| Summary of Investment in Residential Bridge Loans |
The following table details the Company’s investment in residential bridge loans as of June 30, 2026 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Loans |
|
Loan Amount(1) |
|
|
Outstanding Principal |
|
|
Fair Value |
|
|
Interest Rate |
|
|
Maximum Maturity Date(2) |
71 |
|
$ |
56,128 |
|
|
$ |
33,604 |
|
|
$ |
33,604 |
|
|
|
10.00 |
% |
|
4/30/2027 |
The following table details the Company’s investment in residential bridge loans as of December 31, 2025 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Loans |
|
Loan Amount(1) |
|
|
Outstanding Principal |
|
|
Fair Value |
|
|
Interest Rate |
|
|
Maximum
Maturity Date(2) |
64 |
|
$ |
44,692 |
|
|
$ |
27,735 |
|
|
$ |
27,735 |
|
|
|
10.00 |
% |
|
10/31/2026 |
(1) Loan amount consists of outstanding principal balance plus unfunded loan commitments. (2) Maximum maturity date assumes all extension options are exercised.
|
| Tax Lien Investments |
As of June 30, 2026, the Company held the following tax lien investments ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location |
|
Lien Count |
|
|
Acquisition
Date |
|
Par Value |
|
|
Fair Value |
|
New Jersey |
|
|
615 |
|
|
8/30/2024 |
|
$ |
24,151 |
|
|
$ |
24,077 |
|
Mississippi |
|
|
1,001 |
|
|
9/4/2024 |
|
|
5,611 |
|
|
|
6,108 |
|
Colorado |
|
|
986 |
|
|
10/23/2024 |
|
|
11,613 |
|
|
|
12,215 |
|
California |
|
|
46,928 |
|
|
12/4/2024 |
|
|
47,990 |
|
|
|
50,595 |
|
Illinois |
|
|
203 |
|
|
12/10/2024 |
|
|
6,275 |
|
|
|
6,290 |
|
New York |
|
|
184 |
|
|
2/18/2025 |
|
|
3,172 |
|
|
|
2,942 |
|
Connecticut |
|
|
617 |
|
|
4/28/2025 |
|
|
6,614 |
|
|
|
6,713 |
|
Ohio |
|
|
79 |
|
|
4/28/2025 |
|
|
1,722 |
|
|
|
1,637 |
|
Florida |
|
|
41,381 |
|
|
6/1/2025 |
|
|
299,107 |
|
|
|
298,305 |
|
Alabama |
|
|
2 |
|
|
11/6/2025 |
|
|
124 |
|
|
|
123 |
|
Washington D.C. |
|
|
12 |
|
|
11/6/2025 |
|
|
418 |
|
|
|
413 |
|
Massachusetts |
|
|
13 |
|
|
11/6/2025 |
|
|
547 |
|
|
|
514 |
|
Maryland |
|
|
3 |
|
|
11/6/2025 |
|
|
49 |
|
|
|
48 |
|
Total |
|
|
92,024 |
|
|
|
|
$ |
407,393 |
|
|
$ |
409,980 |
|
As of December 31, 2025, the Company held the following tax lien investments ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location |
|
Lien Count |
|
|
Acquisition
Date |
|
Par Value |
|
|
Fair Value |
|
New Jersey |
|
|
1,106 |
|
|
8/30/2024 |
|
$ |
35,392 |
|
|
$ |
35,263 |
|
Mississippi |
|
|
1,433 |
|
|
9/4/2024 |
|
|
7,708 |
|
|
|
8,388 |
|
Colorado |
|
|
1,750 |
|
|
10/23/2024 |
|
|
19,016 |
|
|
|
20,047 |
|
California |
|
|
64,448 |
|
|
12/4/2024 |
|
|
67,386 |
|
|
|
70,974 |
|
Illinois |
|
|
257 |
|
|
12/10/2024 |
|
|
5,946 |
|
|
|
5,921 |
|
New York |
|
|
232 |
|
|
2/18/2025 |
|
|
4,430 |
|
|
|
4,224 |
|
Connecticut |
|
|
631 |
|
|
4/28/2025 |
|
|
5,473 |
|
|
|
5,602 |
|
Ohio |
|
|
163 |
|
|
4/28/2025 |
|
|
2,766 |
|
|
|
2,750 |
|
Florida |
|
|
35,180 |
|
|
6/1/2025 |
|
|
214,964 |
|
|
|
214,326 |
|
Alabama |
|
|
2 |
|
|
11/6/2025 |
|
|
118 |
|
|
|
118 |
|
Washington D.C. |
|
|
16 |
|
|
11/6/2025 |
|
|
579 |
|
|
|
573 |
|
Massachusetts |
|
|
22 |
|
|
11/6/2025 |
|
|
754 |
|
|
|
715 |
|
Maryland |
|
|
3 |
|
|
11/6/2025 |
|
|
42 |
|
|
|
42 |
|
Total |
|
|
105,243 |
|
|
|
|
$ |
364,574 |
|
|
$ |
368,943 |
|
|