
June 30, 2026	Carrying Value		Face Amount		Weighted Average Coupon (1)		Weighted Average Life (“WAL”) (years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)	$	16,799,181	$	16,877,748	7.0	%	2.7
Subordinated mortgages (4)	4,925		4,925		—	%	—
Mezzanine loans (3)	289,855		291,722		10.4	%	2.2
Other	50,630		50,738		9.5	%	2.1
Total commercial loans	17,144,591		17,225,133
Infrastructure first priority loans	2,864,012		2,918,632		7.3	%	5.0
Residential loans, fair value option	227,521		235,976		5.5	%	N/A	(5)
Total loans held-for-investment	20,236,124		20,379,741
Loans held-for-sale:
Residential, fair value option	2,154,653		2,364,897		4.4	%	N/A	(5)
Commercial, fair value option	62,828		65,038		6.2	%	6.1

Total loans held-for-sale	2,217,481		2,429,935
Total gross loans	22,453,605		$	22,809,676
Credit loss allowances:
Commercial loans held-for-investment	(406,224)
Infrastructure loans held-for-investment	(12,932)
Total allowances	(419,156)
Total net loans	$	22,034,449

December 31, 2025
Loans held-for-investment:
Commercial loans:
First mortgages (3)	$	16,086,585	$	16,148,916	7.0	%	2.7
Subordinated mortgages (4)	15,683		15,290		11.1	%	0.1
Mezzanine loans (3)	311,175		313,619		10.8	%	2.8
Other	51,255		51,688		9.1	%	2.6
Total commercial loans	16,464,698		16,529,513
Infrastructure first priority loans	2,838,856		2,890,373		7.4	%	5.1

Total loans held-for-investment	19,303,554		19,419,886
Loans held-for-sale:
Residential, fair value option	2,278,067		2,455,552		4.4	%	N/A	(5)
Commercial, fair value option	45,476		47,300		6.4	%	8.5

Total loans held-for-sale	2,323,543		2,502,852
Total gross loans	21,627,097		$	21,922,738
Credit loss allowances:
Commercial loans held-for-investment	(426,365)
Infrastructure loans held-for-investment	(14,477)
Total allowances	(440,842)
Total net loans	$	21,186,255

(2)Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, as of the respective balance sheet date. For commercial loans held-for-investment, the WAL is calculated assuming all extension options are exercised by the borrower, although our loans may be repaid prior to such date. For infrastructure loans, the WAL is calculated using the amounts and timing of future principal payments, as projected at origination or acquisition of each loan.

(3)First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in mezzanine loans with carrying values of $1.4 billion and $1.3 billion being classified as first mortgages as of June 30, 2026 and December 31, 2025, respectively.

As discussed in Note 2, we do not have a history of realized credit losses on our HFI loans and HTM securities, so we have subscribed to third party database services to provide us with industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios.

For our commercial loans, we utilize a loan loss model that is widely used among banks and commercial mortgage REITs and is marketed by a leading CMBS data analytics provider. It employs logistic regression to forecast expected losses at the loan level based on a commercial real estate loan securitization database that contains activity dating back to 1998. We provide specific loan-level inputs which include loan-to-stabilized-value (“LTV”) and debt service coverage ratio (DSCR) metrics, as well as principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and future fundings. We also select from a group of independent five-year macroeconomic forecasts included in the model that are updated regularly based on current economic trends. We categorize the results by LTV range, which we consider the most significant indicator of credit quality for our commercial loans, as set forth in the credit quality indicator table below. A lower LTV ratio typically indicates a lower credit loss risk.

The macroeconomic forecasts do not differentiate among property types or asset classes. Instead, these forecasts reference general macroeconomic conditions (i.e. Gross Domestic Product, employment and interest rates) which apply broadly across all assets. For instance, the office sector has been adversely affected by the increase in remote working arrangements, the retail sector has been adversely affected by electronic commerce and the multifamily sector has been strained by sustained higher interest rates. The broad macroeconomic forecasts do not account for such differentiation. Accordingly, we have selected more adverse macroeconomic recovery forecasts for these property types than others in determining our credit loss allowance.

For our infrastructure loans, we utilize a database of historical infrastructure loan performance that is shared among a consortium of banks and other lenders and compiled by a major bond credit rating agency. The database is representative of industry-wide project finance activity dating back to 1983. We derive historical loss rates from the database filtered by industry, sub-industry, term and construction status for each of our infrastructure loans. Those historical loss rates reflect global economic cycles over a long period of time as well as average recovery rates. We categorize the results principally between the power and oil and gas industries, which we consider the most significant indicator of credit quality for our infrastructure loans, as set forth in the credit quality indicator table below.


