UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 Form 10-K

 (Mark One)

 x

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

 o

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from to

 Commission file number 000-54939
 (Exact name of registrant as specified in its charter)
 Maryland

 27-3148022

 (State or other jurisdiction of incorporation or organization)

 (I.R.S. Employer Identification Number)

 2398 East Camelback Road, 4 th Floor

 Phoenix,
 Arizona

 85016

 (Address of principal executive offices)
 (Zip code)

 (602)
 778-8700

 (Registrant's telephone number, including area code)

 Securities registered pursuant to Section 12(b) of the Act:
 Title of Each Class
 Trading Symbol
 Name of Each Exchange on Which Registered

 None
 None
 None

 Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.01 par value per share
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 Large accelerated filer
 o

 Accelerated filer
 o

 Non-accelerated filer

 x

 Smaller reporting company
 o

 Emerging growth company
 o

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes No x
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
 There is no established market for the registrant's shares of common stock. As of June 30, 2024, the last business day of the registrant's most recently completed second fiscal quarter, there were approximately 435.7 million shares of common stock held by non-affiliates, for an aggregate market value of $ 2.7 billion, assuming a market value as of that date of $ 6.09 per share, the most recent estimated per share net asset value of the registrant's common stock established by the registrant's board of directors in effect as of that date. Effective March 28, 2025, the estimated per share net asset value of the registrant's common stock as of December 31, 2024 is $ 5.22 per share.
 As of March 18, 2025, there were approximately 436.9 million shares of common stock, par value per share of $0.01, of CIM Real Estate Finance Trust, Inc. outstanding.
 Documents Incorporated by Reference:
 The Registrant incorporates by reference portions of the CIM Real Estate Finance Trust, Inc. Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders (into Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K).

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 ITEM 1.
 BUSINESS

 ITEM 1A.
 RISK FACTORS

 ITEM 1B.
 UNRESOLVED STAFF COMMENTS

 ITEM 1C.

 CYBERSECURITY

 ITEM 2.
 PROPERTIES

 ITEM 3.
 LEGAL PROCEEDINGS

 ITEM 4.
 MINE SAFETY DISCLOSURES

 ITEM 5.
 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6.
 RESERVED

 ITEM 7.
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A.
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM 8.
 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM 9.
 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A.
 CONTROLS AND PROCEDURES

 ITEM 9B.
 OTHER INFORMATION

 ITEM 9C.
 DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 ITEM 10.
 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11.
 EXECUTIVE COMPENSATION

 ITEM 12.
 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13.
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM 14.
 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 ITEM 15.
 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 ITEM 16.
 FORM 10-K SUMMARY

 SIGNATURES

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 F- 1

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 Certain statements contained in this Annual Report on Form 10-K of CIM Real Estate Finance Trust, Inc., other than historical facts, may be considered forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "would," "could," "should," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. These forward-looking statements are based on information currently available to us and are subject to a number of known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among other things, those discussed below. In addition, these risks and uncertainties include those associated with general economic, market and other conditions. We caution readers not to place undue reliance on forward-looking statements, which reflect our management's view only as of the date this Annual Report on Form 10-K is filed with the U.S. Securities and Exchange Commission (the "SEC"). Additionally, except as required by applicable law or regulation, we undertake no obligation, and expressly disclaim any such obligation, to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, changes to future operating results or otherwise.
 The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause our actual results to differ materially from those presented in our forward-looking statements:
 • We are subject to risks associated with bankruptcies or insolvencies of our borrowers and tenants and from borrower or tenant defaults generally.
 • Our credit and real estate investments subject us to domestic and international political, economic, capital markets and other conditions and events.
 • We are subject to fluctuations in interest rates which could reduce our ability to generate income on our credit investments.
 • We are subject to an increase in inflation that could increase our credit and real estate portfolio related costs at a higher rate than our rental income and other revenue and adversely impact demand for rental space and future extensions of our tenants' leases.
 • We face risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as significant disruptions of CIM Group's (as defined below) information technology ("IT") networks and related systems.
 • We are subject to competition from entities engaged in lending which may impact the availability of origination and acquisition opportunities acceptable to us.
 • We may be unable to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all.
 • We are subject to risks associated with tenant, geographic and industry concentrations with respect to our investments and properties.
 • Our properties, intangible assets and other assets, as well as the property securing our loans or other investments, may be subject to impairment charges.
 • We could be subject to unexpected costs or unexpected liabilities that may arise from dispositions.
 • We are subject to competition in the acquisition and disposition of properties and in the leasing of our properties and we may suffer delays or be unable to acquire, dispose of, or lease properties on advantageous terms.
 • We have substantial indebtedness, which may affect our ability to pay distributions and expose us to interest rate fluctuation risk and the risk of default under our debt obligations.
 • We are subject to risks associated with the incurrence of additional secured or unsecured debt.
 • We may not be able to maintain profitability.
 • We may not generate cash flows sufficient to pay our distributions to stockholders or meet our debt service obligations.
 • Our continued compliance with debt covenants depends on many factors and could be impacted by current or future economic conditions.

 • We may be affected by risks resulting from losses in excess of insured limits.
 • We may fail to remain qualified as a real estate investment trust ("REIT") for U.S. federal income tax purposes or revoke our REIT election.
 • We could be subject to a material tax liability if our sales of properties are treated as prohibited transactions.
 • We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability or reduce our operating flexibility.
 • We may be unable to list our shares on a national securities exchange in a particular timeframe or at all.
 • If we, our operating partnership and any other subsidiaries do not maintain exemptions from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act"), we will be subject to significant regulations and restrictions on our business and investments, which could materially and adversely impact us.
 All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within this Annual Report on Form 10-K.
 Definitions
 We use certain defined terms throughout this Annual Report on Form 10-K that have the following meanings:
 The phrase "annualized rental income" refers to the straight-line rental revenue under our leases on operating properties owned as of the respective reporting date, which includes the effect of rent escalations and any tenant concessions, such as free rent, and excludes any contingent rent, such as percentage rent. Management uses annualized rental income as a basis for tenant, industry and geographic concentrations and other metrics within the portfolio. Annualized rental income is not indicative of future performance.
 Under a "net lease," the tenant occupying the leased property (usually as a single tenant) does so in much the same manner as if the tenant were the owner of the property. The tenant generally agrees that it will either have no ability or only limited ability to terminate the lease or abate rent prior to the expiration of the term of the lease as a result of real estate driven events such as casualty, condemnation or failure by the landlord to fulfill its obligations under the lease. There are various forms of net leases, most typically classified as either triple-net or double-net. Triple-net leases typically require the tenant to pay all expenses associated with the property (e.g., real estate taxes, insurance, maintenance and repairs, including roof, structure and parking lot). Double-net leases typically hold the landlord responsible for the capital expenditures for the roof and structure, while the tenant is responsible for all lease payments and remaining operating expenses associated with the property (e.g., real estate taxes, insurance and maintenance).

 ITEM 1. BUSINESS
 Our Company
 CIM Real Estate Finance Trust, Inc. (together with our subsidiaries unless the context requires otherwise, the "Company," "we," "our" or "us") is a non-exchange traded REIT formed as a Maryland corporation on July 27, 2010. We are primarily focused on originating, acquiring, financing and managing shorter duration senior secured loans, other related credit investments and core commercial real estate.
 We have two reportable business segments as of December 31, 2024 and we refer to the investments within these segments as our target assets:
 • Credit — engages primarily in acquiring and originating primarily floating rate first and second lien mortgage loans, either directly or through co-investments in joint ventures, related to real estate assets. This segment also includes investments in real estate-related securities, liquid corporate senior loans and corporate senior loans.
 • Real estate — engages primarily in acquiring and managing geographically diversified income-producing retail, industrial and office properties that are primarily single-tenant properties, which are leased to creditworthy tenants under long-term net leases.
 As of December 31, 2024, our credit portfolio consisted of 68 loans with a net book value of $3.4 billion, and investments in real estate-related securities and other of $345.8 million. We conduct and expect to continue to conduct our commercial real estate lending business through our subsidiary CIM Commercial Lending REIT ("CLR"), a Maryland statutory trust, which we expect to be taxed as a REIT for U.S. federal income tax purposes. As of December 31, 2024, CLR holds a diversified portfolio of approximately $1.5 billion, which includes first mortgage loans with a net book value of $1.05 billion, CMBS with an estimated fair value of $241.3 million, and an investment in the Unconsolidated Joint Venture (as defined in Note 2 — Summary of Significant Accounting Policies — Investment in Unconsolidated Entities to the consolidated financial statements in this Annual Report on Form 10-K) with a carrying value of $171.8 million. In addition, as of December 31, 2024 we owned 187 commercial real estate properties, comprising approximately 5.8 million rentable square feet of commercial space located in 36 states. As of December 31, 2024, the rentable space at these properties was 100.0% leased, including month-to-month agreements, if any. As of December 31, 2024, we also owned condominium developments with a net book value of $64.9 million.
 We have elected to be taxed and conduct our operations to qualify as a REIT for federal income tax purposes. We operate our business in a manner that permits us to maintain our exemption from registration under the Investment Company Act. A majority of our business is conducted through CIM Real Estate Finance Operating Partnership, LP, a Delaware limited partnership ("CMFT OP"), of which we are the sole general partner and own, directly or indirectly, 100% of the partnership interests, and its subsidiaries.
 Our Manager, Investment Advisor and CIM
 We are externally managed by CIM Real Estate Finance Management, LLC, a Delaware limited liability company ("CMFT Management"), which is an affiliate of CIM Group, LLC ("CIM Group"). CIM Group is a vertically-integrated community-focused real estate and infrastructure owner, operator, lender and developer. CIM Group is headquartered in Los Angeles, California and has offices in Atlanta, Georgia, Chicago, Illinois, Dallas, Texas, New York, New York, Orlando, Florida, Phoenix, Arizona, London, UK and Tokyo, Japan. CIM Group also maintains additional offices with distribution staff and JV partnerships.
 We rely upon our manager pursuant to our Second Amended and Restated Management Agreement dated March 24, 2023 (the "Management Agreement"), and certain of its affiliates to provide substantially all of our day-to-day management, including relying on our investment advisor, CIM Capital IC Management, LLC (the "Investment Advisor"), an affiliate of our manager, which provides substantially all of the day-to-day management of our wholly-owned subsidiary, CMFT Securities Investments, LLC ("CMFT Securities"), with respect to investments in securities and certain other investments held by CMFT Securities and its subsidiaries. Collectively, our manager and the Investment Advisor, together with certain other affiliates of CIM Group, serve as our sponsor, which we refer to as our "sponsor" or "CIM". Our Management Agreement had an initial three-year term and renews automatically each year thereafter for an additional one-year period unless terminated by our board of directors (our "Board").
 On December 6, 2019, CMFT Securities entered into an investment advisory and management agreement (the "Investment Advisory and Management Agreement") with our Investment Advisor. CMFT Securities was formed for the purpose of holding any investments in securities and certain other investments made by the Company. The Investment Advisor, a wholly-owned

 subsidiary of CIM Group, is registered as an investment advisor with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Pursuant to the Investment Advisory and Management Agreement, the Investment Advisor will manage the day-to-day business affairs of CMFT Securities and its investments in corporate credit and real estate-related securities, subject to the supervision of the Board. The Investment Advisory and Management Agreement had an initial three-year term and shall be deemed renewed automatically each year thereafter for an additional one-year period unless otherwise terminated pursuant to the Investment Advisory and Management Agreement.
 In addition, on December 6, 2019, the Investment Advisor entered into a sub-advisory agreement (the "Sub-Advisory Agreement") with OFS Capital Management, LLC, a Delaware limited liability company and affiliate of the Investment Advisor (the "Sub-Advisor"), to act as an investment sub-advisor to CMFT Securities. The Sub-Advisor is registered as an investment adviser under the Advisers Act and is an affiliate of the Investment Advisor. The Sub-Advisor provides investment management services primarily with respect to the corporate credit and real estate-related securities held by CMFT Securities. Either party may terminate the Sub-Advisory Agreement with 30 days' prior written notice to the other party.
 Investment Strategy and Objectives
 We seek to attain attractive risk-adjusted returns and create long term value for our stockholders by investing in a diversified portfolio of senior secured mortgage loans, creditworthy long-term net-leased property investments and other senior loan and liquid credit investments.
 Subject to market conditions, we expect to pursue a listing of our common stock on a national securities exchange at such time as our Board determines that such a listing would be in the best interests of our stockholders, though we can provide no assurance that a listing will happen in a particular timeframe or at all.
 We believe a diversified investment portfolio of credit investments and core commercial real estate, combined with our manager's ability to actively manage those investments, will enable us to generate competitive risk-adjusted returns for our stockholders over time and provide reasonable, stable, current income for stockholders through the payment of cash distributions. Our investment strategy allows us to adapt over time in order to respond to evolving market conditions and to capitalize on investment opportunities that may arise at different points in the economic and real estate investment cycle.
 Investment Guidelines
 Our manager and our Investment Advisor are required to manage our business in accordance with certain investment guidelines that were adopted by our Board, which include:
 • not making investments that would cause us to fail to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the "Code");
 • not making any investment that would cause us or any of our subsidiaries to be regulated as an investment company under the Investment Company Act;
 • our manager seeking to invest our capital in a broad range of investments in or relating to real property and real estate-related credit assets and our Investment Advisor seeking to invest in real estate and corporate credit-related securities;
 • prior to the deployment or redeployment of capital, permitting the manager or our Investment Advisor to cause the capital to be invested in short-term investments in money market funds, bank accounts, overnight repurchase agreements with primary federal reserve bank dealers collateralized by direct U.S. government obligations, and other instruments and investments reasonably determined to be of high quality; and
 • not making any investment (i) with a loan-to-value ratio in excess of 78%, and (ii) in excess of $200 million, without the approval of a majority of the Board, including a majority of independent directors, or a duly constituted committee of the Board.
 Types of Investments — Commercial Real Estate-Related Credit Investments
 Senior Secured Commercial Mortgage Loans. We originate, invest in and acquire loans secured by a first mortgage lien on commercial real estate properties providing mortgage financing to developers or owners. These loans generally have maturity dates ranging from three to ten years and bear interest at a fixed or floating rate, though most of our portfolio is and is expected to be floating rate and have a shorter-duration term. The loans typically require interest only payments and if these loans do provide for some amortization, they typically require, in any event, a balloon payment of principal at maturity. These investments may include whole loan participations and/or pari passu participations within such loans.
 Commercial Mortgage Backed Securities ("CMBS"). We invest in or acquire secured real estate related securities such as rated and non-rated CMBS generally secured by a single asset or a loan to a single borrower secured by a cross-collateralized portfolio of assets.

