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"text": "\n\n<::bar chart: Distributable Earnings ($M) (1)\n\nData Series:\n- 3Q'25:\n - Bar value: $26.7\n - Total (dashed box): $28.4 (2)\n- 4Q'25:\n - Bar value: $17.9\n - Total (dashed box): $27.7 (2)\n- 1Q'26:\n - Bar value: $13.5\n - Total (dashed box): $25.9 (2)\n- 2Q'26:\n - Bar value: $28.3\n - Total (dashed box): $30.2 (2)::>",
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"text": "\n\nGAAP Net Income (Loss) ($M)\n<::bar chart showing GAAP Net Income (Loss) ($M) over four quarters:\n3Q'25: $17.6\n4Q'25: $18.4\n1Q'26: $12.3\n2Q'26: $16.3\n: bar chart::>",
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"text": "\n\nNote: All numbers in millions except per share data.\n1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings.\n2. Distributable earnings before realized gain/(loss).\n3. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.",
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"text": "\n\n2Q 2026 ($M)\n<::waterfall chart::>\nStarting with 1Q26 Loans Outstanding of $4,609.\nIncreases include Fundings on New Loans of $165, and Fundings on Existing Loans of $84. The total commitment is $167M.\nDecreases include Repayments¹ of ($458), and REO/Foreclosures² of ($57).\nThe chart ends with 2Q26 Loans Outstanding of $4,343.\n::>",
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"text": "\n\n<::waterfall chart\nTitle: YTD 2026 ($M)\n\nCategories and Values:\n- 4Q25 Loans Outstanding: $4,436\n- Fundings on New Loans: $627\n- Fundings on Existing Loans: $117\n- Repayments¹: ($780)\n- REO/Foreclosures²: ($57)\n- 2Q26 Loans Outstanding: $4,343\n\nAdditional Information:\n- Total Commitment of $635M (associated with Fundings on New Loans and Fundings on Existing Loans)\n: chart::>",
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"text": "\n\nFinancing Sources (1)\n<::donut chart showing Financing Sources:\nUnsecured Debt, 4%\nRepo - Securities, 5%\nAsset Specific Financings, 1%\nCollateralized Loan Obligations, 71%\nWarehouse, 19%::>",
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"text": "\n\nNet Leverage (2)\n<::bar chart::>\n- Y-axis: 0.00x to 3.00x\n- Recourse Net Leverage: 0.70x\n- Total Net Leverage: 2.60x\n<::",
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"text": "\n\n1. On our core book (excluding repo-securities and NewPoint), 79% of financings are non-mark-to-market.\n2. Net leverage represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities,\nasset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net leverage excludes collateralized loan obligations.",
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"text": "\n\nLiquidity ($M)\n<::Bar chart showing liquidity in millions of dollars:\n- Unrestricted Cash: $136\n- CLO Reinvestment Available: $78\n- Financing Available & In Progress¹: $583\n- Total Liquidity: $797\n: chart::>",
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"text": "\n\nCollateral by State\n<::donut chart: Collateral by State\nTexas, 27%\nFlorida, 15%\nNorth Carolina, 14%\nVarious, 8%\nGeorgia, 7%\nNew York, 5%\nArizona, 3%\nSouth Carolina, 3%\nAll Other, 18%::>",
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"text": "\n\nPortfolio\n\nCore Loan Portfolio Composition",
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"text": "\n\n## Portfolio Overview\n\n$4.3B total portfolio;\n64.2% WA LTV (1)\n\n161 senior loans; average\nUPB (2) of $27M\n\n11 mezzanine loans;\naverage UPB (2) of $5M\n\n9 non-performing loans (3)",
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"text": "\n\n1. Weighted average loan-to-value percentage (WA LTV) represents the weighted average ratio of the loan amount to the appraised value of the property at the time of origination.\n2. Unpaid principal balance (UPB) represents the portion of the loan that has not yet been remitted to the lender.\n3. Five risk rated 5 and four risk rated 4.",
