Subsequent to June 30, 2026, the Company originated the following CRE loans ($ in thousands):

         Location

         Property Type

         Origination Date

         Loan Amount (1)

         Outstanding 
Principal

         Interest Rate(2)

         Maturity Date

West

Student Housing

7/13/2026

93,500

92,150

SOFR + 2.90%

8/10/2029

South

Hospitality

7/17/2026

59,450

59,450

SOFR + 2.99%

7/17/2028

South

Multifamily

7/17/2026

78,200

78,000

SOFR + 2.75%

8/8/2028

South

Multifamily

7/17/2026

58,200

57,800

SOFR + 2.80%

8/8/2028

South

Student Housing

7/21/2026

39,000

38,815

SOFR + 2.95%

12/8/2028

East

Hospitality

7/21/2026

75,000

72,700

SOFR + 3.75%

7/21/2029

East

Multifamily

7/29/2026

7,600

7,125

SOFR + 3.10%

7/29/2028

Total

410,950

406,040

(1)

Loan amount consists of outstanding principal balance plus unfunded loan commitments.

(2)

Loans earn interest at the one-month term SOFR plus a spread. Payment terms for all loans are interest only with principal due at maturity.

Subsequent to June 30, 2026, the Company received $86.3 million related to the repayment of the outstanding principal balance of three commercial real estate loans.

Subsequent to June 30, 2026, the Company acquired the following tax liens ($ in thousands):


Location	Purchase Price
Colorado	$	2,877
Connecticut		582
New Jersey		270
Florida		169
Ohio		25
Alabama		1
Massachusetts		1
Total	$	3,925

Subsequent to June 30, 2026, the Company purchased an additional pool of seven residential bridge loans with a total loan amount and outstanding principal balance of $8.6 million and $4.2 million, respectively. Additionally, the Company funded $2.9 million towards the principal balance of existing residential bridge loans.

On July 8, 2026, MS Seller, as seller, Morgan Stanley, as administrative agent for MSBNA, as buyer entered into an amendment (the “Second Amendment to MS Seller Repurchase Agreement”) to the MS Seller Repurchase Agreement, as previously amended on March 12, 2026. Pursuant to the Second Amendment to 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 $500 million to $750 million.

The following table summarizes the Company’s borrowings and paydowns subsequent to June 30, 2026 ($ in thousands):


	Borrowings		Paydowns			Ending Balance		Weighted Average Interest Rate			Maturity Date
Repurchase Facilities:
GS Seller I Repurchase Facility	$	54,525	$	(57,100	)	$	972,132		5.98	%	8/16/2027
GS Seller II Repurchase Facility		—		—			57,180		5.78	%	8/16/2027
GS Seller III Repurchase Facility		—		—			124,405		5.81	%	8/16/2027
Atlas Repurchase Facility		9,330		(9,000	)		339,800		5.90	%	10/11/2027
Morgan Stanley Repurchase Facility		—		—			422,724		5.41	%	7/24/2029
NS Seller I Repurchase Facility		—		—			—		—	%	11/21/2027
Santander Repurchase Facility		62,662		—			179,728		5.19	%	4/8/2029
Total Repurchase Facilities		126,517		(66,100	)		2,095,969
JPM Revolving Credit Facility		—		(21,989	)		292,282		5.39	%	10/15/2028
Total	$	126,517	$	(88,089	)	$	2,388,251

Subsequent to June 30, 2026, the Company issued the following shares (in thousands, except for share amounts):


	Shares		Gross Proceeds
Class B		101,689	$	2,033
Class R		15,868		315
Class J-1		115,253		2,288
Class J-2		33,384		662
Class J-4		583,662		11,716
Class S		124,559		2,496
Class D		337,883		6,765
Class I		2,064,650		41,351
Class E		4,442		89
Class F-I		72,002		1,442
Class F-S		161,158		3,231
Total		3,614,550	$	72,388

The Company has performed an evaluation of subsequent events through August 12, 2026, which is the date the condensed consolidated financial statements were issued. Other than those items previously disclosed, no other events have occurred that require consideration as adjustments to, or disclosures in, the condensed consolidated financial statements.