| Schedule of commercial loans and investments |
The Company’s commercial loans and investments were comprised of the following at September 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | Description | | Date of Investment | | Maturity Date | | Original Face Amount | | Current Face Amount | | Carrying Value | | Coupon Rate | | Construction Loan – Wawa Land Development – Greenwood, IN | | July 2023 | | July 2027 | | $ | 16,700 | | $ | 14,944 | | $ | 14,918 | | 10.00% | | Construction Loan – Wawa Land Development – Antioch, TN | | October 2023 | | October 2026 | | | 7,425 | | | 7,421 | | | 7,439 | | 10.25% | | Sale-Leaseback – Bradenton Beach, FL | | August 2024 | | August 2029 (1) | | | 9,608 | | | 9,452 | | | 9,452 | | 8.30% | | Sale-Leaseback – Anna Maria, FL | | August 2024 | | August 2029 (1) | | | 16,408 | | | 16,141 | | | 16,141 | | 8.30% | | Sale-Leaseback – Long Boat Key, FL | | August 2024 | | August 2029 (1) | | | 5,408 | | | 5,321 | | | 5,321 | | 8.30% | | Construction Loan – Cornerstone Exchange – Daytona Beach, FL | | May 2025 | | April 2027 | | | 23,905 | | | 10,306 | | | 10,246 | | 10.00% | | Mortgage Note – Industrial – Fremont, CA | | August 2025 | | August 2027 | | | 24,000 | | | 24,000 | | | 23,863 | | 11.00% | | Mortgage Note – Luxury Residential Development – Austin, TX (2) | | October 2025 | | October 2028 | | | 61,250 | | | 59,717 | | | 58,811 | | 16.00% | (3) | Construction Loan – Mixed-Use Development – Lake Toxaway, NC | | October 2025 | | October 2027 | | | 13,500 | | | 11,279 | | | 11,206 | | 16.00% | (4) | Construction Loan – Costco Mixed-Use Development – Atlanta, GA | | October 2025 | | November 2027 | | | 4,500 | | | 2,452 | | | 2,427 | | 11.00% | | Redevelopment Loan – Mixed-Use Redevelopment – Denver, CO | | December 2025 | | December 2028 | | | 13,500 | | | 9,364 | | | 9,212 | | 12.00% | (5) | Mortgage Note – Mixed-Use Development – Herndon, VA | | December 2025 | | September 2028 | | | 20,000 | | | 20,307 | | | 20,143 | | 12.00% | (6) | Sale-Leaseback – Aspen, CO | | January 2026 | | June 2027 (1) | | | 10,000 | | | 9,995 | | | 9,995 | | 8.39% | | Construction Loan – Retail Development – Covington, GA | | March 2026 | | April 2028 | | | 32,000 | | | 10,118 | | | 9,888 | | 13.00% | (7) | Construction Loan – Retail Development – Lexington, KY | | May 2026 | | June 2028 | | | 40,000 | | | 8,718 | | | 8,471 | | 10.00% | | Sales-Type Lease – Denver, CO | | June 2026 | | September 2039 | | | 16,257 | | | 16,246 | | | 16,246 | | 8.11% | | | | | | | | $ | 314,461 | | $ | 235,780 | | $ | 233,779 | | | | CECL Reserve | | | | | | | | | | | | | (2,358) | | | | Total Commercial Loans and Investments | | | | | | | | | | | | $ | 231,421 | | | |
| (1) | The maturity date reflects the date the tenant’s repurchase right first becomes exercisable pursuant to the lease agreement. |
| (2) | As of September 30, 2026, after adjusting for the A-1 participation interests, as described in Note 12, “Obligation Under Participation Agreement”, the Company’s net remaining investment, at face value, in the 2025 Mortgage Note is $41.2 million. |
| (3) | The coupon rate is comprised of 12.00% cash interest and 4.00% paid-in-kind. |
| (4) | The coupon rate is comprised of 13.00% cash interest and 3.00% paid-in-kind. |
| (5) | The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind. |
| (6) | The coupon rate is comprised of 10.00% cash interest and 2.00% paid-in-kind. |
| (7) | The coupon rate is comprised of 11.50% cash interest and 1.50% paid-in-kind. |
