan attributes during the three months ended June 30, 2026.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the six months ended June 30, 2026, the Company recorded a net increase of $17.4 million in its total allowance for credit losses primarily due to an increase of $55.1 million in specific reserves on collateral-dependent loans, partially offset by a decrease of $(8.3) million in the general reserve and $(29.4) million in net write-offs, bringing the total allowance for credit losses to $165.8 million as of June 30, 2026. The increase in the allowance was primarily related to provision for credit losses of $46.8 million as a result of four new collateral-dependent loans that were individually assessed for the first time and incremental specific reserves on other collateral-dependent loans, partially offset by a decrease in the general reserve due to negative credit migration to specific reserves during the six months ended June 30, 2026.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, the Company had seven collateral-dependent loans with an aggregate principal balance of $321.3 million, for which the Company recorded an allowance for credit losses of $130.2 million. The performance of the collateral properties securing these loans, which includes three office buildings, two hotel properties and two multifamily properties, has </div>been impacted by an uncertain commercial real estate market and macroeconomic outlook, which includes weakening in credit fundamentals, capital markets volatility and significantly reduced real estate transaction activity, and a higher cost of capital driven by elevated interest rates. These macroeconomic and market factors have resulted in the slowing of business plan execution and reduced market liquidity, thereby impacting the borrowers’ ability to either sell or refinance their properties to repay the Company’s loans. See Note 8 - Fair Value, for further detail on the fair value measurement of these loans.<div style="margin-top:3pt;text-align:justify">Nonaccrual Loans</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the changes in the amortized cost of loans held-for-investment on nonaccrual status for the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.666%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.547%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Nonaccrual loan amortized cost at beginning of period </td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">343,219 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">354,711 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">277,496 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">453,052 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Addition of nonaccrual loan amortized cost</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">67,706 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">133,579 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Reduction of nonaccrual loan amortized cost</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(77,382)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(132,130)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(77,532)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(230,471)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Nonaccrual loan amortized cost at end of period</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">333,543 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">222,581 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">333,543 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">222,581 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>As of June 30, 2026, the Company had seven senior loans, and four other investments classified as loans held-for-investment, with a total unpaid principal balance of $334.0 million and amortized cost of $333.5 million that were held on nonaccrual status, compared to three senior loans with a total unpaid principal balance of $222.8 million and amortized cost of $222.6 million that were held on nonaccrual status as of June 30, 2025. All other loans were considered current with respect to principal and interest payments due as of June 30, 2026, and 2025.<div style="margin-top:3pt;text-align:justify">Loan Modifications</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As part of its asset and portfolio management strategy, the Company may amend or modify a loan depending on the loan’s specific facts and circumstances. These loan modifications typically include additional time for the borrower to refinance or sell the collateral property, adjustment or waiver of performance tests that are prerequisite to the extension of a loan’s maturity, and/or deferral of scheduled principal payments. In exchange for a modification, the Company may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a cash infusion to replenish interest or capital improvement reserves, termination of all or a portion of the remaining unfunded loan commitment, additional call protection, and/or an increase in the loan coupon or fees, among other items. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the 12 months ended June 30, 2026, the Company entered into the following four loan modifications that met the disclosure requirements pursuant to ASC 326.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the three months ended June 30, 2026, the Company completed the modification of a senior loan secured by an office property located in New York, NY, and the related preferred equity interest classified as loans held-for-investment. As of June 30, 2026 and December 31, 2025, the senior loan had a principal balance and amortized cost of $29.2 million and $29.5 million, respectively. The terms of the senior loan modification included, among other things, a six-month extension of the maturity date to October 9, 2026, with options to further extend the loan to a fully extended maturity date of April 9, 2027. The modification of the preferred equity interest included, among other things, (i) a $1.6 million upsizing of the total commitment, and (ii) an increase in the residual return from 30% to 35%. The preferred equity earns an 11% deferred preferred return and a 35% residual return. Due to the uncertainty of collection of any preferred return, the Company is not accruing any income on the preferred equity interest. As of June 30, 2026, the senior loan and preferred equity interest had an aggregate principal balance and amortized cost of $32.1 million and $32.0 million, respectively. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of June 30, 2026.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the three months ended June 30, 2026, the Company completed the modification of a senior loan secured by a hotel property located in Tempe, AZ. As of June 30, 2026, and December 31, 2025, the loan had a principal balance of $27.5 million and $26.9 million, respectively, and an amortized cost of $27.6 million and $26.9 million, respectively. The terms of the modification included, among other things: (i) an extension of the fully extended maturity date to November 9, 2026, with one three-month option to extend to February 9, 2027, and (ii) a $2.1 million upsizing of the total commitment of the loan, resulting in an aggregate $4.6 million upsizing of the total commitment when considering other modifications occurring during the 12 months ended June 30, 2026. Due to the uncertainty with respect to the collection of principal and interest, the loan was previously deemed collateral dependent, assigned a risk rating of “5” and was placed on nonaccrual status. The senior loan was performing pursuant to its modified contractual terms as of June 30, 2026.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the three months ended March 31, 2026, the Company completed the modification of a senior loan secured by an office property located in New York, NY, and the related unsecured note and equity interest classified as loans held-for-</div><div style="margin-top:3pt;text-align:justify">investment. As of June 30, 2026 and December 31, 2025, the senior loan had a principal balance and amortized cost of $69.2 million and $69.1 million, respectively. The terms of the senior loan modification included, among other things, a one-year extension of the fully extended maturity date to December 9, 2026, with one 12-month option to extend to December 9, 2027. The modification of the unsecured note and equity interest included, among other things, (i) a one-year extension of the fully extended maturity date to December 9, 2026, with one 12-month option to extend to December 9, 2027, (ii) a $4.8 million upsizing of the total commitment of the unsecured note, and (iii) a $0.1 million investment in exchange for an additional equity interest of 5%. The unsecured note earns deferred interest, which carries an accrual rate of 11%. Due to the uncertainty of collection of any unsecured note interest, the Company is not accruing any income on the unsecured note. As of June 30, 2026, the senior loan, unsecured note and equity interest had an aggregate principal balance and amortized cost of $74.7 million. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of June 30, 2026.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the three months ended December 31, 2025, the Company completed the modification of a senior loan secured by an office property located in Encino, CA. As of June 30, 2026, and December 31, 2025, the senior loan had a principal balance of $43.8 million and $43.4 million, respectively, and an amortized cost of $43.7 million and $43.2 million, respectively. The terms of the modification included, among other things, (i) a two-year extension of the fully extended maturity date to October 9, 2028, and (ii) a $3.8 million upsizing of the total commitment of the loan. Additionally, the Company made a $1.6 million non-controlling preferred equity investment in a limited liability company, or LLC, that is the borrower of the senior loan with an initial redemption date of October 9, 2026, which is determined by the maturity date of the associated senior loan. The Company may invest up to an additional $2.0 million in the preferred equity investment. The preferred equity investment will earn a deferred preferred return, which carries an accrual rate of 12%. Due to the uncertainty of collection of any preferred equity investment accrued amounts, the Company is not accruing any income on the preferred equity investment. The preferred equity investment is included in the Company's consolidated balance sheets within loans held-for-investment. As of June 30, 2026, the senior loan and preferred equity investment had an aggregate principal balance of $45.6 million and an aggregate amortized cost of $45.5 million. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of June 30, 2026.</div><div style="margin-top:3pt;text-align:justify">Loan Risk Ratings</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company’s primary credit quality indicators are its risk ratings. The Company evaluates the credit quality of each loan at least quarterly by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors that are considered in the assessment include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, collateral performance, loan structure and exit plan, origination loan-to-value, or LTV, project sponsorship and other factors deemed necessary. The Company evaluates these factors with respect to each loan investment on a case-by-case basis, taking into consideration such loan’s facts and circumstances at the time. The risk factors may be given different weightings and consideration depending on each loan’s situation. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined as follows:</div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-22.5pt">1 –Lower Risk</div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-22.5pt">2 –Average Risk</div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-22.5pt">3 –Acceptable Risk</div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-22.5pt">4 –Higher Risk: A loan that has exhibited material deterioration in cash flows and/or other credit factors, which, if negative trends continue, could be indicative of probability of principal loss.</div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-22.5pt">5 –Loss Likely: A loan that has a significantly increased probability of principal loss.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.198%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Risk Rating</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Loans</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Unpaid Principal Balance</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Loans</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Unpaid Principal Balance</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">1</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">105,341 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,808 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">293,896 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">292,614 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209,947 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208,497 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">268,935 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,628 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">3</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">606,691 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">588,391 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">706,363 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">676,253 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">4</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">218,181 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">191,416 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">172,086 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">159,618 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">5</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">252,944 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">132,784 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">248,687 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">143,619 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">38 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,393,104 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,689,967 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, the weighted average risk rating of the Company’s loans held-for-investment portfolio was 3.2, versus 2.9 as of December 31, 2025, weighted by unpaid principal balance. The change in portfolio risk rating as of June 30, 2026, versus December 31, 2025, is mainly a result of select loan downgrades, two loan repayments with a risk rating of “1” and one loan sale with a risk rating of “1” during the six months ended June 30, 2026.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, the Company assigned a risk rating of “5” to five senior loans with an aggregate outstanding principal balance of $252.9 million. These loans were assigned a risk rating of “5” resulting from a variety of factors including the challenging office leasing environment, local market fundamentals, uncertain and volatile capital market conditions resulting in limited liquidity for real estate transactions, further pressure on property values and other factors related to property-specific operating performance and due to the borrowers’ unwillingness to make further capital commitments to support the collateral properties.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following tables present the carrying value of loans held-for-investment as of June 30, 2026, and December 31, 2025, by risk rating and year of origination:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Origination Year</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Risk Rating</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Prior</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">1</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">46,558 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">58,250 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,808 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">68,386 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">140,111 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208,497 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">3</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,436 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">480,955 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">588,391 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">4</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">191,416 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">191,416 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">5</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">32,069 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">31,218 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">69,497 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">132,784 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">32,069 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">253,598 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">940,229 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Gross write-offs</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.321%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Origination Year</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Risk Rating</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2021</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Prior</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">1</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">113,678 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">37,477 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">141,459 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">292,614 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">113,940 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">151,688 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,628 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">3</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54,844 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">60,395 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">161,020 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">399,994 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">676,253 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">4</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">62,556 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">97,062 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">159,618 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">5</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">34,818 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">108,801 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">143,619 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">54,844 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">322,831 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">412,741 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">747,316 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Gross write-offs</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(15,361)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(65,137)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(80,498)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.303%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.497%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Senior</div><div style="text-align:center">Loans(1)</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unpaid principal balance</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,393,104 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Unamortized net deferred origination fees</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,724)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Allowance for credit losses</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(163,484)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Carrying value</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unfunded commitments</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">57,169 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Number of loans</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">38 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Weighted average coupon(2)</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Weighted average years to maturity(3)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.4</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:56.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.518%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Senior </div><div style="text-align:center">Loans(1)</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">B-Notes(4)</div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unpaid principal balance</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,677,017 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,950 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,689,967 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Unamortized net deferred origination fees</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,323)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(6,323)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Allowance for credit losses</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(145,891)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(145,912)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Carrying value</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,524,803 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">12,929 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Unfunded commitments</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">77,399 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">77,399 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Number of loans</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Weighted average coupon(2)</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.2</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8.0</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.2</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Weighted average years to maturity(3)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.5</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">1.1</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.5</td></tr></table></div><div>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans or other investments.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Weighted average coupon inclusive of the impact of nonaccrual loans.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(3)Based on contractual maturity date, including maturity defaulted loans with no remaining term. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with certain loan modifications.</div>(4)A subordinate loan secured by the same mortgage as the senior loan. 1393104000 -3724000

