InPoint Commercial Real Estate Income, Inc.

Previous wording

These forward-looking statements are not historical facts but reflect the intent, belief or current expectations of the management of InPoint Commercial Real Estate Income, Inc. (which we refer to herein as the “Company,” “we,” “our” or “us”) based on their knowledge and understanding of the business and industry, the economy and other future conditions. These statements are not guarantees of future performance, and we caution stockholders not to place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors listed and described under “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 13, 2026 (the “Annual Report”), some of which are briefly summarized below:

Current wording

These forward-looking statements are not historical facts but reflect the intent, belief or current expectations of the management of InPoint Commercial Real Estate Income, Inc. (which we refer to herein as the “Company,” “we,” “our” or “us”) based on their knowledge and understanding of the business and industry, the economy and other future conditions. These statements are not guarantees of future performance, and we caution stockholders not to place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors listed and described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 13, 2026 (the “Annual Report”) and subsequent Quarterly Reports on Form 10-Q, some of which are briefly summarized below:

Previous wording

The following discussion and analysis relate to the three and six months ended June 30, 2026 and 2025 and as of June 30, 2026 and December 31, 2025. You should read the following discussion and analysis along with our unaudited consolidated financial statements and the related notes included in this Quarterly Report on Form 10-Q.

Current wording

The following discussion and analysis relate to the three and nine months ended September 30, 2026 and 2025 and as of September 30, 2026 and December 31, 2025. You should read the following discussion and analysis along with our unaudited Consolidated Financial Statements and the related Notes included in this Quarterly Report on Form 10-Q.

Previous wording

We are a Maryland corporation formed on September 13, 2016 to originate, acquire and manage an investment portfolio of CRE investments primarily comprised of (i) CRE debt, including primarily floating-rate first mortgage loans and fixed rate mezzanine loans, and (ii) floating-rate CRE securities, such as CMBS. We may also invest in participations in CRE debt, senior unsecured debt of publicly traded REITs and select equity investments in single-tenant, net leased properties. Substantially all of our business is conducted through our Operating Partnership, of which we are the sole general partner. We are externally managed by our Advisor, an indirect subsidiary of IREIC. Our Advisor has engaged the Sub-Advisor, a subsidiary of Sound Point CRE Management, LP, to perform certain services on behalf of the Advisor for us.

Current wording

We are a Maryland corporation formed on September 13, 2016 to originate, acquire and manage an investment portfolio of commercial real estate (“CRE”) investments primarily comprised of (i) CRE debt, including primarily floating-rate first mortgage loans and fixed rate mezzanine loans, and (ii) floating-rate CRE securities, such as CMBS. We may also invest in participations in CRE debt, senior unsecured debt of publicly traded REITs and select equity investments in single-tenant, net leased properties. Substantially all of our business is conducted through our Operating Partnership, of which we are the sole general partner. We are externally managed by our

Previous wording

We have operated in a manner that allows us to qualify as a REIT for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2017.

Current wording

Since the 2017 tax year, we have operated in a manner that allows us to qualify as a REIT for U.S. federal income tax purposes.

Previous wording

For a discussion of the history of the Company and its Private Offering, IPO, Second Public Offering and Preferred Stock Offering, please see “Note 1 – Organization and Business Operations” in the notes to our consolidated financial statements above. The IPO and the Second Public Offering are collectively referred to herein as the “Public Offerings”.

Current wording

For a discussion of the history of the Company and its Private Offering, IPO, Second Public Offering and Preferred Stock Offering, please see “Note 1 – Organization and Business Operations” in our Notes to Consolidated Financial Statements above. The IPO and the Second Public Offering are collectively referred to herein as the “Public Offerings”.

Previous wording

The Company’s management has been redeploying proceeds from the payoff of legacy loans into newly originated first mortgage loans. The Company’s goal is to position the portfolio to pursue a future strategic transaction when capital market conditions have improved, in order to maximize stockholder value and potentially provide our investors with access to some level of liquidity. There is no assurance that the Company will be able to successfully implement any strategic plan. We are continually impacted by evolving market conditions and other complex factors such as (i) the state of the commercial real estate market and financial markets, (ii) our ability to access additional capital or leverage and (iii) changes in general economic conditions such as high interest rates, among other factors. We will provide updates as the Company considers appropriate or as required under applicable law.