	Term Loans Amortized Cost Basis by Origination Year												Total Amortized Cost Basis		Credit Loss Allowance
As of June 30, 2026	2026		2025		2024		2023		2022		Prior
Commercial loans:
Credit quality indicator:
LTV < 60%	$	—	$	1,624,744	$	426,948	$	427,599	$	518,037	$	618,905	$	3,616,233	$	1,929
LTV 60% - 70%	476,445		3,095,397		182,719		232,705		1,481,136		1,695,115		7,163,517		10,569
LTV > 70%	895,624		588,612		280,485		205,211		1,450,495		2,895,366		6,315,793		361,959
Credit deteriorated	—		—		—		—		—		40,448		40,448		31,767
Defeased and other	—		4,050		—		4,550		—		—		8,600		—
Total commercial	$	1,372,069	$	5,312,803	$	890,152	$	870,065	$	3,449,668	$	5,249,834	$	17,144,591	$	406,224
Infrastructure loans:
Credit quality indicator:
Power	$	540,425	$	966,325	$	171,790	$	97,460	$	—	$	36,008	$	1,812,008	$	7,582
Oil and gas	99,189		650,670		277,583		24,562		—		—		1,052,004		5,350


Total infrastructure	$	639,614	$	1,616,995	$	449,373	$	122,022	$	—	$	36,008	$	2,864,012	$	12,932
Residential loans held-for-investment, fair value option													227,521		—
Loans held-for-sale													2,217,481		—
Total gross loans													$	22,453,605	$	419,156

As of June 30, 2026, we had three commercial loans with a combined amortized cost basis of $649.5 million along with $93.5 million of residential loans that were 90 days or greater past due. All of these loans were on nonaccrual as of June 30, 2026, except for a commercial loan with an amortized cost basis of $274.3 million, for which we acquired the additional remaining senior mortgage interest of $143.8 million from a third party lender during the three months ended March 31, 2026, in order to preserve our rights as the mezzanine lender. We also had four commercial loans with a combined amortized cost basis of $438.2 million on nonaccrual that were not 90 days or greater past due as of June 30, 2026. None of these loans were considered credit deteriorated. As of December 31, 2025, we had a total of $967.7 million of non-credit deteriorated loans on nonaccrual. During the three and six months ended June 30, 2026, no additional non-credit deteriorated commercial loans were placed on nonaccrual. During the six months ended June 30, 2026 a $242.4 million commercial loan was resolved through foreclosure (see related discussion below).

As of June 30, 2026, we had two loans with a combined amortized cost basis of $40.4 million which were deemed credit deteriorated and are on nonaccrual under the cost recovery method: (i) a $35.5 million commercial mezzanine loan on an office portfolio in Ireland placed on nonaccrual during 2025, which carries a $26.8 million specific credit loss allowance. The loan was deemed credit deteriorated based on the terms of a modification whereby the sponsor will not fund future debt service shortfalls or capital expenditures; and (ii) a $4.9 million commercial subordinated loan secured by a department store in Chicago which was deemed credit deteriorated and was fully reserved in prior years. During the six months ended June 30, 2026, a $90.7 million credit deteriorated commercial loan placed on nonaccrual during 2025, with a $19.7 million specific credit loss allowance provided in late 2025, was resolved through foreclosure (see related discussion below).

In March 2026, we foreclosed on a first mortgage loan on a multifamily property in Dallas, Texas. The net carrying value of our loan related to this property (including previously accrued interest) totaled $28.4 million, net of a specific credit loss allowance of $5.3 million provided during the three months ended March 31, 2026 based on a third party appraisal. In connection with the foreclosure, we recorded properties of $28.6 million and net liabilities of $0.2 million.

In February 2026, we foreclosed on a first mortgage loan on a mixed use property in Dallas, Texas, split evenly between multifamily and hospitality. The net carrying value of our loan related to this property (including previously accrued interest) totaled $247.9 million. In connection with the foreclosure, we recorded properties of $247.9 million. This loan was previously placed on nonaccrual in 2024.

In January 2026, we foreclosed on a first mortgage loan on a multifamily property in Phoenix, Arizona. The net carrying value of our loan related to this property totaled $71.0 million, net of a specific credit loss allowance of $19.7 million provided during the year ended December 31, 2025 based on a third party appraisal. In connection with the foreclosure, we recorded properties of $71.0 million. This loan was previously placed on nonaccrual in 2025.

We may amend or modify a loan based on its specific facts and circumstances. The modified terms and subsequent performance of the modified loans are considered in the determination of our general and specific CECL reserves. During the six months ended June 30, 2026, we made modifications to one commercial loan disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. There were no such modifications made during the six months ended June 30, 2025.

During the six months ended June 30, 2026, we entered into a modification of a commercial loan that required disclosure pursuant to ASU 2022-02. The loan had an amortized cost basis of $88.7 million, representing 0.52% of our commercial loans as of June 30, 2026. We granted an other-than-insignificant payment delay in the form of an initial maturity term extension from January 2026 to October 2028, reduced the interest rate by 95 bps and included minimum required paydowns. The interest rate reduction is fully recovered in a new exit fee.

While not required to be disclosed pursuant to ASU 2022-02 because the financial difficulty criteria is not met, we modified three loans and a portfolio of four cross collateralized loans during the six months ended June 30, 2026 by reducing the interest rate spread on the loans, with such reductions partially or fully recoverable by new exit fees. During the three months ended June 30, 2026, we received a $113.5 million repayment from the sale of one of the cross collateralized assets in the aforementioned portfolio. The amortized cost basis of the remaining loans totaled $482.4 million as of June 30, 2026. In each case, the borrowers contributed additional equity in order to receive the modifications. There were no such modifications made during the six months ended June 30, 2025.