 Mezzanine Loans, Preferred Equity and Other Real-Estate Related Debt Instruments. We may also invest in or originate loans made to commercial property owners that are secured by pledges of the borrower's ownership interests in the property and/or the property owner, subordinate to whole mortgage loans secured by a first lien on the property. These loans are senior to the borrower's equity in the property. These loans may be tranched into senior and junior mezzanine loans, with junior mezzanine loans secured by a pledge of the equity interests in the more junior mezzanine borrower. Mezzanine lenders typically have different, and at times more limited, rights compared to more senior lenders, including, following a default on the senior loan, the right, for a period of time, to cure defaults under the senior loan and any senior mezzanine loan and purchase the senior loan and any senior mezzanine loan. Subject to the terms negotiated with, and the rights of, the senior lenders, mezzanine lenders typically have the right to foreclose on their equity interest and become the direct or indirect owner of the property.
 We may also invest in or originate other commercial real estate-related debt instruments such as subordinated mortgage interests, preferred equity, note financing, unsecured loans to owners and operators of real estate assets, and commercial real estate collateralized loan obligations ("CRE CLOs"). Additionally, we may make investments that are subordinate to any mortgage or mezzanine loan, but senior to the common equity of the mortgage borrower or owner of a mortgage borrower, as applicable. Preferred equity investments typically pay a preferred return from the investment's cash flow rather than interest payments and often have the right for such preferred return to accrue if there is insufficient cash flow for current payment. These interests are not secured by the underlying real estate, but upon the occurrence of a default, the preferred equity provider typically has the right to effect a change of control with respect to the ownership of the property.
 Corporate Senior Loans. We may also invest in or originate certain syndicated or directly originated liquid and less liquid corporate senior loans.
 In evaluating prospective loan or other credit investments, CMFT Management will consider factors such as the following:
 • the condition and use of the collateral securing the loan;
 • current and projected cash flows of the collateral securing the loan;
 • expected levels of rental and occupancy rates of the property securing the loan;
 • the potential for increased expenses and capital expense requirements;
 • the loan-to-value ratio of the investment;
 • the debt service coverage ratio of the investment;
 • the degree of liquidity of the investment;
 • the quality, experience and creditworthiness of the borrower;
 • general economic conditions in the area where the collateral is located;
 • the strength and structure and loan covenants; and
 • other factors that CMFT Management believes are relevant.
 Because the factors considered, including the specific weight we place on each factor, will vary for each prospective investment, we do not, and are not able to, assign a specific weight or level of importance to any particular factor.
 Outside of our investment guidelines, we do not have any policies directing the portion of our assets that may be invested in any particular asset type. However, we recognize that certain types of loans, such as mezzanine loans, are subject to more risk than others, such as loans secured by first deeds of trust or first priority mortgages on income-producing, fee-simple properties. CMFT Management will evaluate the risk associated with a loan when evaluating its decision to invest, and in determining the rate of interest on the loan.
 Depending on the type and classification of our credit investments, we may hold a credit investment until maturity or sell prior to maturity. Circumstances may arise that could cause us to determine to sell a credit investment earlier than anticipated if we believe the sale of the investment would be in the best interests of our stockholders. The determination of whether a particular investment should be sold or otherwise disposed of will be made after considerations of relevant factors, including prevailing and projected economic conditions, quality and stability of real estate value and operating cash flow, performance against underwritten business plan, financial condition of the sponsor, borrower and guarantor(s), and whether disposition of the investment would increase cash flows.
 Our credit investments may be subject to regulation by federal, state and local authorities and subject to various laws and judicial and administrative decisions imposing various requirements and restrictions, including among other things, regulating credit granting activities, establishing maximum interest rates and finance charges, requiring disclosures to customers, governing secured transactions and setting collection, repossession and claims handling procedures and other trade practices. In addition, certain states have enacted legislation requiring the licensing of mortgage bankers or other lenders and these requirements may affect our ability to effectuate our proposed investments in loans. Commencement of operations in these or

 other jurisdictions may be dependent upon a finding of our financial responsibility, character and fitness. We may determine not to make loans in any jurisdiction in which the regulatory authority determines that we have not complied in all material respects with applicable requirements.
 Types of Investments — Commercial Real Estate Property Investments
 We have acquired, and may continue to acquire, either directly or through co-investing in a joint venture agreement, income-producing retail, industrial and office properties that are primarily leased to single, creditworthy tenants under long-term net leases, strategic to the tenants' operations and are geographically diversified.
 Many of our retail properties are, and we anticipate that future properties will predominantly be, leased to retail tenants in the chain or franchise retail industry, including, but not limited to, convenience stores, drug stores and restaurant properties, as well as leased to large national retailers as stand-alone properties. Our industrial and office properties are leased to companies operating in a wide variety of industries. CMFT Management monitors industry trends and identifies properties on our behalf that serve to provide a favorable return balanced with risk. We generally intend to hold each property for a period in excess of five years.
 By acquiring a large number of properties, we believe that lower than expected results of operations from one or a few investments will not necessarily preclude our ability to realize our investment objective of generating cash flows from our overall portfolio. Since we acquire properties that are geographically diverse, we expect to minimize the potential adverse impact of economic slowdowns or downturns in local markets.
 To the extent feasible, we seek to achieve a well-balanced portfolio diversified by geographic location, age and lease maturities of the various properties. We pursue properties leased to tenants representing a variety of industries to avoid concentration in any one industry. We generally target properties with lease terms in excess of ten years. We have acquired and may continue to acquire properties with shorter lease terms if the property is in an attractive location, if the property is difficult to replace, or if the property has other significant favorable attributes. We expect that these acquisitions will provide long-term value by virtue of their size, location, quality and condition, and lease characteristics.
 We expect, in most instances, to continue to acquire properties with existing double-net or triple-net leases. "Net" leases mean leases that typically require tenants to pay all or a majority of the operating expenses, including real estate taxes, special assessments and sales and use taxes, utilities, maintenance, insurance and building repairs related to the property, in addition to the lease payments. Triple-net leases typically require the tenant to pay all costs associated with a property (e.g., real estate taxes, insurance, maintenance and repairs, including roof, structure and parking lot). Double-net leases typically hold the landlord responsible for the capital expenditures for the roof and structure, while the tenant is responsible for all lease payments and remaining operating expenses associated with the property (e.g., real estate taxes, insurance and maintenance). We believe that properties under long-term triple-net and double-net leases offer a distinct investment advantage since these properties generally require less management and operating capital, have less recurring tenant turnover and, with respect to single-tenant properties, often offer superior locations that are less dependent on the financial stability of adjoining tenants. We expect that double-net and triple-net leases will help ensure the predictability and stability of our expenses, which we believe will result in greater predictability and stability of our cash distributions to stockholders. Not all of our properties are, or will be subject to, net leases. We have acquired and may continue to acquire properties with tenants subject to "gross" leases. "Gross" leases means leases that typically require the tenant to pay a flat rental amount and we would pay for all property charges regularly incurred as a result of our owning the property. When spaces in a property become vacant, existing leases expire, or we acquire properties under development or requiring substantial refurbishment or renovation, we generally expect to enter into net leases.
 There is no limitation on the number, size or type of properties that we may acquire, or on the percentage of net proceeds of the Offerings (as defined below) that may be used to acquire a single property. The number and mix of properties comprising our portfolio will depend upon real estate market conditions and other circumstances existing at the time we acquire properties, and the amount of capital we have available for acquisitions. We will not forgo acquiring a high-quality asset because it does not precisely fit our expected portfolio composition.
 We incur debt to acquire properties when CMFT Management determines that incurring such debt is in our best interests and in the best interests of our stockholders. In addition, from time to time, we have acquired and may continue to acquire some properties without financing and later incur mortgage debt secured by one or more of such properties if favorable financing terms are available. We use the proceeds from these loans to acquire additional properties. See "— Financing Strategy" below for a more detailed description of our borrowing intentions and limitations.
 In evaluating potential property acquisitions consistent with our investment objectives, CMFT Management applies a well-established underwriting process to determine the creditworthiness of potential tenants. We consider a tenant to be creditworthy if we believe that the tenant has sufficient assets, cash flow generation and stability of operations to meet its obligations under

 the lease. Similarly, CMFT Management applies credit underwriting criteria to possible new tenants when we are leasing properties in our portfolio. Many of the tenants of our properties are, and we expect will continue to be, international, national or regional companies that are creditworthy entities having high net worth and operating income. CMFT Management's underwriting process includes analyzing the financial data and other available information about the tenant, such as income statements, balance sheets, net worth, cash flows, business plans, data provided by industry credit rating services, and/or other information CMFT Management may deem relevant. Generally, these tenants must have a proven track record in order to meet the credit tests applied by CMFT Management. In addition, we may obtain guarantees of leases by the corporate parent of the tenant, in which case CMFT Management will analyze the creditworthiness of the corporate parent.
 CMFT Management has substantial discretion with respect to the selection of our specific acquisitions, subject to our investment guidelines. In pursuing our investment objectives and making investment decisions on our behalf, CMFT Management evaluates the proposed terms of the acquisition against all aspects of the transaction, including the condition and financial performance of the asset, the terms of existing leases and the creditworthiness of the tenant, and property location and characteristics. Because the factors considered, including the specific weight we place on each factor, vary for each potential acquisition, we do not, and are not able to, assign a specific weight or level of importance to any particular factor.
 CMFT Management procures and reviews an independent valuation estimate on each and every proposed acquisition. In addition, CMFT Management, to the extent such information is available, considers the following:
 • tenant rolls and tenant creditworthiness;
 • a property condition report;
 • unit level store performance for retail properties;
 • strategic importance of the asset to the tenant for industrial and office properties;
 • property location, visibility and access;
 • age of the property, physical condition and curb appeal;
 • neighboring property uses;
 • local market conditions including vacancy rates and market rents;
 • area demographics, including trade area population and average household income;
 • neighborhood growth patterns and economic conditions;
 • presence of nearby properties that may positively or negatively impact store sales at the subject property; and
 • lease terms, including length of lease term, scope of landlord responsibilities, presence and frequency of contractual rental increases, renewal option provisions, exclusive and permitted use provisions, co-tenancy requirements and termination options.
 CMFT Management also reviews the terms of each existing lease by considering various factors, including:
 • rent escalations;
 • remaining lease term;
 • renewal option terms;
 • tenant purchase options;
 • termination options;
 • scope of the landlord's maintenance, repair and replacement requirements;
 • projected net cash flow yield; and
 • projected internal rates of return.
 The Board has adopted a policy to prohibit acquisitions from affiliates of CMFT Management unless a majority of our directors (including a majority of our independent directors) not otherwise interested in the transaction determine that the transaction is fair and reasonable to us and certain other conditions are met.
 In the purchasing, leasing and development of properties, we are subject to risks generally incident to the ownership of real estate. Refer to Part I, Item 1A. Risk Factors — Risks Associated with Our Real Estate Segment in this Annual Report on Form 10-K.
 We generally intend to hold each property we acquire for an extended period, generally in excess of five years. Holding periods for other real estate-related assets may vary. Circumstances might arise that could cause us to determine to sell an asset before the end of the expected holding period if we believe the sale of the asset would be in the best interests of our stockholders. The determination of whether a particular asset should be sold or otherwise disposed of will be made after

 consideration of relevant factors, including prevailing and projected economic conditions, current tenant rolls and tenant creditworthiness, whether we could apply the proceeds from the sale of the asset to acquire other assets, whether disposition of the asset would increase cash flows, and whether the sale of the asset would be a prohibited transaction under the Code or otherwise impact our status as a REIT for federal income tax purposes. During the year ended December 31, 2024, we sold seven properties for an aggregate gross sales price of $90.6 million, resulting in net proceeds of $87.2 million after closing costs and a net gain of $1.9 million.
 Financing Strategy
 We believe that utilizing borrowings to make investments is consistent with our investment objective of maximizing the return to stockholders. By operating on a leveraged basis, we have more funds available for acquiring properties or credit investments. This allows us to make more investments than would otherwise be possible, potentially resulting in a more diversified portfolio.
 The amount of leverage we use is determined by our manager, taking into account a variety of factors, which may include the anticipated liquidity and price volatility of target assets in our investment portfolio, the potential for losses and extension risk in our investment portfolio, the gap between the duration of assets and liabilities, including hedges, the availability and cost of financing the assets, the creditworthiness of our financing counterparties, the health of the global economy and commercial and residential mortgage markets, the outlook for the level, slope, and volatility of interest rate movement, the credit quality of our target assets and the type of collateral underlying such target assets. In utilizing leverage, we seek to enhance equity returns. As appropriate, we seek to match the tenor, currency, and indices of our assets and liabilities, including in certain instances through the use of derivatives. When possible, we will also seek to limit the risks associated with recourse borrowing and the amount of spread mark-to-market.
 As of December 31, 2024, our ratio of debt to total gross assets net of gross intangible lease liabilities was 62.6%.
 The following table details our outstanding financing arrangements and borrowing capacity as of December 31, 2024 (in thousands):

 Portfolio Financing Outstanding Principal Balance
 Maximum Capacity (1)

 Notes payable – variable rate debt
 $
 $

 ABS mortgage notes

 Credit facilities
 124,500
 318,000

 Repurchase facilities
 3,054,030
 (2)

