
December 31, 2025	Carrying Value		Face Amount		Weighted Average Coupon (1)		Weighted Average Life (“WAL”) (years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)	$	16,086,585	$	16,148,916	7.0	%	2.7
Subordinated mortgages (4)	15,683		15,290		11.1	%	0.1
Mezzanine loans (3)	311,175		313,619		10.8	%	2.8
Other	51,255		51,688		9.1	%	2.6
Total commercial loans	16,464,698		16,529,513
Infrastructure first priority loans	2,838,856		2,890,373		7.4	%	5.1

Total loans held-for-investment	19,303,554		19,419,886
Loans held-for-sale:
Residential, fair value option	2,278,067		2,455,552		4.4	%	N/A	(5)
Commercial, fair value option	45,476		47,300		6.4	%	8.5

Total loans held-for-sale	2,323,543		2,502,852
Total gross loans	21,627,097		$	21,922,738
Credit loss allowances:
Commercial loans held-for-investment	(426,365)
Infrastructure loans held-for-investment	(14,477)
Total allowances	(440,842)
Total net loans	$	21,186,255

December 31, 2024
Loans held-for-investment:
Commercial loans:
First mortgages (3)	$	12,931,333	$	12,955,038	7.9	%	2.4
Subordinated mortgages (4)	31,247		31,000		14.3	%	1.4
Mezzanine loans (3)	323,041		324,021		11.1	%	1.7
Other	46,255		46,688		13.2	%	3.8
Total commercial loans	13,331,876		13,356,747
Infrastructure first priority loans	2,553,432		2,594,267		8.3	%	4.4

Total loans held-for-investment	15,885,308		15,951,014
Loans held-for-sale:
Residential, fair value option	2,394,624		2,694,959		4.5	%	N/A	(5)
Commercial, fair value option	121,384		125,695		7.0	%	7.3

Total loans held-for-sale	2,516,008		2,820,654
Total gross loans	18,401,316		$	18,771,668
Credit loss allowances:
Commercial loans held-for-investment	(436,812)
Infrastructure loans held-for-investment	(11,483)
Total allowances	(448,295)
Total net loans	$	17,953,021

(2)Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, as of the respective balance sheet date. For commercial loans held-for-investment, the WAL is calculated assuming all extension options are exercised by the borrower, although our loans may be repaid prior to such date. For infrastructure loans, the WAL is calculated using the amounts and timing of future principal payments, as projected at origination or acquisition of each loan.

(3)First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in mezzanine loans with carrying values of $1.3 billion and $0.9 billion being classified as first mortgages as of December 31, 2025 and 2024, respectively.

As discussed in Note 2, we do not have a history of realized credit losses on our HFI loans and HTM securities, so we have subscribed to third party database services to provide us with industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios.

For our commercial loans, we utilize a loan loss model that is widely used among banks and commercial mortgage REITs and is marketed by a leading CMBS data analytics provider. It employs logistic regression to forecast expected losses at the loan level based on a commercial real estate loan securitization database that contains activity dating back to 1998. We provide specific loan-level inputs which include loan-to-stabilized-value (“LTV”) and debt service coverage ratio (DSCR) metrics, as well as principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and future fundings. We also select from a group of independent five-year macroeconomic forecasts included in the model that are updated regularly based on current economic trends. We categorize the results by LTV range, which we consider the most significant indicator of credit quality for our commercial loans, as set forth in the credit quality indicator table below. A lower LTV ratio typically indicates a lower credit loss risk.

The macroeconomic forecasts do not differentiate among property types or asset classes. Instead, these forecasts reference general macroeconomic conditions (i.e. Gross Domestic Product, employment and interest rates) which apply broadly across all assets. For instance, the office sector has been adversely affected by the increase in remote working arrangements, the retail sector has been adversely affected by electronic commerce and the multifamily sector has been strained by sustained higher interest rates. The broad macroeconomic forecasts do not account for such differentiation. Accordingly, we have selected more adverse macroeconomic recovery forecasts for these property types than others in determining our credit loss allowance. We have also selected more adverse macroeconomic recovery forecasts for those loans containing higher risk ratings.

For our infrastructure loans, we utilize a database of historical infrastructure loan performance that is shared among a consortium of banks and other lenders and compiled by a major bond credit rating agency. The database is representative of industry-wide project finance activity dating back to 1983. We derive historical loss rates from the database filtered by industry, sub-industry, term and construction status for each of our infrastructure loans. Those historical loss rates reflect global economic cycles over a long period of time as well as average recovery rates. We categorize the results principally between the power and oil and gas industries, which we consider the most significant indicator of credit quality for our infrastructure loans, as set forth in the credit quality indicator table below.


