| Mortgage Loans on Real Estate |
Schedule IV – Mortgage Loans on Real Estate As of December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Type of Loan/Borrower Senior Mortgage Loans(1) | | Description/Location | | Interest(2) Payment Rates | | Extended Maturity Date(3) | | Periodic Payment Terms(4) | | Prior Liens(5) | | Unpaid Principal Balance | | Carrying Amount of Loans | | | | | | | | | | | | Senior Loans in excess of 3% of the carrying amount of total loans | | | | | | | | | | | | Borrower A | | Multifamily / CA | | S+3.00% | | 2028 | | I/O | | $ | — | | | $ | 43,655,000 | | | $ | 43,651,681 | | | | | | | | | | | | | Borrower B | | Multifamily / NJ | | S+2.75% | | 2029 | | I/O | | — | | | 40,000,000 | | | 39,889,441 | | | | | | | | | | | | | Borrower C | | Multifamily / GA | | S+2.90% | | 2030 | | I/O | | — | | | 36,800,000 | | | 36,779,467 | | | | | | | | | | | | | Borrower D | | Multifamily / IN | | S+2.55% | | 2028 | | I/O | | — | | | 36,000,000 | | | 35,980,651 | | | | | | | | | | | | | Borrower E | | Multifamily / FL | | S+3.16% | | 2027 | | I/O | | — | | | 35,000,000 | | | 34,938,992 | | | | | | | | | | | | | Borrower F | | Multifamily / TX | | S+3.00% | | 2029 | | I/O | | — | | | 35,500,000 | | | 35,480,878 | | | | | | | | | | | | | Senior Loans less than 3% of the carrying amount of total loans | | | | | | | | | | | | Senior Loan | | Multifamily / Diversified | | S+3.25% - 4.15% | | 2025 - 2030 | | I/O | | — | | | 831,208,217 | | | 805,278,211 | | | | | | | | | | | | | Senior Loan | | Healthcare/ Diversified | | S+4.00% | | 2026 | | I/O | | — | | | 82,105,000 | | | 82,048,671 | | | | | | | | | | | | | Total senior loans | | | | | | | | | | $ | — | | | $ | 1,140,268,217 | | | $ | 1,114,047,992 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)Includes senior mortgage loans and pari passu participations in senior mortgage loans. (2)S = 30-day term SOFR rate (3)Extended maturity date assumes all extension options are exercised (4)I/O = interest only (5)Represents only third-party liens 1.Reconciliation of Mortgage Loans on Real Estate
The following table reconciles activity regarding mortgage loans on real estate for the years ended: | | | | | | | | | | | | | | | | | 2025 | | 2024 | | Balance at January 1, | | $ | 1,048,803,078 | | | $ | 1,383,881,197 | | | Additions during period: | | | | | | Mortgage loans purchased | | 403,888,645 | | | 58,423,744 | | | Deductions during period | | | | | | Mortgage loan repayments | | (266,906,712) | | | (391,025,468) | | | Transfer to real estate owned | | (62,580,330) | | | — | | | Charge-offs | | 3,110,581 | | | — | | | Purchase discounts | | (111,184) | | | — | | | Origination and other loan fees | | (2,418,752) | | | (1,487,623) | | | Accretion of purchase discount | | 1,919,809 | | | 3,534,649 | | | Accretion of deferred loan fees | | 2,791,339 | | | 737,793 | | | Provision for credit losses | | (14,448,482) | | | (5,261,214) | | | Balance at December 31, | | $ | 1,114,047,992 | | | $ | 1,048,803,078 | | | | | | |
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