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Loans Receivable, Net
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans Receivable, Net LOANS RECEIVABLE, NET
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
June 30, 2025
December 31, 2024
Number of loans
144
130
Principal balance
$19,874,340
$19,203,126
Net book value
$18,965,254
$18,313,582
Unfunded loan commitments(1)
$1,412,084
$1,263,068
Weighted-average cash coupon(2)
+ 3.30%
+ 3.46%
Weighted-average all-in yield(2)
+ 3.57%
+ 3.78%
Weighted-average maximum maturity (years)(3)
2.4
2.1
(1)Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real
estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will
generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark
rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of
June 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR.
The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024,
substantially all of our loans by principal balance earned a floating rate of interest, primarily indexed to SOFR. In
addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the
cost-recovery and nonaccrual methods, if any.
(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid
prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of
June 30, 2025, 26% of our loans by principal balance were subject to yield maintenance or other prepayment
restrictions and 74% were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of
our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were
open to repayment by the borrower without penalty.
The following table details the index rate floors for our loans receivable portfolio as of June 30, 2025 ($ in thousands):
Loans Receivable Principal Balance
Index Rate Floors
USD
Non-USD(1)
Total
Fixed Rate
$179,821
$140,066
$319,887
0.00% or no floor(2)
2,286,822
5,412,057
7,698,879
0.01% to 1.00% floor
3,787,560
990,685
4,778,245
1.01% to 2.00% floor
640,370
1,384,033
2,024,403
2.01% to 3.00% floor
3,209,355
367,621
3,576,976
3.01% or more floor
1,299,612
176,338
1,475,950
Total(3)
$11,403,540
$8,470,800
$19,874,340
(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc
currencies.
(2)Includes all impaired loans.
(3)As of June 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal balance
was 1.11%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was
1.70%.
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
Principal
Balance
Deferred Fees /
Other Items(1)
Net Book
Value
Loans Receivable, as of December 31, 2024
$19,203,126
$(155,608)
$19,047,518
Loan fundings
3,440,030
—
3,440,030
Loan repayments, sales, and cost-recovery proceeds
(3,406,174)
(29,778)
(3,435,952)
Charge-offs
(114,678)
27,797
(86,881)
Transfer to real estate owned
(34,721)
—
(34,721)
Transfer to other assets, net(2)
(11,298)
—
(11,298)
Payment-in-kind interest
8,450
—
8,450
Unrealized gain (loss) on foreign currency translation
789,605
(2,610)
786,995
Deferred fees and other items
—
(34,874)
(34,874)
Amortization of fees and other items
—
26,838
26,838
Loans Receivable, as of June 30, 2025
$19,874,340
$(168,235)
$19,706,105
CECL reserve
(740,851)
Loans Receivable, net, as of June 30, 2025
$18,965,254
(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses,
and cost-recovery proceeds.
(2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO,
net of liabilities recorded upon acquisition, if any, and proceeds from loan repayments that are held in escrow, all of
which are included within other assets in our consolidated balance sheets. See Note 6 for further information.
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio
($ in thousands):
June 30, 2025
Property Type
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
Office
44
$5,855,637
$5,195,591
28%
Multifamily
52
5,139,630
4,958,946
27
Industrial
17
3,425,450
3,392,611
18
Hospitality
17
2,842,904
2,731,203
15
Retail
7
698,410
673,021
4
Self-storage
3
666,400
498,771
3
Life Sciences / Studio
3
341,511
297,484
1
Other
1
736,163
696,789
4
Total loans receivable
144
$19,706,105
$18,444,416
100%
CECL reserve
(740,851)
Loans receivable, net
$18,965,254
Geographic Location
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
United States
Sunbelt
49
$5,008,396
$4,485,034
24%
Northeast
23
2,900,363
2,630,050
14
West
23
1,953,102
1,861,649
10
Midwest
9
866,624
723,593
4
Northwest
4
478,745
477,570
3
Subtotal
108
11,207,230
10,177,896
55
International
United Kingdom
18
3,658,916
3,642,741
20
Ireland
3
1,232,664
1,228,094
7
Australia
5
1,064,406
1,072,552
6
Spain
2
747,836
699,814
4
Sweden
1
502,790
502,836
3
Canada
1
459,289
291,680
2
Other Europe
5
772,115
767,881
3
Other International
1
60,859
60,922
—
Subtotal
36
8,498,875
8,266,520
45
Total loans receivable
144
$19,706,105
$18,444,416
100%
CECL reserve
(740,851)
Loans receivable, net
$18,965,254
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2025,
which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 million of junior loan
interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further
discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-
recourse and term-matched to the corresponding collateral loans.