The Company’s commercial loans and investments were comprised of the following at December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | Description | | Date of Investment | | Maturity Date | | Original Face Amount | | Current Face Amount | | Carrying Value | | Coupon Rate | | Construction Loan – Wawa Land Development – Greenwood, IN | | July 2023 | | July 2026 | | $ | 14,800 | | $ | 9,144 | | $ | 9,165 | | 9.50% | | Construction Loan – Wawa Land Development – Antioch, TN | | October 2023 | | October 2026 | | | 7,425 | | | 6,309 | | | 6,317 | | 10.25% | | Construction Loan – Retail Outparcels – Lawrenceville, GA | | January 2024 | | January 2026 | | | 7,200 | | | 1,099 | | | 1,095 | | 11.25% | | Construction Loan – Wawa Land Development – Mount Carmel, OH | | June 2024 | | September 2026 | | | 6,127 | | | 6,127 | | | 6,127 | | 11.50% | | Sale-Leaseback – Bradenton Beach, FL | | August 2024 | | August 2029 (1) | | | 9,608 | | | 9,519 | | | 9,519 | | 8.30% | | Sale-Leaseback – Anna Maria, FL | | August 2024 | | August 2029 (1) | | | 16,408 | | | 16,256 | | | 16,256 | | 8.30% | | Sale-Leaseback – Long Boat Key, FL | | August 2024 | | August 2029 (1) | | | 5,408 | | | 5,358 | | | 5,358 | | 8.30% | | Mortgage Note – At Home Plaza – North Canton, OH | | March 2025 | | March 2028 | | | 6,200 | | | 6,200 | | | 6,200 | | 8.65% | | Construction Loan – Retail Land Development – Stuart, FL | | March 2025 | | March 2027 | | | 15,500 | | | 7,084 | | | 6,987 | | 10.00% | | Construction Loan – Cornerstone Exchange – Daytona Beach, FL | | May 2025 | | April 2027 | | | 23,905 | | | 6,886 | | | 6,747 | | 10.00% | | Mortgage Note – Old Time Pottery – Orange Park, FL | | June 2025 | | June 2028 | | | 4,000 | | | 4,000 | | | 4,000 | | 8.00% | | Mortgage Note – Industrial – Fremont, CA | | August 2025 | | August 2027 | | | 24,000 | | | 24,000 | | | 23,751 | | 11.00% | | Mortgage Note – Commercial Building – Reno, NV | | September 2025 | | September 2027 | | | 4,000 | | | 4,000 | | | 4,000 | | 8.00% | | Mortgage Note – Luxury Residential Development – Austin, TX (2) | | October 2025 | | October 2028 | | | 29,500 | | | 28,627 | | | 28,070 | | 17.00% | (3) | Construction Loan – Mixed-Use Development – Lake Toxaway, NC | | October 2025 | | October 2027 | | | 13,500 | | | 6,938 | | | 6,813 | | 16.00% | (4) | Construction Loan – Costco Mixed-Use Development – Atlanta, GA | | October 2025 | | November 2027 | | | 4,500 | | | 879 | | | 838 | | 11.00% | | Redevelopment Loan – Mixed-Use Redevelopment – Denver, CO | | December 2025 | | December 2028 | | | 13,500 | | | 8,519 | | | 8,317 | | 12.00% | (5) | Mortgage Note – Mixed-Use Development – Herndon, VA | | December 2025 | | September 2028 | | | 20,000 | | | 20,001 | | | 19,702 | | 12.00% | (6) | | | | | | | $ | 225,581 | | $ | 170,946 | | $ | 169,262 | | | | CECL Reserve | | | | | | | | | | | | | (1,709) | | | | Total Commercial Loans and Investments | | | | | | | | | | | | $ | 167,553 | | | |
| (1) | The maturity date reflects the date the tenant’s repurchase right first becomes exercisable pursuant to the lease agreement. |
| (2) | As of December 31, 2025, after adjusting for the A-1 participation interests, as described in Note 12, "Obligation Under Participation Agreement", the Company's net remaining investment, at face value, in the 2025 Mortgage Note is $18.6 million. |
| (3) | The coupon rate is comprised of 13.00% cash interest and 4.00% paid-in-kind. |
| (4) | The coupon rate is comprised of 13.00% cash interest and 3.00% paid-in-kind. |
| (5) | The coupon rate is comprised of 9.00% cash interest and 3.00% paid-in-kind. |
| (6) | The coupon rate is comprised of 10.00% cash interest and 2.00% paid-in-kind. |
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