163484000

1225896000

57169000 38 0.054 P0Y4M24D 1677017000 12950000 1689967000 -6323000 0 -6323000

145891000

21000

145912000

1524803000

12929000

1537732000

77399000 0 77399000 42 1 43 0.062 0.080 0.062 P0Y6M P1Y1M6D P0Y6M <div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:41.252%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.580%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Property Type</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">% of Loan Portfolio</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">% of Loan Portfolio</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Office</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">595,333 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48.6</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">670,061 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43.6</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Multifamily</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">374,854 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">30.6</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">480,737 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">31.3</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Hotel</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">84,995 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.9</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">106,208 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.9</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Retail</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15,214 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1.2</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">126,757 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8.2</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Industrial</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">114,007 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9.3</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">113,791 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">41,493 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3.4</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40,178 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2.6</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr></table></div>

595333000

0.486

670061000

0.436

374854000

0.306

480737000

0.313

84995000

0.069

106208000

0.069

15214000

0.012

126757000

0.082

114007000

0.093

113791000

0.074

41493000

0.034

40178000

0.026

1225896000

1.000

1537732000

1.000 <div style="margin-top:3pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:41.252%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.576%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.580%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Geographic Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">% of Loan Portfolio</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">% of Loan Portfolio</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Northeast</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">342,663 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">28.0</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">384,371 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">25.0</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Southwest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">330,010 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.9</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">330,382 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21.5</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">West</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">117,619 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9.6</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">233,741 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15.2</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Midwest</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">108,208 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8.8</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">259,115 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16.9</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Southeast</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">327,396 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">26.7</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">330,123 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">100.0</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td></tr></table></div>

342663000

0.280

384371000

0.250

330010000

0.269

330382000

0.215

117619000

0.096

233741000

0.152

108208000

0.088

259115000

0.169

327396000

0.267

330123000

0.214

1225896000

1.000

1537732000

1.000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following tables summarize activity related to loans held-for-investment, net of allowance for credit losses, for the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.433%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30, 2026</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amortized Cost</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Allowance for Credit Losses</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amortized Cost</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Allowance for Credit Losses</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,510,097 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(147,298)</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,362,799 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,683,644 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(145,912)</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:21pt;text-indent:-9pt">Originations, additional fundings, upsizing of loans and capitalized deferred interest(1)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,997 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,997 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,276 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,276 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 22pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Repayments</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(99,960)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(99,960)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(276,441)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(276,441)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Transfers to loans held-for-sale, net of discount at time of transfer</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,873)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,873)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top">Increase from net deferred fees</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">373 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">373 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">245 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">245 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:top">Amortization of net deferred fees</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">533 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">533 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,189 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,189 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Provision for credit losses</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(45,846)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(45,846)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(46,932)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(46,932)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Write-offs</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29,660 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">29,660 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Recoveries of previous write-offs</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(300)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(300)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,389,380 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(163,484)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,389,380 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(163,484)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.433%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30, 2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amortized Cost</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Allowance for Credit Losses</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amortized Cost</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Allowance for Credit Losses</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,937,659 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(177,282)</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,760,377 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,097,375 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(199,727)</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,897,648 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:21pt;text-indent:-9pt">Originations, additional fundings, upsizing of loans and capitalized deferred interest(2)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,519 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13,519 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">23,994 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">23,994 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Repayments</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(93,172)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(93,172)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(176,953)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(176,953)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt">Transfers to real estate owned(3)</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63,353)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(63,353)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt">Transfers in from loan related receivables(4)</div></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">567 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">567 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">567 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">567 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Decrease from net deferred fees</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(254)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(254)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(583)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(583)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Amortization of net deferred fees</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,034 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,034 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,944 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,944 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Provision for credit losses</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,760)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(10,760)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,953)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(12,953)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 13pt;text-align:left;vertical-align:bottom">Write-offs</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(36,074)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">36,074 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,712)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">60,712 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,823,279 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(151,968)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,671,311 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,823,279 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(151,968)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,671,311 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Includes fundings of $2.3 million and $3.8 million of other investments classified as loans held-for-investment during the three and six months ended June 30, 2026.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Includes a $1.7 million unsecured note advance to an existing borrower during the six months ended June 30, 2025.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(3)Total transfers to real estate owned of $71.0 million comprised of $63.4 million of loans held-for-investment and $7.6 million in related receivables.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(4)Transfers in from loan related receivables of $0.6 million included in write-offs during the three and six months ended June 30, 2025.</div>

1510097000

147298000

1362799000

1683644000

145912000

1537732000

7997000

22276000

99960000

276441000

0 0 12873000 12873000 373000 373000 245000 245000

533000

2189000

45846000

46932000

29660000

300000

1389380000

163484000

1225896000

1389380000

163484000

1225896000

1937659000

177282000

1760377000

2097375000

199727000

1897648000

13519000

23994000

93172000

176953000

0 0 63353000 63353000 567000 567000 567000 567000 -254000 -254000 -583000 -583000

1034000

2944000

10760000

12953000

36074000

60712000

1823279000

151968000

1671311000

1823279000

151968000

1671311000

2300000 3800000 1700000 71000000.0

63400000

7600000 600000 600000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the changes for the three and six months ended June 30, 2026, and 2025 in the allowance for credit losses on loans held-for-investment:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.911%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.603%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Loans Held-for-Investment</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Unfunded Loan Commitments(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Specific Reserve</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">General Reserve</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Specific and General Reserve</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total General Reserve</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Allowance for Credit Losses</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Three Months Ended June 30, 2026</td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">119,635 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">27,663 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">147,298 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,215 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">148,513 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Provision for credit losses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">40,184 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,662 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">45,846 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,135 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">46,981 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Write-off</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">130,159 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">33,325 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">163,484 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,350 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">165,834 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six Months Ended June 30, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,466 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">41,446 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">145,912 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,517 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">148,429 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt">Provision for (benefit from) credit losses</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">55,053 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(8,121)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">46,932 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(167)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">46,765 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Write-off</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Recoveries of previous write-offs</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">300 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">300 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">300 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">130,159 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">33,325 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">163,484 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,350 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">165,834 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Three Months Ended June 30, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">134,253 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">43,029 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">177,282 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,880 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">180,162 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Provision for (benefit from) credit losses</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(638)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">11,398 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,760 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">224 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,984 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Write-off</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(36,074)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(36,074)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(36,074)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">97,541 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">54,427 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">151,968 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,104 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">155,072 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Six Months Ended June 30, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">154,687 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">45,040 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">199,727 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,303 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">201,030 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Provision for credit losses</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,566 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9,387 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12,953 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,801 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14,754 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 19pt;text-align:left;vertical-align:bottom">Write-off</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,712)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,712)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(60,712)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">97,541 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">54,427 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">151,968 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,104 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">155,072 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)The current expected credit loss, or CECL, reserve for unfunded commitments is included in “Other liabilities” on the condensed consolidated balance sheets.</div>

119635000

27663000

147298000

1215000

148513000

40184000

5662000

45846000

1135000

46981000

29660000

0 29660000

130159000

33325000

163484000

2350000

165834000

104466000

41446000

145912000

2517000

148429000

55053000

-8121000

46932000

-167000

46765000

29660000

300000

0 300000

130159000

33325000

163484000

2350000

165834000

134253000

43029000

177282000

2880000

180162000

-638000

11398000

10760000

224000

10984000

36074000

0 36074000

97541000

54427000

151968000

3104000

155072000

154687000

45040000

199727000

1303000

201030000

3566000

9387000

12953000

1801000

14754000

60712000

97541000

54427000

151968000

3104000

155072000 17300000 40200000 6800000 29700000 165800000 47000000.0 1 17400000 55100000 -8300000 29400000 165800000 46800000 4 7

321300000

130200000

3 2 2

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the changes in the amortized cost of loans held-for-investment on nonaccrual status for the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.666%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.547%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Nonaccrual loan amortized cost at beginning of period </td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">343,219 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">354,711 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">277,496 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">453,052 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Addition of nonaccrual loan amortized cost</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">67,706 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">133,579 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Reduction of nonaccrual loan amortized cost</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(77,382)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(132,130)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(77,532)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(230,471)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Nonaccrual loan amortized cost at end of period</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">333,543 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">222,581 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">333,543 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">222,581 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

