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Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net (Tables) | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Schedule of Loan Portfolio | Our loan portfolio was comprised of the following at September 30, 2025 and December 31, 2024 ($ in thousands):
Loan Type |  | September 30, 2025 |  |  | December 31, 2024 |
Commercial mortgage loans, net(1) |  | $ | 8,149,855 |  |  | $ | 6,715,347 |
Subordinate loans, net |  |  | 153,790 |  |  |  | 388,809 |
Total loans, net |  | $ | 8,303,645 |  |  | $ | 7,104,156 |
Note receivable, held for sale |  |  | — |  |  |  | 41,200 |
Carrying value, net |  | $ | 8,303,645 |  |  | $ | 7,145,356 |
(1) Includes $61.2 million and $8.3 million in 2025 and 2024, respectively, of contiguous financing structured as subordinate loans.
Schedule of Activity Related to Loan Investment Portfolio | Activity relating to our loan portfolio for the nine months ended September 30, 2025 was as follows ($ in thousands):
|  | Principal Balance |  |  | Deferred Fees/Other Items |  |  | Specific CECL Allowance |  |  | Carrying Value, Net(1) |
December 31, 2024 |  | $ | 7,550,410 |  |  | $ | (31,718 | ) |  | $ | (342,500 | ) |  | $ | 7,176,192 |
New loan fundings |  | $ | 2,183,157 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,183,157 |
Add-on loan fundings(2) |  | $ | 701,538 |  |  | $ | — |  |  | $ | — |  |  | $ | 701,538 |
Loan repayments and sale |  | $ | (2,057,725 | ) |  | $ | — |  |  | $ | — |  |  | $ | (2,057,725 | )
Gain (loss) on foreign currency translation |  | $ | 353,903 |  |  | $ | (1,329 | ) |  | $ | — |  |  | $ | 352,574 |
Realized loss on investment(3) |  | $ | (7,436 | ) |  | $ | — |  |  | $ | — |  |  | $ | (7,436 | )
Decrease in Specific CECL Allowance |  | $ | — |  |  | $ | — |  |  | $ | 7,500 |  |  | $ | 7,500 |
Deferred fees and other items(4) |  | $ | — |  |  | $ | (36,912 | ) |  | $ | — |  |  | $ | (36,912 | )
Amortization of fees |  | $ | 4,785 |  |  | $ | 19,229 |  |  | $ | — |  |  | $ | 24,014 |
September 30, 2025 |  | $ | 8,728,632 |  |  | $ | (50,730 | ) |  | $ | (335,000 | ) |  | $ | 8,342,902 |
General CECL Allowance(5) |  |  |  |  |  |  |  |  |  |  | $ | (39,257 | )
Carrying value, net |  |  |  |  |  |  |  |  |  |  | $ | 8,303,645 |
(1) Includes Note receivable, held for sale as of December 31, 2024. The Note receivable, held for sale was sold during the third quarter of 2025. (2) Represents fundings subsequent to loan closing. (3) Realized loss on investment includes $6.2 million related to discounted payoff of the Michigan Office Loan (as defined and discussed below) and $1.2 million related to the sale of a promissory note previously recorded as Note receivable, held for sale (refer to Loans and Other Lending Assets Held for Sale in "Note 3 – Fair Value Disclosure"). (4) Other items primarily consist of purchase discounts or premiums, cost recovery interest, exit fees, and deferred origination expenses. (5) $5.8 million of the General CECL Allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet.
Schedule of Overall Statistics for the Loan Portfolio | The following table details overall statistics for our loan portfolio at the dates indicated ($ in thousands):
|  | September 30, 2025 |  |  | December 31, 2024(1) |
Number of loans |  |  | 54 |  |  |  | 46 |
Principal balance |  | $ | 8,728,632 |  |  | $ | 7,550,410 |
Carrying value, net |  | $ | 8,303,645 |  |  | $ | 7,145,356 |
Unfunded loan commitments(2) |  | $ | 1,034,562 |  |  | $ | 840,627 |
Weighted-average cash coupon(3) |  |  | 7.0 | % |  |  | 7.5 | %
Weighted-average remaining fully-extended term(4) |  | 3.0 years |  |  | 2.5 years |
Weighted-average expected term(5) |  | 2.2 years |  |  | 1.9 years |
(1) Includes Note receivable, held for sale. (2) Unfunded loan commitments are primarily funded to finance construction costs, tenant improvements, leasing commissions, or carrying costs. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (3) For floating rate loans, based on applicable benchmark rates as of the specified dates. For loans placed on nonaccrual, the interest rate used in calculating weighted-average cash coupon is 0%. (4) Assumes all extension options are exercised. (5) Expected term represents our estimated timing of repayments as of the specified dates. Excludes risk-rated five loans.
