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"text": "\n\n<::\nChart 1: Distributable Earnings(1) & Dividends Per Share of Common Stock\nType: Bar chart\nX-axis: Quarter\nY-axis: Amount in dollars\nLegend: Distributable Earnings (dark bar), Dividends (gold bar)\nData:\n- Q3 2025: Distributable Earnings: $0.02, Dividends: $0.04\n- Q4 2025: Distributable Earnings: $0.00, Dividends: $0.04\n- Q1 2026: Distributable Earnings: $0.02, Dividends: $0.04\n- Q2 2026: Distributable Earnings: -$0.10, Dividends: $0.04\n\nChart 2: Book Value Per Share of Common Stock(2)\nType: Bar chart\nX-axis: Quarter\nY-axis: Amount in dollars\nData:\n- Q3 2025: $3.25\n- Q4 2025: $3.03\n- Q1 2026: $2.97\n- Q2 2026: $2.76\n: chart::>",
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"text": "\n\n<::Two donut charts. The first chart is titled \"Geographic Concentration(2)\" and the second is titled \"Property Type(2)\". Both charts have a total value of $991.7 in the center.\n\nGeographic Concentration chart segments:\n- Other States: $371.1, 37.4%\n- TX: $219.3, 22.1%\n- FL: $157.3, 15.9%\n- GA: $96.5, 9.7%\n- NJ: $79.0, 8.0%\n- OH: $68.5, 6.9%\n\nProperty Type chart segments:\n- Multifamily: $909.6, 91.7%\n- Seniors Housing & Healthcare: $82.1, 8.3%\n: donut charts::>",
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"text": "\n\n- On June 30, 2026, the Company owned a portfolio of floating-rate CRE loans with a carrying value of $1.0 billion. 91.7%(1) of the portfolio was invested in loans collateralized by multifamily assets.\n- The Company anticipates that it will continue to focus on investment opportunities within multifamily credit. The Company does not currently own any hospitality, retail, self-storage, or office loan assets and has limited exposure to seniors housing and healthcare.",
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"text": "\n\nQ2 Fundings by Property Type(1)\n<::donut chart::>\nIn the center of the donut chart is \"$91.0\".\nA red line points from the dark blue segment to the text \"Multifamily, $91.0, 100.0%\".\n::>",
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"text": "\n\n<::Portfolio Activity(2)\nchart: Waterfall chart showing portfolio activity from Q1 2026 to Q2 2026.\n- Q1 2026 Portfolio: $1,108.1\n- Loan Fundings: $91.0\n- Payoffs / Sales: ($184.0)\n- Provision for Loan Losses: ($1.7)\n- Loans Transferred to REO: ($22.1)\n- Other Activity: $0.5\n- Q2 2026 Portfolio: $991.7::>",
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"text": "\n\nQ2 Payoffs by Property Type(1)\n<::donut chart::>\nCentral value: $184.0\nSegment: Multifamily, $184.0, 100.0%\n::>",
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"text": "\n\n* The Company funded $91.0 million of loan assets and experienced $184.0 million of loan payoffs during the quarter.",
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"text": "\n\nNote:\n(1) $ In millions, based on UPB.\n(2) Portfolio balances shown based on carrying value net of allowances. \"Other Activity\" is comprised of changes in capitalized origination fees, extension fees, and purchase\ndiscounts.",
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"text": "\n\n<::bar chart and line graph::>\nAsset Performance(1)\n\nBar chart values (labeled as % Performing):\n- 9/30/2025: 89.7%\n- 12/31/2025: 91.2%\n- 3/31/2026: 91.8%\n- 6/30/2026: 91.9%\n\nLine graph values (labeled as Average 1M SOFR):\n- 9/30/2025: 4.1%\n- 12/31/2025: 3.7%\n- 3/31/2026: 3.7%\n- 6/30/2026: 3.6%\n<::",
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"text": "\n\n<::Stacked bar chart with an overlay line graph titled \"Weighted Average Risk Rating (2)\".\n\nThe x-axis represents dates:\n- 9/30/2025\n- 12/31/2025\n- 3/31/2026\n- 6/30/2026\n\nThe stacked bars represent the distribution of risk ratings, with the following legend:\n- Dark blue: 1\n- Green: 2\n- Dark grey: 3\n- Brown: 4\n- Red: 5\n\nAn overlay line graph shows the Weighted Average Risk Rating over time:\n- For 9/30/2025: 3.6\n- For 12/31/2025: 3.2\n- For 3/31/2026: 3.1\n- For 6/30/2026: 3.1\n\nLegend for line graph: Weighted Avg Risk Rating\n: chart::>",
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"text": "\n\n* As of June 30, 2026, 91.9% of the Company's portfolio was performing(1), with 80.7% of the portfolio rated \"3\" (Moderate Risk) or better.\n* Weighted average risk rating(2) of 3.1.\n* During the quarter, management applied a \"5\" risk-rating to six loans with an aggregate principal value of $98.1 million.",
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"text": "\n\n<::Capital Structure Composition (1) donut chart. The total value in the center is $1,112.7. The chart segments are:\n- Secured Financing: 77.1%\n- Common Equity: 13.0%\n- Preferred Equity: 5.4%\n- Term Loan: 4.5%\n: chart::>",
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"text": "\n\n<::bar chart: The first chart shows Floating Rate Assets(2) of $1,015 (represented by a dark blue bar above the axis), Floating Rate Liabilities(3) of -$858 (represented by a gold bar below the axis), and a Net Exposure of $157 (represented by a light gray bar above the axis, to the right of the first two bars). The second chart is a bar chart with an X-axis showing basis point changes: +50 bps, +25 bps, 0 bps, -25 bps, -50 bps. The corresponding values are: +50 bps: $0.00 (bar below axis), +25 bps: $0.00 (bar below axis), 0 bps: (no visible bar), -25 bps: $0.01 (bar above axis), -50 bps: $0.02 (bar above axis).::>",
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"text": "\n\nNet Interest Income Sensitivity to Shifts in Term SOFR",
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"December 31, 2025(2)"
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""
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"$ 28,979,474",
"$ 23,112,995"
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"1.136.706.113"
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""
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""
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"1.428.500"
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