343219000 354711000 277496000 453052000 67706000 0 133579000 0 77382000 132130000 77532000 230471000 333543000 222581000 333543000 222581000 7 4 334000000.0

333500000

3 222800000

222600000

4 29200000 29500000

P6M

1600000

0.30 0.35 0.11 0.35 32100000

32000000.0

27500000 26900000

27600000

26900000

P3M

2100000

4600000

69200000

69100000

P1Y

4800000

100000 0.05 0.11

74700000

43800000 43400000

43700000

43200000

P2Y

3800000

1600000

2000000.0 0.12 45600000

45500000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.198%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.627%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Risk Rating</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Loans</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Unpaid Principal Balance</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Number of Loans</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Unpaid Principal Balance</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">1</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">105,341 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,808 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">293,896 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">292,614 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">209,947 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208,497 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">268,935 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,628 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">3</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">16 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">606,691 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">588,391 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">20 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">706,363 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">676,253 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">4</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">218,181 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">191,416 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">172,086 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">159,618 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">5</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">252,944 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">132,784 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">248,687 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">143,619 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">38 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,393,104 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">43 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,689,967 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following tables present the carrying value of loans held-for-investment as of June 30, 2026, and December 31, 2025, by risk rating and year of origination:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Origination Year</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Risk Rating</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Prior</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">1</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">46,558 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">58,250 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">104,808 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">68,386 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">140,111 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">208,497 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">3</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">107,436 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">480,955 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">588,391 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">4</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">191,416 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">191,416 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">5</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">32,069 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">31,218 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">69,497 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">132,784 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">32,069 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">253,598 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">940,229 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Gross write-offs</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(29,660)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.321%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="39" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle">(dollars in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Origination Year</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Risk Rating</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2021</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Prior</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">1</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">113,678 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">37,477 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">141,459 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">292,614 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">113,940 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">151,688 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">265,628 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">3</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">54,844 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">60,395 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">161,020 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">399,994 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">676,253 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">4</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">62,556 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">97,062 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">159,618 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">5</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">34,818 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">108,801 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">143,619 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">54,844 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">322,831 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">412,741 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">747,316 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Gross write-offs</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(15,361)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(65,137)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(80,498)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

4 105341000

104808000

7 293896000

292614000

7 209947000

208497000

8 268935000

265628000

16 606691000

588391000

20 706363000

676253000

6 218181000

191416000

4 172086000

159618000

5 252944000

132784000

4 248687000

143619000

38 1393104000

1225896000

43 1689967000

1537732000

3.2 2.9 5 252900000

46558000

58250000

104808000

68386000

140111000

208497000

107436000

480955000

588391000

191416000

32069000

31218000

69497000

132784000

32069000

253598000

940229000

1225896000

29660000

113678000

37477000

141459000

292614000

113940000

151688000

265628000

54844000

60395000

161020000

399994000

676253000

62556000

97062000

159618000

34818000

108801000

143619000

54844000

322831000

412741000

747316000

1537732000

15361000

65137000

80498000

Real Estate Owned<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, the Company held assets and liabilities related to two real estate owned, or REO, office properties: one property classified as REO, held-for-sale located in Miami Beach, FL, and one property classified as REO, held-for-investment, net located in Maynard, MA. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the REO held-for-investment assets and liabilities included in our condensed consolidated balance sheets:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.517%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Building and building improvements</div></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">23,390 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">86,350 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Land and land improvements</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,374 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,396 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Accumulated Depreciation</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,780)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,707)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;text-indent:13.5pt;vertical-align:bottom">Real estate owned, net</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">29,984 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">92,039 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Intangible real estate assets</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">11,750 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,909 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Accumulated amortization</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5,861)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5,615)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:13.5pt">Intangible real estate assets, net(1)</div></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,889 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,294 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Lease liability</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(7,239)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Intangible real estate liabilities</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(146)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(195)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Accumulated amortization</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">61 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:13.5pt">Real estate liabilities, net(2)</div></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(93)</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(7,373)</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>_____________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Included in “Other assets” on the condensed consolidated balance sheets.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Included in “Other liabilities” on the condensed consolidated balance sheets.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the three months ended June 30, 2026, the Company determined the Miami Beach, FL, office real estate owned asset met the held-for-sale criteria. Accordingly, the Company estimated a fair value of $54.9 million and recorded a $6.1 million impairment loss on real estate owned and is presented net on the consolidated balance sheets within real estate owned assets, held-for-sale. The estimated fair value of the collateral was determined by the estimated proceeds from the sale of the property, less costs to sell. The corresponding assets and liabilities have been reclassified to real estate owned assets, held-for-sale and real estate owned liabilities, held-for-sale on the Company’s condensed consolidated balance sheets. The anticipated sale does not reflect a strategic shift and therefore does not qualify for presentation as a discontinued operation.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the REO operations and related income (loss) included in the Company’s condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2026, and 2025:</div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.321%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.496%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.496%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.496%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.501%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Real Estate Owned, Net</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Rental income</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:bottom">Minimum lease payments</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,059 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,450 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,173 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,679 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:bottom">Variable lease payments</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">857 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,649 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,726 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total rental income</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,916 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,369 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,822 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,405 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other operating income</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">571 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">384 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">885 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">442 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Revenue from real estate owned operations</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,487 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,753 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,707 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,847 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Expenses from real estate owned operations (1)</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5,273)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5,227)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,033)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,731)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1,786)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1,474)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(4,326)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(2,884)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify">______________________</div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt">(1) Includes $(2.0) million and $(4.0) million and $(2.1) million and $(3.5) million of depreciation and amortization for the three and six months ended June 30, 2026, and 2025, respectively.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the amortization of REO, held-for-investment, net lease intangibles included in the Company’s condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:28.207%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.447%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.736%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.736%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.736%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:7.741%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Income Statement Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Asset</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">In-place lease intangibles</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Expenses from real estate owned operations</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">733 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">944 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,511 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,679 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:top">Lease commissions</td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Expenses from real estate owned operations</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">115 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">74 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">220 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">135 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Above-market lease intangibles</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Revenue from real estate owned operations</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(55)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(78)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(112)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(148)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:top">Liability</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Below-market lease intangibles</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Revenue from real estate owned operations</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">28 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the amortization of lease intangibles related to REO, held-for-investment, net for each of the succeeding fiscal years: </div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.163%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.712%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.712%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.712%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.719%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">In-place Lease Intangible Assets</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Above-market Lease Intangible Assets</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Lease Commissions</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Below-market Lease Intangible Liabilities</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">566 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">229 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(13)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">801 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">459 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">775 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">23 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">443 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">766 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">437 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">342 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">297 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">189 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">470 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The weighted average remaining amortization period for the in-place lease intangibles, above-market lease intangibles, leasing commissions and below-market lease intangibles related to REO, held-for-investment, net as of June 30, 2026, were 4.2 years, 2.3 years, 5.7 years and 3.5 years, respectively.</div><div style="margin-top:3pt;text-align:justify">Future Minimum Lease Payments</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses, as of June 30, 2026:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.808%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Contractual Lease Payments</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,831 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,056 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,001 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,832 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,845 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,891 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The weighted average minimum remaining term of the non-cancelable leases was approximately 4.6 years as of June 30, 2026.</div>

2 1 1

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the REO held-for-investment assets and liabilities included in our condensed consolidated balance sheets:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.517%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Building and building improvements</div></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">23,390 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">86,350 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Land and land improvements</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,374 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">10,396 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Accumulated Depreciation</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(3,780)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(4,707)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;text-indent:13.5pt;vertical-align:bottom">Real estate owned, net</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">29,984 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">92,039 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Intangible real estate assets</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">11,750 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">18,909 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Accumulated amortization</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5,861)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5,615)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:13.5pt">Intangible real estate assets, net(1)</div></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">5,889 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">13,294 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Lease liability</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">(7,239)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Intangible real estate liabilities</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(146)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(195)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Accumulated amortization</div></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">53 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">61 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:13.5pt">Real estate liabilities, net(2)</div></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(93)</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(7,373)</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table>_____________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Included in “Other assets” on the condensed consolidated balance sheets.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Included in “Other liabilities” on the condensed consolidated balance sheets.</div>

23390000

86350000

10374000

10396000

3780000 4707000 29984000 92039000

11750000

18909000

5861000 5615000 5889000 13294000 0 7239000 146000 195000 53000 61000

93000

7373000

54900000

6100000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the REO operations and related income (loss) included in the Company’s condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2026, and 2025:</div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.321%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.496%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.496%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.496%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.501%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Real Estate Owned, Net</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Rental income</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:bottom">Minimum lease payments</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,059 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">2,450 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,173 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">4,679 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:bottom">Variable lease payments</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">857 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">919 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,649 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,726 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total rental income</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,916 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,369 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,822 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,405 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other operating income</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">571 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">384 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">885 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">442 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Revenue from real estate owned operations</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,487 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,753 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,707 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6,847 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Expenses from real estate owned operations (1)</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5,273)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(5,227)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(11,033)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(9,731)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 10pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1,786)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1,474)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(4,326)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(2,884)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify">______________________</div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt">(1) Includes $(2.0) million and $(4.0) million and $(2.1) million and $(3.5) million of depreciation and amortization for the three and six months ended June 30, 2026, and 2025, respectively.</div>

2059000

2450000

4173000

4679000

857000

919000

1649000

1726000

2916000

3369000

5822000

6405000

571000

384000

885000

442000

3487000 3753000 6707000 6847000 5273000 5227000 11033000 9731000

-1786000

-1474000

-4326000

-2884000

2000000.0

4000000.0

2100000

3500000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the amortization of REO, held-for-investment, net lease intangibles included in the Company’s condensed consolidated statements of comprehensive (loss) income for the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:28.207%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.447%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.736%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.736%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.736%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:7.741%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended June 30,</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Income Statement Location</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Asset</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">In-place lease intangibles</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Expenses from real estate owned operations</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">733 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">944 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,511 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,679 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:top">Lease commissions</td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Expenses from real estate owned operations</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">115 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">74 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">220 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">135 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Above-market lease intangibles</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Revenue from real estate owned operations</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(55)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(78)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(112)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(148)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:top">Liability</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:top">Below-market lease intangibles</td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Revenue from real estate owned operations</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">13 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">28 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">21 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