 Total portfolio financing
 $
 $
 4,737,002

 ___________________________________
 (1)Subject to borrowing availability.
 (2)Facilities under the J.P. Morgan Repurchase Facility (as defined in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to the consolidated financial statements in this Annual Report on Form 10-K) carry no maximum facility size.
 Subject to maintaining our qualification as a REIT, from time to time, we engage in hedging transactions that seek to mitigate the effects of fluctuations in interest rates or currencies on our cash flows. These hedging transactions could take a variety of forms, including interest rate or currency swaps or cap agreements, options, futures contracts, forward rate or currency agreements or similar financial instruments.
 We may attempt to reduce interest rate risk and to minimize exposure to interest rate fluctuations through the use of match funded financing structures, when appropriate, whereby we may seek (1) to match the maturities of our debt obligations with the maturities of our assets, and (2) to match the interest rates on our assets with like-kind debt (i.e., we may finance floating rate assets with floating rate debt and fixed-rate assets with fixed-rate debt), directly or through the use of interest rate swap agreements or other financial instruments, or through a combination of these strategies. We expect these instruments will allow us to minimize, but not eliminate, the risk that we may have to refinance our liabilities before the maturities of our assets and to reduce the impact of changing interest rates on our earnings.
 Our ability to increase our diversification through borrowing may be adversely impacted if banks and other lending institutions reduce the amount of funds available for borrowing. When interest rates are high or financing is otherwise unavailable on a timely basis, our ability to make additional investments will be restricted and we may not be able to adequately

 diversify our portfolio. See Part I, Item 1A. Risk Factors — Risks Associated with Debt Financing in this Annual Report on Form 10-K.
 Our Offerings
 We commenced our initial public offering in January 2012 on a "best efforts" basis of up to $2.975 billion in shares of common stock (the "Initial Offering"), including $475.0 million in shares allocated to our distribution reinvestment plan (the "DRIP"). In addition, we registered $247.0 million in shares of common stock under the DRIP (the "Initial DRIP Offering") on December 19, 2013 and an additional $600.0 million in shares of common stock under the DRIP (the "Secondary DRIP Offering," and together with the Initial DRIP Offering, the "DRIP Offerings," and the DRIP Offerings collectively with the Initial Offering, the "Offerings") on August 2, 2016. We continue to issue shares of common stock under the Secondary DRIP Offering. As of December 31, 2024, we had issued approximately $514.0 million in shares of common stock under the Secondary DRIP Offering.
 Net Asset Value
 Our Board establishes an estimated per share net asset value ("NAV") of the Company's common stock for purposes of assisting broker-dealers in meeting their customer account statement reporting obligations under Financial Industry Regulatory Authority ("FINRA") Rule 2231.
 The historical estimated per share NAV of our common stock approved by the Board are set forth below:

 Effective Date of Valuation

 NAV per Share

 October 1, 2015
 $
 9.70

 November 14, 2016
 $
 9.92

 March 28, 2017
 $
 10.08

 March 29, 2018
 $
 9.37

 March 26, 2019
 $
 8.65

 March 30, 2020
 $
 7.77

 May 29, 2020
 $
 7.26

 August 14, 2020
 $
 7.31

 May 26, 2021
 $
 7.20

 December 21, 2022
 $
 6.57

 November 14, 2023
 $
 6.31

 March 1, 2024
 $
 6.09

 $
 5.22

 For participants in the DRIP, distributions are reinvested in shares of our common stock under the DRIP at the most recent estimated per share NAV as determined by our Board. As of December 31, 2024, the estimated per share NAV of our common stock was $6.09, which was established by the Board on February 29, 2024 using a valuation date of January 31, 2024. Effective on March 28, 2025, the Board established an updated estimated per share NAV of our common stock, using a valuation date of December 31, 2024, of $5.22 per share. Commencing on March 28, 2025, distributions are reinvested in shares of our common stock under the DRIP at a price of $5.22 per share and $5.22 per share serves as the most recent estimated per share NAV for purposes of the share redemption program. We have not made any adjustments to the valuation of our estimated per share NAV for the impact of other transactions occurring subsequent to March 20, 2025. See Part II, Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Share Redemption Program in this Annual Report on Form 10-K for a discussion of our share redemption program.
 Conflicts of Interest
 We are subject to various conflicts of interest arising out of our relationship with CMFT Management and its affiliates, including conflicts related to the arrangements pursuant to which we compensate CMFT Management and its affiliates.

 Allocation of Investment Opportunities
 Acquisition opportunities will be allocated among the programs sponsored by CIM pursuant to an asset allocation policy adopted by our Board. In the event that an acquisition opportunity has been identified that may be suitable for one or more of the other programs sponsored by CIM, and for which more than one such entity has sufficient uninvested funds, then an allocation committee, which is comprised of employees of CIM or their respective affiliates (the "Allocation Committee"), will examine the following factors, among others, in determining the entity for which the acquisition opportunity is most appropriate:
 • the investment guidelines and/or restrictions, if any, set forth in each entity's governing documents;
 • the entity's risk and return profile;
 • the suitability/priority of the investment for each entity;
 • the entity's available capital for investment;
 • the aggregate capital committed to each entity; and
 • the age/vintage of the entity's account for fund, and the remaining term of the investment period, if any.
 In considering the priority of an investment for an entity, the Allocation Committee may consider, among other factors, whether:
 • the investment opportunity is contiguous or proximate to an existing investment;
 • the investment opportunity is being made in conjunction with the strategic expansion plans of an existing investment;
 • the investment opportunity is being pursued with a sponsor/partner that is also a sponsor/partner in an existing investment;
 • There are economic ties/relationships between the investment opportunity and an existing investment; and
 • the size and/or product type of the investment opportunity enhances existing diversification within the entity's portfolio.
 If, in the judgment of the Allocation Committee, the acquisition opportunity may be equally appropriate for more than one program, then a strict rotation schedule will be employed whereby such entities will be offered the relevant investment opportunity on a rotation schedule in the order of their inception dates, from the latest to the earliest inception dates.
 Investments that are managed by the Sub-Advisor are allocated pursuant to the Sub-Advisor's investment allocation policies.
 We may enter into certain transactions with CMFT Management or its affiliates, including other real estate programs managed by CIM, which are subject to inherent conflicts of interest. Similarly, joint ventures involving affiliates of CMFT Management also give rise to conflicts of interest. In addition, our Board may encounter conflicts of interest in enforcing our rights against any affiliate of CMFT Management in the event of a default by or disagreement with an affiliate or in invoking powers, rights or options pursuant to any agreement between us and CMFT Management, any of its affiliates or another real estate program sponsored by affiliates of CIM.
 Fees and Other Compensation paid to CMFT Management and Its Affiliates
 We have incurred, and expect to continue to incur, fees and expenses payable to CMFT Management and its affiliates in connection with the management of our assets.
 Management Agreement. Pursuant to the Management Agreement, in connection with the services provided by our manager, our manager receives a management fee, payable quarterly in arrears, equal to the greater of (a) $250,000 per annum ($62,500 per quarter) and (b) 1.50% per annum (0.375% per quarter) of the Company's Equity (as defined in the Management Agreement). In addition, our manager shall receive Incentive Compensation (as defined in the Management Agreement), payable with respect to each quarter, which is generally equal to the excess of (a) the product of (i) 20% and (ii) the excess of (A) Core Earnings (as defined in the Management Agreement) of the Company for the previous 12-month period, over (B) the product of (1) the Company's Consolidated Equity (as defined in the Management Agreement) in the previous 12-month period, and (2) 7% per annum, over (b) the sum of any Incentive Compensation paid to our manager with respect to the first three calendar quarters of such previous 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). In addition, our manager generally shall continue to be entitled to reimbursement for costs and expenses to the extent incurred on behalf of the Company in accordance with the Management Agreement.
 The Management Agreement had an initial three-year term and shall be deemed renewed automatically each year thereafter for an additional one-year period unless the Company provides 180 days' written notice of termination to the manager after the

 affirmative vote of 2/3 of the Company's independent directors. If the Management Agreement is terminated without cause, the manager shall receive a termination fee equal to three times the sum of (a) the average annual management fee and (b) the average annual Incentive Compensation during the 24-month period prior to the termination.
 Investment Advisory and Management Agreement. Pursuant to the Investment Advisory and Management Agreement, our Investment Advisor shall receive an investment advisory fee (the "Investment Advisory Fee"), payable quarterly in arrears, equal to 1.50% per annum (0.375% per quarter) of CMFT Securities' Equity (as defined in the Investment Advisory and Management Agreement). In addition, the Investment Advisor is eligible to receive incentive compensation, as described below. In the event that an Incentive Fee is earned and payable with respect to any quarter under the Management Agreement, our manager will calculate the portion of the Incentive Fee that was attributable to the assets managed by our Investment Advisor and payable to the Investment Advisor. Because the assets that are managed by our Investment Advisor are excluded from the calculation of Management Fees payable by the Company to our manager under the Management Agreement, the total management and advisory fees payable by us to our external advisors are not increased as a result of entering into the Investment Advisory and Management Agreement. Pursuant to the Investment Advisory and Management Agreement, CMFT Securities will reimburse the Investment Advisor for costs and expenses incurred by the Investment Advisor on its behalf.
 The Investment Advisory and Management Agreement was initially for a term of three years and shall be deemed renewed automatically each year thereafter for an additional one-year period unless CMFT Securities provides 180 days' written notice of termination to the Investment Advisor after the affirmative vote of 2/3 of our independent directors, or if the Investment Advisor provides 180 days' written notice of termination to CMFT Securities. If the Investment Advisory and Management Agreement is terminated without cause by CMFT Securities, the Investment Advisor shall receive a termination fee equal to three times the sum of (a) the average annual Investment Advisory Fee and (b) the average annual Securities Manager Incentive Compensation, as that term is defined in the Investment Advisory and Management Agreement, during the 24-month period prior to the termination. CMFT Securities is not required to pay the termination fee if the Investment Advisor terminates the Investment Advisory and Management Agreement, or if the Investment Advisory and Management Agreement is terminated for cause.
 On a quarterly basis, the Investment Advisor shall designate 50% of the sum of its Investment Advisory Fee and any incentive compensation payable to the Investment Advisor, as described above, as sub-advisory fees. The sub-advisory fees shall be paid by our Investment Advisor ratably, as determined pursuant to the Sub-Advisory Agreement, to the Sub-Advisor and any other sub-advisers that provide services to CMFT Securities. Either party may terminate the Sub-Advisory Agreement with 30 days' prior written notice to the other party.
 For a discussion of the fees and expenses payable by CLR for the management of its assets, see Note 13 — Related-Party Transactions and Arrangements to the consolidated financial statements in this Annual Report on Form 10-K. For additional information related to conflicts of interest, see Part I, Item 1A. Risk Factors — Risks Related to Conflicts of Interest and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Conflicts of Interest of this Annual Report on Form 10-K.
 Human Capital Resources
 We are operated by affiliates of CIM. We have entered into the Management Agreement with CMFT Management, and the Investment Advisory and Management Agreement with our Investment Advisor, pursuant to which CMFT Management has agreed to provide, or arrange for other service providers to provide, management and administrative services to us and our subsidiaries, and our Investment Advisor has agreed to provide investment advisory services to CMFT Securities for the assets it manages.
 Competition
 In our lending and investing activities, we compete for opportunities with a variety of institutional lenders and investors, including other REITs, specialty finance companies, public and private, commercial and investment banks, commercial finance and insurance companies and other financial institutions. Several other REITs and other investment vehicles have raised significant amounts of capital, and may have investment objectives that overlap with ours, which may create additional competition for lending and investment opportunities. Some competitors may have a lower cost of funds and access to funding sources, such as the U.S. Government, that are not available to us. Many of our competitors are not subject to the operating constraints associated with REIT compliance or maintenance of an exclusion from regulation under the Investment Company Act. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of loans and investments, offer more attractive pricing or other terms and establish more relationships than us. Furthermore, competition for originations of and investments in our target assets may lead to the yields of such assets decreasing, which may further limit our ability to generate satisfactory returns.

 Similarly, as we purchase properties, we are in competition with other potential buyers for the same properties and may have to pay more to purchase the property than if there were no other potential acquirers or we may have to locate another property that meets our acquisition criteria. Regarding the leasing efforts of our owned properties, the leasing of real estate is highly competitive in the current market, and we may continue to experience competition for tenants from owners and managers of competing projects. As a result, we may have to provide free rent, incur charges for tenant improvements, or offer other inducements, or we might not be able to timely lease the space, all of which may have an adverse impact on our results of operations. At the time we elect to dispose of our properties, we may also be in competition with sellers of similar properties to locate suitable purchasers for our properties. See the section captioned "— Conflicts of Interest" above.
 Available Information
 We electronically file our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports with the SEC. We also file registration statements, amendments to our registration statements, and/or supplements to our prospectus in connection with any of our offerings with the SEC. Copies of our filings with the SEC are available on our sponsor's website,  free of charge. The information on our sponsor's website is not incorporated by reference into this Annual Report on Form 10-K. Copies of our filings with the SEC may also be obtained from the SEC's website,  Access to these filings is free of charge.

 ITEM 1A. RISK FACTORS
 Risk Factor Summary
 Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face, and stockholders should carefully consider the following summary, together with the full risk factors contained below in this "Risk Factors" section and all the other information included in this Annual Report on Form 10-K, in evaluating the Company and our business. If any of the following risks actually occur, our business, financial condition and results of operations could be materially and adversely affected, and stockholders may lose all or part of their investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations.
 Risks Related to Our Company
 • We intend to identify additional credit investments, properties and other real estate-related assets we intend to purchase. For this and other reasons, an investment in our shares is speculative.
 • There is no public trading market for our common stock, and there may never be one because, while we intend to pursue a listing of our common stock on a national securities exchange, we cannot make assurances that such a listing will occur, and we are not required to provide for a liquidity event.
 • Our estimated per share NAV is an estimate as of a given point in time and likely will not represent the amount of net proceeds that would result if we were liquidated or dissolved or completed a merger or other sale.
 • We may be unable to pay or maintain cash distributions or increase distributions over time.
 • Cybersecurity risks and cyber incidents may adversely affect our business in the event we or our manager, our transfer agent or any other party that provides us with essential services experiences cyber incidents.
 • If we, our operating partnership and any other subsidiaries do not maintain exemptions from registration under the Investment Company Act, we will be subject to significant regulations and restrictions on our business and investments, which could materially and adversely impact us.
 Risks Associated with Our Credit Segment
 • Investing in mortgage, bridge or mezzanine loans could adversely affect our return on our loan investments.
 • We are subject to risks relating to real estate-related securities, including CMBS.
 • Commercial real estate-related investments that are secured, directly or indirectly, by real property are subject to delinquency, foreclosure and loss, which could result in losses to us.
 • We operate in a highly competitive market for lending and investment opportunities, which may limit our ability to originate or acquire desirable loans and investments in our target assets.
 Risks Associated with Our Real Estate Segment
 • Adverse economic, regulatory and geographic conditions that have an impact on the real estate market in general may prevent us from being profitable or from realizing growth in the value of our real estate properties and could have a significant negative impact on us.