	Term Loans Amortized Cost Basis by Origination Year												Total Amortized Cost Basis		Credit Loss Allowance
As of December 31, 2025	2025		2024		2023		2022		2021		Prior
Commercial loans:
Credit quality indicator:
LTV < 60%	$	1,451,764	$	313,145	$	366,195	$	778,968	$	372,722	$	386,450	$	3,669,244	$	3,076
LTV 60% - 70%	2,549,701		293,835		447,568		1,699,336		1,708,043		332,383		7,030,866		21,581
LTV > 70%	752,167		433,138		207,100		930,497		1,964,030		1,335,917		5,622,849		349,446
Credit deteriorated	—		—		—		90,735		—		41,454		132,189		52,262
Defeased and other	5,000		—		4,550		—		—		—		9,550		—
Total commercial	$	4,758,632	$	1,040,118	$	1,025,413	$	3,499,536	$	4,044,795	$	2,096,204	$	16,464,698	$	426,365
Infrastructure loans:
Credit quality indicator:
Power	$	1,150,766	$	314,051	$	108,363	$	46,095	$	23,326	$	33,628	$	1,676,229	$	7,672
Oil and gas	730,659		235,374		155,249		—		—		41,345		1,162,627		6,805


Total infrastructure	$	1,881,425	$	549,425	$	263,612	$	46,095	$	23,326	$	74,973	$	2,838,856	$	14,477

Loans held-for-sale													2,323,543		—
Total gross loans													$	21,627,097	$	440,842

As of December 31, 2025, we had three commercial loans with a combined amortized cost basis of $628.5 million along with $72.6 million of residential loans that were 90 days or greater past due. All of these loans were on nonaccrual as of December 31, 2025, except for a commercial loan with an amortized cost basis of $269.0 million, for which we acquired the remaining senior mortgage interest in this loan from a third party lender subsequent to year end. We also had five commercial loans with a combined amortized cost basis of $535.6 million on nonaccrual that were not 90 days or greater past due as of December 31, 2025. None of these loans were considered credit deteriorated. As of December 31, 2024, we had a total of $1.0 billion of non-credit deteriorated loans on nonaccrual. During the year ended December 31, 2025, commercial loans placed on nonaccrual totaled $179.0 million and resolutions totaled $238.0 million.

As of December 31, 2025, we had three loans with a combined amortized cost basis of $132.1 million which were deemed credit deteriorated and are on nonaccrual under the cost recovery method: (i) a $90.7 million commercial first mortgage loan on a multifamily property in Phoenix placed on nonaccrual during 2025, for which we assigned a $19.7 million specific credit loss allowance (based on a third party appraisal). The loan was deemed credit deteriorated as the sponsor was unable to fund required debt service shortfalls and capital expenditures and was foreclosed subsequent to year end; (ii) a $36.5 million commercial mezzanine loan on an office portfolio in Ireland placed on nonaccrual during 2025, for which we assigned a $27.6 million specific credit loss allowance, based on a third party purchase of a portion of the mezzanine loan (see Note 17). The loan was deemed credit deteriorated based on the terms of a modification whereby the sponsor will not fund future debt service shortfalls or capital expenditures; and (iii) a $4.9 million commercial subordinated loan secured by a department store in Chicago which was deemed credit deteriorated and was fully reserved in prior years.

In June 2025, we obtained a deed in lieu of foreclosure on a first mortgage and mezzanine loan on a life science property in Boston, Massachusetts, which resulted in our obtaining physical possession of the underlying collateral. The net carrying value of our loan related to this property (including previously accrued interest) totaled $55.7 million, net of a specific credit loss allowance of $17.2 million provided during the three months ended June 30, 2025 in accordance with a valuation provided by a third party appraisal. In connection with the foreclosure, we recorded properties of $55.7 million in accordance

In May 2025, we obtained control over the pledged equity interests of a mezzanine borrower entity related to a multifamily property in Windermere, Florida, which resulted in our consolidating the mezzanine borrower entity including the underlying property collateral. The net carrying value of our loans related to this property totaled $83.9 million and consisted of first mortgage and mezzanine loans. In connection with the consolidation of the mezzanine borrower entity, we recorded properties of $83.9 million in accordance with the asset acquisition provisions of ASC 805. This loan was placed on nonaccrual during the year ended December 31, 2024.