733000

944000

1511000

1679000

115000 74000 220000 135000 55000 78000 112000 148000

14000

13000

28000

21000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the amortization of lease intangibles related to REO, held-for-investment, net for each of the succeeding fiscal years: </div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.163%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.712%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.712%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.712%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.719%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">In-place Lease Intangible Assets</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Above-market Lease Intangible Assets</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Lease Commissions</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Below-market Lease Intangible Liabilities</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">566 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">42 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">229 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(13)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">801 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">35 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">459 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">775 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">23 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">443 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(27)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">766 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">15 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">437 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(26)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">342 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">297 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">189 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">470 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

566000

42000 229000

13000

801000

35000 459000

27000

775000

23000 443000

27000

766000

15000 437000

26000

342000

0 297000

189000

0 470000

P4Y2M12D

P2Y3M18D

P5Y8M12D

P3Y6M

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses, as of June 30, 2026:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.808%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Contractual Lease Payments</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3,831 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,056 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">8,001 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,832 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">4,845 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7,891 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

3831000

8056000

8001000

7832000

4845000

7891000

P4Y7M6D

Variable Interest Entities and Securitized Debt Obligations<div style="margin-top:3pt;text-align:justify">CRE CLOs</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company finances pools of its commercial real estate loans through CRE CLOs, which are considered VIEs for financial reporting purposes, and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company has both the power to direct the activities of the CRE CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant; therefore, the Company consolidates the CRE CLOs.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.517%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Loans held-for-investment</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">644,975 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">823,655 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Allowance for credit losses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,500)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,689)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Loans held-for-investment, net</td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">623,475 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">801,966 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,679 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">31 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other assets</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,054 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total Assets</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">677,641 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">807,051 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Securitized debt obligations</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">521,646 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">643,528 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other liabilities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">884 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,273 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total Liabilities</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">522,530 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">644,801 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The securitized debt obligations issued by the CRE CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table details the Company’s CRE CLO securitized debt obligations as of June 30, 2026, and December 31, 2025: </div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.017%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Securitized Debt Obligations</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Principal Balance</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Wtd. Avg. Yield/Cost (1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Principal Balance</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Wtd. Avg. Yield/Cost (1)</div></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">GPMT 2021-FL4 CRE CLO</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Collateral assets(2)</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">415,388 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">399,105 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.9%</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">464,162 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">446,569 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.9%</div></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Financing provided</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">318,270 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">318,425 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+2.0%</div></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">358,193 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">357,954 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+1.9%</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">GPMT 2021-FL3 CRE CLO</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Collateral assets(3)</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">279,556 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">273,048 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.4%</div></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">361,910 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">355,428 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.6%</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Financing provided</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">203,221 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">203,221 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.0%</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">285,574 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">285,574 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+2.7%</div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Collateral assets(4)</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">694,944 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">672,153 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.7%</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">826,072 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">801,997 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.7%</div></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Financing provided</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">521,491 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">521,646 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+2.4%</div></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">643,767 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">643,528 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+2.3%</div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify">______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Calculations of all-in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculation of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Includes $11.2 million and $31.0 thousand in restricted cash as of June 30, 2026, and December 31, 2025, respectively.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(3)Includes $37.5 million in restricted cash as of June 30, 2026. No restricted cash is included as of December 31, 2025.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(4)Includes $48.7 million and $31.0 thousand in restricted cash as of June 30, 2026, and December 31, 2025, respectively.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Other Investments</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, the Company held $12.7 million in non-controlling other investments in limited partnerships, or LPs, and LLCs with the borrower entities of four loans held-for-investment by the Company. The Company may invest up to an additional aggregate $7.7 million in the form of other investments in these entities and is included within total unfunded commitments of loans held-for-investment as disclosed in Note 9 - Commitments and Contingencies.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The other investments in LPs and LLCs are considered VIEs, and the Company’s investments and loans are considered variable interests in the VIEs. The Company is not the primary beneficiary of the VIEs because it does not have the power to direct the activities of the entity that most significantly impact the entity’s performance as all decisions are directed by the unaffiliated general partner of the LPs and LLCs and, thus, does not consolidate the investee LPs and LLCs. The other investments are included in the Company's condensed consolidated balance sheets within loans held-for-investment with a maturity date corresponding to the associated senior loan.</div>

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.517%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Loans held-for-investment</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">644,975 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">823,655 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Allowance for credit losses</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,500)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(21,689)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Loans held-for-investment, net</td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">623,475 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">801,966 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,679 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">31 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other assets</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,054 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total Assets</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">677,641 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">807,051 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Securitized debt obligations</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">521,646 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">643,528 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Other liabilities</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">884 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,273 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Total Liabilities</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">522,530 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">644,801 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

644975000

823655000

21500000

21689000

623475000

801966000

48679000

31000

5487000

5054000

677641000

807051000

521646000

643528000

884000

1273000

522530000

644801000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table details the Company’s CRE CLO securitized debt obligations as of June 30, 2026, and December 31, 2025: </div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.017%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Securitized Debt Obligations</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Principal Balance</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Wtd. Avg. Yield/Cost (1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Principal Balance</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Wtd. Avg. Yield/Cost (1)</div></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">GPMT 2021-FL4 CRE CLO</td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Collateral assets(2)</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">415,388 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">399,105 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.9%</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">464,162 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">446,569 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.9%</div></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Financing provided</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">318,270 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">318,425 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+2.0%</div></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">358,193 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">357,954 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+1.9%</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">GPMT 2021-FL3 CRE CLO</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Collateral assets(3)</div></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">279,556 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">273,048 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.4%</div></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">361,910 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">355,428 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.6%</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Financing provided</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">203,221 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">203,221 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.0%</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">285,574 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">285,574 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+2.7%</div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Collateral assets(4)</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">694,944 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">672,153 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.7%</div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">826,072 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">801,997 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+3.7%</div></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Financing provided</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">521,491 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">521,646 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+2.4%</div></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">643,767 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">643,528 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right">S+2.3%</div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify">______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Calculations of all-in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculation of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Includes $11.2 million and $31.0 thousand in restricted cash as of June 30, 2026, and December 31, 2025, respectively.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(3)Includes $37.5 million in restricted cash as of June 30, 2026. No restricted cash is included as of December 31, 2025.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(4)Includes $48.7 million and $31.0 thousand in restricted cash as of June 30, 2026, and December 31, 2025, respectively.</div> 415388000

