SEC filings and other documents

Q4 2025 saw major loan resolutions, deleveraging, and a $219M net loss, with book value at $10.69.

Achieved $2.5B in loan resolutions, reduced leverage, and extended debt maturity to 2030.

Achieved $2.3B in resolutions, boosted liquidity, and reduced leverage while managing portfolio risk.

$1.9B in loan resolutions, liquidity up, and watchlist loans down as portfolio deleveraging continues.

Liquidity strengthened and risk reduced as $607M in loans were resolved in Q1.

Accelerated loan resolutions and liquidity enhancement are top priorities amid ongoing market headwinds.

Net loss in Q3, portfolio shifts to multifamily, and outlook for increased 2025 activity.

Dividend cut and capital redeployment as liquidity improves and risk asset growth slows.

Active portfolio management and strategic capital allocation drive resilience amid market stress.