 • We are dependent on single-tenant leases for our revenue and, accordingly, if we are unable to renew leases, lease vacant space, including vacant space resulting from tenant defaults, or re-lease space as leases expire on favorable terms or at all, our financial condition could be adversely affected.
 • We have assumed, and in the future may assume, liabilities in connection with our property acquisitions, including unknown liabilities.
 • Pandemics or other health crises, such as the outbreak of COVID-19 and the emergence of any future variants thereof, may adversely affect our business and/or operations, our tenants' financial condition and the profitability of our properties.
 • Income from our long-term leases is an important source of our cash flow from operations and is subject to risks related to increases in expenses and inflation.
 Risks Related to Conflicts of Interest
 • Our manager and its affiliates face conflicts of interest caused by their compensation arrangements with us, including significant compensation that may be required to be paid to our manager if our manager is terminated.
 • Our officers, certain of our directors and our manager, including its personnel and officers, face conflicts of interest related to the positions they hold with affiliated and unaffiliated entities.
 Risks Related to Our Corporate Structure
 • Our stockholders' interest in us will be diluted if we issue additional shares.
 • The limit on the percentage of shares of our common stock that any person may own may discourage a takeover or business combination that may benefit our stockholders.
 Risks Associated with Debt Financing
 • We have incurred mortgage indebtedness and other borrowings, which may increase our business risks, hinder our ability to make distributions, and decrease the value of our stockholders' investment.
 • Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to our stockholders.
 U.S. Federal Income and Other Tax Risks
 • Failure to maintain our qualification as a REIT for U.S. federal income tax purposes would cause us to be taxed as a regular domestic corporation, which would adversely affect our operations and our ability to make distributions.
 • We could be subject to a material tax liability if our sales of properties are treated as prohibited transactions.
 • We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility and reduce the value of our common stock.
 • To maintain our REIT status, we may have to borrow funds on a short-term basis during unfavorable market conditions.
 • Compliance with REIT requirements may cause us to forego otherwise attractive opportunities, which may hinder or delay our ability to meet our investment objectives and reduce our stockholders' overall return.
 Risks Related to Our Company
 We intend to identify additional credit investments, properties and other real estate-related assets we intend to purchase. For this and other reasons, an investment in our shares is speculative.
 We intend to identify additional credit investments, properties and other real estate-related assets in which to invest. We have established policies relating to the types of assets we will acquire and the creditworthiness of tenants of our properties or other investment opportunities, but our manager has wide discretion in implementing these policies, subject to the oversight of our Board. Additionally, subject to our investment guidelines, our manager has discretion to determine the location, number and size of our investments and the percentage of net proceeds we may dedicate to a single investment. As a result, you will not be able to evaluate the economic merit of our future investments until after such investments have been made. Therefore, an investment in our shares is speculative.
 Our stockholders should consider our prospects in light of the risks, uncertainties and difficulties frequently encountered by companies that, like us, have not identified all investments they intend to originate or purchase. To be successful in this market, we and our manager must, among other things:
 • identify and make investments that further our investment objectives;

 • rely on our manager and its affiliates to attract, integrate, motivate and retain qualified personnel to manage our day-to-day operations;
 • respond to competition for our targeted credit investments, real estate and other assets;
 • rely on our manager and its affiliates to continue to build and expand our operations structure to support our business; and
 • be continuously aware of, and interpret, marketing trends and conditions.
 We may not succeed in achieving these goals, and our failure to do so could cause our stockholders to lose all or a portion of their investment.
 There is no public trading market for our common stock, and there may never be one.
 Our common stock is not currently publicly traded, and while we intend to pursue a listing of our common stock on a national securities exchange, we cannot make assurances that such a listing will occur. In addition, we do not have a fixed date or method for providing stockholders with liquidity. We expect that our Board will make that determination in the future based, in part, upon advice from our manager. If our stockholders are able to find a buyer for their shares, our stockholders will likely have to sell them at a substantial discount to the most recent estimated per share NAV of our common stock. It also is likely that our common stock will not be accepted as the primary collateral for a loan. Therefore, shares of our common stock should be considered illiquid and a long-term investment, and our stockholders must be prepared to hold their shares of our common stock for an indefinite length of time.
 Our stockholders are limited in their ability to sell their shares pursuant to our share redemption program and may have to hold their shares for an indefinite period of time.
 Our share redemption program allows our stockholders to sell shares of our common stock to us in limited circumstances, subject to numerous restrictions. Subject to funds being available, we generally limit the number of shares redeemed pursuant to our share redemption program to no more than 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemption is being paid. In addition, we intend to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally is limited to the net proceeds we receive from the sale of shares in the respective quarter under the DRIP. Any of the foregoing limits might prevent us from accommodating all redemption requests made in any fiscal quarter or in any 12-month period. During the past 32 quarters, excluding those when the suspension of the share redemption program was in effect, quarterly redemptions were honored on a pro rata basis, as requests for redemption exceeded the quarterly redemption limits described above. The Board may amend the terms of, suspend, or terminate our share redemption program without stockholder approval at any time if it believes that such action is in the best interest of our stockholders, and our management may reject any request for redemption. These restrictions severely limit our stockholders' ability to sell their shares should they require liquidity and limit our stockholders' ability to recover the amount they invested or the fair market value of their shares.
 Our estimated per share NAV is an estimate as of a given point in time and likely will not represent the amount of net proceeds that would result if we were liquidated or dissolved or completed a merger or other sale.
 The methodology used by our Board in reaching an estimated per share NAV of our common stock is based upon a number of estimates, assumptions, judgments and opinions that may, or may not, prove to be correct. The use of different estimates, assumptions, judgments or opinions may have resulted in significantly different estimates of the per share NAV of our common stock. Also, the estimated per share NAV of our common stock reflects an estimate as of a given point in time and will fluctuate over time as a result of, among other things, developments related to individual assets and changes in the real estate and capital markets. In addition, our Board's estimate of the per share NAV is not based on the book values of our real estate, as determined by accounting principles generally accepted in the United States of America ("GAAP"), as our book value for most real estate is based on the amortized cost of the property, subject to certain adjustments. Furthermore, in reaching an estimate of the per share NAV of our common stock, our Board did not include, among other things, a discount for debt that may include a prepayment obligation or a provision precluding assumption of the debt by a third party.
 As a result, there can be no assurance that:
 • stockholders would be able to realize the estimated per share NAV even if they were able to sell their shares of our common stock; or
 • we will be able to achieve, for our stockholders, the estimated per share NAV upon a listing of our shares of common stock on a national securities exchange, a merger, or a sale of our portfolio.

 There are currently no SEC, federal or state rules that establish requirements specifying the methodology that we must employ in determining an estimated per share NAV. However, in accordance with the rules of FINRA, the determination of the estimated per share NAV of our common stock must be conducted by, or with the material assistance or confirmation of, a third-party valuation expert and must be derived from a methodology that conforms to standard industry practice.
 We may be unable to pay or maintain cash distributions or increase distributions over time.
 There are many factors that can affect the availability and timing of cash distributions to our stockholders. Distributions are based primarily on cash flows from operations. The amount of cash available for distributions is affected by many factors, such as the performance of our manager in selecting investments for us to make, selecting tenants for our properties and securing financing arrangements, our ability to make investments, the amount of income we receive from our investments, and our operating expense levels, as well as many other variables. We may not always be in a position to pay distributions to our stockholders and any distributions we do make may not increase over time. In addition, our actual results may differ significantly from the assumptions used by our Board in establishing the distribution rate to our stockholders. There also is a risk that we may not have sufficient cash flows from operations to fund distributions required to maintain our REIT status.
 We have paid, and may continue to pay, some of our distributions from sources other than cash flows from operations, including borrowings and proceeds from asset sales, which may reduce the amount of capital we ultimately deploy in our operations and may negatively impact the value of our common stock. Additionally, distributions at any point in time may not reflect the current performance of our assets or our current operating cash flows.
 Our organizational documents permit us to pay distributions from any source, including net proceeds from public or private offerings, borrowings or advances and the deferral of fees and expense reimbursements by our manager, in our sole discretion. To the extent that cash flows from operations have been or are insufficient to fully cover our distributions to our stockholders, we have paid, and may continue to pay, some of our distributions from sources other than cash flows from operations. Such sources may include borrowings, proceeds from asset sales or the sale of our securities. We have no limits on the amounts we may use to pay distributions from sources other than cash flows from operations. The payment of distributions from sources other than cash provided by operating activities may reduce the amount of proceeds available for acquisitions, originations and operations or cause us to incur additional interest expense as a result of borrowed funds and may cause subsequent holders of our common stock to experience dilution. This may negatively impact the value of our common stock.
 Because the amount we pay in distributions may exceed our earnings and our cash flows from operations, distributions may not reflect the current performance of our assets or our current operating cash flows. To the extent distributions exceed cash flows from operations, distributions may be treated as a return of our stockholders' investment and could reduce their basis in our common stock. A reduction in a stockholder's basis in our common stock could result in the stockholder recognizing more gain upon the disposition of his or her shares, which, in turn, could result in greater taxable income to such stockholder. For more information regarding the sources of distributions for the years ended December 31, 2024 and 2023, see Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K.
 The declaration, amount and payment of future cash distributions on our common stock are subject to uncertainty.
 All distributions will be declared at the discretion of our Board and will depend on our earnings, our financial condition, REIT distribution requirements, and other factors as our Board may deem relevant from time to time. Our Board is under no obligation or requirement to declare future distributions and will continue to assess our common stock distribution rate on an ongoing basis, as market conditions and our financial position continue to evolve. We cannot assure you that we will achieve results that will allow us to pay distributions on our common stock or that the level of distributions will be maintained or increased.
 We have experienced losses in the past, and we may experience additional losses in the future.
 We have experienced net losses in the past (calculated in accordance with GAAP), and we may not be profitable or realize growth in the value of our assets. Operating losses may be attributed to start-up costs, general and administrative expenses, depreciation and amortization, as well as acquisition expenses incurred in connection with purchasing properties or making other investments. Our ability to sustain profitability is uncertain and depends on the demand for, and value of, our portfolio of loans and properties. For a further discussion of our operational history and the factors affecting our losses, see Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K and our accompanying consolidated financial statements and notes thereto.

 It may be difficult to accurately reflect material events that may impact the estimated per share NAV of our common stock between valuations and, accordingly, we may issue shares in our DRIP or redeem shares at too high or too low of a price.
 Our independent valuation firm calculates estimates of the market value of our principal real estate and real estate-related assets, and our Board determines the net value of our real estate and real estate-related assets and liabilities taking into consideration such estimates provided by the independent valuation firm. The Board is ultimately responsible for determining the estimated per share NAV of our common stock. Since our Board is only required to determine our estimated per share NAV at least annually, there may be changes in the value of our real estate and real estate-related assets that are not fully reflected in the most recent estimated per share NAV of our common stock. As a result, the published estimated per share NAV may not fully reflect changes in value that may have occurred since the prior valuation.
 Furthermore, our manager monitors our portfolio, but it may be difficult to reflect changing market conditions or material events that may impact the value of our portfolio between valuations, or to obtain timely or complete information regarding any such events. Therefore, the estimated per share NAV published before the announcement of an extraordinary event may differ significantly from our actual per share NAV until such time as sufficient information is available and analyzed, the financial impact is fully evaluated, and the appropriate adjustment is made to our estimated per share NAV, as determined by our Board. Any resulting disparity may be to the detriment of an acquiror of our common stock or a stockholder requesting share redemptions pursuant to our share redemption program. The Board last established an updated estimated per share NAV of the Company's shares as of January 31, 2024 on February 29, 2024. The Board established an updated estimated per share NAV of the Company's shares effective on March 28, 2025, using a valuation date as of December 31, 2024.
 Our future success depends to a significant degree upon certain key personnel of our manager. If our manager loses or is unable to attract and retain key personnel, our ability to achieve our investment objectives could be delayed or hindered, which could adversely affect our ability to pay distributions to our stockholders and the value of their investment.
 Our success depends to a significant degree upon the contributions of certain executive officers and other key personnel of CIM and our manager. We cannot guarantee that all of these key personnel, or any particular person, will remain affiliated with us, CIM and/or our manager. If any of our key personnel were to cease their affiliation with our manager, our operating results could suffer. We believe that our future success depends, in large part, upon our manager's ability to hire and retain highly skilled managerial, operational and marketing personnel. Competition for such personnel is intense, and we cannot assure our stockholders that CIM or our manager will be successful in attracting and retaining such skilled personnel. If our manager loses or is unable to obtain the services of key personnel, our ability to implement our investment strategies could be delayed or hindered, and the value of our stockholders' investment may decline.
 If we seek to internalize our management functions in connection with a listing of our shares of common stock on an exchange, an other liquidity event, or otherwise, our stockholders' interest in us could be diluted, and we could incur other significant costs associated with being self-managed.
 In the future, we may undertake a listing of our common stock on an exchange, an other liquidity event or other action that may involve internalizing our management functions. If our Board determines that it is in our best interest to internalize our management functions, we may negotiate to acquire our manager's assets and personnel. At this time, we cannot be sure of the form or amount of consideration or other terms relating to any such acquisition. Such consideration could take many forms, including cash payments, promissory notes and shares of our common stock. The payment of such consideration could result in dilution of our stockholders' interests and could reduce the net income per share attributable to their investment.
 Internalization transactions involving the acquisition of advisors affiliated with entity sponsors have also, in some cases, been the subject of litigation. Even if these claims are without merit, we could be forced to spend significant amounts of money defending claims, which would reduce the amount of funds available to operate our business and to pay distributions.
 In addition, while we would no longer bear the costs of the various fees and expenses we pay to our manager under the Management Agreement, our direct expenses would include general and administrative costs, including legal, accounting, and other expenses related to corporate governance, including SEC reporting and compliance. We would also incur the compensation and benefits costs of our officers and other employees and consultants that are now generally paid by our manager or its affiliates. If the expenses we assume as a result of an internalization are higher than the expenses we avoid paying to our manager, our net income per share would be lower as a result of the internalization than it otherwise would have been, potentially decreasing the amount of funds available to distribute to our stockholders and the value of our shares.
 If we internalize our management functions, we could have difficulty integrating these functions as a stand-alone entity and we may fail to properly identify the appropriate mix of personnel and capital needed to operate as a stand-alone entity. Additionally, upon any internalization of our manager, certain key personnel may not remain with our manager, but will instead remain employees of CIM.

