Subsequent Events	9 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events We have evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and note the following transactions or events that have occurred: 1. In October 2026, we received the full repayment of a hospitality loan. As of September 30, 2026, the loan had a total commitment and unpaid principal balance of $73.7 million and $68.7 million, respectively. A portion of repayment proceeds was used to repay the associated financing of $44.9 million. 2. In October 2026, we received the full repayment of a hospitality loan. As of September 30, 2026, the loan had a total commitment and unpaid principal balance of $200.0 million. A portion of repayment proceeds was used to repay the associated financing of $92.3 million. 3. In October 2026, three unaffiliated purchasers’ deposits became nonrefundable under separate agreements to sell the following assets. a. One risk rated 5 unencumbered loan receivable, collateralized by an office property in California, for a gross sales price of $65.7 million. The sale is expected to close in the fourth quarter of 2026, subject to customary closing conditions. As of September 30, 2026, the loan receivable’s carrying value of $71.1 million, which was based upon the estimated fair value of the underlying collateral, was not reduced to the anticipated sale proceeds. If completed, the sale is expected to result in an incremental loss of approximately $5.4 million, reflecting a discount accepted in consideration of resolving the loan within this timeframe. b. One risk rated 5 loan receivable, collateralized by a multifamily property in California, for a gross sales price of $245.0 million. The sale is expected to close in the fourth quarter of 2026, subject to customary closing conditions. As of September 30, 2026, the loan receivable’s carrying value of $250.0 million, which was based upon the estimated fair value of the underlying collateral, was not reduced to the anticipated sale proceeds. If completed, the sale is expected to result in an incremental loss of approximately $5.0 million, reflecting a discount accepted in consideration of resolving the loan within this timeframe. c. Two of the seven hotels in our REO hotel portfolio for a gross sales price of $44.5 million, a slight premium to the September 30, 2026 allocated carrying value. The sale is expected to close by the first quarter of 2027, subject to customary closing conditions. We acquired the hotel portfolio in February 2021 through foreclosure on a subordinate loan receivable, for which the two hotels served as partial collateral.

Subsequent Events

9 Months Ended

Sep. 30, 2026

Note 16. Subsequent Events

We have evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and note the following transactions or events that have occurred:

In October 2026, we received the full repayment of a hospitality loan. As of September 30, 2026, the loan had a total commitment and unpaid principal balance of $73.7 million and $68.7 million, respectively. A portion of repayment proceeds

was used to repay the associated financing of $44.9 million.

In October 2026, we received the full repayment of a hospitality loan. As of September 30, 2026, the loan had a total commitment and unpaid principal balance of $200.0 million. A portion of repayment proceeds was used to repay the associated financing of $92.3 million.

In October 2026, three unaffiliated purchasers’ deposits became nonrefundable under separate agreements to sell the following assets.

One risk rated 5 unencumbered loan receivable, collateralized by an office property in California, for a gross sales price of $65.7 million. The sale is expected to close in the fourth quarter of 2026, subject to customary closing conditions. As of September 30, 2026, the loan receivable’s carrying value of $71.1 million, which was based upon the estimated fair value of the underlying collateral, was not reduced to the anticipated sale proceeds. If completed, the sale is expected to result in an incremental loss of approximately $5.4 million, reflecting a discount accepted in consideration of resolving the loan within this timeframe.

One risk rated 5 loan receivable, collateralized by a multifamily property in California, for a gross sales price of $245.0 million. The sale is expected to close in the fourth quarter of 2026, subject to customary closing conditions. As of September 30, 2026, the loan receivable’s carrying value of $250.0 million, which was based upon the estimated fair value of the underlying collateral, was not reduced to the anticipated sale proceeds. If completed, the sale is expected to result in an incremental loss of approximately $5.0 million, reflecting a discount accepted in consideration of resolving the loan within this timeframe.

Two of the seven hotels in our REO hotel portfolio for a gross sales price of $44.5 million, a slight premium to the September 30, 2026 allocated carrying value. The sale is expected to close by the first quarter of 2027, subject to customary closing conditions. We acquired the hotel portfolio in February 2021 through foreclosure on a subordinate loan receivable, for which the two hotels served as partial collateral.