The following table presents the CMBS I/O Strips as of June 30, 2026 (dollars in thousands):
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Investment |
|
Investment Date |
|
Carrying Value (1) |
|
|
Property Type |
|
Interest Rate |
|
|
Current Yield (2) |
|
|
Maturity Date |
CMBS I/O Strips |
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|
|
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|
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|
|
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|
|
|
|
|
CMBS I/O Strip |
|
5/18/2020 |
|
$ |
997 |
|
|
Multifamily |
|
|
2.09 |
% |
|
|
26.50 |
% |
|
1/25/2030 |
CMBS I/O Strip |
|
8/6/2020 |
|
|
10,725 |
|
|
Multifamily |
|
|
3.08 |
% |
|
|
28.55 |
% |
|
6/25/2030 |
CMBS I/O Strip |
|
4/28/2021 |
|
|
3,006 |
|
|
Multifamily |
|
|
1.70 |
% |
|
|
30.28 |
% |
|
1/25/2030 |
CMBS I/O Strip |
|
5/27/2021 |
|
|
2,246 |
|
|
Multifamily |
|
|
3.50 |
% |
|
|
28.70 |
% |
|
5/25/2030 |
CMBS I/O Strip |
|
6/7/2021 |
|
|
213 |
|
|
Multifamily |
|
|
2.39 |
% |
|
|
45.29 |
% |
|
11/25/2028 |
CMBS I/O Strip |
|
6/11/2021 |
|
|
725 |
|
|
Multifamily |
|
|
2.07 |
% |
|
|
37.55 |
% |
|
5/25/2029 |
CMBS I/O Strip |
|
6/24/2021 |
|
|
463 |
|
|
Multifamily |
|
|
— |
% |
|
|
— |
% |
|
5/25/2030 |
CMBS I/O Strip |
|
8/10/2021 |
|
|
1,481 |
|
|
Multifamily |
|
|
1.96 |
% |
|
|
29.37 |
% |
|
4/25/2030 |
CMBS I/O Strip |
|
8/11/2021 |
|
|
922 |
|
|
Multifamily |
|
|
3.20 |
% |
|
|
22.41 |
% |
|
7/25/2031 |
CMBS I/O Strip |
|
8/24/2021 |
|
|
158 |
|
|
Multifamily |
|
|
2.70 |
% |
|
|
24.73 |
% |
|
1/25/2031 |
CMBS I/O Strip |
|
9/1/2021 |
|
|
2,257 |
|
|
Multifamily |
|
|
2.04 |
% |
|
|
28.24 |
% |
|
6/25/2030 |
CMBS I/O Strip |
|
9/11/2021 |
|
|
2,633 |
|
|
Multifamily |
|
|
3.05 |
% |
|
|
21.99 |
% |
|
9/25/2031 |
CMBS I/O Strip |
|
1/16/2025 |
|
|
5,258 |
|
|
Multifamily |
|
|
5.86 |
% |
|
|
16.40 |
% |
|
11/25/2034 |
CMBS I/O Strip |
|
4/24/2025 |
|
|
5,154 |
|
|
Multifamily |
|
|
5.88 |
% |
|
|
17.34 |
% |
|
4/25/2034 |
Total |
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|
|
$ |
36,238 |
|
|
|
|
|
3.59 |
% |
|
|
24.57 |
% |
|
|
(1)Carrying value of the CMBS I/O strips are measured at fair value. See Note 10. (2)Current yield is the annualized income earned divided by the cost basis of the investment. The following table presents the CMBS I/O Strips as of December 31, 2025 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
|
Investment Date |
|
Carrying Value (1) |
|
|
Property Type |
|
Interest Rate |
|
|
Current Yield (3) |
|
|
Maturity Date |
CMBS I/O Strips |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CMBS I/O Strip |
|
5/18/2020 |
|
$ |
1,150 |
|
|
Multifamily |
|
|
2.02 |
% |
|
|
22.00 |
% |
|
1/25/2030 |
CMBS I/O Strip |
|
8/6/2020 |
|
|
11,994 |
|
|
Multifamily |
|
|
2.98 |
% |
|
|
24.75 |
% |
|
6/25/2030 |
CMBS I/O Strip |
|
4/28/2021 |
|
|
3,458 |
|
|
Multifamily |
|
|
1.58 |
% |
|
|
24.88 |
% |
|
1/25/2030 |
CMBS I/O Strip |
|
5/27/2021 |
|
|
2,502 |
|
|
Multifamily |
|
|
3.38 |
% |
|
|
24.72 |
% |
|
5/25/2030 |
CMBS I/O Strip |
|
6/7/2021 |
|
|
254 |
|
|
Multifamily |
|
|
2.31 |
% |
|
|
36.17 |
% |
|
11/25/2028 |
CMBS I/O Strip |
|
6/11/2021 |
|
|
1,239 |
|
|
Multifamily |
|
|
2.01 |
% |
|
|
35.42 |
% |
|
5/25/2029 |
CMBS I/O Strip |
|
6/21/2021 |
|
|
577 |
|
|
Multifamily |
|
|
— |
% |
|
|
— |
% |
|
5/25/2030 |
CMBS I/O Strip |
|
8/10/2021 |
|
|
1,603 |
|
|
Multifamily |
|
|
1.89 |
% |
|
|
25.19 |
% |
|
4/25/2030 |
CMBS I/O Strip |
|
8/11/2021 |
|
|
998 |
|
|
Multifamily |
|
|
3.10 |
% |
|
|
19.91 |
% |
|
7/25/2031 |
CMBS I/O Strip |
|
8/24/2021 |
|
|
174 |
|
|
Multifamily |
|
|
2.61 |
% |
|
|
21.70 |
% |
|
1/25/2031 |
CMBS I/O Strip |
|
9/1/2021 |
|
|
2,545 |
|
|
Multifamily |
|
|
1.92 |
% |
|
|
23.73 |
% |
|
6/25/2030 |
CMBS I/O Strip |
|
9/11/2021 |
|
|
2,872 |
|
|
Multifamily |
|
|
2.95 |
% |
|
|
19.57 |
% |
|
9/25/2031 |
CMBS I/O Strip |
|
1/16/2025 |
|
|
5,562 |
|
|
Multifamily |
|
|
5.67 |
% |
|
|
15.22 |
% |
|
11/25/2034 |
CMBS I/O Strip |
|
4/24/2025 |
|
|
5,499 |
|
|
Multifamily |
|
|
5.69 |
% |
|
|
16.03 |
% |
|
4/25/2034 |
|
|
|
|
$ |
40,427 |
|
|
|
|
|
3.41 |
% |
|
|
21.68 |
% |
|
|
(1)Carrying value of the CMBS I/O strips are measured at fair value. See Note 10. (2)Current yield is the annualized income earned divided by the cost basis of the investment.
|