Schedule of Mortgage Loans on Real Estate | Property Type The table below details the property type of the properties securing the loans in our portfolio at the dates indicated ($ in thousands):
|  | September 30, 2025 |  | December 31, 2024 |
Property Type |  | Carrying Value |  |  | % of Portfolio(1) |  | Carrying Value |  |  | % of Portfolio(1) |
Residential(2) |  | $ | 2,545,682 |  |  | 30.5% |  | $ | 1,556,819 |  |  | 21.8% |
Office |  |  | 2,040,028 |  |  | 24.5 |  |  | 1,756,965 |  |  |  | 24.6 |
Hotel |  |  | 1,459,879 |  |  | 17.5 |  |  | 1,575,270 |  |  | 22.1 |
Industrial |  |  | 832,824 |  |  | 10.0 |  |  | 399,546 |  |  | 5.6 |
Data Centers |  |  | 445,539 |  |  | 5.3 |  |  | — |  |  |  | 0.0 |
Retail |  |  | 359,497 |  |  | 4.3 |  |  | 946,017 |  |  | 13.3 |
Mixed Use |  |  | 304,376 |  |  | 3.6 |  |  | 363,211 |  |  | 5.1 |
Other(3) |  |  | 355,077 |  |  | 4.3 |  |  | 537,164 |  |  | 7.5 |
Total |  | $ | 8,342,902 |  |  | 100.0% |  | $ | 7,134,992 |  |  | 100.0% |
General CECL Allowance(4) |  |  | (39,257 | ) |  |  |  |  | (30,836 | ) |  |  |
Total Carrying Value, net |  | $ | 8,303,645 |  |  |  |  | $ | 7,104,156 |  |  |  |
(1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Includes senior housing (10.5%), multifamily (9.1%), student housing (5.3%), residential-for-sale (3.7%), and vacation rentals (1.9%) in 2025 and senior housing (4.7%), multifamily (4.7%), student housing (4.6%), residential-for-sale (5.5%), and vacation rentals (2.3%) in 2024. (3) Other property types include pu bs (2.7%) and urban predevelopment (1.6%) in 2025, and pubs (2.9%), caravan parks (2.7%), and urban predevelopment (1.9%) in 2024. (4) $5.8 million and $5.9 million of the General CECL Allowance for 2025 and 2024, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. Geography The table below details the geographic distribution of the properties securing the loans in our portfolio at the dates indicated ($ in thousands):
|  | September 30, 2025 |  | December 31, 2024
Geographic Location |  | Carrying Value |  |  | % of Portfolio(1) |  | Carrying Value |  |  | % of Portfolio(1)
United Kingdom |  | $ | 2,548,921 |  |  | 30.5% |  | $ | 2,423,856 |  |  | 33.9%
New York City |  |  | 1,412,227 |  |  | 16.9 |  |  | 1,539,995 |  |  | 21.6
Other Europe(2) |  |  | 1,175,077 |  |  | 14.1 |  |  | 1,265,344 |  |  | 17.7
Southeast |  |  | 888,876 |  |  | 10.7 |  |  | 511,742 |  |  | 7.2
West |  |  | 807,665 |  |  | 9.7 |  |  | 489,008 |  |  | 6.9
Midwest |  |  | 751,192 |  |  | 9.0 |  |  | 560,436 |  |  | 7.9
Other(3) |  |  | 758,944 |  |  | 9.1 |  |  | 344,611 |  |  | 4.8
Total |  | $ | 8,342,902 |  |  | 100.0% |  | $ | 7,134,992 |  |  | 100.0%
General CECL Allowance(4) |  |  | (39,257 | ) |  |  |  |  | (30,836 | ) |  |
Total Carrying Value, net |  | $ | 8,303,645 |  |  |  |  | $ | 7,104,156 |  |  |
(1) Percentage of portfolio calculations are made prior to consideration of General CECL Allowance. (2) Other Europe includes Germa ny (8.3%), Italy (2.3%%), Sweden (3.2%) and the Netherlands (0.3%) i n 2025 and Germany (8.4%), Italy (2.4%), Spain (3.5%), Sweden (3.1%) and the Netherlands (0.3%) in 2024. (3) Other includes Northeast (3.4%), Mid-Atlantic (1.4%), Southwest (3.1%) and Other (1.2%) in 2025 and Northeast (0.6%), Mid-Atlantic (1.4%), Southwest (1.5%) and Other (1.3%) in 2024. (4) $5.8 million and $5.9 million of the General CECL Allowance for 2025 and 2024, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of Carrying Value of Loan Portfolio Based on Internal Risk Ratings | The following tables present the carrying value of our loan portfolio by year of origination and internal risk rating and gross write-offs by year of origination as of September 30, 2025 and December 31, 2024, respectively ($ in thousands):