 Cybersecurity risks and cyber incidents may adversely affect our business in the event we or our manager, our transfer agent or any other party that provides us with essential services experiences cyber incidents.
 We, our manager, our transfer agent and other parties that provide us with services essential to our operations are vulnerable to service interruptions or damages from any number of sources, including computer viruses, malware, unauthorized access, energy blackouts, natural disasters, terrorism, war and telecommunication failures. Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The risk of a security breach or disruption, particularly through cyberattacks or cyber intrusions, including by computer hackers, nation-state affiliated actors, and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased, and will likely continue to increase in the future. Such threats are prevalent and continue to rise, are increasingly difficult to detect, and come from a variety of sources, including traditional computer "hackers", threat actors, "hacktivists", organized criminal threat actors, personnel (such as through theft or misuse), sophisticated nation states, and nation-state-supported actors. Some actors now engage and are expected to continue to engage in cyberattacks, including, without limitation, nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third-party service providers upon which we rely may be vulnerable to heightened risk of these attacks, including retaliatory cyberattacks. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our tenant and stockholder relationships. As we and the parties that provide essential services to us increase our and their reliance on technology, the risks posed to the information systems of such persons have also increased. We have implemented processes, procedures and internal controls to help mitigate cyber incidents, but these measures do not guarantee that a cyber incident will not occur or that attempted security breaches or disruptions would not be successful or damaging. A cyber incident could materially adversely impact our business, financial condition, results of operations, cash flows, or our ability to satisfy our debt service obligations or to maintain our level of distributions on common stock. There also may be liability for any stolen assets or misappropriated Company funds or confidential information. Any material adverse effect experienced by our manager, our transfer agent and other parties that provide us with services essential to our operations could, in turn, have an adverse impact on us.
 Remote work has become more common among the employees and personnel of our manager and other third-party service providers and has increased risks to the information technology systems and confidential, proprietary and sensitive data of our manager and other third-party service providers as more of those employees utilize network connections, computers and devices outside of the employer's premises or network, including working at home, while in transit, and in public locations. Those employees working remotely could expose our manager and other third-party service providers to additional cybersecurity risks and vulnerabilities as their systems could be negatively affected by vulnerabilities present in external systems and technologies outside of their control.
 If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results.
 An effective system of internal control over financial reporting is necessary for us to provide reliable financial reports, prevent fraud and operate successfully as a public company. As part of our ongoing monitoring of internal controls, we may discover material weaknesses or significant deficiencies in our internal controls that we believe require remediation. If we discover such weaknesses, we will make efforts to improve our internal controls in a timely manner. Any system of internal controls, however well designed and operated, is based in part on certain assumptions and can only provide reasonable, not absolute, assurance that the objectives of the system are met. Any failure to maintain effective internal controls, or implement any necessary improvements in a timely manner, could have a material adverse effect on our business, financial condition, results of operations, cash flows or our ability to satisfy our debt service obligations or to maintain our level of distributions on our common stock, or cause us to not meet our reporting obligations. Ineffective internal controls could also cause holders of our securities to lose confidence in our reported financial information, which would likely have a negative effect on our business.
 The overturning of the Chevron doctrine could have an unfavorable impact on us.
 In June 2024, the U.S. Supreme Court issued a decision in the Loper Bright Enterprises v. Raimondo case that overturned the long-standing federal Chevron doctrine. The Chevron doctrine set forth a test that outlined when courts should defer to an agency's interpretation of federal law. Under the doctrine, if Congress had not spoken directly to the precise issue in question, the courts were to defer to the agency's interpretation so long as the interpretation was reasonable. Under the Loper Bright

 decision, courts are now required to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and may not defer to an agency interpretation of the law simply because a statute is ambiguous.
 The overturning of the Chevron doctrine is likely to result in challenges to numerous agency interpretations in various areas of law including energy, environment, taxation, and labor, among others. If these challenges are upheld, they could have both favorable and unfavorable impacts on us, depending on whether the interpretations that are overturned were more favorable toward our business and operations than subsequent revised agency interpretations. The likely increase of challenges to agency actions may also increase legal costs and create less certainty around agency actions, at least in the near term.
 Risks Associated with Our Credit Segment
 Investing in mortgage, bridge or mezzanine loans could adversely affect our return on our loan investments.
 We have invested, and may continue to invest, in mezzanine loans and may originate or acquire mortgage or bridge loans, or participations in such loans, to the extent our manager determines that it is advantageous for us to do so. However, if we originate or invest in mortgage, bridge or mezzanine loans, we will be at risk of defaults on those loans caused by many conditions beyond our control, including local and other economic conditions affecting real estate values and interest rate levels. If there are defaults under these loans, we may not be able to repossess and sell quickly any properties securing such loans. An action to foreclose on a property securing a loan is regulated by state statutes and regulations and is subject to many of the delays and expenses of any lawsuit brought in connection with the foreclosure if the defendant raises defenses or counterclaims. In the event of default by a mortgagor, these restrictions, among other things, may impede our ability to foreclose on or sell the mortgaged property or to obtain proceeds sufficient to repay all amounts due to us on the loan, which could reduce the value of our investment in the defaulted loan.
 We are subject to risks relating to real estate-related securities, including CMBS.
 Real estate-related securities are often unsecured and also may be subordinated to other obligations of the issuer. As a result, investments in real estate-related securities may be subject to risks of (1) limited liquidity in the secondary trading market in the case of unlisted or thinly traded securities, (2) substantial market price volatility resulting from changes in prevailing interest rates in the case of traded securities, (3) subordination to the prior claims of banks and other senior lenders to the issuer, (4) the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest rates that could cause the issuer to reinvest redemption proceeds in lower yielding assets, (5) the possibility that earnings of the issuer or that income from collateral may be insufficient to meet debt service and distribution obligations and (6) the declining creditworthiness and potential for insolvency of the issuer during periods of rising interest rates and economic slowdown or downturn. These risks may adversely affect the value of outstanding real estate-related securities and the ability of the obliged parties to repay principal and interest or make distribution payments.
 CMBS are securities that evidence interests in, or are secured by, a single commercial mortgage loan or a pool of commercial mortgage loans. Accordingly, these securities are subject to the risks above and all of the risks of the underlying mortgage loans. CMBS are issued by investment banks and non-regulated financial institutions and are not insured or guaranteed by the U.S. government. The value of CMBS may change due to shifts in the market's perception of issuers and regulatory or tax changes adversely affecting the mortgage securities market as a whole and may be negatively impacted by any dislocation in the mortgage-backed securities market in general.
 CMBS are also subject to several risks created through the securitization process. Subordinate CMBS are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes delinquent loans, there is a risk that interest payments on subordinate CMBS will not be fully paid. Subordinate CMBS are also subject to greater credit risk than those CMBS that are more highly rated. In certain instances, third-party guarantees or other forms of credit support can reduce the credit risk.
 Mezzanine loans, preferred equity and other investments that are subordinated or otherwise junior in an issuer's capital structure involve greater risks of loss than first mortgage loans.
 We may continue to invest in mezzanine loans, which sometimes take the form of subordinated loans secured by second mortgages on the underlying property or more commonly take the form of loans secured by a pledge of the ownership interests of either the entity owning the property or a pledge of the ownership interests of the entity that owns the interest in the entity owning the property. These types of assets involve a higher degree of risk than long term senior mortgage lending secured by income producing real property because the loan may become unsecured as a result of foreclosure by the senior lender. In the event of a bankruptcy of the entity providing the pledge of its ownership interests as security, we may not have full recourse to the assets of such entity, or the assets of the entity may not be sufficient to satisfy our mezzanine loan. If a borrower defaults on our mezzanine loan or debt senior to our loan, or in the event of a borrower bankruptcy, our mezzanine loan will be satisfied

 only after the senior debt. As a result, we may not recover some or all of our investment. In addition, mezzanine loans may have higher loan to value ratios than first mortgage loans, resulting in less equity in the property and increasing the risk of loss of principal. Significant losses related to our mezzanine loans would result in operating losses for us and may limit our ability to make distributions to our stockholders.
 We have also made, and may continue to make, preferred equity investments, which involve a higher degree of risk than conventional debt financing due to a variety of factors, including their non-collateralized nature and subordinated ranking to other loans and liabilities of the entity in which such preferred equity is held. Accordingly, if the issuer defaults on our investment, we would only be able to proceed against such entity in accordance with the terms of the preferred security and not against any property owned by such entity. Furthermore, in the event of bankruptcy or foreclosure, we would only be able to recoup our investment after all lenders to, and other creditors of, such entity are paid in full. As a result, we may lose all or a significant part of our investment, which could result in significant losses.
 Bridge loans involve a greater risk of loss than traditional mortgage loans on stabilized properties.
 We may originate or acquire bridge loans secured by first lien mortgages on a property to borrowers who are typically seeking short-term capital to be used in an acquisition, construction or rehabilitation of a property, or other short-term liquidity needs. The typical borrower under a bridge loan has usually identified an undervalued asset that has been under-managed and/or is located in a recovering market. If the market in which the asset is located fails to recover according to the borrower's projections, or if the borrower fails to improve the quality of the asset's management and/or the value of the asset, the borrower may not receive a sufficient return on the asset to satisfy the bridge loan, and we bear the risk that we may not recover some or all of our initial expenditure.
 In addition, borrowers usually use the proceeds of a conventional mortgage to repay a bridge loan. A bridge loan therefore is subject to the risk of a borrower's inability to obtain permanent financing to repay the bridge loan. Bridge loans are also subject to risks of borrower defaults, bankruptcies, fraud, losses and special hazard losses that are not covered by standard hazard insurance. In the event of any default under bridge loans held by us, we bear the risk of loss of principal and non-payment of interest and fees to the extent of any deficiency between the value of the mortgage collateral and the principal amount and unpaid interest of the bridge loan. To the extent we suffer such losses with respect to our bridge loans, the value of our company and the price of our shares of common stock may be adversely affected.
 Our loans and investments expose us to risks associated with debt-oriented real estate investments generally.
 We have invested in, and will continue to seek to invest in, debt instruments relating to real estate-related assets. As such, we are subject to, among other things, risk of defaults by borrowers in paying debt service on outstanding indebtedness and to other impairments of our loans and investments. Any deterioration of real estate fundamentals could negatively impact our performance by making it more difficult for borrowers of our mortgage loans, or borrower entities, to satisfy their debt payment obligations, increasing the default risk applicable to borrower entities, and/or making it more difficult for us to generate attractive risk-adjusted returns. Changes in general economic conditions will affect the creditworthiness of borrower entities and/or the value of underlying real estate collateral relating to our investments and may include economic and/or market fluctuations, changes in environmental, zoning and other laws, casualty or condemnation losses, regulatory limitations on rents, decreases in property values, changes in the appeal of properties to tenants, changes in supply and demand, fluctuations in real estate fundamentals, the financial resources of borrower entities, energy supply shortages, various uninsured or uninsurable risks, natural disasters, political events, terrorism and acts of war, changes in government regulations, changes in real property tax rates and/or tax credits, changes in operating expenses, changes in interest rates, changes in inflation rates, changes in the availability of debt financing and/or mortgage funds which may render the sale or refinancing of properties difficult or impracticable, increased mortgage defaults, increases in borrowing rates, negative developments in the economy and/or adverse changes in real estate values generally and other factors that are beyond our control.
 We cannot predict the degree to which economic conditions generally, and the conditions for real estate debt investing in particular, will improve or decline. Any declines in the performance of the U.S. and global economies or in the real estate debt markets could have a material adverse effect on our business, financial condition, and results of operations.
 Commercial real estate-related investments that are secured, directly or indirectly, by real property are subject to delinquency, foreclosure and loss, which could result in losses to us. We may find it necessary or desirable to foreclose on certain of the loans that we originate or acquire or CMBS that we acquire, and the foreclosure process may be lengthy and expensive.
 We may find it necessary or desirable to foreclose on certain of the loans or CMBS that we acquire, and the foreclosure process may be lengthy and expensive. The ability of a borrower to repay a loan secured by an income-producing property typically is dependent primarily upon the successful operation of the property rather than upon the existence of independent

 income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired. Net operating income of an income-producing property can be affected by, among other things:
 • tenant mix and tenant bankruptcies;
 • success of tenant businesses;
 • property management decisions, including with respect to capital improvements, particularly in older building structures;
 • property location and condition;
 • competition from other properties offering the same or similar services;
 • changes in laws that increase operating expenses or limit rents that may be charged;
 • any liabilities relating to environmental matters at the property;
 • changes in global, national, regional, or local economic conditions and/or specific industry segments;
 • global trade disruption, significant introductions of trade barriers and bilateral trade frictions;
 • declines in global, national, regional or local real estate values;
 • declines in global, national, regional or local rental or occupancy rates;
 • changes in interest rates, foreign exchange rates, and in the state of the credit and securitization markets and the debt and equity capital markets, including diminished availability or lack of debt financing for commercial real estate;
 • changes in real estate tax rates, tax credits and other operating expenses;
 • changes in governmental rules, regulations and fiscal policies, including income tax regulations and environmental legislation;
 • acts of God, terrorism, social unrest and civil disturbances, which may decrease the availability of or increase the cost of insurance or result in uninsured losses; and
 • adverse changes in zoning laws.
 The protection of the terms of the applicable loan, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests may not be adequate. Furthermore, claims may be asserted by lenders or borrowers that might interfere with enforcement of our rights. Borrowers may resist foreclosure actions by asserting numerous claims, counterclaims and defenses against us, including, without limitation, lender liability claims and defenses, even when the assertions may have no basis in fact, in an effort to prolong the foreclosure action and seek to force the lender into a modification of the loan or a favorable buy-out of the borrower's position in the loan. In some states, foreclosure actions can take several years or more to litigate. At any time prior to or during the foreclosure proceedings, the borrower may file for bankruptcy or its equivalent, which would have the effect of staying the foreclosure actions and further delaying the foreclosure process and potentially result in a reduction or discharge of a borrower's debt. Foreclosure may create a negative public perception of the related property, resulting in a diminution of its value, and in the event of any such foreclosure or other similar real estate owned-proceeding, we would also become subject to the various risks associated with direct ownership of real estate, including environmental liabilities. Even if we are successful in foreclosing on a loan, the liquidation proceeds upon sale of the underlying real estate may not be sufficient to recover our cost basis in the loan, resulting in a loss to us. Furthermore, any costs or delays involved in the foreclosure of the loan or a liquidation of the underlying property will further reduce the net proceeds and, thus, increase the loss.
 Provisions for credit losses are difficult to estimate.
 Our credit loss provision is evaluated on a quarterly basis. The determination of such provision requires us to make certain estimates and judgments, which may be difficult to determine. Our estimates and judgments are based on a number of factors, including projected cash flow from the collateral securing our loans, debt structure, including the availability of reserves and recourse guarantees, likelihood of repayment in full at the maturity of a loan, potential for refinancing and expected market discount rates for varying property types, all of which remain uncertain and are subjective. Our estimates and judgments may not be correct and, therefore, our results of operations and financial condition could be severely impacted.
 Under Accounting Standards Update 2016-13, Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments (Topic 326), we are required to provide allowances for credit losses on certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity debt securities, including related future funding commitments and accrued interest receivable. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement takes place at the time the financial asset is first added to the balance sheet and updated quarterly thereafter. This differs significantly from the "incurred loss" model previously required under

