
				June 30, 2026
in thousands	Origination Date	Loan Type	Periodic Payment Terms	Interest Rate(1)	Loan Amount(2)		Principal Balance Outstanding		Fair Value		Maturity Date(3)


The Catherine II Loan	12/10/2025	Senior	Interest Only	6.58%	$	86,250	$	83,697	$	83,764	12/9/2030
Sync DFW Multifamily Portfolio Loan	1/9/2026	Senior	Interest Only	6.23%	113,998		113,998		114,103		1/9/2031
Total					$	200,248	$	197,695	$	197,867


				December 31, 2025
in thousands	Origination Date	Loan Type	Periodic Payment Terms	Interest Rate(1)	Loan Amount(2)		Principal Balance Outstanding		Fair Value		Maturity Date(3)
5805 N Jackson Gap Loan	1/20/2023	Mezzanine	Interest Only	12.48%	$	12,245	$	12,245	$	12,235	2/9/2028
The Catherine II Loan	12/10/2025	Senior	Interest Only	6.71%	86,250		83,100		83,100		12/9/2030
Total					$	98,495	$	95,345	$	95,335

In February 2026, we granted the borrower of 5805 N Jackson Gap Loan, a mezzanine commercial loan, a short-term extension of the loan’s maturity date to March 9, 2026. The loan was subsequently repaid in full at par value in February 2026.

Interest income recognized from the 5805 N Jackson Gap Loan was $0.3 million during the six months ended June 30, 2026. No interest income was recognized during the three months ended June 30, 2026 because the loan was repaid in February 2026. During the three and six months ended June 30, 2025, interest income recognized from the loan was $0.4 million and $0.8 million, respectively. Interest income from the loan is recorded as income from commercial loans in our condensed consolidated statements of operations.

We have originated commercial real estate loan investments structured as senior loans, which are partially financed by the secured lending agreement described in Note 10 — “Borrowings.” During the three and six months ended June 30, 2026, these loans generated interest income of $3.2 million and $6.2 million, respectively. In addition, we recognized $1.0 million of origination fee income during the six months ended June 30, 2026. No origination fee income was recognized during the three months ended June 30, 2026 as there were no loan originations during the period. Interest income and origination fee income are recorded as income from commercial loans in our condensed consolidated statements of operations. During the three and six months ended June 30, 2026, we recognized interest expense associated with the secured lending agreement of $2.2 million and $4.2 million, respectively, which is recorded as interest expense in our condensed consolidated statements of operations. We did not have any senior commercial real estate loan investments or secured lending agreements outstanding during the three and six months ended June 30, 2025.