[1]

The loan was secured by an office property in Las Vegas. On July 1, 2025, the Company entered into a forbearance and modification agreement with the borrower, which extended the maturity date of the loan to December 31, 2025. In addition, the Company agreed to accept $2,250 for the satisfaction of the loan balance plus all accrued and unpaid interest and lender fees. The borrower made a payment of $500 in July 2025 that was applied against the required amounts due. In January 2026, the Company was informed that the sponsor is turning over the property to the senior lender. As a result, the Company wrote off the entire outstanding principal balance of $5,380 of the loan as of December 31, 2025. The loan had been on nonaccrual status since July 1, 2024.

[2]

The loan was secured by an office property in Memphis, TN with a maturity date of November 9, 2026. During the fourth quarter of 2024, the borrower sold a property included in the loan and paid down the principal balance of $5,072, and the Company extended the loan for one year. On October 28, 2025, the Company entered into a discounted payoff agreement with the borrower, pursuant to which the loan was settled for $1,678 in full satisfaction of all obligations under the loan.

[3]

The loan is secured by an office property in San Diego, CA with an outstanding balance of $13,626 and an unfunded commitment of $153 as of December 31, 2025, and a maturity date of May 9, 2026. During the quarter ended March 31, 2025, the Company observed an increase in the in-place net operating income and other macroeconomic improvements which resulted in an improvement in the estimated value of the property. As the estimated value exceeded the loan balance, the asset-specific CECL reserve was reversed. During the quarter ended December 31, 2025, the Company reviewed the property performance and estimated the property value, noting that the valuation exceeded the outstanding loan balance. As a result, no asset-specific CECL reserve was recorded for the loan as of December 31, 2025. The loan has a risk rating of 3 as of December 31, 2025.

[4]

The loan is secured by a multifamily property in Arlington, TX with an outstanding balance of $24,081 and no unfunded commitment as of December 31, 2025, and a maturity date of December 9, 2026. During the quarter ended March 31, 2025, the Company observed an increase in the in-place net operating income and other macroeconomic improvements which resulted in an improvement in the estimated value of the property. As the estimated value exceeded the loan balance, the asset-specific CECL reserve was reversed. During the quarter ended December 31, 2025, the Company reviewed the property performance and estimated the property value, noting that the valuation exceeded the outstanding loan balance. As a result, no asset-specific CECL reserve was recorded for the loan as of December 31, 2025. The loan has a risk rating of 3 as of December 31, 2025.

[5]

The loan is secured by an office property in Honolulu, HI with an outstanding balance of $12,700 and no unfunded commitment as of December 31, 2025. The loan matured on April 9, 2023 and was accruing default interest. On March 18, 2025, the Company extended the loan maturity date to February 9, 2026 to allow the borrower to obtain long-term financing or other bridge financing. As part of the extension, the borrower made a principal reduction payment of $750 and paid other considerations. See “Loan Modifications” below for further information. During the quarter ended June 30, 2025, the Company observed an increase in the in-place net operating income and other macroeconomic improvements which resulted in an improvement in the estimated value of the property. As the estimated value exceeded the loan balance, the asset-specific CECL reserve was reversed. During the quarter ended December 31, 2025, the Company reviewed the property performance and estimated the property value, noting that the valuation exceeded the outstanding loan balance. As a result, no asset-specific CECL reserve was recorded for the loan as of December 31, 2025. The loan has a risk rating of 4 as of December 31, 2025. The loan matured on February 9, 2026 and was not repaid or extended. The Company sent the borrower a maturity default notice and began the foreclosure process.

[6]

The loan was secured by an industrial property in Mangonia Park, FL. The loan matured on April 9, 2025 and was paid off in full including all outstanding accrued interest on July 8, 2025.

[7]

The loan is secured by a multifamily property in Converse, TX with an outstanding balance of $24,946 and no unfunded commitment as of December 31, 2025, and a maturity date of May 9, 2026. The Company has recorded an asset-specific CECL reserve of $942 for the loan as of December 31, 2025 as the estimated value of the property securing the loan was below the loan balance. The loan has a risk rating of 3 as of December 31, 2025.