Loans Receivable, net	9 Months Ended
Sep. 30, 2025
Loans Receivable, net
Loans Receivable, net	Note 6—Loans Receivable, net In the second quarter of 2025, the Company originated leasehold loans in conjunction with its Ground Leases. These leasehold loans allow the Company’s Ground Lease tenants to receive their full capital structure needs from one source. As of September 30, 2025, the Company had three senior mortgages with an aggregate outstanding principal balance of $44.5 million and an aggregate carrying value of $45.0 million. The Company’s three leasehold loans have initial maturities that range from May 2028 to June 2029, excluding all extension options that can be exercised by the borrower subject to certain conditions, and accrue interest at a weighted average rate of 6.60%, assuming a SOFR rate of 4.13% as of September 30, 2025 for the Company’s two floating rate loans. Credit Characteristics—As part of the Company’s process for monitoring the credit quality of its leasehold loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectations. The Company designates loans as non-performing at such time as: (1) interest payments become 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans, if any, are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. As of September 30, 2025, all of the Company’s leasehold loans were current in their payment status and had a risk rating of 3. Allowance for Credit Losses—During the three and nine months ended September 30, 2025, the Company recorded a provision for credit losses (refer to Note 3) of $0.0 million and $1.3 million, respectively, on its leasehold loans, including $1.0 million related to unfunded commitments. Allowances on unfunded commitments are recorded in “Accounts payable and accrued expenses” on the Company’s consolidated balance sheets. The provision for credit losses during the three and nine months ended September 30, 2025 was due to the origination of new loans during the period. Unfunded Commitments—The Company has commitments to fund construction and development loans over a period of time if and when its borrowers meet established milestones and other performance criteria. The Company refers to these arrangements as performance-based commitments. As of September 30, 2025, the Company had $84.1 million of such commitments.

Loans Receivable, net

9 Months Ended

Sep. 30, 2025

Note 6—Loans Receivable, net

In the second quarter of 2025, the Company originated leasehold loans in conjunction with its Ground Leases. These leasehold loans allow the Company’s Ground Lease tenants to receive their full capital structure needs from one source. As of September 30, 2025, the Company had three senior mortgages with an aggregate outstanding principal

balance of $44.5 million and an aggregate carrying value of $45.0 million. The Company’s three leasehold loans have initial maturities that range from May 2028 to June 2029, excluding all extension options that can be exercised by the borrower subject to certain conditions, and accrue interest at a weighted average rate of 6.60%, assuming a SOFR rate of 4.13% as of September 30, 2025 for the Company’s two floating rate loans.

Credit Characteristics—As part of the Company’s process for monitoring the credit quality of its leasehold loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectations. The Company designates loans as non-performing at such time as: (1) interest payments become 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans, if any, are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. As of September 30, 2025, all of the Company’s leasehold loans were current in their payment status and had a risk rating of 3.

Allowance for Credit Losses—During the three and nine months ended September 30, 2025, the Company recorded a provision for credit losses (refer to Note 3) of $0.0 million and $1.3 million, respectively, on its leasehold loans, including $1.0 million related to unfunded commitments. Allowances on unfunded commitments are recorded in “Accounts payable and accrued expenses” on the Company’s consolidated balance sheets. The provision for credit losses during the three and nine months ended September 30, 2025 was due to the origination of new loans during the period.

Unfunded Commitments—The Company has commitments to fund construction and development loans over a period of time if and when its borrowers meet established milestones and other performance criteria. The Company refers to these arrangements as performance-based commitments. As of September 30, 2025, the Company had $84.1 million of such commitments.