Current wording

The Company’s management has been redeploying proceeds from the payoff of legacy loans into newly originated first mortgage loans. At the same time, our Board and management are evaluating a range of strategic options intended to maximize stockholder value and potentially provide our investors with access to some level of liquidity. These alternatives may include strategic transactions, portfolio-level transactions or other initiatives. In connection with these efforts, management and the Board intend to engage an investment bank to assist in evaluating the strategic options available to the Company. There can be no assurance that the evaluation of strategic options will result in any particular transaction or other action, or the timing, terms or completion of any such transaction or action. Any strategic option would depend on a variety of factors, including market conditions, available transaction opportunities, the performance and composition of our investment portfolio and other considerations that the Board determines relevant. There is also no assurance that the Company will be able to successfully implement any strategic option. We are continually impacted by evolving market conditions and other complex factors such as (i) the state of the commercial real estate market and financial markets, (ii) our ability to access additional capital or leverage and (iii) changes in general economic conditions such as high interest rates, among other factors.

Previous wording

Net loss attributable to common stockholders was $4.0 million, or $0.39 per share, during the three months ended June 30, 2026, which included $0.8 million in provision for credit losses and a $2.5 million impairment loss on the Parkview property.

Current wording

Net income attributable to common stockholders was $4.0 million, or $0.40 per share, during the three months ended September 30, 2026, which included $1.1 million in reversal of credit losses and $5.0 million of realized gain on the disposition of a commercial loan upon foreclosure (see details below).

Previous wording

During the second quarter of 2026, we declared gross distributions at an annual rate of $1.25 per common share, which represents an annualized rate of 9.4% on our aggregate NAV of $13.2318 as of June 30, 2026. Holders of Class D and Class T shares of common stock received less than the gross distribution amount after the deduction of stockholder servicing fees applicable to those classes.

Current wording

During July and August of 2026, we declared gross distributions at an annual rate of $1.25 per common share, which represents an annualized rate of 9.3% on our aggregate NAV of $13.4838 as of September 30, 2026. During September 2026, the Board reduced the aggregate annualized gross distribution from $1.25 per common share to $0.3125 per common share in order to more closely align distributions with portfolio earnings and enhance the Company’s financial flexibility. The $0.3125 aggregate annualized gross distribution per common share represents an aggregate annualized rate of 2.3% on our aggregate NAV of $13.4838 as of September 30, 2026. Holders of Class D and Class T shares of common stock received less than the gross distribution amount after the deduction of stockholder servicing fees applicable to those classes.

Previous wording

We originated two floating-rate loans with initial funding of $36.1 million during the three months ended June 30, 2026.

Current wording

We originated three floating-rate loans with initial funding of $56.0 million during the three months ended September 30, 2026.

Previous wording

Our loan portfolio decreased 7.1% to $305.4 million during the three months ended June 30, 2026. The decrease includes $59.0 million in loan repayments and $0.8 million of provision for credit losses, partially offset by origination of two loans with an outstanding principal balance of $36.1 million.

Current wording

Our loan portfolio decreased 3.3% to $295.2 million during the three months ended September 30, 2026. The decrease includes $16.3 million in loan repayments, and a loan transferred on foreclosure to real estate owned of $51.2 million, partially offset by the origination of three loans with an outstanding principal balance of $56.0 million.

Previous wording

All 14 of our loans were current on their contractual interest payments during the three months ended June 30, 2026.

Current wording

14 of our 15 loans were current on their contractual interest payments during the three months ended September 30, 2026. One loan was placed on nonaccrual status effective September 15, 2026.

Previous wording

We had net repayments of $35.6 million on our repurchase agreements during the three months ended June 30, 2026.

Current wording

We had net proceeds of $21.8 million from our repurchase agreements during the three months ended September 30, 2026.

Previous wording

During the three months ended June 30, 2026, we paid a total of $4.6 million in distributions to common and preferred stockholders.

Current wording

During the three months ended September 30, 2026, we paid a total of $4.7 million in distributions to common and preferred stockholders.

Previous wording

Disclosures discussing all significant accounting policies are set forth in our Annual Report under the heading “Note 2 – Summary of Significant Accounting Policies.” See “Note 2 – Summary of Significant Accounting Policies” for a discussion of changes to our significant accounting policies for the three months ended June 30, 2026.

Current wording

Disclosures discussing the Company’s significant accounting policies are set forth in our Annual Report under the heading “Note 2 – Summary of Significant Accounting Policies.” Except as otherwise described in this Quarterly Report on Form 10-Q under the heading “Note 2 – Summary of Significant Accounting Policies,” there have been no changes to the Company’s significant accounting policies during the nine months ended September 30, 2026.