December 31, 2024
Property Type
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
Office
41
$7,386,333
$5,729,418
33%
Multifamily
50
5,091,767
4,934,364
29
Hospitality
16
2,768,374
2,663,349
16
Industrial
11
2,030,627
2,000,831
12
Retail
5
555,553
532,069
3
Life Sciences/Studio
3
342,817
337,687
2
Other
4
872,047
836,585
5
Total loans receivable
130
$19,047,518
$17,034,303
100%
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
Geographic Location
Number of Loans
Net Book Value
Net Loan Exposure(1)
Net Loan Exposure
Percentage of Portfolio
United States
Sunbelt
44
$4,520,632
$4,084,242
24%
Northeast
21
4,614,582
3,452,961
20
West
21
1,865,382
1,746,309
10
Midwest
10
997,156
820,858
5
Northwest
4
432,644
432,794
3
Subtotal
100
12,430,396
10,537,164
62
International
United Kingdom
16
2,916,145
2,839,096
17
Ireland
3
1,050,276
1,048,329
6
Australia
3
920,182
923,507
5
Spain
3
785,368
744,287
4
Sweden
1
429,084
429,724
2
Other Europe
3
455,417
451,245
4
Other International
1
60,650
60,951
—
Subtotal
30
6,617,122
6,497,139
38
Total loans receivable
130
$19,047,518
$17,034,303
100%
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31,
2024, which is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of junior loan
interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further
discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-
recourse and term-matched to the corresponding collateral loans.
Loan Risk Ratings
As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan
portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors
considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral
performance, structure, exit plan, and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk), which ratings
are defined in Note 2.
The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in
thousands):
June 30, 2025
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure(1)
1
8
$476,141
$475,273
2
17
2,942,069
2,773,722
3
87
11,908,048
11,477,440
4
18
2,788,227
2,682,712
5
14
1,591,620
1,035,269
Total loans receivable
144
$19,706,105
$18,444,416
CECL reserve
(740,851)
Loans receivable, net
$18,965,254
December 31, 2024
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure(1)
1
11
$1,919,280
$994,056
2
21
3,346,881
3,349,347
3
65
9,246,692
8,818,346
4
20
2,707,104
2,622,877
5
13
1,827,561
1,249,677
Total loans receivable
130
$19,047,518
$17,034,303
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of June 30, 2025,
which is our principal balance net of (i) $529.9 million of asset-specific debt, (ii) $109.2 million of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of $740.9 million, and (iv) $50.0 million of junior loan
interests that we have sold, but that remain included in our consolidated financial statements. Our net loan exposure
as of December 31, 2024 is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of
cost-recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 million of
junior loan interests that we have sold, but that remain included in our consolidated financial statements. Our asset-
specific debt and loan participations sold are structurally non-recourse and term-matched to the corresponding
collateral loans.
Our loan portfolio had a weighted-average risk rating of 3.1 and 3.0 as of June 30, 2025 and December 31, 2024,
respectively.
Current Expected Credit Loss Reserve
The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included
in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table
presents the activity in our loans receivable CECL reserve by investment pool for the three and six months ended June 30,
2025 and 2024 ($ in thousands):
U.S. Loans(1)
Non-U.S.
