
	For the Three Months Ended September 30, 2025
	Investment Portfolio		Constructive		Corporate/Other		Total
NET INTEREST INCOME:
Interest income	$	158,421	$	2,192	$	20	$	160,633
Interest expense	113,398		2,068		8,581		124,047
Total net interest income (loss)	45,023		124		(8,561)		36,586

NET LOSS FROM REAL ESTATE:
Rental income	16,600		—		—		16,600
Other real estate income	2,504		—		—		2,504
Total income from real estate	19,104		—		—		19,104
Interest expense, mortgages payable on real estate	5,409		—		—		5,409
Depreciation and amortization	5,936		—		—		5,936
Other real estate expenses	11,637		—		—		11,637
Total expenses related to real estate	22,982		—		—		22,982
Total net loss from real estate	(3,878)		—		—		(3,878)

OTHER INCOME (LOSS):
Realized losses, net	(5,610)		—		—		(5,610)
Unrealized gains (losses), net	60,024		—		(5,172)		54,852
Loss on derivative instruments, net	(10,912)		(1,941)		(153)		(13,006)
Mortgage banking activities, net	—		14,103		—		14,103
(Loss) income from equity investments	(1,642)		—		47		(1,595)
Impairment of real estate	(1,619)		—		—		(1,619)
Other income (loss)	1,479		—		—		1,479
Total other income (loss)	41,720		12,162		(5,278)		48,604

GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	463		12,274		10,612		23,349
Portfolio operating expenses	6,040		—		707		6,747
Loan origination costs	—		3,788		—		3,788
Financing transaction costs	4,306		—		3,635		7,941
Total general, administrative and operating expenses	10,809		16,062		14,954		41,825

INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	72,056		(3,776)		(28,793)		39,487
Income tax expense (benefit)	12		—		(310)		(298)

NET INCOME (LOSS)	72,044		(3,776)		(28,483)		39,785
Net loss attributable to non-controlling interests	5,035		—		—		5,035
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY	77,079		(3,776)		(28,483)		44,820
Preferred stock dividends	—		—		(12,118)		(12,118)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$	77,079	$	(3,776)	$	(40,601)	$	32,702


	For the Nine Months Ended September 30, 2025
	Investment Portfolio		Constructive		Corporate/Other		Total
NET INTEREST INCOME:
Interest income	$	429,025	$	2,192	$	51	$	431,268
Interest expense	303,038		2,068		20,031		325,137
Total net interest income (loss)	125,987		124		(19,980)		106,131

NET LOSS FROM REAL ESTATE:
Rental income	51,940		—		—		51,940
Other real estate income	8,457		—		—		8,457
Total income from real estate	60,397		—		—		60,397
Interest expense, mortgages payable on real estate	17,298		—		—		17,298
Depreciation and amortization	17,759		—		—		17,759
Other real estate expenses	34,466		—		—		34,466
Total expenses related to real estate	69,523		—		—		69,523
Total net loss from real estate	(9,126)		—		—		(9,126)

OTHER INCOME:
Realized losses, net	(50,481)		—		—		(50,481)
Unrealized gains, net	197,450		—		220		197,670
(Losses) gains on derivative instruments, net	(87,995)		(1,941)		3,162		(86,774)
Mortgage banking activities, net	—		14,103		—		14,103
Income (loss) from equity investments	2,121		—		(1,554)		567
Impairment of real estate	(9,437)		—		—		(9,437)
Other income	5,644		—		—		5,644
Total other income	57,302		12,162		1,828		71,292

GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	1,277		12,274		33,998		47,549
Portfolio operating expenses	20,040		—		1,267		21,307
Loan origination costs	—		3,788		—		3,788
Financing transaction costs	6,589		—		7,584		14,173
Total general, administrative and operating expenses	27,906		16,062		42,849		86,817

INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	146,257		(3,776)		(61,001)		81,480
Income tax expense	26		—		163		189

NET INCOME (LOSS)	146,231		(3,776)		(61,164)		81,291
Net loss attributable to non-controlling interests	14,231		—		—		14,231
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY	160,462		(3,776)		(61,164)		95,522
Preferred stock dividends	—		—		(36,021)		(36,021)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$	160,462	$	(3,776)	$	(97,185)	$	59,501