Previous wording

The changes in our loan portfolio by property type and by region as of June 30, 2026 compared to December 31, 2025 were primarily due to the origination of two loans and the repayment of loans by borrowers in ordinary course.

Current wording

The changes in our loan portfolio by property type and by region as of September 30, 2026 compared to December 31, 2025 were primarily due to the origination of six loans, transfer of one loan to REO upon foreclosure and the repayment of loans by borrowers in ordinary course.

Previous wording

During the six months ended June 30, 2026, four loans were paid off and three new loans were originated.

Current wording

During the nine months ended September 30, 2026, five loans were paid off, one loan was foreclosed upon and six new loans were originated.

Previous wording

As of June 30, 2026, an 80% undivided senior interest in the loan, which includes the right to receive priority interest payments at a rate of one-month term USD Secured Overnight Financing Rate (“SOFR”)+2.00%, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20% undivided subordinate interest in the loan.

Current wording

Pursuant to a loan participation agreement dated November 15, 2021, our Operating Partnership sold an 80% undivided senior interest in the loan, which includes the right to receive priority interest payments at a rate of one-month term USD Secured Overnight Financing Rate (“SOFR”)+2.00%. Our Operating Partnership has retained a 20% undivided subordinate interest in the loan.

Previous wording

Cash coupon is the stated rate on the loan. All-in yield is the present value of all future principal and interest payments on the loan and does not include any origination fees or deferred commitment fees. The total is the weighted average of the stated yield, excluding any default interest, as of June 30, 2026. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of June 30, 2026, the weighted average SOFR floor was 0.70%.

Current wording

Cash coupon is the stated rate on the loan. All-in yield is the present value of all future principal and interest payments on the loan and does not include any origination fees or deferred commitment fees. Loan number 1 is on a nonaccrual basis as of September 30, 2026 and is excluded from the total. The total is the weighted average of the stated yield, excluding any default interest, as of September 30, 2026. Our first mortgage loans are all floating rate, and each contains a minimum SOFR floor. As of September 30, 2026, the weighted average SOFR floor was 1.31%.

Previous wording

The loan matured on February 9, 2026 and was not repaid or extended. The Company sent the borrower a maturity default notice and began the foreclosure process. The borrower has not paid the default interest but is current on its contractual interest payments. The Company has reviewed the loan and based on the estimated LTV recorded a $1.5 million asset-specific CECL reserve as of June 30, 2026.

Current wording

The loan matured on February 9, 2026 and was not repaid or extended. The Company sent the borrower a maturity default notice and began the foreclosure process. The borrower has not paid the default interest but is current on its contractual interest payments. The loan was placed on nonaccrual status effective September 15, 2026. The Company has reviewed the loan and based on the estimated LTV recorded a $4.2 million asset-specific CECL reserve as of September 30, 2026.

Previous wording

As of June 30, 2026 and December 31, 2025, we had borrowings under repurchase agreements totaling $179,498 and $223,397, respectively, and loan participations sold, net, of $47,715 and $47,009, respectively. During the six months ended June 30, 2026 and the year ended December 31, 2025, we had weighted average borrowings, which include borrowings under repurchase agreements and loan participations sold, net, of $216,073 and $321,492, respectively, and weighted average borrowing costs, which also include borrowings under repurchase agreements and loan participations sold, net, of 6.2% and 6.6%, respectively.

Current wording

As of September 30, 2026 and December 31, 2025, we had borrowings under repurchase agreements totaling $201,335 and $223,397, respectively, and loan participations sold, net, of $47,715 and $47,009, respectively. During the nine months ended September 30, 2026 and the year ended December 31, 2025, we had weighted average borrowings, which include borrowings under repurchase agreements and loan participations sold, net, of $209,225 and $321,492, respectively, and weighted average borrowing costs, which also include borrowings under repurchase agreements and loan participations sold, net, of 6.2% and 6.6%, respectively.

Previous wording

Our credit process evaluates the underlying quality of the loans securing the CMBS at the time of purchase and we continually review the credit performance while we own the CMBS. Our Sub-Advisor performs a quarterly asset review of all our investments and assigns an internal risk rating to each. As of June 30, 2026, both of the CMBS had an internal risk rating of 2. See “Note 4 – Real Estate Securities,” which is included in our notes to consolidated financial statements included in this Quarterly Report on Form 10-Q, for further information. Ratings by national rating agencies are subject to change and may not be continuously updated, and therefore we do not place reliance on these ratings.