In February 2025, we foreclosed on a first mortgage and mezzanine loan on a multifamily property in Conyers, Georgia. The net carrying value of our loan related to this property (including previously accrued interest) totaled $45.0 million. In connection with the foreclosure, we recorded properties of $45.0 million in accordance with the asset acquisition provisions of ASC 805. This loan was placed on nonaccrual during the year ended December 31, 2024.

We may amend or modify a loan based on its specific facts and circumstances. The modified terms and subsequent performance of the modified loans are considered in the determination of our general and specific CECL reserves. During the years ended December 31, 2025, 2024 and 2023, we made modifications to the commercial loans summarized below, which are disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures.

During the year ended December 31, 2025, we entered into a modification of a credit deteriorated commercial loan that required disclosure pursuant to ASU 2022-02. The loan was deemed credit deteriorated and placed on nonaccrual during 2025 (see related discussion above) and had an amortized cost basis of $33.2 million, representing 0.2% of our commercial loans as of December 31, 2025. We granted an other-than-insignificant payment delay in the form of an initial maturity term extension of 50 months with a one-year extension option, and eliminated the EURIBOR + 7.0% interest rate, making the existing loan non-interest bearing. We also provided an additional mezzanine loan tranche to fund capital expenditures with a total commitment of €25.6 million ($30.1 million) and a fixed interest rate of 15.0% (unfunded as of December 31, 2025). We additionally advanced $3.3 million in a related party transaction which is discussed further in Note 17.

During the year ended December 31, 2024, we entered into modifications of nine commercial loans that required disclosure pursuant to ASU 2022-02. They had a combined amortized cost basis of $1.5 billion, representing 11% of our commercial loans as of December 31, 2024. Six of these loans were collateralized by office assets and two were collateralized by mixed-use assets. We also modified a related party loan which is discussed further in Note 17.

For two loans with an aggregate amortized cost basis of $358.7 million and an unfunded commitment of $6.3 million as of December 31, 2024, we granted other-than-insignificant payment delays in the form of initial maturity term extensions for a weighted average of 30 months. We also provided additional commitments, one in the form of a mezzanine loan ($98.2 million, of which $76.6 million was unfunded as of December 31, 2024), and the other in the form of preferred equity ($30.0 million, of which $21.8 million was unfunded as of December 31, 2024).

For seven loans with an aggregate amortized cost basis of $1.1 billion and unfunded commitments of $42.6 million as of December 31, 2024, we granted a combination of other-than-insignificant payment delays in the form of initial maturity term extensions for a weighted average of 21 months, as well as deferral of a portion of interest due under one of the loans, and interest rate reductions with a weighted average of 2.36%. For certain of these loans, the interest rate reduction is partially or fully recovered in a new exit fee. In connection with four of the above loan modifications, we also provided a total of $31.5 million of preferred equity commitments (of which $29.3 million was unfunded as of December 31, 2024) and an $18.2 million junior mezzanine loan commitment (of which $8.8 million was unfunded as of December 31, 2024).

During the year ended December 31, 2023, we entered into modifications of three commercial loans that required disclosure pursuant to ASC 2022-02. They had a combined amortized cost basis of $337.6 million, representing 2% of our commercial loans as of December 31, 2023. For a $197.2 million first mortgage loan on an office park, we granted a 19-month term extension and provided a $25.1 million preferred equity commitment (of which $15.5 million was unfunded as of December 31, 2023). For a $95.5 million first mortgage loan on an office campus, the interest rate was reduced to a fixed rate of 6.00% (the reduction was partially recaptured in a new exit fee), with the borrower contributing $2.5 million. For a $44.9 million first mortgage loan on a multifamily property, the interest rate was reduced by 50 bps, and the loan was ultimately foreclosed in November 2024.

In connection with the loan modifications disclosed above for the year ended December 31, 2024, we restructured a $277.0 million first mortgage and mezzanine loan on a college and office condominium in Brooklyn, New York into separate loans: (i) $152.3 million for the component fully leased to a college with a 27-year remaining lease term, and (ii) $124.7 million for the vacant office component.

