As of September 30, 2025, the Company’s real estate-related securities and other had an aggregate estimated fair value of $246.1 million, which included 13 CMBS investments, one CLO subordinated note and four equity securities. The CMBS investments have initial maturity dates ranging from July 2025 through June 2058 and have interest rates ranging from 0.2% to 9.5% as of September 30, 2025, with one CMBS earning a zero coupon rate. As of September 30, 2025, two tranches of a CMBS position held by the Company did not mature as anticipated in July 2025 and were therefore in maturity default. As of September 30, 2025, the CLO subordinated note has an initial maturity date of July 2037 and an estimated effective yield of 15.1%. The following is a summary of the Company’s real estate-related securities and other as of September 30, 2025 (in thousands):


	Real Estate-Related Securities and Other
			Gross Unrealized
	Amortized Cost Basis		Gains		Losses		CECL		Fair Value
CMBS	$	383,536	$	210	$	(12,246)	$	(182,989)	$	188,511
CLO subordinated note	27,426		—		(5,696)		—		21,730
Equity securities	58,447		—		(22,629)		—		35,818

Total real estate-related securities and other	$	469,409	$	210	$	(40,571)	$	(182,989)	$	246,059


	Amortized Cost Basis		Unrealized (Loss) Gain		CECL		Fair Value
Real estate-related securities and other as of January 1, 2025	$	568,432	$	(112,542)	$	(110,062)	$	345,828
Face value of real estate-related securities acquired	4,600		—		—		4,600


Discounts on purchase of real estate-related securities, net of acquisition costs	(3)		—		—		(3)

Accretion of discount on real estate-related securities	1,264		—		—		1,264
Accretion of interest income on CLO subordinated note	3,050		—		—		3,050
Sale of real estate-related securities	(61,251)		340		—		(60,911)
Capitalized interest income on real estate-related securities	945		—		—		945
Principal payments received on real estate-related securities	(42,786)		—		—		(42,786)
Proceeds from the repayment on the CLO subordinated note	(4,842)		—		—		(4,842)
Unrealized gains on real estate-related securities and other, net	—		819		—		819
Unrealized loss reclassified to CECL	—		71,022		—		71,022
Provision for credit losses	—		—		(72,927)		(72,927)
Real estate-related securities and other as of September 30, 2025	$	469,409	$	(40,361)	$	(182,989)	$	246,059

During the nine months ended September 30, 2025, the Company sold CMBS with an aggregate amortized cost basis of $61.3 million, resulting in net proceeds of $60.9 million and a loss of $340,000, the loss of which was reclassified from other comprehensive (loss) income as a decrease to other income (expense), net in the accompanying condensed consolidated statements of operations. Unrealized gains and losses on CMBS and the CLO subordinated note are recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified into other income (expense), net in the accompanying condensed consolidated statements of operations as securities are sold and gains and losses are recognized. During the nine months ended September 30, 2025, the Company recorded $819,000 of net unrealized gain on its real estate-related securities and other, comprised of a $556,000 unrealized gain on CMBS and a $3.4 million unrealized loss on the CLO subordinated note, which are included in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income (loss), and a $3.6 million unrealized gain on the Company’s equity securities, which is included in unrealized gain (loss) on equity securities in the accompanying condensed consolidated statements of operations.

comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income (loss) and a $11.2 million unrealized loss on the Company’s equity securities, which is included in unrealized gain (loss) on equity securities in the accompanying condensed consolidated statements of operations.

Actual maturities of real estate-related securities can differ from contractual maturities because borrowers on certain corporate credit securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities.

Current expected credit losses reflect the Company’s current estimate for potential credit losses related to real estate-related securities included in the Company’s condensed consolidated balance sheets. Current expected credit related losses are recorded in increase in provision for credit losses on the Company’s condensed consolidated statements of operations. Refer to Note 2 — Summary of Significant Accounting Policies for further discussion of the Company’s current expected credit losses.


	CMBS
Current expected credit losses as of January 1, 2025	$	110,062
Provision for credit losses	72,266
Current expected credit losses as of March 31, 2025	182,328
Provision for credit losses	959
Current expected credit losses as of June 30, 2025	183,287
Reversal of credit losses	(298)
Current expected credit losses as of September 30, 2025	$	182,989


	CMBS
Current expected credit losses as of January 1, 2024	$	35,808
Reversal of credit losses	(246)
Current expected credit losses as of March 31, 2024	35,562
Provision for credit losses	4,529
Current expected credit losses as of June 30, 2024	40,091
Provision for credit losses	47,141
Current expected credit losses as of September 30, 2024	$	87,232

During the year ended December 31, 2023, the loan collateralizing one of the Company’s CMBS positions went into payment default and was appraised by a special servicer, resulting in an appraisal reduction that reduced cash flows received from the respective CMBS position during the year ended December 31, 2023. During the year ended December 31, 2024, the CMBS was modified to provide for an extended maturity date of July 2025 plus a six-month extension option, and to reduce the

interest rate to a fixed 0.019% per annum. Additionally, during the year ended December 31, 2024, the Company received notice of preliminary sales transaction activity in relation to the underlying collateral of this CMBS position, as well as an additional position in a separate tranche of this instrument, indicative of a bid below the carrying value of the investment. The Company considered various factors, including the factors noted above, in determining whether a credit loss existed. The present value of cash flows expected to be collected from the CMBS positions did not exceed their amortized cost basis. As such, the Company determined both tranches of the security the Company is invested in had incurred a credit loss. During the nine months ended September 30, 2025, the property collateralizing the CMBS positions was re-appraised by the special servicer resulting in a further reduction to the appraisal value. As a result, the Company concluded it is considered more likely than not that the Company will not be able to recover the amortized cost prior to disposal, resulting in a reclassification of unrealized losses previously determined to be driven by non-credit specific factors, as further discussed below. As of September 30, 2025, the CMBS was in maturity default as it was not repaid as anticipated during July 2025 and the extension option was not exercised.

As a result of the credit loss incurred, the Company recorded a $1.9 million increase to the provision for credit losses on the condensed consolidated statements of operations during the nine months ended September 30, 2025 and reclassified $71.0 million of unrealized loss previously recorded in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income (loss) to increase in provision for credit losses on the condensed consolidated statements of operations. During the nine months ended September 30, 2024, the Company recorded a $51.4 million increase to the provision for credit losses on the condensed consolidated statements of operations. As of September 30, 2025, the amortized cost basis of the CMBS positions identified as having incurred a credit loss was $192.8 million prior to any credit loss provisions. The Company will continue to monitor for changes in expected cash flows in order to continue to measure the credit loss.

As of September 30, 2025, there were three CMBS positions and one CLO subordinated note with an aggregate fair value of $51.0 million and $21.7 million, respectively, with unrealized losses reflected in other comprehensive (loss) income in the accompanying condensed consolidated statements of comprehensive income (loss). Upon evaluating these securities at the individual security level, the Company concluded that the unrealized losses included in other comprehensive (loss) income as of September 30, 2025 were noncredit-related and would be recovered from the securities’ estimated future cash flows. The Company considered various factors in reaching this conclusion, including that the Company did not intend to sell the securities, it was not considered more likely than not that the Company would be forced to sell the securities prior to recovering the amortized cost, and there were no material credit events that would have caused the Company to conclude that the amortized cost would not be recovered.