Current wording

Our credit process evaluates the underlying quality of the loans securing the CMBS at the time of purchase, and we continually review the credit performance while we own the CMBS. Our Sub-Advisor performs a quarterly asset review of all our investments and assigns an internal risk rating to each. As of September 30, 2026, the CMBS had an internal risk rating of 2. See “Note 4 – Real Estate Securities,” which is included in our Notes to Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, for further information.

Previous wording

On July 2, 2026, we entered into a purchase and sale agreement for the sale of the Parkview property for a purchase price of $16,800. We recorded an impairment charge of $2,481 on the property. We expect to complete the sale of the property in the fourth quarter of 2026.

Current wording

On July 2, 2026, we entered into a purchase and sale agreement for the sale of the Parkview Property for a purchase price of $16,800. We recorded an impairment charge of $2,481 on the property as of June 30, 2026. We expect to complete the sale of the property in the fourth quarter of 2026.

Previous wording

Interest income excludes $515 and $328 for the three months ended June 30, 2026 and 2025, respectively, related to bank deposits not included in the investment portfolio. Interest expense excludes $537 and $312 of participation payments for the three months ended June 30, 2026 and 2025, respectively, related to the REO. Interest expense also excludes $501 and zero for the three months ended June 30, 2026 and 2025, respectively, related to interest expense on the mortgage loan payable.

Current wording

Interest income excludes $257 and $293 for the three months ended September 30, 2026 and 2025, respectively, related to bank deposits not included in the investment portfolio. Interest expense excludes $547 and $612 of participation payments for the three months ended September 30, 2026 and 2025, respectively, related to the REO. Interest expense also excludes $507 and $5 for the three months ended September 30, 2026 and 2025, respectively, related to interest expense on the mortgage loan payable.

Previous wording

The change in our average interest-earning assets and interest-bearing liabilities was due to origination of three new loans, the paydown of the principal balance as loans matured, purchase of real estate securities and the subsequent repayment of the amount financed for these loans. The change in the weighted average levered yield was primarily due to the change in the composition of the loans in the portfolio and the change in the composition of financing.

Current wording

The change in our average interest-earning assets and interest-bearing liabilities was due to origination of three new loans, transfer of one loan to REO, the paydown of the principal balance as loans matured and the subsequent repayment of the amount financed for these loans. The change in the weighted average levered yield was primarily due to the change in the composition of the loans in the portfolio and the change in the composition of financing.

Previous wording

Our revenue from real estate during the six months ended June 30, 2026 and 2025, was $5,711 and $3,415, respectively. The increase in revenue was primarily due to the acquisition of two properties, one in the second quarter and one in the third quarter of 2025.

Current wording

Our revenue from real estate during the three months ended September 30, 2026 and 2025 was $3,996 and $2,593, respectively. The increase in revenue was primarily due to the acquisition of one property in the third quarter of 2026.

Previous wording

Total operating expenses for the three months ended June 30, 2026 and 2025 were $4,664 and $4,406, respectively. The primary driver of the increase in total operating expenses was the acquisition of two properties, one in the second quarter and one in the third quarter of 2025.

Current wording

Total operating expenses for the three months ended September 30, 2026 and 2025 were $6,700 and $5,344, respectively. In the third quarter of 2026, the primary driver of the increase in total operating expenses was the acquisition of one property.

Previous wording

Comparison of the Six Months Ended June 30, 2026 to the Six Months Ended June 30, 2025

Current wording

Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

Previous wording

Interest income excludes $1,015 and $936 for the six months ended June 30, 2026 and 2025, respectively, related to bank deposits not included in the investment portfolio. Interest expense excludes $1,071 and $621 of participation payments for the six months ended June 30, 2026 and 2025, respectively, related to the REO. Interest expense also excludes $998 and zero for the six months ended June 30, 2026 and 2025, respectively, related to interest expense on the mortgage loan payable.

Current wording

Interest income excludes $1,272 and $1,229 for the nine months ended September 30, 2026 and 2025, respectively, related to bank deposits not included in the investment portfolio. Interest expense excludes $1,619 and $1,233 of participation payments for the nine months ended September 30, 2026 and 2025, respectively, related to the REO. Interest expense also excludes $1,505 and $5 for the nine months ended September 30, 2026 and 2025, respectively, related to interest expense on the mortgage loan payable.

Previous wording

The change in our average interest-earning assets and interest-bearing liabilities was due to origination of two new loans, the paydown of the principal balance as loans matured, purchase of real estate securities and the subsequent repayment of the amount financed for these loans. The change in the weighted average levered yield was primarily due to the change in the composition of the loans in the portfolio and the change in the composition of financing.

