5. Borrowings

Atlas Repurchase Facility

On October 11, 2024, a subsidiary of the Company, FCR DC JV Atlas Seller I LLC, as seller (the “Atlas Seller”), and Atlas Securitized Product Investments 2, L.P., as administrative agent and buyer (“Atlas”), entered into a Master Repurchase Agreement, as amended on April 23, 2025 and January 14, 2026 (together with the related transaction documents, the “Atlas Repurchase Agreement” and, the repurchase facility governed by the Atlas Repurchase Agreement, the “Atlas Repurchase Facility”). The Company provided a guaranty in connection with the Atlas Repurchase Agreement (the “Atlas Guaranty”). On January 14, 2026, the Atlas Seller and Atlas, Atlas Securitized Products Funding 1, L.P., Atlas Securitized Products Funding 2, L.P., Atlas Securitized Products Funding 3, L.P. and Atlas Securitized Products, L.P., each as a buyer, the Company, as guarantor and FCR DC JV Atlas Pledgor LLC, as equity pledgor entered into a second amendment (the “Second Amendment”) to the Master Repurchase Agreement, dated October 11, 2024. Pursuant to the Second Amendment, (i) the financing available in connection with the acquisition and origination by the Company of certain loans, as more particularly described in the Atlas Repurchase Agreement, was increased from an aggregate of $300.0 million to $450.0 million, (ii) Atlas Securitized Products Funding 1, L.P., Atlas Securitized Products Funding 2, L.P., Atlas Securitized Products Funding 3, L.P. and Atlas Securitized Products, L.P. were joined as buyers to the Atlas Repurchase Agreement and related Program Agreements (as defined in the Atlas Repurchase Agreement) and (iii) Credit Events (as defined in the Atlas Repurchase Agreement) were removed as a condition precedent to Margin Deficits (as defined in the Atlas Repurchase Agreement).

In connection with the Second Amendment, on January 14, 2026, the Company entered into a second amendment to guaranty, dated October 11, 2024 (the “Amended Atlas Guaranty”). Pursuant to the Amended Atlas Guaranty, the Company agreed to satisfy certain minimum adjusted net worth standards and certain liquidity requirements.

GS Repurchase Facilities

On August 16, 2024, a subsidiary of the Company, FCR GS Seller I LLC, as seller (the “GS Seller I”), and Goldman Sachs Bank USA, as purchaser (“Goldman Sachs”), entered into a Master Repurchase Agreement (together with the related transaction documents, the “GS Seller I Repurchase Agreement”). On October 11, 2024, a subsidiary of the Company, FCR DC GS Seller III LLC, as seller (the “GS Seller III”), and Goldman Sachs, as purchaser, entered into a Master Repurchase Agreement (together with the related transaction documents, the “GS Seller III Repurchase Agreement”). On December 18, 2024, a subsidiary of the Company, FCR Key GS Seller II LLC, as seller (the “GS Seller II” and, together with the GS Seller I and GS Seller III, the “GS Sellers”), and Goldman Sachs, as purchaser, entered into a Master Repurchase Agreement (together with the related transaction documents, the “GS Seller II Repurchase Agreement” and, together with the GS Seller I Repurchase Agreement and GS Seller III Repurchase Agreement, the “GS Repurchase Agreements” and, the repurchase facilities governed by the GS Repurchase Agreements, the “GS Repurchase Facilities” and, together with the Atlas Repurchase Facility, the “Repurchase Facilities”).

The Company provided guaranties in connection with the GS Repurchase Agreements (the “GS Guaranty I”, the “GS Guaranty II” and the “GS Guaranty III,” respectively, and collectively, the “GS Guaranties”).

On November 20, 2025, (i) GS Seller I and Goldman Sachs as purchaser, entered into a third amendment to the GS Seller I Repurchase Agreement, as previously amended on December 18, 2024 and May 6, 2025 (together with the related transaction documents, the “Third Amended GS Seller I Repurchase Agreement”), (ii) GS Seller III and Goldman Sachs, as purchaser, entered into a third amendment to the GS Seller III Repurchase Agreement, as previously amended on December 18, 2024 and May 6, 2025 (together with the related transaction documents, the “Third Amended GS Seller III Repurchase Agreement”) and (iii) GS Seller II and Goldman Sachs, as purchaser entered into a second amendment to the GS Seller II Repurchase Agreement, as previously amended on May 6, 2025 (together with the related transaction documents, the “Second Amended GS Seller II Repurchase Agreement” and, together with the Third Amended GS Seller I Repurchase Agreement and Third Amended GS Seller III Repurchase Agreement, the “Amended GS Repurchase Agreements”). Pursuant to the Amended GS Repurchase Agreements, the financing available in connection with the acquisition and/or origination by the Company of certain loans, as more particularly described in the Amended GS Repurchase Agreements, was increased to an aggregate amount not to exceed $1.0 billion.

