
	Carrying Value and Fair Value at
Collateral	March 31, 2026		December 31, 2025

110 East - Pledge of equity interest (1) Charlotte, NC, Office Building	$	—	$	18,218



Neuhoff - Pledge of equity interest (2) Nashville, TN, Mixed Use Development	19,586		19,586

	$	19,586	$	37,804

(1) The first priority lender of the 110 East mortgage loan had a balance of $95.3 million as of December 31, 2025.

(2) Reflects a loan to the Company's equity partner in the Neuhoff joint venture and is secured by such partner's 50% equity interest in the joint venture.


	Interest Income for the Three Months Ended March 31,
Collateral		2026		2025

110 East - Pledge of equity interest Charlotte, NC, Office Building		$	238	$	558
Radius - Pledge of equity interest Nashville, TN, Office Building		—		1,241

Saint Ann - Pledge of asset Dallas, TX, Office Building		—		350
Neuhoff - Pledge of equity interest Nashville, TN, Mixed Use Development		489		—

		$	727	$	2,149

In the second quarter of 2024, the Company acquired the Radius and 110 East mezzanine real estate loans for $27.2 million, which were subordinated to the first priority mortgage loans. These loans had a weighted average spread in excess of Term Secured Overnight Financing Rate ("SOFR") of 8.68%.

In the fourth quarter of 2024, the Company acquired one mortgage loan at par for $138.0 million. This mortgage was secured by Saint Ann Court, a 320,000 square foot office property in Dallas, had a maturity of December 7, 2024, and had a spread in excess of SOFR of 3.66%, with an additional 5% spread during any default period. One month after the loan went into default, on January 7, 2025, the Saint Ann borrower repaid the $138.0 million mortgage loan at par and paid the interest in full.

On January 10, 2025, the Company entered into the First Amendment to Mezzanine Loan Agreement on the Radius loan, which among other things, reduced the requirements for the borrower to qualify for an extension on the loan in exchange for a minimum payment of interest. On March 27, 2025, the Radius borrower repaid the $12.8 million mezzanine loan, and paid the interest in full, including a minimum interest guaranty of $858,000.

In the third quarter of 2025, the Company loaned its joint venture partner $19.6 million, which the partner used to fund a contribution to the Neuhoff joint venture. The loan to the Company's partner is secured by such partner’s interest in the joint venture, bears interest at SOFR plus 6.25%, and has an initial maturity of September 30, 2026, which may be extended to September 30, 2027 if the related joint venture construction loan is extended (see note 4).

In February 2026, at maturity, the borrower repaid the 110 East loan at par and paid the interest in full.

As of March 31, 2026, the Company believes the fair value of the investment in real estate debt approximates the invested carrying values and, therefore, did not record any unrealized gain or loss on those investments. The acquisition and origination of the Neuhoff partnership loan was a recently executed market transaction (Level 2) and market instruments for similar debt have not changed significantly since acquisition. In subsequent periods, the Company may make adjustments to the carrying values of this loan

investment if required through application of the fair value hierarchy provided for under GAAP. Interest income earned, including from any minimum interest guarantees, and any unrealized gain or loss associated with investments in real estate debt are recorded as a component of other revenue on the Company's consolidated statement of operations.