Current wording

The change in our average interest-earning assets and interest-bearing liabilities was due to origination of six new loans, purchase of real estate securities, transfer of one loan to REO, the paydown of the principal balance as loans matured and the subsequent repayment of the amount financed for these loans. The change in the weighted average levered yield was primarily due to the change in the composition of the loans in the portfolio and the change in the composition of financing.

Previous wording

Our revenue from real estate during the three months ended June 30, 2026 and 2025 was $2,985 and $1,887, respectively. The increase in revenue was primarily due to the acquisition of two properties, one in the second quarter and one in the third quarter of 2025.

Current wording

Our revenue from real estate during the nine months ended September 30, 2026 and 2025, was $9,707 and $6,008, respectively. The increase in revenue was primarily due to the acquisition of one property in the third quarter of 2026 and two properties, one in the second quarter and one in the third quarter of 2025.

Previous wording

Operating expenses for the six months ended June 30, 2026 and 2025 consisted of the following:

Current wording

Operating expenses for the nine months ended September 30, 2026 and 2025 consisted of the following:

Previous wording

The amount for the six months ended June 30, 2025 is presented net of $408 in employee retention credits received during the period. These credits relate to the Renaissance O’Hare property that we owned from August 20, 2020 through September 28, 2023.

Current wording

The amount for the nine months ended September 30, 2025 is presented net of $408 in employee retention credits received during the period. These credits relate to the Renaissance O’Hare property that we owned from August 20, 2020 through September 28, 2023.

Previous wording

Total operating expenses for the six months ended June 30, 2026 and 2025 were $9,095 and $7,741, respectively. The primary driver of the increase in total operating expenses was the acquisition of two properties, one in the second quarter and one in the third quarter of 2025.

Current wording

Total operating expenses for the nine months ended September 30, 2026 and 2025 were $15,795 and $13,085, respectively. The primary driver of the increase in total operating expenses was the acquisition of one property in the third quarter of 2026 and the acquisition of two properties, one in the second quarter and one in the third quarter of 2025.

Previous wording

For the three months ended June 30, 2026 and 2025, our net (loss) income was $(2,483) and $3,073, respectively. The decrease in net income was primarily due to a reduction in net interest income as the loan portfolio decreased, an increase in the CECL reserve, the impairment loss recorded on the Parkview property and an increase in real estate operating expenses, partially offset by an increase in revenue from real estate.

Current wording

For the nine months ended September 30, 2026 and 2025, our net loss was $1,118 and $620, respectively. The increase in net income was primarily due to a realized gain on disposition of commercial loans compared to a net realized loss during 2025, and an increase in revenue from real estate, partially offset by a reduction in net interest income as the loan portfolio decreased, impairment loss recorded on the Parkview Property, an increase in the CECL reserve and an increase in real estate operating expenses.

Previous wording

National Association of Real Estate Investment Trusts (“NAREIT”) has promulgated a standard known as FFO, which it believes more accurately reflects the operating performance of a REIT. As defined by NAREIT, FFO means net income (loss) attributable to common stockholders computed in accordance with GAAP, excluding gains (or losses) from sales of operating property, plus depreciation and amortization and after adjustments for unconsolidated entities. In addition, NAREIT has further clarified the FFO definition to add-back impairment write-downs of depreciable real estate or of investments in unconsolidated entities that are driven by measurable decreases in the fair value of depreciable real estate and to exclude the earnings impacts of cumulative effects of accounting changes. We have adopted the NAREIT definition for computing FFO.

Current wording

We use Funds from Operations (“FFO”), a widely accepted metric, to evaluate our performance. FFO provides a supplemental measure to compare our performance and operations to other REITs. Due to certain unique operating characteristics of real estate companies, the National Association of Real Estate Investment Trusts (“NAREIT”) has promulgated a standard known as FFO, which it believes more accurately reflects the operating performance of a REIT. As defined by NAREIT, FFO means net income (loss) attributable to common stockholders computed in accordance with GAAP, excluding gains (or losses) from sales of operating property, plus depreciation and amortization and after adjustments for unconsolidated entities. In addition, NAREIT has further clarified the FFO definition to add-back impairment write-downs of depreciable real estate or of investments in unconsolidated entities that are driven by measurable decreases in the fair value of depreciable real estate and to exclude the earnings impacts of cumulative effects of accounting changes. We have adopted the NAREIT definition for computing FFO.