399105000

0.039

464162000

446569000

0.039

318270000

318425000

0.020

358193000

357954000

0.019

279556000

273048000

0.034

361910000

355428000

0.036

203221000

0.030

285574000

0.027

694944000

672153000

0.037

826072000

801997000

0.037

521491000

521646000

0.024

643767000

643528000

0.023

11200000

31000.0

37500000

48700000

31000.0

12700000

4 7700000

Secured Financing Agreements<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">To finance its loans held-for-investment, loans held-for-sale and REO, the Company has a variety of secured financing arrangements with several counterparties, including repurchase facilities, a secured credit facility and a mortgage loan payable. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company’s repurchase facilities are typically collateralized by loans held-for-investment, loans held-for-sale, REO assets and certain cash balances. Although the transactions under the Company’s existing repurchase facilities represent committed borrowings until maturity of each facility, the facility lenders retain the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets due to collateral-specific credit events, or, with respect to a limited number of the Company’s repurchase facilities, capital market events, would require the Company to fund margin calls. The Company does not typically retain similar rights for the Company to make margin calls on its underlying borrowers as a result of a determination by the Company and/or its financing counterparty that there has been a decrease in the market value of the underlying pledged collateral. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company’s secured credit facility is typically collateralized by loans held-for-investment, loans held-for-sale, REO assets and certain cash balances and is non-mark-to-market.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company’s mortgage loan payable is typically collateralized by REO assets and certain cash balances and is non-mark-to-market.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following tables summarize details of the Company’s borrowings outstanding on its secured financing arrangements as of June 30, 2026, and December 31, 2025:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.046%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.289%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Maturity Date(1)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount Outstanding</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Unused Capacity(2)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Capacity</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value of Collateral</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Borrowing Rate</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Repurchase facilities:</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Morgan Stanley Bank(3)</div></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">June 28, 2027</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">52,151 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">197,849 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">250,000 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">110,532 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">6.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt">JPMorgan Chase Bank(4)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle">July 28, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">189,083 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">235,917 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">425,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">304,947 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">6.2</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:middle">Citibank</td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">April 26, 2027</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">72,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">177,513 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">250,000 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">103,432 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">5.3</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:middle">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">313,721 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">611,279 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">925,000 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">518,911 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 4pt;text-align:left;vertical-align:middle">Secured credit facility </td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">December 21, 2027</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">71,774 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">28,226 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">100,000 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">75,969 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">9.1</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:3pt">Mortgage loan payable(5)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle">October 3, 2030</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">18,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">18,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">35,780 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">6.7</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table> </div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.192%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.274%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.289%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Maturity Date(1)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount Outstanding</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Unused Capacity(2)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Capacity</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value of Collateral</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Borrowing Rate</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Repurchase facilities:</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt">Morgan Stanley Bank(3)</div></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">June 28, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">52,444 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">197,556 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">250,000 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">119,715 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">6.5</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt">JPMorgan Chase Bank(4)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle">July 28, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">314,242 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">147,574 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">461,816 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">446,849 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">7.2</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:middle">Citibank</td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">April 27, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">72,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">177,513 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">250,000 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">102,471 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">5.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:middle">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">439,173 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">522,643 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">961,816 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">669,035 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 4pt;text-align:left;vertical-align:middle">Secured credit facility </td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">December 21, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">71,774 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">28,226 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">100,000 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">98,772 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9.5 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:3pt">Mortgage loan payable(5)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle">October 3, 2030</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">18,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">18,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">35,060 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.8 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr></table></div><div>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. </div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Unused capacity is not committed as of June 30, 2026, and December 31, 2025. </div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(3)Collateral value includes REO, held-for-sale with a carrying value of $54.9 million as of June 30, 2026, and REO held-for-investment, net with a carrying value of $62.9 million as of December 31, 2025.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(4)Subsequent to June 30, 2026, the Company entered into modifications of the facility to extend the maturity date to July 28, 2028, and increase the maximum facility capacity to $651.0 million.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(5)Mortgage loan payable balance net of unamortized debt issuance costs is $17.6 million as of June 30, 2026, and $17.5 million as of December 31, 2025.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:23.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.325%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.472%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.654%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.535%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.325%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.472%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.543%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount Outstanding</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Net Counterparty Exposure(1)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Percent of Equity</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Years to Maturity</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount Outstanding</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Net Counterparty Exposure(1)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Percent of Equity</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Years to Maturity</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Morgan Stanley Bank</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">52,151 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">59,325 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.99</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">52,444 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,097 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.49</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">JPMorgan Chase Bank</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">189,083 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">129,018 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">27</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.08</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">314,242 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">149,946 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">27</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.57</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Citibank</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">72,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">32,618 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.82</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">72,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">32,657 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.32</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">313,721 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">220,961 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">439,173 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">251,700 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company does not anticipate any defaults by its financing counterparties, although there can be no assurance that one or more defaults will not occur.</div><div style="margin-top:3pt;text-align:justify">Loan Participations Sold</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the three months ended June 30, 2026, the Company sold two participation interests with an aggregate principal balance of $30.5 million in a loan with a total outstanding principal balance of $73.1 million to an unaffiliated third party for net proceeds of $27.2 million. Because the transfer did not qualify for sale accounting under ASC 860, the Company continues to recognize the underlying loan in its entirety and records a corresponding loan participations sold liability.</div><div style="margin-top:3pt;text-align:justify">Financial Covenants</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company is subject to a variety of financial covenants under its secured financing arrangements. The following represent the most restrictive financial covenants to which the Company is subject across its secured financing arrangements: </div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of June 30, 2026, the Company’s unrestricted cash was $58.5 million, while 5.0% of the Company’s recourse indebtedness was $4.5 million.</div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•Tangible net worth must be greater than the sum of (i) $600.0 million and (ii) 75.0% of net cash proceeds of the Company’s equity issuances after September 30, 2024. As the Company has not had any equity issuances after September 30, 2024, tangible net worth must be greater than $600.0 million. As of June 30, 2026, the Company’s tangible net worth was $646.1 million.</div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of June 30, 2026, the Company’s target asset leverage ratio was 63.8% and the Company’s total leverage ratio was 60.3%.</div><div style="margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt">•Minimum interest coverage of no less than 1.3:1.0. As of June 30, 2026, the Company’s interest coverage ratio was 1.4:1.0.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, and December 31, 2025, the Company was in compliance with its financial covenants. Subsequent to June 30, 2026, the Company extended and amended certain financing arrangements that reduced the most restrictive minimum unrestricted cash covenant from the greater of $30.0 million and 5.0% of recourse indebtedness to the greater of $20.0 million and 5.0% of recourse indebtedness, and reduced the tangible net worth covenant from the greater of the sum of (i) $600.0 million and (ii) 75.0% of net cash proceeds of the Company’s equity issuances to the greater of the sum of (i) $500.0 million and (ii) 75.0% of net cash proceeds of the Company’s equity issuances. However, based on management's revised rolling 12-month financial forecast and absent mitigating actions, the Company could temporarily fall below its minimum unrestricted cash covenant between the third quarter of 2026 through the fourth quarter of 2026. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Management has developed a plan to mitigate the impact of the conditions causing its projections to temporarily fall below its minimum unrestricted cash covenant, which includes resolving a certain asset that has an executed Purchase and Sale Agreement to increase unrestricted cash, and, if needed, temporarily reducing or suspending the common and preferred dividends to preserve unrestricted cash. Management believes that it is probable that its plan will be effectively implemented and will allow it to meet the Company's financial obligations and comply with its financial covenants under its secured financing arrangements. </div>In addition to the plan described above, Management intends to actively engage with its financing counterparties regarding the reallocation of collateral to optimize financing arrangements, and, where necessary, obtain temporary covenant amendments or waivers. Management believes, particularly in light of the Company’s track record and strong relationships with its financing counterparties, that it will be successful.

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following tables summarize details of the Company’s borrowings outstanding on its secured financing arrangements as of June 30, 2026, and December 31, 2025:</div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.046%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.289%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Maturity Date(1)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount Outstanding</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Unused Capacity(2)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Capacity</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value of Collateral</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Borrowing Rate</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Repurchase facilities:</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt">Morgan Stanley Bank(3)</div></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">June 28, 2027</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">52,151 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">197,849 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">250,000 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">110,532 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">6.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt">JPMorgan Chase Bank(4)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle">July 28, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">189,083 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">235,917 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">425,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">304,947 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">6.2</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:middle">Citibank</td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">April 26, 2027</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">72,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">177,513 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">250,000 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">103,432 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">5.3</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:middle">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">313,721 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">611,279 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">925,000 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:middle">518,911 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 4pt;text-align:left;vertical-align:middle">Secured credit facility </td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">December 21, 2027</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">71,774 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">28,226 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">100,000 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">75,969 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">9.1</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:3pt">Mortgage loan payable(5)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle">October 3, 2030</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">18,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">18,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">35,780 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">6.7</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table> </div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.192%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.274%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.289%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Maturity Date(1)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount Outstanding</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Unused Capacity(2)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Capacity</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value of Collateral</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Borrowing Rate</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Repurchase facilities:</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt">Morgan Stanley Bank(3)</div></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">June 28, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">52,444 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">197,556 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">250,000 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:middle">119,715 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">6.5</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt">JPMorgan Chase Bank(4)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle">July 28, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">314,242 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">147,574 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">461,816 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">446,849 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">7.2</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 7.75pt;text-align:left;vertical-align:middle">Citibank</td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">April 27, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">72,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">177,513 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">250,000 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">102,471 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle">5.4</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:middle">Total</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">439,173 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">522,643 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">961,816 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">669,035 </td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 4pt;text-align:left;vertical-align:middle">Secured credit facility </td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:middle">December 21, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">71,774 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">28,226 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">100,000 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:middle">98,772 </td><td style="background-color:#ceffe7;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">9.5 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle"><div style="padding-left:3pt">Mortgage loan payable(5)</div></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:middle">October 3, 2030</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">18,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">18,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:middle">35,060 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6.8 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom">%</td></tr></table></div><div>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms. </div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(2)Unused capacity is not committed as of June 30, 2026, and December 31, 2025. </div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(3)Collateral value includes REO, held-for-sale with a carrying value of $54.9 million as of June 30, 2026, and REO held-for-investment, net with a carrying value of $62.9 million as of December 31, 2025.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(4)Subsequent to June 30, 2026, the Company entered into modifications of the facility to extend the maturity date to July 28, 2028, and increase the maximum facility capacity to $651.0 million.</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(5)Mortgage loan payable balance net of unamortized debt issuance costs is $17.6 million as of June 30, 2026, and $17.5 million as of December 31, 2025.</div>

52151000

197849000

250000000

110532000

0.064

189083000

235917000

425000000

304947000

0.062

72487000

177513000

250000000

103432000

0.053

313721000

611279000

925000000

518911000

71774000

28226000

100000000

75969000

0.091

18000000

35780000

0.067

52444000

197556000

250000000

119715000

0.065

314242000

147574000

461816000

446849000

0.072

72487000

177513000

250000000

102471000

0.054

439173000

522643000

961816000

669035000

71774000

28226000

100000000

98772000

0.095

18000000

35060000

0.068

54900000

62900000

651000000.0

17600000

17500000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:23.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.325%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.472%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.654%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.535%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.325%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.472%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.543%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(dollars in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount Outstanding</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Net Counterparty Exposure(1)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Percent of Equity</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Years to Maturity</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Amount Outstanding</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Net Counterparty Exposure(1)</div></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Percent of Equity</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Years to Maturity</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Morgan Stanley Bank</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">52,151 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">59,325 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.99</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">52,444 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">69,097 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">12</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.49</td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">JPMorgan Chase Bank</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">189,083 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">129,018 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">27</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.08</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">314,242 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">149,946 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">27</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.57</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Citibank</td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">72,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">32,618 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">7</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.82</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">72,487 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">32,657 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">6</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:bottom">%</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:right;vertical-align:bottom">0.32</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">313,721 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">220,961 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">439,173 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">251,700 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div>______________________</div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt">(1)Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.</div>

52151000

59325000

0.12

P0Y11M26D

52444000

69097000

0.12

P0Y5M26D

189083000

129018000

0.27

P0Y29D

314242000

149946000

0.27

P0Y6M25D

72487000

32618000

0.07

P0Y9M25D

72487000

32657000

0.06

P0Y3M25D

313721000

220961000

439173000

251700000

30500000

73100000

27200000 30000000.0 0.050

58500000

0.050 4500000 600000000.0 0.750 600000000.0 646100000 0.775 0.800 0.638 0.603 1.4 30000000.0 0.050 20000000.0 0.050 600000000.0 0.750 500000000.0 0.750