During the year ended December 31, 2025, in connection with the execution of a new lease, we further restructured the vacant office loan into two separate loans with extended maturities, increased interest rates and an overall increased funding commitment. The loan had an amortized cost basis of $139.6 million with an unfunded commitment of $8.8 million prior to this modification. After the modification, there are two separate loans: (i) $102.5 million (including a $53.5 million unfunded commitment) for the component fully leased to a charter school, and (ii) $99.4 million (including a $1.2 million unfunded commitment) for the vacant office component. The loan for the fully leased component was extended by 3.6 years (with two one-year extension options) and the loan on the remaining vacant space component was extended by 13 months, pending further modification upon execution of a final new lease that will bring occupancy to 100%.

While not required to be disclosed pursuant to ASU 2022-02 because the financial difficulty criteria is not met, we modified 4 and 12 loans during the years ended December 31, 2025 and 2024, respectively, by reducing the interest rate spread on the loans, with such reductions partially or fully recoverable by new exit fees. The amortized cost basis of these loans totaled $299.8 million and $784.9 million, respectively. Four of the loans modified in 2024 with a total amortized cost basis of $303.0 million as of December 31, 2025 had further spread reductions in 2025. In each case, the borrowers contributed additional equity in order to receive the modifications. There were no such modifications made during the year ended December 31, 2023.


	Funded Commitments Credit Loss Allowance
	Loans Held-for-Investment				Total Funded Loans
	Commercial		Infrastructure
Credit loss allowance at December 31, 2022	$	88,801	$	10,612	$	99,413
Credit loss provision, net	222,266		10,446		232,712
Charge-offs (1)	(12,292)		(10,794)		(23,086)


Credit loss allowance at December 31, 2023	298,775		10,264		309,039
Credit loss provision, net	162,724		1,219		163,943
Charge-offs (2)	(24,687)		—		(24,687)


Credit loss allowance at December 31, 2024	436,812		11,483		448,295
Credit loss provision, net	6,752		2,994		9,746
Charge-offs (3)	(17,225)		—		(17,225)


Foreign currency	26		—		26
Credit loss allowance at December 31, 2025	$	426,365	$	14,477	$	440,842

(1)Represents the net charge-off of (i) a $12.3 million credit loss allowance related to the portion of a credit deteriorated commercial mortgage loan on an office and retail complex in Arizona deemed uncollectible and (ii) a $10.8 million credit loss allowance related to the portion of a credit deteriorated infrastructure loan participation collateralized by a first priority lien on two natural gas fired power plants near Chicago, which was deemed uncollectible due to a third party’s then nearly completed acquisition of the power plants. Such loans were originated in 2015 and 2017, respectively, with the infrastructure loan acquired as part of the Infrastructure Lending Segment acquisition in 2018.

(2)Represents the charge-offs of (i) a $14.9 million specific credit loss allowance related to a first mortgage loan on a multifamily property in Arizona and (ii) a $9.8 million specific credit loss allowance related to a senior mortgage loan on a vacant office building in Washington, D.C. The loans were originated in 2022 and 2021, respectively, and foreclosed in November 2024 and May 2024, respectively.


	Unfunded Commitments Credit Loss Allowance (1)
	Loans Held-for-Investment				HTM Preferred
	Commercial		Infrastructure		Interests (2)		CMBS (2)		Total
Credit loss allowance at December 31, 2022	$	9,749	$	72	$	—	$	52	$	9,873
Credit loss (reversal) provision, net	(1,007)		492		1,548		22		1,055
Credit loss allowance at December 31, 2023	8,742		564		1,548		74		10,928
Credit loss provision (reversal), net	7,788		386		12,470		(53)		20,591
Credit loss allowance at December 31, 2024	16,530		950		14,018		21		31,519
Credit loss (reversal) provision, net	(3,120)		404		(547)		(19)		(3,282)
Credit loss allowance at December 31, 2025	$	13,410	$	1,354	$	13,471	$	2	$	28,237
Memo: Unfunded commitments as of December 31, 2025 (3)	$	1,478,675	$	164,604	$	64,372	$	16,121	$	1,723,772


	Held-for-Investment Loans
Year Ended December 31, 2025	Commercial		Infrastructure		Residential		Held-for-Sale Loans		Total Loans
Balance at December 31, 2024	$	12,895,064	$	2,541,949	$	—	$	2,516,008	$	17,953,021
Acquisitions/originations/additional funding	5,555,371		2,232,039		—		1,147,227		8,934,637
Capitalized interest (1)	110,063		—		—		—		110,063
Basis of loans sold (2)	(230,267)		—		—		(1,285,302)		(1,515,569)
Loan maturities/principal repayments	(2,518,619)		(1,980,970)		—		(224,490)		(4,724,079)
Discount accretion/premium amortization	30,814		31,537		—		—		62,351
Changes in fair value	—		—		—		184,440		184,440
Foreign currency translation gain, net	384,862		2,818		—		—		387,680
Credit loss provision, net	(6,752)		(2,994)		—		—		(9,746)
Loan foreclosures	(182,203)		—		—		(14,340)		(196,543)		(3)