September 30, 2025 |
|  |  |  |  |  |  |  |  |  |  | Amortized Cost(1) by Year Originated |
Risk Rating |  | Number of Loans |  |  | Total |  |  | % of Portfolio |  |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |
1 |  |  | — |  |  | $ | — |  |  | — % |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2 |  |  | 2 |  |  |  | 684,207 |  |  | 8.2% |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 684,207 |  |  | $ | — |  |  | $ | — |
3 |  |  | 49 |  |  |  | 7,461,533 |  |  | 89.4% |  |  | $ | 2,257,997 |  |  | $ | 1,507,990 |  |  | $ | 716,376 |  |  | $ | 948,802 |  |  | $ | 1,051,766 |  |  | $ | 978,602 |
4 |  |  | 1 |  |  |  | 73,112 |  |  | 0.9% |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 73,112 |
5 |  |  | 2 |  |  |  | 124,050 |  |  | 1.5% |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 124,050 |
Total |  |  | 54 |  |  | $ | 8,342,902 |  |  | 100.0% |  |  |  | 2,257,997 |  |  |  | 1,507,990 |  |  |  | 716,376 |  |  |  | 1,633,009 |  |  |  | 1,051,766 |  |  |  | 1,175,764 |
General CECL Allowance(2) |  |  |  | (39,257 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans, net |  |  | $ | 8,303,645 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-Average Risk Rating |  |  |  | 3.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross write-offs |  |  | $ | 6,200 |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,200 |
December 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  | Amortized Cost(1) by Year Originated |
Risk Rating |  | Number of Loans |  |  | Total |  |  | % of Portfolio |  |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |
1 |  |  | — |  |  | $ | — |  |  |  | — | % |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2 |  |  | 3 |  |  |  | 560,180 |  |  | 7.9% |  |  |  |  | — |  |  |  | — |  |  |  | 547,851 |  |  |  | 12,329 |  |  |  | — |  |  |  | — |
3 |  |  | 37 |  |  |  | 6,169,860 |  |  | 86.4% |  |  |  |  | 1,218,189 |  |  |  | 649,599 |  |  |  | 1,549,750 |  |  |  | 1,173,982 |  |  |  | 397,972 |  |  |  | 1,180,368 |
4 |  |  | 2 |  |  |  | 279,732 |  |  | 3.9% |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 279,732 |
5 |  |  | 3 |  |  |  | 125,220 |  |  | 1.8% |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,881 |  |  |  | 97,339 |
Total |  |  | 45 |  |  | $ | 7,134,992 |  |  | 100.0% |  |  |  | $ | 1,218,189 |  |  | $ | 649,599 |  |  | $ | 2,097,601 |  |  | $ | 1,186,311 |  |  | $ | 425,853 |  |  | $ | 1,557,439 |
General CECL Allowance(2) |  |  |  | (30,836 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans, net |  |  | $ | 7,104,156 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-Average Risk Rating |  |  |  | 3.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross write-offs |  |  | $ | 127,512 |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 127,512 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1) Net of Specific CECL Allowance. (2) $5.8 million and $5.9 million of the General CECL Allowance for 2025 and 2024, respectively, is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.