 GAAP, which delayed recognition until it was probable a loss had been incurred. Accordingly, the current expected credit losses ("CECL") model creates more volatility in the level of our credit loss provisions. If we are required to materially increase our future level of credit loss allowances for any reason, such increase could adversely affect our business, results of operations, liquidity and financial condition.
 We operate in a highly competitive market for lending and investment opportunities, which may limit our ability to originate or acquire desirable loans and investments in our target assets.
 A number of entities compete with us to make the types of loans and investments that we seek to make. Our profitability depends, in large part, on our ability to originate or acquire target assets at attractive prices. In originating or acquiring target assets, we compete with a variety of institutional lenders and investors and many other market participants, including specialty finance companies, REITs, commercial banks and thrift institutions, investment banks, insurance companies, hedge funds and other financial institutions. Many competitors are substantially larger and have considerably greater financial, technical, marketing and other resources than we do. Some competitors may have a lower cost of funds and access to funding sources that may not be available to us. Many of our competitors are not subject to the maintenance of an exemption from the Investment Company Act. Furthermore, competition for originations of, and investments in, our target assets may lead to the yield of such assets decreasing, which may further limit our ability to generate desired returns. Also, as a result of this competition, desirable loans and investments in specific types of target assets may be limited in the future and we may not be able to take advantage of attractive lending and investment opportunities from time to time. We can offer no assurance that we will be able to identify and originate loans or make any or all of the types of investments that are described herein.
 Our control over certain loans and investments may be limited.
 Our ability to manage our portfolio of loans and investments may be limited by the form in which they are made. In certain situations, we:
 • acquire investments subject to rights of senior and/or subordinate classes, special servicers or collateral managers under intercreditor, servicing agreements or securitization documents;
 • pledge our investments as collateral for financing arrangements;
 • acquire only a minority and/or a non-controlling participation in an underlying investment;
 • co-invest with others through partnerships, joint ventures or other entities, thereby acquiring non-controlling interests; or
 • rely on independent third-party management or servicing with respect to the management of an asset.
 Therefore, we may not be able to exercise control over all aspects of our loans or investments. Such financial assets may involve risks not present in investments where senior creditors, junior creditors, servicers, third-party controlling investors or CIM-sponsored investment vehicles are not involved. Our rights to control the process following a borrower default may be subject to the rights of senior or junior creditors or servicers whose interests may not be aligned with ours. A partner or co-venturer may have financial difficulties, resulting in a negative impact on such asset, may have economic or business interests or goals that are inconsistent with ours, or may be in a position to take action contrary to our investment objectives. In addition, we will generally pay all or a portion of the expenses relating to our joint ventures and we may, in certain circumstances, be liable for the actions of our partners or co-venturers.
 Our secured debt agreements impose, and additional lending facilities may impose, restrictive covenants, which may restrict our flexibility to determine our operating policies and investment strategy.
 We are party to various secured debt agreements with various counterparties. The documents that govern these secured debt agreements contain, and additional lending facilities may contain, customary affirmative and negative covenants, including financial covenants applicable to us that may restrict our flexibility to determine our operating policies and investment strategy. In particular, these agreements require us, and future similar agreements may require us, to maintain specified minimum levels of borrowing capacity under the credit facilities and cash. As a result, we may not be able to leverage our assets as fully as we would otherwise choose, which could reduce our return on assets. Further, this could also make it difficult for us to satisfy the distribution requirements necessary to maintain our qualification as a REIT for U.S. federal income tax purposes. If we are unable to meet these collateral obligations, our financial condition and prospects could deteriorate significantly. In addition, lenders may require that our manager or one or more of our manager's executives continue to serve in such capacity. If we fail to meet or satisfy any of these covenants, we would be in default under these agreements, and our lenders could elect to declare outstanding amounts due and payable, terminate their commitments, require the posting of additional collateral and enforce their interests against existing collateral. We may also be subject to cross-default and acceleration rights in our other debt arrangements.

 Difficulty in redeploying the proceeds from repayments or redemptions of our existing loans and other investments could materially and adversely affect us.
 As our loans and other investments are repaid or redeemed, we may attempt to redeploy the proceeds we receive into new loans and investments and repay borrowings under our secured revolving repurchase agreements and other financing arrangements. It is possible that we will fail to identify reinvestment options that would provide a yield and/or a risk profile that is comparable to the asset that was repaid or redeemed. If we fail to redeploy the proceeds we receive from repayment or redemption of a loan or other investment in equivalent or better alternatives, we could be materially and adversely affected.
 In addition, we expect to continue to invest in CMBS as part of our investment strategy. Subordinate interests such as CMBS and similar structured finance investments generally are not actively traded and are relatively illiquid investments. Volatility in CMBS trading markets may cause the value of these investments to decline. In addition, if the underlying mortgage portfolio has been overvalued by the originator, or if the values subsequently decline and, as a result, less collateral value is available to satisfy interest and principal payments and any other fees in connection with the trust or other conduit arrangement for such securities, we may incur significant losses.
 Prepayment rates may adversely affect our financial performance and cash flows and the value of certain of our investments.
 Our mortgage loan borrowers may be able to repay their loans prior to their stated maturities. In periods of declining interest rates and/or credit spreads, prepayment rates on loans generally increase. If general interest rates or credit spreads decline at the same time, the proceeds of such prepayments received during such periods may not be reinvested for some period of time or may be reinvested by us in comparable assets yielding less than the yields on the assets that were prepaid.
 When mortgage loans are not originated or acquired at a premium to par value, prepayment rates do not materially affect the value of such loan assets. However, the value of certain other assets may be affected by prepayment rates. For example, if we acquire fixed rate CRE debt securities investments or other fixed rate mortgage-related securities, or a pool of such fixed rate mortgage-related securities, we anticipate that the mortgage loans underlying these fixed rate securities will prepay at a projected rate generating an expected yield. If we were to purchase these securities at a premium to par value, when borrowers prepay the mortgage loans underlying these securities faster than expected, the increase in corresponding prepayments on these securities will likely reduce the expected yield. Conversely, if we were to purchase these securities at a discount to par value, when borrowers prepay the mortgage loans underlying these securities slower than expected, the decrease in corresponding prepayments on these securities will likely increase the expected yield. In addition, if we were to purchase these securities at a discount to par value, when borrowers prepay the mortgage loans underlying these securities faster than expected, the increase in corresponding prepayments on these securities will likely increase the expected yield.
 Prepayment rates on floating rate and fixed rate loans may differ in different interest rate environments, and may be affected by a number of factors, including, but not limited to, the availability of mortgage credit, the relative economic vitality of the area in which the related properties are located, the servicing of the loans, possible changes in tax laws, other opportunities for investment, and other economic, social, geographic, demographic and legal factors, all of which are beyond our control, and structural factors such as call protection. Consequently, such prepayment rates cannot be predicted with certainty and no strategy can completely insulate us from prepayment risk.
 We are subject to additional risks associated with investments in the form of loan participation interests.
 We own, and may in the future invest in, loan participation interests in which another lender or lenders share with us the rights, obligations and benefits of a commercial mortgage loan made by an originating lender to a borrower. Accordingly, we will not be in privity of contract with a borrower because the other lender or participant is the record holder of the loan and, therefore, we will not have any direct right to any underlying collateral for the loan. These loan participations may be senior, pari passu or junior to the interests of the other lender or lenders in respect of distributions from the commercial mortgage loan. Furthermore, we may not be able to control the pursuit of any rights or remedies under the commercial mortgage loan, including enforcement proceedings in the event of default thereunder. In certain cases, the original lender or another participant may be able to take actions in respect of the commercial mortgage loan that are not in our best interests. In addition, in the event that (1) the owner of the loan participation interest does not have the benefit of a perfected security interest in the lender's rights to payments from the borrower under the commercial mortgage loan or (2) there are substantial differences between the terms of the commercial mortgage loan and those of the applicable loan participation interest, such loan participation interest could be recharacterized as an unsecured loan to a lender that is the record holder of the loan in such lender's bankruptcy, and the assets of such lender may not be sufficient to satisfy the terms of such loan participation interest. Accordingly, we may face greater risks from loan participation interests than if we had made first mortgage loans directly to the owners of real estate collateral.

 If the loans that we originate or acquire do not comply with applicable laws, we may be subject to penalties, which could materially and adversely affect us.
 Loans that we originate or acquire may be directly or indirectly subject to foreign or U.S. federal, state or local governmental laws. Real estate lenders and borrowers may be responsible for compliance with a wide range of laws intended to protect the public interest, including, without limitation, the Truth in Lending, Equal Credit Opportunity, Fair Housing and Americans with Disabilities Acts and local zoning laws (including, but not limited to, zoning laws that allow permitted non-conforming uses). If we or any other person fails to comply with such laws in relation to a loan that we have originated or acquired, legal penalties may be imposed, which could materially and adversely affect us. Additionally, jurisdictions with "one action," "security first" and/or "antideficiency rules" may limit our ability to foreclose on a real property or to realize on obligations secured by a real property. In the future, new laws may be enacted or imposed by U.S. federal, state or local governmental entities, and such laws could have a material adverse effect on us.
 Investments in non-conforming and non-investment grade rated loans or securities involve increased risk of loss.
 Many of our investments do not conform to conventional loan standards applied by traditional lenders and either are not rated or rated as non-investment grade by the rating agencies. The non-investment grade credit ratings for these assets typically result from the overall leverage of the loans, the lack of a strong operating history for the properties underlying the loans, the borrowers' credit history, the properties' underlying cash flow or other factors. As a result, these investments have a higher risk of default and loss than investment grade rated assets. Any loss we incur may be significant and may reduce distributions to our stockholders and adversely affect the market value of our common stock. There are no limits on the percentage of unrated or non-investment grade rated assets we may hold in our investment portfolio.
 Any credit ratings assigned to our investments are subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.
 Some of our investments are rated by Moody's Investors Service, Inc., Fitch Ratings, Inc., S&P Global Ratings, DBRS, Inc. or Kroll Bond Rating Agency, Inc. Any credit ratings on our investments are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that any such ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. If rating agencies assign a lower-than-expected rating or reduce or withdraw, or indicate that they may reduce or withdraw, their ratings of our investments in the future, the value of these investments could significantly decline, which would adversely affect the value of our investment portfolio and could result in losses upon disposition or the failure of borrowers to satisfy their debt service obligations to us.
 Our commercial construction lending may expose us to increased lending risks.
 Construction loans generally expose a lender to greater risk of non payment and loss than permanent commercial mortgage loans because repayment of the loans often depends on the borrower's ability to secure permanent take out financing, which requires the successful completion of construction and stabilization of the project, or operation of the property with an income stream sufficient to meet operating expenses, including debt service on such replacement financing. For construction loans, increased risks include the accuracy of the estimate of the property's value at completion of construction and the estimated cost of construction, all of which may be affected by unanticipated construction delays and cost over runs. Such loans typically involve an expectation that the borrower's sponsors will contribute sufficient equity funds in order to keep the loan in balance, and the sponsors' failure or inability to meet this obligation could result in delays in construction or an inability to complete construction. Commercial construction loans also expose the lender to additional risks of contractor non performance, or borrower disputes with contractors resulting in mechanic's or materialmen's liens on the property and possible further delay in construction. In addition, since such loans generally entail greater risk than mortgage loans on income producing property, we may need to increase our allowance for loan losses in the future to account for the likely increase in probable incurred credit losses associated with such loans. Further, as the lender under a construction loan, we may be obligated to fund all or a significant portion of the loan at one or more future dates. We may not have the funds available at such future date(s) to meet our funding obligations under the loan. In that event, we would likely be in breach of the loan unless we are able to raise the funds from alternative sources, which we may not be able to achieve on favorable terms or at all. In addition, many of our construction loans have multiple lenders and if another lender fails to fund we could be faced with the choice of either funding for that defaulting lender or suffering a delay or protracted interruption in the progress of construction.