Balance at December 31, 2025	$	16,038,333	$	2,824,379	$	—	$	2,323,543	$	21,186,255


	Held-for-Investment Loans
Year Ended December 31, 2024	Commercial		Infrastructure		Residential		Held-for-Sale Loans		Total Loans
Balance at December 31, 2023	$	15,078,589	$	2,495,660	$	—	$	2,645,637	$	20,219,886
Acquisitions/originations/additional funding	1,721,307		1,324,544		—		1,736,065		4,781,916
Capitalized interest (1)	95,093		—		—		—		95,093
Basis of loans sold (2)	(39,774)		—		—		(1,775,155)		(1,814,929)
Loan maturities/principal repayments	(3,301,358)		(1,249,813)		—		(210,884)		(4,762,055)
Discount accretion/premium amortization	41,398		22,377		—		—		63,775
Changes in fair value	—		—		—		75,880		75,880
Foreign currency translation gain, net	(189,019)		(906)		—		—		(189,925)
Credit loss provision, net	(162,724)		(1,219)		—		(1,546)		(165,489)
Loan foreclosures	(348,448)		—		—		(2,683)		(351,131)		(4)
Transfer to/from other asset/liability classifications or between segments	—		(48,694)		—		48,694		—
Balance at December 31, 2024	$	12,895,064	$	2,541,949	$	—	$	2,516,008	$	17,953,021



	Held-for-Investment Loans
Year Ended December 31, 2023	Commercial		Infrastructure		Residential		Held-for-Sale Loans		Total Loans
Balance at December 31, 2022	$	16,048,507	$	2,352,932	$	—	$	2,784,594	$	21,186,033
Acquisitions/originations/additional funding	1,713,979		1,002,908		—		757,355		3,474,242
Capitalized interest (1)	125,057		518		—		172		125,747
Basis of loans sold (2)	(53,000)		—		—		(813,104)		(866,104)
Loan maturities/principal repayments	(2,596,738)		(864,549)		—		(185,884)		(3,647,171)
Discount accretion/premium amortization	53,418		13,694		—		—		67,112
Changes in fair value	—		—		—		62,702		62,702
Foreign currency translation gain, net	152,869		603		—		—		153,472
Credit loss provision, net	(222,266)		(10,446)		—		—		(232,712)
Loan foreclosure and equity control	(101,845)		—		—		(929)		(102,774)		(5)
Transfer to/from other asset classifications or between segments	(41,392)		—		—		40,731		(661)
Balance at December 31, 2023	$	15,078,589	$	2,495,660	$	—	$	2,645,637	$	20,219,886

(3)Represents (i) the $83.9 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Windermere, Florida foreclosed in May 2025, (ii) the $54.3 million carrying value of a first mortgage and mezzanine loan on a life science property in Boston, Massachusetts foreclosed in June 2025, (iii) the $44.0 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Conyers, Georgia foreclosed in February 2025 and (iv) $14.3 million of residential mortgage loans foreclosed.

(4)Represents (i) the $114.2 million carrying value of a first mortgage loan on an office building in Washington, D.C. foreclosed in May 2024, (ii) the $88.4 million carrying value of a first mortgage loan for the acquisition and renovation of a multifamily property in Dallas, Texas foreclosed in October 2024, (iii) the $55.1 million carrying value of a first mortgage loan on a multifamily property in Fort Worth, Texas foreclosed in October 2024, (iv) the $51.5 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Nashville, Tennessee foreclosed in May 2024, (v) the $30.0 million carrying value of a first mortgage loan on a multifamily property in Arizona foreclosed in November 2024, (vi) the $9.2 million carrying value of a loan on a hospitality asset in New York City foreclosed in June 2024 and (vii) $2.7 million of residential mortgage loans foreclosed.

(5)Represents (i) the $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023, (ii) the $60.8 million carrying value of a first mortgage and mezzanine loan on a multifamily property in the Pacific Northwest consolidated upon obtaining equity control in December 2023 and (iii) $0.9 million in residential mortgage loans foreclosed.