Schedule of CECL Reserves | The following table summarizes changes in CECL Allowances for the nine months ended September 30, 2025 ($ in thousands):
|  | Specific CECL |  |  | General CECL Allowance |  |  | Total CECL |  |  | CECL Allowance as % of Amortized Cost |
|  | Allowance(1) |  |  | Funded |  |  | Unfunded |  |  | Total |  |  | Allowance |  |  | General(1) |  |  | Total |
December 31, 2024 |  | $ | 342,500 |  |  | $ | 30,836 |  |  | $ | 5,948 |  |  | $ | 36,784 |  |  | $ | 379,284 |  |  |  | 0.52 | % |  |  | 5.07 | %
Changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances (Reversals), net(2) |  |  | — |  |  |  | 3,876 |  |  |  | 132 |  |  |  | 4,008 |  |  |  | 4,008 |  |  |  |  |  |  |
March 31, 2025 |  | $ | 342,500 |  |  | $ | 34,712 |  |  | $ | 6,080 |  |  | $ | 40,792 |  |  | $ | 383,292 |  |  |  | 0.54 | % |  |  | 4.75 | %
Changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances (Reversals), net(3) |  |  | — |  |  |  | 4,136 |  |  |  | (1,023 | ) |  |  | 3,113 |  |  |  | 3,113 |  |  |  |  |  |  |
June 30, 2025 |  | $ | 342,500 |  |  | $ | 38,848 |  |  | $ | 5,057 |  |  | $ | 43,905 |  |  | $ | 386,405 |  |  |  | 0.51 | % |  |  | 4.29 | %
Changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances (Reversals), net(4)(5) |  |  | (1,300 | ) |  |  | 409 |  |  |  | 725 |  |  |  | 1,134 |  |  |  | (166 | ) |  |  |  |  |  |
Write-offs(5) |  |  | (6,200 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,200 | ) |  |  |  |  |  |
September 30, 2025 |  | $ | 335,000 |  |  | $ | 39,257 |  |  | $ | 5,782 |  |  | $ | 45,039 |  |  | $ | 380,039 |  |  |  | 0.55 | % |  |  | 4.38 | %
(1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2025, our General CECL Allowance increased by $4.0 million. The increase was primarily due to a more adverse macroeconomic outlook as well as the effect of loan originations. The increase was partially offset by the favorable impacts of portfolio seasoning. (3) During the three months ended June 30, 2025, our General CECL Allowance increased by $3.1 millio n. The increase was primarily due to the effect of loan originations as well as extending our expected loan repayment dates. The increase was partially offset by the favorable impacts of portfolio seasoning. (4) During the three months ended September 30, 2025, our General CECL Allowance increased by $1.1 million. The increase was primarily due to the effect of loan originations as well as extending our expected loan repayment dates. The increase was partially offset by the favorable impacts of portfolio seasoning and a more optimistic macroeconomic outlook. (5) During the three months ended September 30, 2025, we recorded a reversal of $1.3 million and a write-off of $6.2 million of our Specific CECL Allowance related to our Michigan Office Loan (as defined and discussed below). The $6.2 million write-off was recorded as a realized loss within net realized loss on investments in our September 30, 2025 condensed consolidated statement of operations. The following table summarizes changes in CECL Allowances for the nine months ended September 30, 2024 ($ in thousands):
|  | Specific CECL |  |  | General CECL Allowance |  |  | Total CECL |  |  | CECL Allowance as % of Amortized Cost |
|  | Allowance(1) |  |  | Funded |  |  | Unfunded |  |  | Total |  |  | Allowance |  |  | General(1) |  |  | Total |
December 31, 2023 |  | $ | 193,000 |  |  | $ | 26,482 |  |  | $ | 4,017 |  |  | $ | 30,499 |  |  | $ | 223,499 |  |  |  | 0.38 | % |  |  | 2.61 | %
Changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances (Reversals), net(2) |  |  | 142,000 |  |  |  | 6,076 |  |  |  | (392 | ) |  |  | 5,684 |  |  |  | 147,684 |  |  |  |  |  |  |
March 31, 2024 |  | $ | 335,000 |  |  | $ | 32,558 |  |  | $ | 3,625 |  |  | $ | 36,183 |  |  | $ | 371,183 |  |  |  | 0.44 | % |  |  | 4.29 | %
Changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances (Reversals), net(3) |  |  | 7,500 |  |  |  | 2,761 |  |  |  | (3 | ) |  |  | 2,758 |  |  |  | 10,258 |  |  |  |  |  |  |
June 30, 2024 |  | $ | 342,500 |  |  | $ | 35,319 |  |  | $ | 3,622 |  |  | $ | 38,941 |  |  | $ | 381,441 |  |  |  | 0.47 | % |  |  | 4.40 | %
Changes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances (Reversals), net(4)(5) |  |  | 127,512 |  |  |  | (1,127 | ) |  |  | 228 |  |  |  | (899 | ) |  |  | 126,613 |  |  |  |  |  |  |
Write-offs(5) |  |  | (127,512 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (127,512 | ) |  |  |  |  |  |
September 30, 2024 |  | $ | 342,500 |  |  | $ | 34,192 |  |  | $ | 3,850 |  |  | $ | 38,042 |  |  | $ | 380,542 |  |  |  | 0.49 | % |  |  | 4.64 | %