In connection with the Amended GS Repurchase Agreements, on November 20, 2025, the Company entered into a second amendment to guaranty with respect to each of the Third Amended GS Seller I Repurchase Agreement, the Third Amended GS Seller III Repurchase Agreement and the Second Amended GS Seller II Repurchase Agreement, each dated as of the date of the applicable Amended GS Repurchase Agreement (collectively, the “Amended GS Guaranties”). Pursuant to the Amended GS Guaranties, certain financial covenants were amended to reflect the Company’s current status, including to require (i) Tangible Net Worth (as defined in the Amended GS Guaranties) of not less than $750.0 million; provided, that, from and after the date on which the Company has closed not less than $1.5 billion of capital commitments, the Company will be required to maintain a Tangible Net Worth not less than $1.0 billion and (ii) Liquidity (as defined in the Amended GS Guaranties) of not below the greater of (A) $10.0 million and (B) ten percent of the sum of purchase price of certain purchased assets, with respect to clause (B) not to exceed $45.0 million as of such date.

On April 30, 2026, GS Seller I and Goldman Sachs as purchaser, entered into a fourth amendment to the GS Seller I Repurchase Agreement, as previously amended on December 18, 2024, May 6, 2025 and November 20, 2025 (together with the related transaction documents, the “Fourth Amended GS Seller I Repurchase Agreement”). Pursuant to the Fourth Amended GS Seller I Repurchase Agreement, the financing available in connection with the acquisition and/or origination by the Company of certain loans, as more particularly described in the Third Amended GS Seller I Repurchase Agreement, was increased to an aggregate amount not to exceed $1.3 billion during a temporary upsize period ending no later than 180 days after April 30, 2026 (the “Upsize Period”).

In connection with the Fourth Amended GS Seller I Repurchase Agreement, on April 30, 2026, the Company entered into a third amendment to the Guaranty, dated August 16, 2024, and amended on March 18, 2025, May 6, 2025 and November 20, 2025 (the “Amended GS Seller 1 Guaranty”). Pursuant to the Amended GS Seller 1 Guaranty, certain financial covenants were amended to reflect the Company’s current status, including to require Liquidity (as defined in the Amended GS Seller 1 Guaranty) of not below the greater of (A) $10.0 million and (B) ten percent of the sum of purchase price of certain purchased assets, with respect to clause (B) not to exceed $50.0 million as of such date during the Upsize Period and not to exceed $45.0 million as of such date thereafter.

MS Repurchase Facilities

On July 24, 2025, a subsidiary of the Company, FCR MS Seller LLC, as seller (the “MS Seller”), Morgan Stanley Mortgage Capital Holdings LLC (“Morgan Stanley”), as administrative agent for Morgan Stanley Bank, N.A. and such other financial institutions from time to time party thereto as buyers (“MSBNA” and, together with such other financial institutions from time to time party hereto, the “MS Buyers”) entered into a Master Repurchase and Securities Contract Agreement(together with the related transaction documents, the “MS Seller Repurchase Agreement”). The MS Seller Repurchase Agreement provides financing of up to an aggregate of $250.0 million in connection with the acquisition and/or origination by the Company of certain loans as more particularly described in the MS Seller Repurchase Agreement. Subject to the terms and conditions thereof, the MS Seller Repurchase Agreement provides for the purchase, sale and repurchase of mortgage loans, mezzanine loans and participation interests in such mortgage loans satisfying certain conditions set forth in the MS Seller Repurchase Agreement (collectively, the “MS Repurchase Facility”).

Advances under the MS Seller Repurchase Agreement accrue interest at a per annum rate equal to Term SOFR for a one-month period plus a margin as agreed upon by MSBNA and the MS Seller for each transaction. The termination date of the MS Seller Repurchase Agreement is July 24, 2029, as such date may be extended with availability for new transactions pursuant to a

one-year extension option, subject to satisfaction of certain customary conditions in accordance with the MS Seller Repurchase Agreement.

