Other Assets and Liabilities

9 Months Ended

Sep. 30, 2025

OTHER ASSETS AND LIABILITIES

Other Assets

The following table details the components of our other assets ($ in thousands):


	September 30, 2025	December 31, 2024
Loan portfolio payments held by servicer(1)	$429,747	$113,199
Accrued interest receivable	138,130	160,131
Accounts receivable and other assets(2)	114,172	134,030
Real estate intangible assets, net	96,672	77,289
Other real estate assets	35,867	9,338
Derivative assets	19,505	72,454
Prepaid expenses	126	1,002
Collateral deposited under derivative agreements	—	4,810
Total	$834,219	$572,253

(1)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that

were remitted to us during the subsequent remittance cycle.

(2)Includes $105.2 million and $95.5 million as of September 30, 2025 and December 31, 2024, respectively, of cash

collateral held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding

senior CLO securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.

Other Liabilities

The following table details the components of our other liabilities ($ in thousands):


	September 30, 2025	December 31, 2024
Debt repayments pending servicer remittance(1)	$335,433	$3,742
Other real estate liabilities	114,413	72,018
Accrued dividends payable	80,238	81,214
Accrued interest payable	64,911	77,855
Accrued management fees payable	16,849	18,534
Current expected credit loss reserves for unfunded loan commitments(2)	13,741	10,412
Accounts payable and other liabilities	11,230	13,834
Derivative liabilities	2,557	5,238
Total	$639,372	$282,847

(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or

CLO trustees during the subsequent remittance cycle.

(2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the

CECL reserves.

Current Expected Credit Loss Reserves for Unfunded Loan Commitments

As of September 30, 2025, we had aggregate unfunded commitments of $1.5 billion related to 57 loans receivable. The

expected credit losses over the contractual period of our loans are impacted by our obligations to extend further credit

through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves related to our unfunded

loan commitments, and Note 22 for further discussion of our unfunded loan commitments. During the three and nine

months ended September 30, 2025, we recorded increases in the CECL reserves related to our unfunded loan commitments

of $2.0 million and $3.3 million, respectively, bringing our total unfunded loan commitments CECL reserve to

$13.7 million as of September 30, 2025. During the three and nine months ended September 30, 2024, we recorded

decreases in the CECL reserves related to our unfunded loan commitments of $1.6 million and $7.1 million, respectively,

bringing our total unfunded loan commitments CECL reserve to $8.3 million as of September 30, 2024.