 Risks Associated with Our Real Estate Segment
 Adverse economic, regulatory and geographic conditions that have an impact on the real estate market in general may prevent us from being profitable or from realizing growth in the value of our real estate properties, and could have a significant negative impact on us.
 Our operating results will be subject to risks generally incident to the ownership of real estate, including:
 • changes in international, national or local economic or geographic conditions (including in connection with a widespread pandemic or outbreak of a highly infectious or contagious disease, such as COVID-19);
 • changes in supply of or demand for similar or competing properties in an area (including as a result of an increased prevalence of remote work);
 • changes in interest rates and availability of permanent mortgage funds that may render the sale of a property difficult or unattractive;
 • the illiquidity of real estate assets generally;
 • changes in tax, real estate, environmental and zoning laws; and
 • periods of high interest rates and tight money supply.
 During periods of economic slowdown, rising interest rates or declining demand for real estate, or the public perception that any of these events may occur, could result in a general decline in rents or an increased incidence of defaults under existing leases. If we cannot operate our properties so as to meet our financial expectations, because of these or other risks, we may be prevented from being profitable or growing the values of our real estate properties, and our business, financial condition, results of operations, cash flow or our ability to satisfy our debt service obligations or to maintain our level of distributions to our stockholders may be significantly negatively impacted.
 Additionally, global trade disruption, significant introduction of trade barriers and bilateral trade frictions, including due to tariffs and other changes to trade policy in the U.S. and other jurisdictions, together with any future downturns in the global economy resulting therefrom, could adversely affect our performance.
 We are dependent on single-tenant leases for a substantial portion of our revenue and, accordingly, if we are unable to renew leases, lease vacant space, including vacant space resulting from tenant defaults, or re-lease space as leases expire on favorable terms or at all, our financial condition could be adversely affected.
 We focus our equity investment activities on ownership of primarily freestanding, single-tenant commercial properties that are net leased to a single tenant. Therefore, the financial failure of, or other default by, a significant tenant or multiple tenants could cause a material reduction in our revenues and operating cash flows. In addition, to the extent that we enter into a master lease with a particular tenant, the termination of such master lease could affect each property subject to the master lease, resulting in the loss of revenue from all such properties.
 We cannot assure our stockholders that our leases will be renewed or that we will be able to lease or re-lease the properties on favorable terms, or at all, or that lease terminations will not cause us to sell the properties at a loss. Any of our properties that become vacant could be difficult to re-lease or sell. We have experienced and may continue to experience vacancies either by the default of a tenant under its lease or the expiration of one of our leases. We typically must incur all of the costs of ownership for a property that is vacant. Upon or pending the expiration of leases at our properties, we may be required to make rent or other concessions to tenants, or accommodate requests for renovations, remodeling and other improvements, in order to retain and attract tenants. Certain of our properties may be specifically suited to the particular needs of a tenant (e.g., a restaurant) and major renovations and expenditures may be required in order for us to re-lease the space for other uses. If the vacancies continue for a long period of time, we may suffer reduced revenues and increased costs, resulting in less cash available for distribution to our stockholders and unitholders of our operating partnership. If we are unable to renew leases, lease vacant space, including vacant space resulting from tenant defaults, or re-lease space as leases expire on favorable terms or at all, our financial condition could be adversely affected.
 We may become subject to geographic and industry concentrations that make us more susceptible to adverse events with respect to certain geographic areas or industries.
 Any adverse change in the financial condition of a tenant with whom we may have a significant credit concentration now or in the future, or any downturn of the economy in any state or industry in which we may have a significant credit concentration now or in the future, could result in a material reduction of our cash flows or material losses to us.

 If a major tenant declares bankruptcy, we may be unable to collect balances due under relevant leases, which could have a material adverse effect on our financial condition and ability to pay distributions to our stockholders.
 The bankruptcy or insolvency of our tenants may adversely affect the income produced by our properties. Under bankruptcy law, a tenant cannot be evicted solely because of its bankruptcy and has the option to assume or reject any unexpired lease. If the tenant rejects the lease, any resulting claim we have for breach of the lease (excluding collateral securing the claim) will be treated as a general unsecured claim. Our claim against the bankrupt tenant for unpaid and future rent will be subject to a statutory cap that might be substantially less than the remaining rent actually owed under the lease, and it is unlikely that a bankrupt tenant that rejects its lease would pay in full amounts it owes us under the lease. Even if a lease is assumed and brought current, we still run the risk that a tenant could condition lease assumption on a restructuring of certain terms, including rent, that would have an adverse impact on us. Any shortfall resulting from the bankruptcy of one or more of our tenants could adversely affect our business, financial condition, results of operations, cash flows or our ability to satisfy our debt service obligations or to maintain our level of distributions on our common stock.
 In addition, the financial failure of, or other default by, one or more of the tenants to whom we have exposure could have an adverse effect on the results of our operations. While we evaluate the creditworthiness of our tenants by reviewing available financial and other pertinent information, there can be no assurance that any tenant will be able to make timely rental payments or avoid defaulting under its lease. If any of our tenants' businesses experience significant adverse changes, they may fail to make rental payments when due, close a number of stores, exercise early termination rights (to the extent such rights are available to the tenant) or declare bankruptcy. A default by a significant tenant or multiple tenants could cause a material reduction in our revenues and operating cash flows. In addition, if a tenant defaults, we may incur substantial costs in protecting our assets.
 If a sale-leaseback transaction is re-characterized in a tenant's bankruptcy proceeding, our financial condition could be adversely affected.
 We may enter into sale-leaseback transactions, whereby we would purchase a property and then lease the same property back to the person from whom we purchased it. In the event of the bankruptcy of a tenant, a transaction structured as a sale-leaseback might be re-characterized as either a financing or a joint venture, either of which outcomes could adversely affect our financial condition, cash flows and the amount available for distributions to our stockholders.
 If the sale-leaseback were re-characterized as a financing, we would not be considered the owner of the property, and as a result would have the status of a creditor in relation to the tenant. In that event, we would no longer have the right to sell or encumber our ownership interest in the property. Instead, we would have a claim against the tenant for the amounts owed under the lease, with the claim arguably secured by the property. The tenant/debtor might have the ability to propose a plan restructuring the term, interest rate and amortization schedule of its outstanding balance. If confirmed by the bankruptcy court, we could be bound by the new terms, and prevented from foreclosing our lien on the property. If the sale-leaseback were re-characterized as a joint venture, we and our tenant could be treated as co-venturers with regard to the property. As a result, we could be held liable, under some circumstances, for debts incurred by the tenant relating to the property.
 If we are unable to successfully integrate new assets and manage our growth, our results of operations and financial condition may suffer.
 We have in the past and may in the future significantly increase the size and/or change the mix of our portfolio of assets. We may be unable to successfully and efficiently integrate newly-acquired assets into our existing portfolio or otherwise effectively manage our assets or our growth effectively. In addition, increases in our portfolio of assets and/or changes in the mix of our assets may place significant demands on our manager's administrative, operational, asset management, financial and other resources. Any failure to manage increases in size effectively could adversely affect our results of operations and financial condition.
 We have assumed, and in the future may assume, liabilities in connection with our property acquisitions, including unknown liabilities.
 In connection with the acquisition of properties, we may assume existing liabilities, some of which may have been unknown or unquantifiable at the time of the transaction. Unknown liabilities might include liabilities for cleanup or remediation of undisclosed environmental conditions, claims of tenants or other persons dealing with the sellers prior to our acquisition of the properties, tax liabilities, and accrued but unpaid liabilities whether incurred in the ordinary course of business or otherwise. If the magnitude of such unknown liabilities is high, either singly or in the aggregate, it could adversely affect our business, financial condition, liquidity and results of operations, cash flows or our ability to satisfy our debt service obligations or maintain our level of distributions on our common stock.

 Challenging economic conditions could adversely affect vacancy rates, which could have an adverse impact on our ability to make distributions and the value of an investment in our shares.
 Challenging economic conditions, the availability and cost of credit, turmoil in the mortgage market, and declining real estate markets may contribute to increased vacancy rates in the commercial real estate sector. If we experience vacancy rates that are higher than historical vacancy rates, we may have to offer lower rental rates and greater tenant improvements or concessions than expected. Increased vacancies may have a greater impact on us, as compared to REITs with other investment strategies, as our investment approach relies on long-term leases in order to provide a relatively stable stream of income for our stockholders. As a result, increased vacancy rates could have the following negative effects on us:
 • the values of our commercial properties could decrease below the amount paid for such assets;
 • revenues from such properties could decrease due to low or no rental income during vacant periods, lower future rental rates and/or increase tenant improvement expenses or concessions;
 • ownership costs could increase;
 • revenues from such properties that secure loans could decrease, making it more difficult for us to meet our payment obligations; and/or
 • the resale value of such properties could decline.
 All of these factors could impair our ability to make distributions and decrease the value of an investment in our shares.
 Uninsured losses or losses in excess of our insurance coverage could materially adversely affect our financial condition and cash flows, and there can be no assurance as to future costs and the scope of coverage that may be available under insurance policies.
 We carry comprehensive liability, fire, extended coverage, and rental loss insurance covering all of the properties in our portfolio under one or more blanket insurance policies with policy specifications, limits and deductibles customarily carried for similar properties. In addition, we carry professional liability and directors' and officers' insurance, and cyber liability insurance. While we select policy specifications and insured limits that we believe are appropriate and adequate given the relative risk of loss, insurance coverages provided by tenants, the cost of the coverage and industry practice, there can be no assurance that we will not experience a loss that is uninsured or that exceeds policy limits. In addition, we may reduce or discontinue terrorism, flood or other insurance on some or all of our properties in the future if the cost of premiums for any of these policies exceeds, in our judgment, the value of the coverage discounted for the risk of loss. Our title insurance policies may not insure for the current aggregate market value of our portfolio, and we do not intend to increase our title insurance coverage as the market value of our portfolio increases.
 Further, we do not carry insurance for certain losses, including, but not limited to, losses caused by earthquakes, riots or acts of war because such losses may be either uninsurable or not economically insurable. If we experience a loss that is uninsured or which exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged. In addition, we carry several different lines of insurance, placed with several large insurance carriers. If any one of these large insurance carriers were to become insolvent, we would be forced to replace the existing insurance coverage with another suitable carrier, and any outstanding claims would be at risk for collection. In such an event, we cannot be certain that we would be able to replace the coverage at similar or otherwise favorable terms. As a result of any of the situations described above, our financial condition and cash flows may be materially and adversely affected.
 We may be unable to secure funds for future leasing commissions, tenant improvements or capital needs, which could adversely impact our ability to pay cash distributions to our stockholders.
 When tenants do not renew their leases or otherwise vacate their space, we are typically required to expend substantial funds for leasing commissions, tenant improvements and tenant refurbishments to the vacated space in order to attract replacement tenants. In addition, although we expect that our leases with tenants will require tenants to pay routine property maintenance costs, we could be responsible for any major structural repairs, such as repairs to the foundation, exterior walls and rooftops. The capital to fund these activities may come from cash flows from operations, borrowings, property sales or future equity offerings. However, these sources of funding may not be available on attractive terms or at all, and we may be required to defer necessary improvements to a property, which may cause that property to suffer from a greater risk of obsolescence or a decline in value, or a greater risk of decreased operating cash flows as a result of fewer potential tenants being attracted to the property. If this happens, our assets may generate lower cash flows or decline in value, or both.

 Our properties may be subject to impairment charges.
 We routinely evaluate our real estate assets for impairment indicators. The judgment regarding the existence of impairment indicators is based on factors such as market conditions, tenant performance and lease structure. For example, the early termination of, or default under, a lease by a tenant may lead to an impairment charge. Since our real estate segment investment focus is on properties net leased to a single tenant, the financial failure of, or other default by, a single tenant under its lease may result in a significant impairment loss. If we determine that an impairment has occurred, we would be required to make a downward adjustment to the net carrying value of the property, which could have a material adverse effect on our results of operations in the period in which the impairment charge is recorded. Management has recorded an impairment charge related to certain properties in the year ended December 31, 2024, and may record future impairments based on actual results and changes in circumstances. Negative developments in the real estate market may cause management to reevaluate the business and macro-economic assumptions used in its impairment analysis. Changes in management's assumptions based on actual results may have a material impact on our financial statements. See Note 3 — Fair Value Measurements to our consolidated financial statements in this Annual Report on Form 10-K for a discussion of our real estate impairment charges.
 We may obtain only limited warranties when we purchase a property and, as a result, have limited recourse in the event our due diligence did not identify issues that lower the value of the property.
 Properties are often sold on an "as is" condition and "where is" basis and "with all faults," without any warranties of merchantability or fitness for a particular use or purpose. In addition, purchase agreements may contain only limited warranties, representations and indemnifications that will only survive for a limited period after the closing of the sale. The purchase of properties with limited warranties increases the risk that we may lose some or all of our invested capital in the property.
 We may be unable to sell a property if or when we decide to do so, including as a result of uncertain market conditions.
 Real estate assets are, in general, relatively illiquid and may become even more illiquid during periods of economic downturn. As a result, we may not be able to sell our properties quickly or on favorable terms in response to changes in the economy or other conditions when it otherwise may be prudent to do so. In addition, certain significant expenditures generally do not change in response to economic or other conditions, including debt service obligations, real estate taxes, and operating and maintenance costs. This combination of variable revenue and relatively fixed expenditures may result, under certain market conditions, in reduced earnings. In addition, historically, during periods of increasing interest rates, real estate valuations have generally decreased as a result of rising capitalization rates, which tend to be positively correlated with interest rates. Consequently, prolonged periods of higher interest rates may negatively impact the valuation of our portfolio as well as lower sales proceeds from future dispositions. Further, as a result of the 100% prohibited transactions tax applicable to REITs, we intend to hold our properties for investment, rather than primarily for sale in the ordinary course of business, which may cause us to forgo or defer sales of properties that otherwise would be favorable. Therefore, we may be unable to adjust our portfolio promptly in response to economic, market or other conditions, which could adversely affect our business, financial condition, results of operations, cash flows or our ability to satisfy our debt service obligations or to maintain our level of distributions on our common stock.
 Some of our leases may not contain rental increases over time, or the rental increases may be less than the fair market rate at a future point in time. When that is the case, the value of the leased property to a potential purchaser may not increase over time, which may restrict our ability to sell that property, or if we are able to sell that property, may result in a sale price less than the price that we paid to purchase the property or the price that could be obtained if the rental was at the then-current market rate.
 We expect to hold the various real properties we acquire until such time as we decide that a sale or other disposition is appropriate given our REIT status and business objectives. Our ability to dispose of properties on advantageous terms or at all depends on certain factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers of our properties. We cannot predict the various market conditions affecting real estate assets which will exist at any particular time in the future. Due to the uncertainty of market conditions which may affect the disposition of our properties, we cannot assure our stockholders that we will be able to sell such properties at a profit or at all in the future. Accordingly, the extent to which our stockholders will receive cash distributions and realize potential appreciation on our real estate assets will depend upon fluctuating market conditions. Furthermore, we may be required to expend funds to correct defects or to make improvements before a property can be sold. We cannot assure our stockholders that we will have funds available to correct such defects or to make such improvements.