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"text": "\n\nBy Collateral\n<::Donut chart titled \"By Collateral\" showing the distribution of collateral types:\n- Multifamily, 78%\n- Mixed Use, 22%\n: chart::>",
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"text": "\n\nBy Region\n<::Donut chart titled \"By Region\" showing regional distribution:\n- Southeast: 71%\n- Various: 12%\n- Mideast: 9%\n- Southwest: 4%\n- Far West: 4%\n: chart::>\n",
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"text": "\n\nBy State\n<::donut chart showing distribution by state:\nNorth Carolina, 64%\nVarious, 12%\nNew Jersey, 9%\nGeorgia, 7%\nTexas, 4%\nWashington, 4%::>\n",
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"text": "\n\nPortfolio\nCore Originations in the Quarter",
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"text": "\n\n# Overview\n\n9 loans; $167 million total commitment ($165 million of initial funding / $2 million of future funding)\n\n2.38% weighted average spread (1); 6.03% all-in coupon (2)\n\n1.0% and 0.1% weighted average origination and exit fees, respectively",
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"text": "\n\nNote: Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans.\n1. Represents the Year 1 weighted average spread. The weighted average spread will increase to 2.48% in Year 2, reflecting one loan's rate increase to SOFR + 2.25%.\n2. All-in coupon based on 6/30/26 SOFR indices.",
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"text": "\n\nRisk Ratings\n\n<::visual content\n: bar chart::>\n\nRisk Rating\n1\n2\n3\n4\n5\n\n| Risk Rating | Principal Balance | Loan Count, 1Q26 | (+) Addition | (-) Reduction | Loan Count, 2Q26 | Change QoQ | Non-Performing | Watch List |
|---|
| 1 | - | - | - | - | - | - | - | - |
| 2 | 3,052 | 140 | 9 | (13) | 136 | (4) | - | - |
| 3 | 858 | 26 | 3 | (5) | 24 | (2) | - | - |
| 4 | 220 | 7 | 2 | (2) | 7 | - | 4 | 7 |
| 5 | 213 | 4 | 1 | - | 5 | 1 | 5 | 5 |
| Total | 4,343 | 177 | 15 | (20) | 172 | (5) | 9 | 12 |
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"text": "\n\nAppendix\n\n# Core Portfolio – Risk Ratings\n\nAverage risk rating was 2.4 for the quarter vs. 2.5 from 1Q26",
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"text": "\n\nNote: Principal balance in millions. Watch list loans are loans with a risk rating of 4 or 5.",
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"text": "\n\nAnnual EPS Sensitivity on Index Rates\n<::bar chart showing Annual EPS Sensitivity on Index Rates.\n\nHorizontal axis: Change in Floating Base Rate Indices\nValues on horizontal axis: -0.75%, -0.50%, 6/30/2026, +0.25%, +0.50%\n\nVertical axis (implicitly EPS sensitivity):\nBars with corresponding values:\n- For -0.75%: $0.11\n- For -0.50%: $0.06\n- For 6/30/2026: $0.00\n- For +0.25%: ($0.02)\n- For +0.50%: ($0.03)\n\nAnnotations:\n- As of 7/15/26, 1M SOFR: 3.68%\n- As of 6/30/26, 1M SOFR: 3.66%\n: chart::>",
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"text": "\n\nNote: Reflects earnings impact of an increase or decrease in the floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition or asset performance.",
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"text": "\n\nFully Extended Maturity by Year\n<::bar chart showing Fully Extended Maturity by Year\nYears on the x-axis, and dollar values on the y-axis (represented by bar heights).\n- 2026 ROY: $365\n- 2027: $795\n- 2028: $892\n- 2029: $1,281\n- 2030: $593\n- 2031: $417\n: bar chart::>\n",
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"text": "\n\nAppendix\n\nCore Portfolio – Allowance For Loan Loss",
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"text": "\n\nBENEFIT STREET PARTNERS",
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