Cash, Cash Equivalents and Restricted Cash<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company is required to maintain certain cash balances in restricted accounts as collateral for the Company’s repurchase facilities and with its lending counterparties to support investment activities. As of June 30, 2026, the Company held $0.3 million in restricted cash in connection with its non-CRE CLO financing activities, compared to $14.1 million as of December 31, 2025. From time to time, the Company may also hold restricted cash representing proceeds from principal repayments and paydowns of loans held in the CRE CLOs. As of June 30, 2026, the Company held $48.7 million restricted cash related to the CRE CLOs, compared to $31.0 thousand in restricted cash related to the CRE CLOs as of December 31, 2025.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025, that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:</div><div style="margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.075%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash and cash equivalents</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">58,478 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">65,958 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,994 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14,108 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total cash, cash equivalents and restricted cash</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,472 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">80,066 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

300000

14100000

48700000

31000.0

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025, that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:</div><div style="margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.075%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash and cash equivalents</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">58,478 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">65,958 </td><td style="background-color:#ceffe7;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Restricted cash</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,994 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">14,108 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total cash, cash equivalents and restricted cash</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">107,472 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">80,066 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

58478000

65958000

48994000

14108000

107472000

80066000

Fair Value<div style="margin-top:3pt;text-align:justify">Fair Value Measurements</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Accounting Standards Codification 820, Fair Value Measurements, or ASC 820, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., market-based or observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs) resulting in the use of management assumptions. Additionally, ASC 820 requires an entity to consider all aspects of non-performance risk, including the entity’s own credit standing, when measuring fair value of a liability.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">ASC 820 establishes a three-level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels:</div><div style="margin-top:3pt;padding-left:49.5pt;text-align:justify;text-indent:-54pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:13.102%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:84.698%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:top">Level 1</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;text-align:justify">Inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity.</div></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:top">Level 2</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:3pt;text-align:justify">Inputs include quoted prices in active markets for similar assets or liabilities, quoted prices in inactive markets for identical or similar assets or liabilities, or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.</div></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt 1.5pt 14.5pt;text-align:left;vertical-align:top">Level 3</td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><div style="margin-top:3pt;text-align:justify">Unobservable inputs are supported by little or no market activity. The unobservable inputs represent the assumptions that market participants would use to price the assets and liabilities, including risk. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow models or similar techniques that require significant judgment or estimation.</div></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized.</div><div style="margin-top:3pt;text-align:justify">Recurring Fair Value</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, and December 31, 2025, the carrying values and fair values of cash and cash equivalents and restricted cash are measured at fair value on a recurring basis. No other assets or liabilities held by the Company are measured at fair value on a recurring basis. </div><div style="margin-top:3pt;text-align:justify">Nonrecurring Fair Value</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from establishing the allowance for credit losses for collateral-dependent assets under GAAP. These items would constitute nonrecurring fair value measures. For collateral-dependent loans that are identified as impaired, the Company measures allowance for credit losses by comparing its estimation of the fair value of the underlying collateral, less costs to sell, to the carrying value of the respective loan. To estimate the fair value of the underlying collateral, the Company may (i) use certain valuation techniques which, among others, may include a discounted cash flow model, or (ii) obtain a third-party independent assessment of value such as an appraisal or other opinion of value. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, the Company deemed seven of its loans held-for-investment with an aggregate outstanding principal balance of $321.3 million to be collateral dependent in accordance with its policy. Therefore, the allowance for credit losses associated with these loans was based on the estimates of the fair value of the loans’ underlying property collateral, less costs to sell, if applicable, and the loans are measured at fair value on a nonrecurring basis using significant unobservable inputs and would be classified as Level 3 assets in the fair value hierarchy. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, five of these loans, with an aggregate outstanding principal balance of $253.7 million, were valued using a discounted cash flow model. The significant unobservable inputs used to estimate the fair value on these loans as of June 30, 2026, include the exit capitalization rate, which ranged from 7.00% to 12.00%, and the discount rate, which ranged from 9.50% to 14.00%. As of June 30, 2026, the weighted average exit capitalization rate by the estimated collateral fair value and weighted average discount rate by the estimated collateral fair value were 9.29% and 11.72%, respectively.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">As of June 30, 2026, two loans with an outstanding principal balance of $67.6 million were valued using the estimated proceeds from the sale of the underlying collateral property.</div><div style="text-align:justify;text-indent:13.5pt">During the three months ended June 30, 2026, the Company determined the Miami Beach, FL, real estate owned property met the held-for-sale criteria. The Company determined that the carrying value of the property exceeded the estimated proceeds from the sale of the property, less costs to sell. Accordingly, the Company estimated a fair value of $54.9 million and recorded a $6.1 million impairment loss related to the office property located in Miami Beach, FL. The Company categorizes the fair value measurement of these assets and liabilities as Level 3. Refer to Note 4 - Real Estate Owned, Net for further detail.</div><div style="margin-top:3pt;text-align:justify">Fair Value of Financial Instruments</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following describes the Company’s methods for estimating the fair value for financial instruments:</div><div style="margin-top:3pt;padding-left:27pt;text-align:justify;text-indent:-13.5pt">•Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The Company estimates the fair value of its loans held-for-investment by assessing any changes in market interest rates, credit spreads for loans of comparable risk as corroborated by inquiry of other market participants, shifts in credit profiles and actual operating results, taking into consideration such factors as underlying property type, property competitive position within its market, market and submarket fundamentals, tenant mix, nature of business plan, sponsorship, extent of leverage and other loan terms. The Company categorizes the fair value measurement of these assets as Level 3.</div><div style="margin-top:3pt;padding-left:27pt;text-align:justify;text-indent:-13.5pt">•Cash and cash equivalents and restricted cash have a carrying value which approximates fair value because of the short maturities of these instruments. The Company categorizes the fair value measurement of these assets as Level 1.</div><div style="margin-top:3pt;padding-left:27pt;text-align:justify;text-indent:-13.5pt">•The carrying value of underlying loans in repurchase secured credit facilities and loan participations sold that mature in less than one year generally approximates fair value due to the short maturities. The Company’s long-term repurchase secured credit facilities and loan participations sold have, and the Company’s asset-specific facility had, floating rates based on an index plus a credit spread and the credit spread is typically consistent with those demanded in the market. Accordingly, the interest rates on these borrowings are at market and, thus, carrying value approximates fair value. The Company categorizes the fair value measurement of these liabilities as Level 2.</div><div style="margin-top:3pt;padding-left:27pt;text-align:justify;text-indent:-13.5pt">•Securitized debt obligations are recorded at outstanding principal, net of any unamortized deferred debt issuance costs. In determining the fair value of its securitized debt obligations, management’s judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon internally developed models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels and credit losses). The Company categorizes the fair value measurement of these liabilities as Level 2.</div><div style="margin-top:3pt;padding-left:27pt;text-align:justify;text-indent:-13.5pt">•The Company’s mortgage loan payable has a floating rate based on an index plus a credit spread consistent with market expectations. Accordingly, the interest rate on this borrowing is at market and, thus, carrying value approximates fair value. The Company categorizes the fair value measurement of this liability as Level 2.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.578%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Loans held-for-investment, net of allowance for credit losses</div></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,261,518 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,579,793 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash and cash equivalents</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">58,478 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">58,478 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">65,958 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">65,958 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Restricted cash</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,994 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,994 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">14,108 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">14,108 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Repurchase facilities</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">313,721 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">313,721 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">439,173 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">439,173 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Securitized debt obligations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">521,646 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">515,901 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">643,528 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">628,079 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Secured credit facility</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">71,774 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">71,774 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">71,774 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">71,774 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Mortgage loan payable</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,594 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,594 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,546 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,546 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Loan participations sold</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">28,301 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">28,301 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

321300000

253700000

0.0700 0.1200 0.0950 0.1400 0.0929 0.1172 2

67600000

54900000

6100000

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at June 30, 2026, and December 31, 2025:</div><div style="margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.578%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30, 2026</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Carrying Value</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Fair Value</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Assets</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">Loans held-for-investment, net of allowance for credit losses</div></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,225,896 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,261,518 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,537,732 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">1,579,793 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Cash and cash equivalents</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">58,478 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">58,478 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">65,958 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">65,958 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Restricted cash</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,994 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">48,994 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">14,108 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">14,108 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Liabilities</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Repurchase facilities</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">313,721 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">313,721 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">439,173 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">439,173 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Securitized debt obligations</td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">521,646 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">515,901 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">643,528 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">628,079 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Secured credit facility</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">71,774 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">71,774 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">71,774 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">71,774 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>Mortgage loan payable</div></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,594 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,594 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,546 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">17,546 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Loan participations sold</td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">28,301 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">28,301 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

1225896000

1261518000

1537732000

1579793000

58478000

65958000

48994000

14108000

313721000

439173000

521646000

515901000

643528000

628079000

71774000

17594000

17546000

28301000

Commitments and Contingencies <div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following represent the material commitments and contingencies of the Company as of June 30, 2026:</div><div style="margin-top:3pt;text-align:justify">Legal and Regulatory</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">From time to time, the Company may be subject to liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s condensed consolidated financial statements and, therefore, no accrual is required as of June 30, 2026.</div><div style="margin-top:3pt;text-align:justify">Unfunded Commitments on Loans Held-for-Investment</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Certain of the Company’s commercial real estate loan agreements contain provisions and obligations to its borrowers through its unfunded loan commitments over the contractual period of its loans. As of June 30, 2026, and December 31, 2025, the Company had unfunded loan commitments of $57.2 million and $77.4 million, respectively, on loans held-for-investment, which it expects to fund, subject to the satisfaction of any conditions precedent to such commitments, over the tenure of these loans. These commitments generally provide funding for lease-related or capital improvement expenditures, as well as interest and carry costs, all of which will vary depending on the progress of capital improvement projects, leasing and cash flows at the properties that serve as collateral for the Company’s loans. Therefore, the exact timing and amounts of such loan balance future fundings are generally uncertain and will depend on the current and future performance of the collateral properties. The Company typically finances the funding of its loan commitments on terms generally consistent with its overall financing facilities; however, most of its financing facility counterparties are not obligated to fund their ratable portion of these loan commitments over time and have varying degrees of discretion over future loan funding obligations, including the advance rates on their fundings. The Company may be obligated to fund loan commitments with respect to a financed asset even if the applicable financing counterparty will not fund their ratable portion of the loan commitment and/or has made margin calls with respect to such financed asset. </div><div style="margin-top:3pt;text-indent:13.5pt">As of June 30, 2026, the Company recognized $2.4 million in other liabilities related to the allowance for credit losses on unfunded loan commitments. See Note 3 - Loans Held-for-Investment, Net of Allowance for Credit Losses for further detail.</div>