Loans
Unique
Loans
Impaired
Loans
Total
Loans Receivable, Net
CECL reserves as of December 31, 2024
$80,057
$26,141
$47,087
$580,651
$733,936
Increase in CECL reserves
17,604
13,796
1,477
16,552
49,429
Charge-offs of CECL reserves
—
—
—
(41,824)
(41,824)
CECL reserves as of March 31, 2025
$97,661
$39,937
$48,564
$555,379
$741,541
(Decrease) increase in CECL reserves
(6,759)
(1,568)
4,249
48,445
44,367
Charge-offs of CECL reserves
—
—
—
(45,057)
(45,057)
CECL reserves as of June 30, 2025
$90,902
$38,369
$52,813
$558,767
$740,851
CECL reserves as of December 31, 2023
$78,335
$31,560
$49,371
$417,670
$576,936
(Decrease) increase in CECL reserves
(3,807)
(770)
(5,918)
245,942
235,447
Charge-offs of CECL reserves
—
—
—
(61,013)
(61,013)
CECL reserves as of March 31, 2024
$74,528
$30,790
$43,453
$602,599
$751,370
(Decrease) increase in CECL reserves
(11,997)
(2,639)
423
169,318
155,105
Charge-offs of CECL reserves
—
—
—
(12,537)
(12,537)
CECL reserves as of June 30, 2024
$62,531
$28,151
$43,876
$759,380
$893,938
(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.
During the three months ended June 30, 2025, we recorded a net decrease of $690,000 in the CECL reserves against our
loans receivable portfolio, primarily driven by a $48.4 million increase in our asset-specific CECL reserves, offset by a
$4.1 million decrease in our general CECL reserves and charge-offs of our CECL reserves of $45.1 million, bringing our
total loans receivable CECL reserve to $740.9 million as of June 30, 2025. The increase in our asset-specific CECL
reserves was primarily as a result of two additional loans that were impaired during the three months ended June 30, 2025,
of which one is secured by a life sciences / studio property and the other is secured by an office asset. The office sector is
generally facing reduced tenant and capital markets demand in recent years. Impairments are each determined individually
as a result of changes in the specific credit quality factors for such loans. These factors included, among others, (i) the
underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts
that impact the borrower’s ability to pay the contractual amounts due under the terms of the loan. The income accrual was
suspended on the two loans that were impaired during the three months ended June 30, 2025, as the recovery of income and
principal was doubtful. During the three months ended June 30, 2025, we recorded $5.3 million of interest income on these
loans. The charge-off of the CECL reserves was a result of a resolution of one previously impaired loan that was repaid
with proceeds from the sale of an office asset in San Jose, CA securing the loan. The decrease in our general CECL
reserves was primarily as a result of a continued improvement in the credit quality of our current portfolio as well as
macroeconomic conditions.
As of June 30, 2025, we had an aggregate $558.8 million asset-specific CECL reserve related to 14 of our loans receivable,
with a total amortized cost basis of $1.6 billion, net of cost-recovery proceeds. This CECL reserve was recorded based on
our estimation of the fair value of each loan’s underlying collateral as of June 30, 2025. No income was recorded on our
impaired loans subsequent to determining that they were impaired. During the three months ended June 30, 2025, we
received an aggregate $10.8 million of cash proceeds from such loans that were applied as a reduction to the amortized cost
basis of each respective loan.
As of June 30, 2025, one of our performing loans with an amortized cost basis of $195.0 million, inclusive of a
$50.0 million junior loan participation sold, was past its current maturity date, was greater than 90 days past due on its
interest payment, and had a risk rating of “3.” This loan was not impaired as of June 30, 2025 as the estimated fair value of
the underlying collateral exceeded our basis in the loan. Subsequent to June 30, 2025, this loan was repaid in full, including
the junior loan participation sold, with proceeds from a sale of the collateral securing the loan. As of June 30, 2025, all
other borrowers under performing loans were in compliance with the applicable contractual terms of each respective loan,
including any required payment of interest. Refer to Note 2 for further discussion of our policies on revenue recognition
and our CECL reserves.
