Q3 2026 Earnings Supplemental

Third Quarter 2026 Earnings Supplemental

November 5, 2026

$88.5 million

in REO(4)(5)

1.9x

Total Leverage Ratio

Note: In accordance with generally accepted accounting principles, all common share and per common share amounts presented herein have been adjusted on a retroactive basis to reflect the one-for-ten reverse stock split completed on October 5, 2026 3

• GAAP Net (Loss) attributable to common stockholders of $(60.3) million, or $(12.50) per basic weighted average common share

• Book value per share of common stock at September 30, 2026, was $44.54, inclusive of $(38.58) per basic common share of total CECL reserve

  B O O K V A L U E P E R C O MMO N SH A RE O U T ST A N D IN G RO L L FO RWA RD

  Represents $(12.50) GAAP Net (Loss) per basic common share

  $(0.75)

  $(0.10)

  $0.18

  $44.54

  $56.96

  $(11.75)

  6/30/2026 GAAP Net (Loss) Series A Preferred

  Dividend Declaration

  Common Stock Dividend Declaration

  Equity Compensation, Net

  9/30/2026

  Loan Investment Portfolio Credit Overview

  CECL RESERVE BY QUARTER ( $ in millio n s)

General Specific

$133.6 $148.4 $148.5

$165.8 $185.9

13.7%

$47.2 $44.0

$35.7 $10.1

7.4%

8.4%

9.4%

11.4%

9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026

Weighted average portfolio risk rating of 3.3

26.9%

20.8%

21.5%

22.4%

8.4%

37.2%

22.8%

19.9%

8.0%

12.1%

<60% 60-65% 65-70% 70-75% 75-80% 1 2 3 4 5

• Net loan portfolio activity of $(81.7) million in unpaid principal balance, attributed to loan repayments, sales and amortization, of $(89.5) million, partially offset by increases of $7.9 million from fundings

  UNPAID PRINCIPAL BALANCE ROLLFORWARD (8) ( $ in millio n s)

$(22.4)

Resolutions

$(67.1)

Fundings

$7.9

Unpaid Principal Balance

$1,311.5

34 loans

mitments $

Com Unfunded 40.9

Unpaid Principal Balance

$1,393.1

38 loans

mitments $

Com Unfunded 57.2

Repayments

6/30/2026 9/30/2026

Hotel, 5.7% Other, 3.7% Retail, 1.2%

Industrial, 10.2%

Midwest, 7.9%

0.0%

Northeast, 29.1%

Southeast, 25.2%

Southwest, 27.8%

West, 1

Multifamily, 28.4%

Office, 50.8%

• • Five loans risk rated "5" with an aggregate unpaid principal balance of $260.4 million

  • Actively pursuing resolution options, which may include a property sale by the borrower, a note sale, a foreclosure/deed-in-lieu and/or a loan restructuring

  • Specific CECL reserves on loans risk rated "5" of approximately 45.6% of unpaid principal balance

    	Minneapolis, MN Office(13)	Tempe, AZ Hotel(14)	San Diego, CA Office(15)	Atlanta, GA Office(16)	Atlanta, GA Office(17)
    Loan Structure	Senior floating-rate	Senior floating-rate	Senior floating-rate	Senior floating-rate	Senior floating-rate
    Origination Date	August 2019	January 2018	December 2023	June 2021	March 2020
    Collateral Property	409,000 sq. ft. office	186-key hotel with retail	384,397 sq. ft. office	446,187 sq. ft. office	269,001 sq. ft. office
    Total Commitment	$93 million	$30 million	$64 million	$51 million	$35 million
    Current UPB	$93 million	$29 million	$64 million	$46 million	$28 million
    Cash Coupon*	S+2.8%	S+5.2%	S+5.5%	S+4.4%	S+5.0%

    * Cash coupon does not include origination or exit fees. Weighted average cash coupon excludes fixed rate loans 11

    (60%)

    Office Loan Portfolio Overview

• Since 2021, reduced the office exposure by over $(1.0) billion, or about (60%), primarily through repayments, paydowns and proactive loan resolutions