In connection with the MS Seller Repurchase Agreement, the Company entered into a Guaranty and Indemnity agreement, dated July 24, 2025 (the “MS Guaranty”), under which the Company guarantees (the “Guaranty”) the obligations of the MS Seller under the MS Repurchase Agreement, provided, however, that the maximum liability of the Company pursuant to the MS Guaranty shall not exceed 25% of the then-outstanding principal amount of the MS Repurchase Facility. Notwithstanding the foregoing, such limitation on the Company’s Guaranty may be nullified in certain circumstances, including if the MS Seller or the Company become the subject of a voluntary or collusive involuntary proceeding under any bankruptcy, insolvency or similar law and for other customary insolvency related actions. The Company is also liable under the MS Guaranty for costs, expenses, damages and losses actually incurred by the MS Buyers or Morgan Stanley, in its capacity as administrative agent, resulting from customary “bad boy” events pertaining to the Company and/or the MS Seller as described in the MS Guaranty.

On March 12, 2026, the MS Seller, Morgan Stanley, as administrative agent for MS Buyers entered into an amendment (the “Amended MS Seller Repurchase Agreement”) to the MS Seller Repurchase Agreement. Pursuant to the Amended MS Seller Repurchase Agreement, the financing available in connection with the acquisition and/or origination by the Company of certain loans as more particularly described in the MS Seller Repurchase Agreement was increased from an aggregate of $250.0 million to $500.0 million.

The Amended MS Seller Repurchase Agreement and the MS Guaranty contain various restrictions and covenants that are customary for similar agreements, including financial covenants relating to the Company’s minimum net worth, liquidity and maximum leverage.

NS Seller I Repurchase Facility

On November 21, 2025, a subsidiary of the Company, FCR NS Seller I LLC, as seller (the “NS Seller I”), and Goldman Sachs, as buyer and as repo agent, entered into a Master Repurchase Agreement (together with the related transaction documents, the “NS Seller I Repurchase Agreement”). The NS Seller I Repurchase Agreement provides financing of up to an aggregate of $200.0 million in connection with the acquisition by the Company or an affiliate of the Company of certain loans as more particularly described in the NS Seller I Repurchase Agreement. Subject to the terms and conditions thereof, the NS Seller I Repurchase Agreement provides for the purchase, sale and repurchase of mortgage loans secured by residential, multi-family or commercial property satisfying certain conditions set forth in the NS Seller I Repurchase Agreement (collectively, the “NS Seller I Repurchase Facility”).

Advances under the NS Seller I Repurchase Agreement accrue interest at a per annum rate equal to Term SOFR for a one-month period plus a margin as agreed upon by Goldman Sachs and the NS Seller I for each transaction. The termination date of the NS Seller I Repurchase Agreement is November 21, 2027, as such date may be extended with availability for new transactions pursuant to a one-year extension option, subject to satisfaction of certain customary conditions in accordance with the NS Seller I Repurchase Agreement.

In connection with the NS Seller I Repurchase Agreement, the Company provided guaranties (the “NS Guaranty I”), under which the Company (i) guarantees losses associated with customary non-recourse carve-outs with respect to the Company and the NS Seller I and (ii) agrees to satisfy certain financial covenants including minimum net worth, liquidity and interest coverage and maximum leverage. The NS Guaranty I may become fully recourse to the Company up to the entire amount needed for the NS Seller I to repurchase the loans and interests in such loans comprising the NS Seller I Repurchase Facility if the NS Seller I or the Company become the subject of a voluntary or involuntary proceeding under any bankruptcy, insolvency or similar law. The Company is also liable under the NS Guaranty I for costs, expenses, damages and losses actually incurred by Goldman Sachs resulting from customary “bad boy” events pertaining to the Company and/or the NS Seller I as described in the NS Guaranty I.

Santander Repurchase Facility

On April 8, 2026, subsidiaries of the Company, FCR CRE Toro Seller LLC and Dwight FCR-2025 LLC, each as seller (each, a “Santander Seller” and together, the “Santander Sellers”) and Banco Santander, S.A. New York Branch (the “Santander Buyer”) entered into an Uncommitted Master Repurchase Agreement (together with the related transaction documents, the “Santander Repurchase Agreement”). The Santander Repurchase Agreement provides up to an aggregate of $350.0 million of uncommitted financing in connection with the acquisition and/or origination by the Company of certain loans as more particularly described in the Santander Repurchase Agreement. Subject to the terms and conditions thereof, the Santander Repurchase Agreement provides for the purchase, sale and repurchase of mortgage loans, mezzanine

loans and participation interests in such mortgage loans satisfying certain conditions set forth in the Santander Repurchase Agreement (collectively, the “Santander Repurchase Facility”).

