RESTRICTED CASH

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

RESTRICTED CASH

RESTRICTED CASH

2021-FL1 CLO was actively managed with an initial reinvestment period of 30 months which expired in December 2023. Restricted cash held in 2021-FL1 CLO primarily represents proceeds from interest and principal repayments held by the servicer which are to be submitted during the subsequent remittance cycle and cash payable to LREC as special servicer for our REO properties.

LMF 2023-1 Financing was actively managed with an initial reinvestment period of 24 months which expired in July 2025. Restricted cash held in LMF 2023-1 Financing primarily represents proceeds from interest and principal repayments held by the servicer which are to be submitted during the subsequent remittance cycle and cash payable to LREC as special servicer for our REO properties.