(1) Loans evaluated for Specific CECL Allowance are excluded from General CECL Allowance pool. (2) During the three months ended March 31, 2024, our General CECL Allowance increased by $5.7 million. The increase was primarily related to extending our expected loan repayment dates as well as an increase to the historical loss rate derived from Trepp's data. The increase was partially offset by the favorable impacts of portfolio seasoning. During the three months ended March 31, 2024, we also recorded an additional $142.0 million Specific CECL Allowance on our Junior Mezzanine A Loan (as defined below - see "Manhattan Residential"), resulting in the loan’s aggregate Specific CECL allowance of $268.0 million. The additional allowance was recorded primarily due to a reduction in list pricing of remaining units and slower sales pace at the property. The slower sales velocity coincided with the continued overall softening in the midtown Manhattan ultra-luxury submarket. (3) During the three months ended June 30, 2024, our General CECL Allowance increased by $2.8 million primarily due to new loan originations as well as a more adverse outlook on our office portfolio. The increase was partially offset by the favorable impacts of portfolio seasoning. Additionally, during the three months ended June 30, 2024, we recorded an increase of $7.5 million to our Specific CECL Allowance. The increase was related to a mezzanine loan secured by an office building in Troy, MI. (4) During the three months ended September 30, 2024, our General CECL Allowance decreased by $0.9 million primarily due to the favorable impacts of portfolio seasoning and earlier than expected loan repayments. The decrease was partially offset by the effects of loan originations and a more adverse macroeconomic outlook associated with our office portfolio. (5) During the three months ended September 30, 2024, we recorded an increase and write-off of $127.5 million of our Specific CECL Allowance related to our Massachusetts Healthcare Loan (as defined and discussed below). The $127.5 million write-off was recorded as a realized loss within net realized loss on investments in our September 30, 2024 condensed consolidated statement of operations. The following table sets forth our General CECL Allowance as of September 30, 2025 and December 31, 2024 ($ in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Commercial mortgage loans, net |  | $ | 39,142 |  |  | $ | 30,167 |
Subordinate loans, net |  |  | 115 |  |  |  | 669 |
Unfunded commitments(1) |  |  | 5,782 |  |  |  | 5,948 |
Total General CECL Allowance |  | $ | 45,039 |  |  | $ | 36,784 |
(1) The General CECL Allowance on unfunded commitments is recorded as a liability on our condensed consolidated balance sheets within accounts payable, accrued expenses and other liabilities.
Financing Receivable Cost Recovery | The following table summarizes our risk rated 5 loans as of September 30, 2025, which were analyzed for Specific CECL Allowances ($ in thousands):
Type | Property type |  | Location |  | Amortized cost prior to Specific CECL Allowance |  |  | Specific CECL Allowance |  |  | Amortized cost |  |  | Interest recognition status/ as of date |  | Risk Rating
Mortgage | Retail(1)(2) |  | Cincinnati, OH |  | $ | 163,169 |  |  | $ | 67,000 |  |  | $ | 96,169 |  |  | Nonaccrual/ 10/1/2019 |  | 5
Mezzanine | Residential(3) |  | Manhattan, NY |  |  | 295,881 |  |  |  | 268,000 |  |  |  | 27,881 |  |  | Nonaccrual/ 7/1/2021 |  | 5
Total |  |  |  | $ | 459,050 |  |  | $ | 335,000 |  |  | $ | 124,050 |  |  |  |  |
(1) The fair value of retail collateral was determined by applying a capitalization rate of 9.0%. (2) In September 2018, we entered a joint venture with Turner Consulting II, LLC ("Turner Consulting"), through an entity which owns the underlying property that secures our loan. Turner Consulting contributed 10% of the venture's equity and we contributed 90%. The entity was deemed to be a variable interest entity ("VIE"), and we determined that we are not the primary beneficiary of that VIE as we do not have the power to direct the entity's activ ities. During the second quarter of 2024, the loan's maturity was extended from September 2024 to September 2025. (3) The fair valu e of the residential collateral was determined by making certain projections and assumptions with respect to future performance and a discount rate of 10%. Any future change to the Specific CECL Allowance will be based upon a number of factors, including but not limited to the continued assessment of both the potential nominal value of remaining inventory as well as the expected sales velocity.

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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