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the
net book value of our loan portfolio as of June 30, 2025 and December 31, 2024, respectively, by year of origination,
investment pool, and risk rating ($ in thousands):
Net Book Value of Loans Receivable by Year of Origination(1)
As of June 30, 2025
Risk Rating
2025
2024
2023
2022
2021
Prior
Total
U.S. loans
1
$—
$—
$—
$151,479
$238,468
$86,194
$476,141
2
—
60,858
—
197,143
627,773
261,824
1,147,598
3
954,362
271,344
—
1,585,986
2,601,349
794,940
6,207,981
4
—
—
—
364,634
500,100
994,108
1,858,842
5
—
—
—
—
—
—
—
Total U.S. loans
$954,362
$332,202
$—
$2,299,242
$3,967,690
$2,137,066
$9,690,562
Non-U.S. loans
1
$—
$—
$—
$—
$—
$—
$—
2
559,630
—
—
577,028
657,813
—
1,794,471
3
1,694,846
—
—
99,853
1,379,437
1,365,949
4,540,085
4
—
—
—
—
—
366,125
366,125
5
—
—
—
—
—
—
—
Total Non-U.S. loans
$2,254,476
$—
$—
$676,881
$2,037,250
$1,732,074
$6,700,681
Unique loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
—
864,675
—
295,307
1,159,982
4
—
—
—
—
—
563,260
563,260
5
—
—
—
—
—
—
—
Total unique loans
$—
$—
$—
$864,675
$—
$858,567
$1,723,242
Impaired loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
4
—
—
—
—
—
—
—
5
—
—
—
166,893
604,448
820,279
1,591,620
Total impaired loans
$—
$—
$—
$166,893
$604,448
$820,279
$1,591,620
Total loans receivable
1
$—
$—
$—
$151,479
$238,468
$86,194
$476,141
2
559,630
60,858
—
774,171
1,285,586
261,824
2,942,069
3
2,649,208
271,344
—
2,550,514
3,980,786
2,456,196
11,908,048
4
—
—
—
364,634
500,100
1,923,493
2,788,227
5
—
—
—
166,893
604,448
820,279
1,591,620
Total loans receivable
$3,208,838
$332,202
$—
$4,007,691
$6,609,388
$5,547,986
$19,706,105
CECL reserve
(740,851)
Loans receivable, net
$18,965,254
Gross charge-offs(2)
—
—
—
(166)
(44,891)
(41,824)
$(86,881)
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan
modifications.
(2)Represents charge-offs by year of origination during the six months ended June 30, 2025.
Net Book Value of Loans Receivable by Year of Origination(1)
As of December 31, 2024
Risk Rating
2024
2023
2022
2021
2020
Prior
Total
U.S. loans
1
$—
$—
$151,674
$245,289
$60,240
$1,381,858
$1,839,061
2
60,651
—
197,153
1,611,856
—
—
1,869,660
3
268,408
—
1,599,604
2,160,837
691,097
392,470
5,112,416
4
—
—
236,780
1,019,672
—
726,513
1,982,965
5
—
—
—
—
—
—
—
Total U.S. loans
$329,059
$—
$2,185,211
$5,037,654
$751,337
$2,500,841
$10,804,102
Non-U.S. loans
1
$—
$—
$—
$80,219
$—
$—
$80,219
2
—
—
500,104
787,660
87,629
101,828
1,477,221
3
—
—
594,740
1,126,698
—
1,332,805
3,054,243
4
—
—
—
—
—
198,389
198,389
5
—
—
—
—
—
—
—
Total Non-U.S. loans
$—
$—
$1,094,844
$1,994,577
$87,629
$1,633,022
$4,810,072
Unique loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
814,225
—
—
265,808
1,080,033
4
—
—
—
—
—
525,750
525,750
5
—
—
—
—
—
—
—
Total unique loans
$—
$—
$814,225
$—
$—
$791,558
$1,605,783
Impaired loans
1
$—
$—
$—
$—
$—
$—
$—
2
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
4
—
—
—
—
—
—
—
5
—
—
170,388
367,030
34,214
1,255,929
1,827,561
Total impaired loans
$—
$—
$170,388
$367,030
$34,214
$1,255,929
$1,827,561
Total loans receivable
1
$—
$—
$151,674
$325,508
$60,240
$1,381,858
$1,919,280
2
60,651
—
697,257
2,399,516
87,629
101,828
3,346,881
3
268,408
$—
3,008,569
3,287,535
691,097
1,991,083
9,246,692
4
—
—
236,780
1,019,672
—
1,450,652
2,707,104
5
—
—
170,388
367,030
34,214
1,255,929
1,827,561
Total loans receivable
$329,059
$—
$4,264,668
$7,399,261
$873,180
$6,181,350
$19,047,518
CECL reserve
(733,936)
Loans receivable, net
$18,313,582
Gross charge-offs(2)
—
—
(52,045)
(255,005)
—
(77,553)
$(384,603)
(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan
modifications.