57200000

77400000

2400000

Preferred Stock<div style="margin-top:3pt;text-align:justify">Series A Preferred Stock</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Holders of the Series A Preferred Stock are entitled to receive, when, as and if authorized and declared by the Company’s board of directors, cumulative cash dividends at a fixed rate of 7.00% per annum to, but excluding, January 15, 2027, and thereafter at a floating rate equal to the three-month Term of Standard Overnight Financing Rate, or SOFR, plus a spread of 5.83% per annum; provided, however, in no event will the floating rate be lower than 7.00% per annum. During the three and six months ended June 30, 2026, and 2025, the Company declared dividends on the Series A Preferred Stock of $3.6 million and $7.2 million, respectively.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">On and after November 30, 2026, the Company, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends thereon to, but excluding, the date fixed for redemption. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Upon the occurrence of a Change of Control event (as defined in the Articles Supplementary designating the Series A Preferred Stock, or the Articles Supplementary), the Company may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series A Preferred Stock, in whole or in part, within 120 days on or after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but excluding, the redemption date, without interest.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Holders of Series A Preferred Stock do not have any voting rights except in limited circumstances as set forth in the Articles Supplementary.</div><div style="margin-top:3pt;text-align:justify">Issuance of Sub-REIT Preferred Stock</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">In January 2021, a subsidiary of the Company issued 625 shares of preferred stock of which 500 shares were retained by the Company and 125 shares were sold to third-party investors for proceeds of $0.1 million. The 500 shares of preferred stock retained by the Company are eliminated in the Company’s condensed consolidated statements of changes in equity and the 125 shares sold to third-party investors are shown in the Company’s condensed consolidated statements of changes in equity as non-controlling interests.</div>

0.0700

0.0583 0.0700

3600000

7200000

P30D P60D

25.00

P30D P60D P120D

25.00

625

500

125

100000

500

125

Stockholders’ Equity<div style="margin-top:3pt;text-align:justify">Common Stock</div><div style="margin-top:3pt;text-align:justify">Distributions to Stockholders</div><div style="text-align:justify;text-indent:13.5pt">The following table presents cash dividends declared by the Company’s board of directors on its common stock during the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:26.506%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.586%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Declaration Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Record Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Payment Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Cash Dividend Per Share</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 16, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 1, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 15, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.05 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 13, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 1, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 15, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.05 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.10 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 17, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 1, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 15, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.05 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 13, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 1, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 15, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.05 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.10 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;text-align:justify">Share Repurchases</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">On September 20, 2024, the Company announced that its board of directors had amended its share repurchase program to authorize the repurchase of an additional 3,000,000 shares of the Company’s common stock, for a total cumulative share repurchase authorization of 12,000,000 shares of common stock, inclusive of amounts previously authorized. The Company’s share repurchase program has no expiration date. The shares are expected to be repurchased from time to time through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable SEC rules. During the six months ended June 30, 2026, under its share repurchase program, the Company repurchased 172,313 shares of its common stock for an aggregate cost, inclusive of commissions paid, of $0.3 million. No shares were repurchased during the three months ended June 30, 2026. As of June 30, 2026, there remained 2,464,148 shares authorized for repurchase under the Company’s share repurchase program. </div><div style="margin-top:3pt;text-align:justify">Preferred Stock</div><div style="margin-top:3pt;text-align:justify">Distributions to Stockholders</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents cash dividends declared by the Company’s board of directors on its Series A Preferred Stock during the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:26.506%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.586%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Declaration Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Record Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Payment Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Cash Dividend Per Share</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 16, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 1, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 15, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.4375 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 13, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 1, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 15, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.4375 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.8750 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 17, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 1, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 15, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.4375 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 13, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 1, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 15, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.4375 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.8750 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

<div style="text-align:justify;text-indent:13.5pt">The following table presents cash dividends declared by the Company’s board of directors on its common stock during the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:26.506%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.586%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Declaration Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Record Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Payment Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Cash Dividend Per Share</td></tr><tr><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 16, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 1, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 15, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.05 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 13, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 1, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 15, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.05 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.10 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 17, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 1, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 15, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.05 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 13, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 1, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 15, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.05 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.10 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents cash dividends declared by the Company’s board of directors on its Series A Preferred Stock during the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:26.506%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.653%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.586%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Declaration Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Record Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Payment Date</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Cash Dividend Per Share</td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 16, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 1, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 15, 2026</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.4375 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 13, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 1, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 15, 2026</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.4375 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.8750 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">June 17, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 1, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">July 15, 2025</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.4375 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">March 13, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 1, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">April 15, 2025</td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.4375 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">0.8750 </td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

0.05

0.10

0.05

0.10

3000000 12000000

172313

300000

2464148

0.4375

0.8750

0.4375

0.8750

Equity Incentive Plans <div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">On June 2, 2022, the Company’s stockholders approved the adoption of the Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan, or the 2022 Plan. With the adoption of the 2022 Plan, no new equity awards could be granted under the Granite Point Mortgage Trust Inc. 2017 Equity Incentive Plan, or the 2017 Plan, but previously granted equity awards remained outstanding under the 2017 Plan until December 31, 2025, when the last of such awards vested in full. </div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">On June 5, 2025, the Company’s stockholders approved an amendment to the 2022 Plan, resulting in the Granite Point Mortgage Trust Inc. Amended and Restated 2022 Omnibus Incentive Plan, or the A&R 2022 Plan. The amendment increased the number of shares of common stock that had been available for issuance under the 2022 Plan by 10,000,000. The A&R 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, RSUs, PSUs, dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors. As of June 30, 2026, the Company had 14,288,089 shares of common stock available for future issuance under the A&R 2022 Plan, including shares subject to outstanding equity awards.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table summarizes the grants, vesting and forfeitures of RSUs and PSUs for the three and six months ended June 30, 2026:</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.169%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.423%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">RSUs</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Target Number of</div><div style="text-align:center">PSUs(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Grant Date Fair Market Value</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding at December 31, 2025</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,547,929 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,262,381 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3.60 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Granted</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,000,000 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1.53 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vested</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,027,948)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(38,276)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">4.04 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forfeited</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(599,717)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">5.04 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding at March 31, 2026</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,269,981 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,624,388 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2.76 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Granted</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">245,127 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1.54 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vested</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(278,541)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">2.54 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forfeited</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding at June 30, 2026</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,236,567 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,624,388 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2.72 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Below is a summary of RSU and PSU vesting dates as of June 30, 2026:</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.169%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.423%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vesting Year</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">RSUs</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Target Number of</div><div style="text-align:center">PSUs(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Awards</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,075 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,075 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,284,593 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">637,550 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,922,143 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">679,892 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">986,838 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,666,730 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>2029</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250,007 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,000,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,250,007 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,236,567 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,624,388 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,860,955 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify">____________________</div><div style="padding-left:18pt;text-indent:-18pt">(1)The PSUs’ vesting date is based on the performance criteria determination date and not the performance criteria service end date. The determination date will occur in the first quarter of the following year after the performance criteria service date has passed. The table above reflects the year of the determination date.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company’s RSUs are subject to time-based vesting schedules. For the three and six months ended June 30, 2026, the Company recognized $0.9 million and $2.3 million, respectively, of compensation expense associated with these awards, compared to $1.7 million and $4.3 million, respectively, for the three and six months ended June 30, 2025, within compensation and benefits expense on the condensed consolidated statements of income. As of June 30, 2026, $3.4 million of total unrecognized compensation cost for awards of RSUs is expected to be recognized over the grants’ remaining weighted average vesting period of 1.5 years.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">During the six months ended June 30, 2026, the Company granted 1,000,000 target number of PSUs, or the 2026 PSUs, to certain eligible employees pursuant to the terms of the A&R 2022 Plan and the associated award agreements, of which 50% are based on the Company’s total shareholder return compared to an industry index and 50% are based on absolute share price performance. The estimated fair value of these awards was $1.48 and $1.24 per unit on grant date, respectively, which was determined using a Monte Carlo simulation. The 2026 PSUs will vest promptly following the completion of a three-year performance period, as long as such grantee complies with the terms and conditions of the applicable award agreement. The number of underlying shares of common stock that vest and that the grantee is entitled to receive at the time of vesting will be determined based on the level of achievement of the market-based performance goals during the performance period and will range from 0% to 200% of the target number of 2026 PSUs granted. The 2026 PSUs entitle the grantee to dividend equivalent rights during the performance period with respect to units earned through satisfaction of the performance goals, to be paid in cash upon vesting. In the event that a 2026 PSU is forfeited, the related accrued dividend equivalent rights shall be forfeited. There were 1,000,000 target number of 2026 PSUs awarded outstanding as of June 30, 2026. No 2026 PSU awards were outstanding as of December 31, 2025.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The number of PSUs granted in 2024 and 2025, or the Pre-2026 PSUs, that will vest depends on the Company’s performance over a three-year period with respect to metrics set in the applicable award agreements. Between 0% and 200% of the target number of Pre-2026 PSUs and outstanding as of June 30, 2026, may vest at the end of their respective performance periods based (i) 25% against the predetermined internal Company performance goal “run-rate” ROAE, (ii) 25% against the Company’s performance ranking for “run-rate” ROAE among a peer group of commercial mortgage REIT companies, (iii) 25% against the predetermined internal Company performance goal for change in book value per share, and (iv) 25% against the Company’s performance ranking for change in book value per share among a peer group of commercial mortgage REIT companies. The commercial mortgage REIT peer group used to measure relative “run-rate” ROAE and change in book value per share includes publicly traded commercial mortgage REITs that the Company believes derive the majority of their revenues from commercial real estate balance sheet lending activities and meet certain market capitalization criteria. The target number of Pre-2026 PSUs outstanding as of June 30, 2026, and December 31, 2025, were 1,624,388 and 2,262,381, respectively.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">For the three and six months ended June 30, 2026, the Company recognized $0.2 million and $(0.3) million of compensation expense associated with PSUs, compared to $0.5 million and $0.3 million, for the three and six months ended June 30, 2025, within compensation and benefits expenses on the condensed consolidated statements of income. As of June 30, 2026, $2.0 million of total unrecognized compensation cost for awards of PSUs is expected to be recognized over the grants’ remaining weighted average vesting period of 2.1 years.</div>