• Granular office portfolio across 12 MSAs and 10 States

• 53% CBD locations, 47% suburban locations

• 35% Top 5 markets, 65% secondary markets

• Average unpaid principal balance $40.9 million

• Weighted average Stabilized LTV at Origination of 67.0%

• 5-rated office exposure in Minneapolis, San Diego and Atlanta

• No office exposure in Washington DC, Downtown LA, San Francisco Bay Area, Chicago, Portland or Seattle

  REDUCTION IN OFFICE EXPOSURE(11) ($ in millions, reflects UPB)

$1,723

$1,404

$1,195

$1,004

$748

$695

2021 2022 2023 2024 2025 Q3'26

Midwest, 7.7%

Southeast, 33.1%

West, 15.6%

Northeast, 30.2%

Southwest, 13.4%

• • Property: 140,000 square foot, Class "A" office building with ground floor retail space and a 499-space parking garage

  • Carrying Value(5): $52.4 million

  • Strategy: Improve operating performance and expected sale in Q4 2026

  • Property: 1,050,000 square foot, "brick and beam" office campus with 130 self storage units, 13 buildings, situated on 53 acres

  • Carrying Value(4): $36.1 million

  • Strategy: Improve operating performance and evaluate for eventual sale

    Funding Mix and Capitalization Highlights WELL-BALANCED CAPITAL STRUCTURE WITH MODERATE LEVERAGE

    FINANCING SUMMARY ($ in millions)
    ($ in millions)	Total Capacity	Outstanding Balance	Weighted Average Cost	Advance Rate
    Repurchase Facilities	$ 1,227	$ 727	S+2.13%	61.4 %
    Secured Credit Facility	$ 100	$ 67	S+5.50%	45.6 %
    Loan Participations Sold		$ 34	S+5.56%	n/m(18)
    Mortgage Loan Payable		$ 18	S+3.05%	51.8 %
    Total Borrowings		$ 846
    Preferred Equity		$ 206
    Common Equity(7)		$ 215
    Total Stockholders' Equity		$ 421

    LEVERAGE RATIOS

    1.8 1.9

    9/30/2026

    Recourse Leverage Total Leverage

    FUNDING MIX

    Participations

• Generally, seek to match fund assets and liabilities to minimize interest-rate risk and duration

• Proven access to diverse sources of public and private equity and debt capital at the corporate and asset level

• Aim to maintain ample liquidity across market cycles; $44.7 million of unrestricted cash

Sold Secured Credit Facility

Mortgage

Payable

Repurchase Facilities

1. Includes maximum loan commitments. Unpaid loan principal balance of $1.3 billion

2. Represents Net (loss) attributable to common stockholders

3. Non-GAAP measure. See slide 23 in the Appendix for a reconciliation to financial results prepared in accordance with GAAP

4. Includes $5.3 million in other assets, net of other liabilities related to leases

5. Includes $7.3 million in real estate owned liabilities, held-for-sale

6. Represents an annualized dividend yield based on a post-reverse split adjusted closing price of $8.60 on September 30, 2026

7. See slide 23 in the Appendix for reconciliation of Common Stockholders' Equity

8. Does not include unamortized premiums, unamortized net deferred origination fees and allowance for credit losses which, when included with the unpaid principal balances, represents the GAAP carrying value of the loans held-for-investment in the balance sheet. The GAAP carrying value as of June 30, 2026, was $1.2 billion and as of September 30, 2026, was $1.1 billion. The GAAP carrying value does not include accrued interest receivables, exit fee receivables and other receivables, which are reflected separately in the balance sheet. Unfunded commitments are not included in the unpaid principal balance or GAAP carrying value

9. Includes nonaccrual loans and other investments

10. Assumes all extension options are exercised and excludes three loans that have passed their maturity date and are not eligible for extension, if applicable

11. Mixed-use properties represented based on allocated loan amounts

12. Percentages are based off of carrying value

13. Loan was placed on nonaccrual status in Q3 2022

14. Loan was placed on nonaccrual status in Q3 2025

15. Loan was placed on nonaccrual status in Q2 2026

16. Loan was placed on nonaccrual status in Q1 2026

17. Loan was placed on nonaccrual status in Q3 2026

18. Not meaningful due to 100% loan participations were sold

16

* Average balance represents average amortized cost on loans held-for-investment 20