ADDED
The number of shares of Registrant s Common Stock outstandi ng as of February 17, 2026 was 140,218,764 .
Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; changes in interest rates and their impact on our borrowers and on the availability and cost of our financing; our projected operating results; defaults by borrowers in paying debt service on outstanding loans; anticipated timing, amount, and pace of resolutions of our investments; the timing of cash flows, if any, from our investments; our ability to maintain levels of liquidity that meet or exceed our liquidity needs; the state of and uncertainty surrounding the U.S.
We may be unable to maintain or refinance debt incurred to finance our investments, thereby increasing the amount of equity capital risk we bear with respect to particular investments, preventing us from deploying our equity capital in the optimal manner, or reducing returns generated from our investments.
As a result of our real estate owned assets, we are subject to the risks commonly associated with real estate owned holdings, including risks related to ownership of a hotel portfolio, a mixed-use property, a land parcel, and multifamily properties, which differ from the risks associated with lending.
We have indebtedness outstanding and may be unable to make deleveraging payments or obtain replacement financing with similar terms.
Our Portfolio We began operations in August 2015 and, as of December 31, 2025, had a $3.7 billion diversified loan portfolio, based on carrying value, of senior and subordinate loans.
8 The table below summarizes our loans receivable held-for-investment as of December 31, 2025 ($ in thousands): Weighted Average (3) Number of Loans Loan Commitment (1) Unpaid Principal Balance Carrying Value (2) Yield to Maturity (4) Term to Initial Maturity Term to Fully Extended Maturity (5) Weighted Average Origination LTV (6) Weighted Average Adjusted LTV (7) Senior and subordinate loans 33 $ 4,329,235 $ 4,057,357 $ 3,688,729 6.2 % 0.5 years 1.1 years 71.2% 76.3% (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments.
The following charts illustrate the diversification of our loan portfolio based on location and underlying property type, excluding our real estate owned assets, as of December 31, 2025, based on carrying value: During the year ended December 31, 2025, we resolved $2.6 billion of unpaid principal balance prior to charge-offs, including $1.3 billion of watchlist loans and $324.6 million of loans classified as held-for-sale as of the prior year-end.
Total 2025 resolutions include (i) $863.9 million of full loan repayments, (ii) $93.8 million of partial loan repayments, (iii) $101.1 million of loan sales at par, (iv) $333.9 million of loan sales below par, (v) $811.6 million of discounted payoffs prior to charge-offs, and (vi) $392.8 million of mortgage or Uniform Commercial Code ( UCC ) foreclosures prior to charge-offs.
Subsequent to December 31, 2025, we resolved $388.7 million of unpaid principal balance prior to charge-offs, including $214.9 million of watchlist loans.
REMOVED
Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; changes in interest rates and their impact on our borrowers and on the availability and cost of our financing; our projected operating results; defaults by borrowers in paying debt service on outstanding loans; the timing of cash flows, if any, from our investments; the state of the U.S.
4 We may be unable to maintain or refinance debt incurred to finance our investments, thereby increasing the amount of equity capital risk we bear with respect to particular investments or preventing us from deploying our equity capital in the optimal manner.
As a result of our real estate owned assets, we are subject to the risks commonly associated with real estate owned holdings, including risks related to ownership of a hotel portfolio and a mixed-use property in New York, NY which differ from the risks associated with lending.
We have a significant amount of debt outstanding with near-term maturities, and we may be unable to make deleveraging payments, obtain adjustments to modify our repayment schedule or obtain replacement financing with similar terms.
7 Our Portfolio We began operations in August 2015 and, as of December 31, 2024, had a $6.1 billion diversified loan portfolio, based on carrying value, of senior and subordinate loans.
The below table summarizes our loans receivable held-for-investment as of December 31, 2024 ($ in thousands): Weighted Average (3) Number of Loans Loan Commitment (1) Unpaid Principal Balance Carrying Value (2) Yield to Maturity (4) Term to Initial Maturity Term to Fully Extended Maturity (5) Weighted Average Origination LTV (6) Weighted Average Adjusted LTV (7) Senior and subordinate loans 52 $ 6,698,596 $ 6,200,290 $ 6,069,372 7.6 % 0.7 years 1.7 years 70.4% 72.2 % (1) Loan commitment represents principal outstanding plus remaining unfunded loan commitments.
Real Estate Owned On February 8, 2021, we acquired legal title to a portfolio of seven limited service hotels located in New York, NY through a foreclosure and assumed the $300.0 million securitized senior mortgage held by third parties.
Prior to the foreclosure, the hotel portfolio represented the collateral for a mezzanine loan held by us with an unpaid principal balance of $103.9 million and the securitized senior mortgage.
As of December 31, 2024, our debt related to real estate owned has an unpaid principal balance of $275.0 million, a carrying value of $274.6 million and a stated rate of SOFR plus 2.94%.
As of December 31, 2024, we determined that our hotel portfolio real estate owned asset has met the held-for-sale criteria, and we have reclassified this asset to real estate owned held-for-sale on our consolidated balance sheet and concurrently recognized a $80.5 million loss based upon anticipated sales price, less estimated costs to sell.