10000000

14288089

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table summarizes the grants, vesting and forfeitures of RSUs and PSUs for the three and six months ended June 30, 2026:</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.169%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.423%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">RSUs</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Target Number of</div><div style="text-align:center">PSUs(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Weighted Average Grant Date Fair Market Value</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding at December 31, 2025</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,547,929 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,262,381 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">3.60 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Granted</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">750,000 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,000,000 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1.53 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vested</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(1,027,948)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(38,276)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">4.04 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forfeited</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(599,717)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">5.04 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding at March 31, 2026</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,269,981 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,624,388 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2.76 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Granted</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">245,127 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">1.54 </td><td style="background-color:#ffffff;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vested</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(278,541)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">2.54 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Forfeited</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;padding:1.5pt 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Outstanding at June 30, 2026</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,236,567 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,624,388 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">2.72 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Below is a summary of RSU and PSU vesting dates as of June 30, 2026:</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.169%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.423%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Vesting Year</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">RSUs</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Target Number of</div><div style="text-align:center">PSUs(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Total Awards</td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,075 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">22,075 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,284,593 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">637,550 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,922,143 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">679,892 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">986,838 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,666,730 </td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div>2029</div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">250,007 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,000,000 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">1,250,007 </td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">3,236,567 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">2,624,388 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">5,860,955 </td><td style="background-color:#ceffe7;border-bottom:3pt double #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify">____________________</div><div style="padding-left:18pt;text-indent:-18pt">(1)The PSUs’ vesting date is based on the performance criteria determination date and not the performance criteria service end date. The determination date will occur in the first quarter of the following year after the performance criteria service date has passed. The table above reflects the year of the determination date.</div>

3547929

2262381

3.60

750000

1000000

1.53

1027948

38276

4.04

599717

5.04

3269981

2624388

2.76

245127

1.54

278541

2.54

3236567

2624388

2.72

22075

2284593

637550

2922143

679892

986838

1666730

250007

1000000

1250007

3236567

2624388

5860955

900000

2300000

1700000

4300000

3400000

P1Y6M

1000000

0.50

1.48

1.24

1000000

P3Y

0.25

1624388

2262381

200000

-300000

500000

300000

2000000.0

P2Y1M6D

Income Taxes<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on that portion of its income that it distributes to its stockholders if it annually distributes at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and does not engage in prohibited transactions. The Company intends to distribute 100% of its REIT taxable income and to continue to comply with all requirements to qualify as a REIT. The majority of states also recognize the Company’s REIT status. The Company’s TRS files a separate federal tax return and is </div><div style="margin-top:3pt;text-align:justify">fully taxed as a standalone U.S. C-corporation. It is assumed that the Company will retain its REIT status and will incur no REIT-level taxation as it intends to comply with the REIT regulations and annual distribution requirements.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of, or during, the periods presented in these condensed consolidated financial statements.</div>

Earnings (Loss) Per Share<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.361%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.602%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands, except share data)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Numerator:</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.25pt;padding-right:9pt;text-indent:-9pt">Net (loss) income attributable to common stockholders</div></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(62,009)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(16,964)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(68,036)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(27,579)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 21.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Dividends allocated to participating restricted stock units</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(162)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(208)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(325)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(396)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.25pt;padding-right:9pt;text-indent:-9pt">Net (loss) income attributable to common stockholders - basic and diluted</div></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(62,171)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(17,172)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(68,361)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(27,975)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Denominator:</td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Average common shares outstanding - basic and diluted</td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,999,208 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,030,130 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,837,359 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,347,634 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">(Loss) earnings per share:</div></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.25pt;padding-right:9pt;text-indent:-9pt">Basic</div></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1.29)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(0.35)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1.42)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(0.57)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.25pt;padding-right:9pt;text-indent:-9pt">Diluted</div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1.29)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(0.35)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1.42)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(0.57)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Diluted earnings per share is calculated under both the two-class method and treasury stock method, and the more dilutive amount is reported. The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of RSUs. During the three and six months ended June 30, 2026, 410,092 and 775,498 weighted-average unvested RSUs, respectively, were excluded from the dilutive earnings per share denominator, as their inclusion would be antidilutive, compared to 345,682 and 699,551 of weighted-average unvested RSUs, respectively, for the three and six months ended June 30, 2025. For the six months ended June 30, 2026, and 2025, under both the two-class method and the treasury stock method, no shares were included in the dilutive earnings per share denominator, as their inclusion would have been antidilutive.</div>The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of PSUs. For the three and six months ended June 30, 2026, and 2025, under both the two-class method and treasury stock method, no incremental shares of unvested PSUs were included in the dilutive earnings per share denominator.

<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and six months ended June 30, 2026, and 2025:</div><div style="margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.361%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.602%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Three Months Ended</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">Six Months Ended</td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom">June 30,</td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">(in thousands, except share data)</td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2026</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Numerator:</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.25pt;padding-right:9pt;text-indent:-9pt">Net (loss) income attributable to common stockholders</div></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(62,009)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(16,964)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(68,036)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(27,579)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 21.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom">Dividends allocated to participating restricted stock units</td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(162)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(208)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(325)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">(396)</td><td style="background-color:#ffffff;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.25pt;padding-right:9pt;text-indent:-9pt">Net (loss) income attributable to common stockholders - basic and diluted</div></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(62,171)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(17,172)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(68,361)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(27,975)</td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom">Denominator:</td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 12.25pt;text-align:left;vertical-align:bottom">Average common shares outstanding - basic and diluted</td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,999,208 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,030,130 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">47,837,359 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td colspan="2" style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom">48,347,634 </td><td style="background-color:#ceffe7;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;padding-right:9pt;text-indent:-9pt">(Loss) earnings per share:</div></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ceffe7;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.25pt;padding-right:9pt;text-indent:-9pt">Basic</div></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1.29)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(0.35)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1.42)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ceffe7;padding:0 1pt"></td><td style="background-color:#ceffe7;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ceffe7;padding:1.5pt 0;text-align:right;vertical-align:bottom">(0.57)</td><td style="background-color:#ceffe7;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:20.25pt;padding-right:9pt;text-indent:-9pt">Diluted</div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1.29)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(0.35)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(1.42)</td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 0;text-align:right;vertical-align:bottom">(0.57)</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:3pt double #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

-62009000

-16964000

-68036000

-27579000

-162000

-208000

-325000

-396000

-62171000

-17172000

-68361000

-27975000

47999208

48030130

47837359

48347634

-1.29

-0.35

-1.42

-0.57

-1.29

-0.35

-1.42

-0.57

410092

775498

345682

699551

Segment Reporting<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company generally derives its revenues from directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments, which largely includes interest income, net of premium amortization and discount accretion, from its investment portfolio of mortgage loans held-for-investment. The Company’s investment portfolio is subject to market risks, primarily credit risk and changes in interest rates. The Company mitigates these risks by seeking to originate or acquire assets of higher quality at appropriate rates of return given anticipated and unanticipated losses, by employing a comprehensive review and selection process and by proactively monitoring its investment portfolio.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">The Company’s investment portfolio is managed as a whole, and resources are allocated, and financial performance is assessed by the Company’s Chief Executive Officer, its chief operating decision maker, or the CODM, based on total assets reported on the consolidated balance sheet and net (loss) income reported on the consolidated statement of comprehensive (loss) income. The Company’s CODM views consolidated expense information related to interest expense, provision for credit losses, compensation and benefits expense, servicing expenses and other operating expenses to be significant. Consolidated comprehensive (loss) income is also used by the CODM to monitor actual results and benchmarking to that of its peers. Investment decisions are assessed collectively by the CODM, based on the inputs discussed above. Accordingly, the Company consists of a single operating and reportable segment and the condensed consolidated financial statements and notes thereto are presented as a single reportable segment.</div>

Subsequent Events<div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Subsequent to June 30, 2026, the Company refinanced the assets that had been financed in its two CRE CLOs, GPMT 2021-FL3 and GPMT 2021-FL4, on its JPMorgan Chase Bank, N.A. repurchase facility, which it extended to July 2028, with three 1-year term extension options. In connection with the refinance, the Company upsized its JPMorgan Chase Bank, N.A. repurchase facility to $651 million.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Subsequent to June 30, 2026, the Company extended and amended certain financing arrangements that reduced the most restrictive minimum unrestricted cash covenant from the greater of $30.0 million and 5.0% of recourse indebtedness to the greater of $20.0 million and 5.0% of recourse indebtedness, and reduced the tangible net worth covenant from the greater of the sum of (i) $600.0 million and (ii) 75.0% of net cash proceeds of the Company’s equity issuances to the greater of the sum of (i) $500.0 million and (ii) 75.0% of net cash proceeds of the Company’s equity issuances.</div><div style="margin-top:3pt;text-align:justify;text-indent:13.5pt">Events subsequent to June 30, 2026, were evaluated through the date these condensed consolidated financial statements were issued and no additional events were identified requiring further disclosure in these condensed consolidated financial statements.</div>

3 P1Y

651000000

30000000.0 0.050 20000000.0 0.050 600000000.0 0.750 500000000.0 0.750 false false false false The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At June 30, 2026, and December 31, 2025, assets of the VIEs totaled $677,641 and $807,051, respectively, and liabilities of the VIEs totaled $522,530 and $644,801, respectively. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, for further detail.