	Funded Commitments Credit Loss Allowance
	Loans Held-for-Investment				Total Funded Loans
Six Months Ended June 30, 2026	Commercial		Infrastructure
Credit loss allowance at December 31, 2025	$	426,365	$	14,477	$	440,842
Credit loss provision (reversal), net	5,632		(1,545)		4,087
Charge-offs (1)	(25,014)		—		(25,014)


Foreign currency	(759)		—		(759)
Credit loss allowance at June 30, 2026	$	406,224	$	12,932	$	419,156

______________________________________________________________________________________________________________________

(1)Represents the charge-offs of (i) a $19.7 million specific credit loss allowance that was established during the year ended December 31, 2025 related to a first mortgage loan on a multifamily property in Phoenix, Arizona and (ii) a $5.3 million specific credit loss allowance that was established during the three months ended March 31, 2026 related to a first mortgage loan on a multifamily property in Dallas, Texas. The loans were originated in 2022 and 2021, respectively, and foreclosed in January 2026 and March 2026, respectively.


	Unfunded Commitments Credit Loss Allowance (1)
	Loans Held-for-Investment				HTM Preferred
Six Months Ended June 30, 2026	Commercial		Infrastructure		Interests (2)		CMBS (2)		Total
Credit loss allowance at December 31, 2025	$	13,410	$	1,354	$	13,471	$	2	$	28,237
Credit loss provision (reversal), net	9,453		457		(2,098)		(1)		7,811
Credit loss allowance at June 30, 2026	$	22,863	$	1,811	$	11,373	$	1	$	36,048
Memo: Unfunded commitments as of June 30, 2026 (3)	$	2,238,594	$	270,731	$	40,890	$	13,179	$	2,563,394

______________________________________________________________________________________________________________________


	Held-for-Investment Loans
Six Months Ended June 30, 2026	Commercial		Infrastructure		Residential		Held-for-Sale Loans		Total Loans
Balance at December 31, 2025	$	16,038,333	$	2,824,379	$	—	$	2,323,543	$	21,186,255
Acquisitions/originations/additional funding	2,292,856		777,426		—		520,300		3,590,582
Capitalized interest (1)	66,663		—		—		—		66,663
Basis of loans sold (2)	—		—		—		(523,911)		(523,911)
Loan maturities/principal repayments	(1,288,037)		(765,351)		(1,106)		(89,932)		(2,144,426)
Discount accretion/premium amortization	21,422		13,081		—		—		34,503
Changes in fair value	—		—		(1,201)		(11,528)		(12,729)
Foreign currency translation loss, net	(45,973)		—		—		—		(45,973)
Credit loss (provision) reversal, net	(5,632)		1,545		—		—		(4,087)
Loan foreclosures	(341,265)		—		—		(1,019)		(342,284)		(3)
Transfer to/from other asset classifications or between segments	—		—		229,828		28		229,856		(4)
Balance at June 30, 2026	$	16,738,367	$	2,851,080	$	227,521	$	2,217,481	$	22,034,449


	Held-for-Investment Loans
Six Months Ended June 30, 2025	Commercial		Infrastructure		Held-for-Sale Loans		Total Loans
Balance at December 31, 2024	$	12,895,064	$	2,541,949	$	2,516,008	$	17,953,021
Acquisitions/originations/additional funding	2,594,744		1,227,414		756,095		4,578,253
Capitalized interest (1)	49,359		—		—		49,359
Basis of loans sold (2)	(230,267)		—		(743,164)		(973,431)
Loan maturities/principal repayments	(795,505)		(723,750)		(114,209)		(1,633,464)
Discount accretion/premium amortization	14,365		12,224		—		26,589
Changes in fair value	—		—		88,271		88,271
Foreign currency translation gain, net	403,248		4,994		—		408,242
Credit loss reversal (provision), net	16,259		(2,509)		—		13,750
Loan foreclosures	(182,203)		—		(8,163)		(190,366)		(5)

Balance at June 30, 2025	$	14,765,064	$	3,060,322	$	2,494,838	$	20,320,224

(3)Represents (i) the $242.4 million carrying value of a first mortgage loan on a mixed use property in Dallas, Texas foreclosed in February 2026, (ii) the $71.0 million carrying value of a first mortgage loan on a multifamily property in Phoenix, Arizona foreclosed in January 2026, (iii) the $27.9 million carrying value of a first mortgage loan on a multifamily property in Dallas, Texas foreclosed in March 2026 and (iv) $1.0 million of residential mortgage loans foreclosed.

(5)Represents (i) the $83.9 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Windermere, Florida foreclosed in May 2025, (ii) the $54.3 million carrying value of a first mortgage and mezzanine loan on a life science property in Boston, Massachusetts foreclosed in June 2025, (iii) the $44.0 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Conyers, Georgia foreclosed in February 2025 and sold during the three months ended March 31, 2026 (see Notes 3 and 6) and (iv) $8.2 million of residential mortgage loans foreclosed.