Advances under the Santander Repurchase Agreement accrue interest at a per annum rate equal to Term SOFR for a one-month period plus a margin as agreed upon by the Santander Buyer and the applicable Santander Seller for each transaction. The termination date of the Santander Repurchase Agreement is April 8, 2029, as such date may be extended without availability for new transactions for an amortization extension period of up to one additional year, subject to satisfaction of certain customary conditions in accordance with the Santander Repurchase Agreement.

In connection with the Santander Repurchase Agreement, the Company entered into a Limited Guaranty Agreement, dated April 8, 2026 (the “Santander Guaranty”), under which the Company (i) guarantees losses associated with customary non-recourse carve-outs with respect to the Company and the Santander Sellers and (ii) agrees to satisfy certain financial covenants including minimum net worth, liquidity and maximum leverage. The Santander Guaranty may become fully recourse to the Company up to the entire amount needed for the Santander Sellers to repurchase the loans and interests in such loans comprising the Santander Repurchase Facility if the Santander Sellers or the Company become the subject of a voluntary or collusive involuntary proceeding under any bankruptcy, insolvency or similar law and for other customary insolvency related actions. The Company is also liable under the Santander Guaranty for costs, expenses, damages and losses actually incurred by the Santander Buyer resulting from customary “bad boy” events pertaining to the Company and/or any Santander Seller as described in the Santander Guaranty.

Revolving Credit Facility

On November 8, 2024, FCR TL Holdings LLC, an indirect, wholly-owned subsidiary of the Company (the “FCR TL Holdings”), as borrower, entered into a Loan and Security Agreement (the “Subsidiary Loan Agreement” and the revolving credit facility governed by the Subsidiary Loan Agreement, the “Revolving Credit Facility”) with JPMorgan Chase Bank, N.A., (“JPMorgan”), as administrative agent.

On May 1, 2025, FCR TL Holdings, as borrower, JPMorgan, as administrative agent and lender, and the Company, as guarantor, entered into Amendment No. 1 to the Revolving Credit Facility (“Revolving Credit Facility Amendment No. 1”). Pursuant to the Revolving Credit Facility Amendment, the limitation on the maximum amount borrowable under the Revolving Credit Facility was amended to remove limitations based on the borrowings of other Fortress funds on facilities between such entities and JPMorgan. The maximum loan amount under the Revolving Credit Facility remains at $300.0 million, subject to the termination and condition set forth in the Revolving Credit Facility.

On August 14, 2025, FCR TL Holdings, as borrower, the Company, as guarantor, and JPMorgan, as administrative agent and lender, entered into the Amendment No. 2 to the Revolving Credit Facility (“Revolving Credit Facility Amendment No.2”). Pursuant to the Revolving Credit Facility Amendment No. 2, the “Applicable Margin” for purposes of calculating interest on any outstanding borrowings was reduced from two percent (2.00%) to one point eight five percent (1.85%). At any time the outstanding borrowings under the Revolving Credit Facility are at least 5% less than the Borrowing Base (as defined in the Subsidiary Loan Agreement), the Applicable Margin will be further reduced to one point seven five percent (1.75%).

On November 6, 2025, FCR TL Holdings, as borrower, the Company, as guarantor, and JPMorgan, as administrative agent and lender, entered into the Amendment No. 3 (the “Revolving Credit Facility Amendment No. 3”) to the Subsidiary Loan Agreement. Pursuant to the Revolving Credit Facility Amendment No. 3, the maximum loan amount under the Revolving Credit Facility was increased from $300.0 million to $400.0 million and certain other legacy defined terms that no longer apply, were removed.

On April 14, 2026, FCR TL Holdings, as borrower, the Company, as guarantor, and JPMorgan, as administrative agent and lender, entered into the Amendment No. 4 (the “Revolving Credit Facility Amendment No. 4”) to the Subsidiary Loan Agreement. Pursuant to the Revolving Credit Facility Amendment No. 4, the Available Period (as defined in the Subsidiary Loan Agreement) was extended to (but excluding) October 15, 2027 and the maturity date of the Revolving Credit Facility was extended to October 15, 2028 or such earlier date upon which the Subsidiary Loan Agreement shall terminate in accordance with the provisions thereof.

The Company is subject to various financial and operational covenants under the Repurchase Facilities and Revolving Credit Facility. These covenants require the Company to maintain certain financial ratios, which include leverage and fixed charge coverage, among others. As of June 30, 2026, the Company was in compliance with all of its financial loan covenants.