During the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture, of which the Company currently owns as of March 31, 2026, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50% of the outstanding equity. The Unconsolidated Joint Venture holds approximately 91% of the membership interest in the NewPoint JV. Through the Unconsolidated Joint Venture, the Company holds an approximate 46% interest in the NewPoint JV and accounts for its investment under the equity method. The primary purpose of the NewPoint JV is to source, underwrite, close and service on an ongoing basis multifamily bridge loans, participation interests, and other debt instruments such as loans. As of March 31, 2026 and December 31, 2025, the carrying value of the

Company’s investment in NP JV Holdings was $125.1 million and $149.2 million, respectively, which approximates fair value and is included in investment in unconsolidated entities on the condensed consolidated balance sheets. The Company recorded a loss totaling $971,000 and a gain totaling $1.0 million, which represented its share of NP JV Holdings’ loss and gain, during the three months ended March 31, 2026 and 2025, respectively, in the condensed consolidated statements of operations. During the three months ended March 31, 2026, the Company contributed an additional $24.4 million in NP JV Holdings. The Company also received $47.5 million in distributions during the three months ended March 31, 2026, $45.4 million of which can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. Furthermore, the $47.5 million in distributions received during the three months ended March 31, 2026 was recognized as a return of investment and reduced the invested capital and the carrying amount. As of March 31, 2026, the Company had $81.3 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying condensed consolidated balance sheets.

The following tables provide summarized financial information of the Unconsolidated Joint Venture for the periods set forth below (in thousands):



	March 31, 2026		December 31, 2025
Assets:
Real estate investments - at fair value	$	91,300	$	96,109
Loans held-for-investment - at fair value, net of deferred fees	$	423,587	$	813,069
Total assets	$	534,421	$	932,250

Liabilities and equity:
Repurchase facilities and securitized debt, net of deferred fees	$	257,209	$	604,347
Total liabilities	$	260,365	$	609,645
Total equity	$	274,056	$	322,605