Previous wording

The following table provides a breakdown of the major components of our total net asset value attributable to common stock as of June 30, 2026 ($ and shares in thousands):

Current wording

The following table provides a breakdown of the major components of our total NAV attributable to common stock as of September 30, 2026 ($ and shares in thousands):

Previous wording

Stockholder servicing fees only apply to Class T, Class S, and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrued the full cost of the stockholder servicing fee as an offering cost at the time we sold Class T, Class S, and Class D shares. As of June 30, 2026, we had accrued under GAAP $645 of stockholder servicing fees payable to the Dealer Manager related to the Class T and Class D shares sold. As of June 30, 2026, we had not sold any Class S shares and, therefore, we had not accrued any stockholder servicing fees payable to the Dealer Manager related to Class S shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. Our Second Public Offering officially terminated on November 1, 2025.

Current wording

Stockholder servicing fees only apply to Class T, Class S, and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrued the full cost of the stockholder servicing fee as an offering cost at the time we sold Class T, Class S, and Class D shares. As of September 30, 2026, we had accrued under GAAP $645 of stockholder servicing fees payable to the Dealer Manager related to the Class T and Class D shares sold. As of September 30, 2026, we had not sold any Class S shares; therefore, we had not accrued any stockholder servicing fees payable to the Dealer Manager related to Class S shares. The Dealer Manager does not retain any of these fees, all of which are retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers. Our Second Public Offering officially terminated on November 1, 2025.

Previous wording

The following table provides a breakdown of our total net asset value attributable to common stock and NAV per share by share class as of June 30, 2026 ($ and shares in thousands, except per share data):

Current wording

The following table provides a breakdown of our total NAV attributable to common stock and NAV per share by share class as of September 30, 2026 ($ and shares in thousands, except per share data):

Previous wording

The majority of our investments consist of CRE loans intended to be held to maturity. We also invest in real estate and other real estate-related assets and liquid non-real estate-related assets. Real estate-related assets include CRE securities, such as CMBS and CRE CLOs, and unsecured debt of publicly traded REITs. Our liquid non-real estate-related assets may include credit rated government and corporate debt securities, publicly traded equity securities and cash and cash equivalents.

Current wording

The majority of our investments consist of CRE loans intended to be held to maturity. We also invest in real estate and other real estate-related assets and liquid non-real estate-related assets. Real estate-related assets include CRE securities, such as CMBS and Commercial Real Estate Collateralized Loan Obligations (“CRE CLOs”), and unsecured debt of publicly traded REITs. Our liquid non-real estate-related assets may include credit rated government and corporate debt securities, publicly traded equity securities and cash and cash equivalents.

Previous wording

Mortgage Loans, Participations in Mortgage Loans and Mezzanine Loans. Our Advisor estimates the fair value of our loan portfolio in accordance with the methodologies contained in our valuation guidelines approved by our Board. In general, the loan portfolio will be valued at amortized cost, subject to impairment testing. Since January 1, 2023, we have been required under GAAP to record a Current Expected Credit Loss (“CECL”) reserve on the CRE debt portfolio that will be adjusted at least quarterly. The analytical portion (which is based on a probability-weighted quantitative analytical model that considers the likelihood of default and loss-given-default for each individual loan) of the CECL reserve is excluded from the value of the loans. The value of the loans does include any specific reserves for collateral-dependent loans included in the CECL reserve amount. We believe this methodology is consistent with institutional valuation practices and provides an appropriate valuation for purposes of establishing a purchase and repurchase price for our shares of common stock as it relates to assets that are intended to be held to maturity.

Current wording

Mortgage Loans, Participations in Mortgage Loans and Mezzanine Loans. Our Advisor estimates the fair value of our loan portfolio in accordance with the methodologies contained in our valuation guidelines approved by our Board. In general, the loan portfolio will be valued at amortized cost, subject to impairment testing. Since 2023, we have been required under GAAP to record a CECL reserve on the CRE debt portfolio that will be adjusted at least quarterly. The analytical portion (which is based on a probability-weighted quantitative analytical model that considers the likelihood of default and loss-given-default for each individual loan) of the CECL reserve is excluded from the value of the loans. The value of the loans does include any specific reserves for collateral-dependent loans included in the CECL reserve amount. We believe this methodology is consistent with institutional valuation practices and provides an appropriate valuation for purposes of establishing a purchase and repurchase price for our shares of common stock as it relates to assets that are intended to be held to maturity.