As of September 30, 2026 and December 31, 2025, we hold a 51% interest in CMTG/TT Mortgage REIT LLC (“CMTG/TT”). We are not deemed to be the primary beneficiary of CMTG/TT in accordance with ASC 810, therefore we do not consolidate this joint venture. During its active investment period, CMTG/TT originated loans collateralized by institutional quality commercial real estate. As of September 30, 2026, the sole remaining loan held by CMTG/TT had a carrying value of $83.2 million and was placed on non-accrual status effective April 1, 2023. As of September 30, 2026, the carrying value of our 51% equity interest in CMTG/TT approximated $42.1 million.

The following tables present CMTG/TT’s consolidated balance sheets as of September 30, 2026 and December 31, 2025 ($ in thousands):


	September 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	7	$	16
Loans receivable held-for-investment		83,167		83,167
Other assets		-		7
Total assets	$	83,174	$	83,190

Liabilities and Members' Capital
Other liabilities	$	663	$	452
Total liabilities		663		452

Members' capital		82,511		82,738
Total capital		82,511		82,738
Total liabilities and members' capital	$	83,174	$	83,190

The following tables present CMTG/TT’s consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025 ($ in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Revenue
Interest and related income	$	-		$	1		$	-		$	1
Total revenue		-			1			-			1

Expenses
Management fees - affiliate		52			51			156			155
General and administrative expenses		16			11			71			27
Total expenses		68			62			227			182

Net loss	$	(68	)	$	(61	)	$	(227	)	$	(181	)

At each reporting period, we assess whether there are any indicators of other-than-temporary impairment of our equity investment. There were no other-than-temporary impairments of our equity method investment through September 30, 2026.