(2)Represents charge-offs by year of origination during the year ended December 31, 2024.
Loan Modifications Pursuant to ASC 326
During the twelve months ended June 30, 2025, we entered into five loan modifications that require disclosure pursuant to
ASC 326. Four of these loans were collateralized by office assets and one was collateralized by a mixed-use asset.
Loans with a risk rating of “3” and “4” are included in the determination of our general CECL reserve and loans with a risk
rating of “5” have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase
our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal
balance for applicable loans. As of June 30, 2025, no income was recorded on our loans subsequent to determining that
they were impaired and risk rated “5.”
Two of the loan modifications included term extensions combined with other-than-insignificant payment delays. The first
loan modification included a term extension of five years, the borrower repaid $6.0 million of principal, and the loan was
bifurcated into a separate senior loan and subordinate loan. We are accruing interest on the senior loan, which is paying
interest current, and deferring interest on the subordinate loan that is paying interest in-kind. The second loan modification
had a term extension of 3.8 years, the loan was bifurcated into a separate senior loan and subordinate loan, and the
borrower paid a $1.7 million fee upon closing of the modification. We are accruing interest on the senior loan, which is
paying interest current, and deferring interest on the subordinate loan that is paying interest in-kind. As of June 30, 2025,
the aggregate amortized cost basis of these loans was $379.1 million, or 1.9% of our aggregate loans receivable portfolio,
with an aggregate $4.7 million of unfunded commitments. These loans were in compliance with their modified contractual
terms as of June 30, 2025.
The other three loan modifications included term extensions combined with other-than-insignificant payment delays and
interest rate reductions. The first loan modification included a term extension of 4.8 years, the interest rate decreased by
0.10%, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying interest
partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing interest on the
portion of the senior loan that is paying current and a portion that is paid in-kind, and deferring interest income recognition
on the remaining portion, including the entire subordinate loan. The second loan modification included a term extension of
one year, the interest rate on the senior loan decreased by 2.43%, the borrower repaid $25.0 million upon closing of the
modification, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying
interest partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing all of
the interest on the senior loan that is paying partially current and partially in-kind, and deferring interest on the subordinate
loan that is paying interest in-kind. The third loan modification included a term extension of 4.3 years, the interest rate
decreased by 3.56%, and the loan was bifurcated into a separate senior loan and subordinate loan. We are accruing all of
the interest on the senior loan that is paying current, and deferring interest income on the subordinate loan, which is paid-
in-kind. As of June 30, 2025, the aggregate amortized cost basis of these loans was $508.5 million, or 2.6% of our
aggregate loans receivable portfolio, with an aggregate $32.7 million of unfunded commitments. These loans were in
compliance with their modified contractual terms as of June 30, 2025.
All five of these loans had a risk rating of “5” at the time of modification. In aggregate, these modifications resulted in the
bifurcation of all five loans into separate senior and subordinate loans, or ten loans in aggregate. As of June 30, 2025, of
the five newly bifurcated senior loans, three loans had a risk rating of “4,” one loan had a risk rating of “3,” and one loan
had a risk rating of “2.” The five newly bifurcated subordinate loans all had a risk rating of “5.”
Multifamily Joint Venture
As discussed in Note 2, we entered into our Multifamily Joint Venture in April 2017. As of both June 30, 2025 and
December 31, 2024, our Multifamily Joint Venture held a $43.3 million loan, which is included in the loan disclosures
above. As of June 30, 2025 and December 31, 2024, our Multifamily Joint Venture also held an REO asset with a carrying
value of $32.2 million and $32.4 million, respectively, which is included in the REO disclosures in Note 4. Refer to Note 2
for additional discussion of our Multifamily Joint Venture.