 Our properties where the underlying tenant has a below investment-grade credit rating, as determined by major credit rating agencies, or has an unrated tenant may have a greater risk of default.
 As of December 31, 2024, approximately 69.2% of our tenants were not rated or did not have an investment-grade credit rating from a major ratings agency or were not affiliates of companies having an investment-grade credit rating. Our properties with such tenants may have a greater risk of default and bankruptcy than properties leased exclusively to investment-grade tenants. When we acquire properties where the tenant does not have a publicly available credit rating, we will use certain credit assessment tools as well as rely on our own estimates of the tenant's credit rating which includes reviewing the tenant's financial information (e.g., financial ratios, net worth, revenue, cash flows, leverage and liquidity, if applicable). If our ratings estimates are inaccurate, the default or bankruptcy risk for the subject tenant may be greater than anticipated. If our lender or a credit rating agency disagrees with our ratings estimates, we may not be able to obtain our desired level of leverage or our financing costs may exceed those that we projected. This outcome could have an adverse impact on our returns on that asset and hence our operating results.
 Increased operating expenses could reduce cash flows from operations and funds available to acquire properties or make distributions.
 Our properties are subject to operating risks common to real estate in general, any or all of which may negatively affect us. If any property is not fully occupied or if rents are payable (or are being paid) in an amount that is insufficient to cover operating expenses that are the landlord's responsibility under the lease, we could be required to expend funds in excess of such rents with respect to that property for operating expenses. Our properties are subject to increases in tax rates, utility costs, insurance costs, repairs and maintenance costs, administrative costs and other operating and ownership expenses. Some of our property leases may not require the tenants to pay all or a portion of these expenses, in which event we may be responsible for these costs. If we are unable to lease properties on terms that require the tenants to pay all or some of the properties' operating expenses, if our tenants fail to pay these expenses as required or if expenses we are required to pay exceed our expectations, we could have less funds available for future acquisitions or cash available for distributions to our stockholders.
 Inflation and rising interest rates may adversely affect our financial condition and results of operations.
 Since we may incur leverage to make investments, our income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. Inflation remained high in 2024. During the 12 months ended December 2024, the consumer price index rose 2.9%. Beginning in 2022, in an effort to combat inflation and restore price stability, the Federal Reserve significantly raised the federal funds rate, which led to increases in interest rates in the credit market. Although the Federal Reserve began lowering the federal funds rate in the second half of 2024, and there are expectations that the Federal Reserve will continue lowering the federal funds rate in 2025, these expectations may not materialize and the Federal Reserve may increase rates in the future in an effort to combat inflation. Should the Federal Reserve raise rates in the future, this will likely result in further increases in market interest rates. In a rising interest rate environment, any leverage that we incur may bear a higher interest rate than may currently be available. There may not, however, be a corresponding increase in our revenues. Any reduction in the rate of return on new investments relative to the rate of return on current investments, and any reduction in the rate of return on current investments, which could adversely impact our income, reducing our ability to service the interest obligations on, and to repay the principal of, our indebtedness.
 An increase in inflation could have an adverse impact on our floating rate mortgages, credit facilities and general and administrative expenses, as these costs could increase at a rate higher than our rental and other revenue. Inflation could also have an adverse effect on consumer spending, which could impact our tenants' revenues and, in turn, their demand for space and future extensions of their leases.
 Real estate-related taxes may increase, and if these increases are not passed on to tenants, our income will be reduced.
 Local real property tax assessors may reassess our properties, which may result in increased taxes. Generally, property taxes increase as property values or assessment rates change, or for other reasons deemed relevant by property tax assessors. An increase in the assessed valuation of a property for real estate tax purposes will result in an increase in the related real estate taxes on that property. Although some tenant leases may permit us to pass through such tax increases to the tenants for payment, renewal leases or future leases may not be negotiated on the same basis. Tax increases not passed through to tenants could have a materially adverse effect on our business, financial condition, results of operations, cash flows or our ability to satisfy our debt service obligations or to maintain our level of distributions on our common stock.
 Covenants, conditions and restrictions may restrict our ability to operate a property.
 Many of our properties are or will be subject to significant covenants, conditions and restrictions, known as "CC&Rs," restricting their operation and any improvements on such properties. Compliance with CC&Rs may adversely affect the types

 of tenants we are able to attract to such properties, our operating costs and reduce the amount of funds that we have available to pay distributions to our stockholders.
 Our operating results may be negatively affected by potential development and construction delays and the resultant increased costs and risks.
 If we engage in development or construction projects, we will be subject to uncertainties associated with re-zoning for development, environmental and land use concerns of governmental entities and/or community groups, and our builder's ability to build in conformity with plans, specifications, budgeted costs, and timetables. If a builder fails to perform, we may resort to legal action to rescind the breached agreements or to compel performance. A builder's performance may also be affected or delayed by conditions beyond the builder's control. Delays in completion of construction could also give tenants the right to terminate preconstruction leases. We may incur additional risks if we make periodic progress payments or other advances to builders before they complete construction. These and other such factors can result in increased costs of a project or loss of our asset. In addition, we will be subject to normal lease-up risks relating to newly constructed projects. We also must rely on rental income and expense projections and estimates of the fair market value of property upon completion of construction when agreeing upon a price at the time we acquire the property. If our projections are inaccurate, we may pay too much for a property, and our return on our assets could suffer.
 We may deploy capital in unimproved real property. Returns from development of unimproved properties are also subject to risks associated with re-zoning the land for development and environmental and land use concerns of governmental entities and/or community groups.
 Competition with third parties in acquiring, leasing or selling properties and other investments may reduce our profitability and the return on our stockholders' investment.
 We compete with many other entities engaged in real estate acquisition activities, including individuals, corporations, bank and insurance company investment accounts, other REITs, real estate limited partnerships, and other entities engaged in real estate acquisition activities, many of which have greater resources than we do. Larger competitors may enjoy significant advantages that result from, among other things, a lower cost of capital and enhanced operating efficiencies. In addition, the number of entities and the amount of funds competing for suitable acquisitions may increase. Any such increase would result in increased demand for these assets and therefore increased prices paid for them. If we pay higher prices for properties and other assets as a result of competition with third parties without a corresponding increase in tenant lease rates, our profitability will be reduced, and our stockholders may experience a lower return on their investment.
 We are also subject to competition in the leasing of our properties. Many of our competitors own properties similar to ours in the same markets in which our properties are located. If one of our properties is nearing the end of the lease term or becomes vacant and our competitors (which could include funds sponsored by affiliates of our manager) offer space at rental rates below current market rates or below the rental rates we currently charge our tenants, we may lose existing or potential tenants and we may be pressured to reduce our rental rates below those we currently charge or to offer substantial rent concessions in order to retain tenants when such tenants' leases expire or to attract new tenants.
 In addition, if our competitors sell assets similar to assets we intend to sell in the same markets and/or at valuations below our valuations for comparable assets, we may be unable to dispose of our assets at all or at favorable pricing or on favorable terms. As a result of these actions by our competitors, our business, financial condition, liquidity and results of operations may be adversely affected.
 Our properties face competition that may affect tenants' ability to pay rent and the amount of rent paid to us may affect the cash available for distributions to our stockholders and the amount of distributions.
 Many of our leases provide for increases in rent as a result of increases in the tenant's sales volume. There likely will be numerous other retail properties within the market area of such properties that will compete with our tenants for customer business. In addition, traditional retailers face increasing competition from alternative retail channels, including internet-based retailers and other forms of e-commerce, factory outlet centers, wholesale clubs, mail order catalogs and television shopping networks, which could adversely impact our retail tenants' sales volume. Such competition could negatively affect such tenants' ability to pay rent or the amount of rent paid to us. This could result in decreased cash flows from tenants thus affecting cash available for distributions to our stockholders and the amount of distributions we pay.
 Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.
 From time to time, we may acquire multiple properties in a single transaction. Portfolio acquisitions are often more complex and expensive than single-property acquisitions, and the risk that a multiple-property acquisition does not close may

 be greater than in a single-property acquisition. Portfolio acquisitions may also result in us owning assets in geographically dispersed markets, placing additional demands on our ability to manage the properties in the portfolio. In addition, a seller may require that a group of properties be purchased as a package even though we may not want to purchase one or more properties in the portfolio. In these situations, if we are unable to identify another person or entity to acquire the unwanted properties, we will be required to either pass on the entire portfolio, including the desirable properties or acquire the entire portfolio and operate or attempt to dispose of the unwanted properties. To acquire multiple properties in a single transaction, we may be required to accumulate a large amount of cash. We would expect the returns that we earn on such cash to be less than the ultimate returns on real property, therefore accumulating such cash could reduce our funds available for distributions to our stockholders. Any of the foregoing events may have an adverse impact on our operations.
 Our participation in a co-ownership arrangement may subject us to risks that otherwise may not be present in other real estate assets.
 We may enter into co-ownership arrangements with respect to a portion of the properties we acquire. Co-ownership arrangements involve risks generally not otherwise present with an investment in other real estate assets, such as the following:
 • the risk that a co-owner may at any time have economic or business interests or goals that are or become inconsistent with our business interests or goals;
 • the risk that a co-owner may be in a position to take action contrary to our instructions or requests or contrary to our policies, objectives or status as a REIT;
 • the possibility that an individual co-owner might become insolvent or bankrupt, or otherwise default under the applicable mortgage loan financing documents, which may constitute an event of default under all of the applicable mortgage loan financing documents, result in a foreclosure and the loss of all or a substantial portion of the investment made by the co-owner, or allow the bankruptcy court to reject the agreements entered into by the co-owners owning interests in the property;
 • the possibility that a co-owner might not have adequate liquid assets to make cash advances that may be required in order to fund operations, maintenance and other expenses related to the property, which could result in the loss of current or prospective tenants and may otherwise adversely affect the operation and maintenance of the property, and could cause a default under the applicable mortgage loan financing documents and may result in late charges, penalties and interest, and may lead to the exercise of foreclosure and other remedies by the lender;
 • the risk that a co-owner could breach agreements related to the property, which may cause a default under, and possibly result in personal liability in connection with, any mortgage loan financing documents applicable to the property, violate applicable securities laws, result in a foreclosure or otherwise adversely affect the property and the co-ownership arrangement;
 • the risk that we could have limited control and rights, with management decisions made entirely by a third party; and
 • the possibility that we will not have the right to sell the property at a time that otherwise could result in the property being sold for its maximum value.
 In the event that our interests become adverse to those of the other co-owners, we may not have the contractual right to purchase the co-ownership interests from the other co-owners. Even if we are given the opportunity to purchase such co-ownership interests in the future, we cannot guarantee that we will have sufficient funds available at the time to purchase co-ownership interests from the co-owners.
 We might want to sell our co-ownership interests in a given property or other investment at a time when the other co-owners in such property or investment do not desire to sell their interests. Therefore, because we anticipate that it will be much more difficult to find a willing buyer for our co-ownership interests in an investment than it would be to find a buyer for a property we owned outright, we may not be able to sell our co-ownership interest in a property at the time we would like to sell.
 Terrorist attacks, acts of violence or war or public health crises may affect the markets in which we operate and have a material adverse effect on our financial condition, results of operations and ability to pay distributions to our stockholders.
 The strength and profitability of our business depends on demand for and the value of our properties. The war between Russia and Ukraine and the ongoing Israel-Hamas conflict have led to disruption, instability and volatility in global markets and industries and have had a negative impact on the global economy and global supply chains. Disruption, instability, volatility and decline in global economic activity, whether caused by acts of war, other acts of aggression or terrorism, in each case regardless of where it occurs, could in turn harm the demand for and the value of our properties. In addition, public health crises may result in declining economic activity, which could harm the demand for and the value of our properties and may negatively affect our operations and our stockholders' investments. We may acquire real estate assets located in areas that are susceptible to terrorist attacks or acts of war. These attacks may directly impact the value of our assets through damage,

 destruction, loss or increased security costs. Although we may obtain terrorism insurance, we may not be able to obtain sufficient coverage to fund any losses we may incur. Risks associated with potential acts of terrorism could sharply increase the premiums we pay for coverage against property and casualty claims. Further, certain losses resulting from these types of events are uninsurable or not insurable at reasonable costs.
 More generally, any terrorist attack, other act of violence or war, or public health crisis could result in increased volatility in, or damage to, the United States and worldwide financial markets and economy, all of which could adversely affect our tenants' ability to pay rent on their leases or our ability to borrow money or issue capital stock at acceptable prices, which could have a material adverse effect on our financial condition, results of operations and ability to pay distributions to our stockholders.
 The long-term macroeconomic effects of the COVID-19 pandemic and any future pandemic or epidemic could have a material adverse impact on our financial performance and results of operations.
 While many of the direct impacts of the COVID-19 pandemic have eased, the longer-term macroeconomic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including those of certain of our tenants.
 While we believe that our business is well-positioned for the post-COVID environment, long-term macroeconomic effects, including from supply and labor shortages, of the COVID-19 pandemic may in the future have an adverse impact on our estimated per share NAV, results of operations and cash flows, and may have an adverse impact on our ability to source new investments, obtain financing, fund distributions to stockholders and satisfy redemption requests, among other factors.
 We are subject to risks that affect the retail real estate environment generally.
 Our business has historically focused on retail real estate. As such, we are subject to certain risks that can affect the ability of our retail properties to generate sufficient revenue to meet our operating and other expenses, including debt service, to make capital expenditures and to make distributions to our stockholders. We face continuing challenges because of changing consumer preferences and because the conditions in the economy affect employment growth and cause fluctuations and variations in retail sales and in business and consumer confidence and consumer spending on retail goods. In general, a number of factors can negatively affect the income generated by a retail property or the value of a property, including: a downturn in the national, regional or local economy; a decrease in employment or consumer confidence or spending; increases in operating costs, such as common area maintenance, real estate taxes, utility rates and insurance premiums; higher energy or fuel costs resulting from adverse weather conditions, natural disasters, geopolitical concerns (including the war between Russia and Ukraine and the ongoing Israel-Hamas conflict, which have led to disruption, instability and volatility in global markets and industries), terrorist activities and other factors; changes in interest rate levels and the cost and availability of financing; the imposition of tariffs and other changes to trade policy in the U.S. and other jurisdictions; a weakening of local real estate conditions, such as an oversupply of, or a reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants; trends in the retail industry; seasonality; changes in perceptions by retailers or shoppers of the safety, convenience and attractiveness of a retail property; perceived changes in the convenience and quality of competing retail properties and other retailing options such as internet shopping or other strategies, such as using smartphones or other technologies to determine where to make and to assist in making purchases; the ability of our tenants to meet shoppers' demands for quality, variety, and product availability, which may be impacted by supply chain disruptions; and changes in laws and regulations applicable to real property, including tax and zoning laws.
 Changes in one or more of the aforementioned factors can lead to a decrease in the revenue or income generated by our properties and can have a material adverse effect on our financial condition and results of operations. Many of these factors could also specifically or disproportionately affect one or more of our tenants, which could decrease operating performance, reduce property revenue and affect our results of operations. If the estimated future cash flows related to a particular property are significantly reduced, we may be required to reduce the carrying value of the property.
 Downturns in the retail industry likely will have a direct adverse impact on our revenues and cash flow.
 Our retail properties currently owned consist primarily of necessity retail properties. Our retail performance therefore is generally linked to economic conditions in the market for retail space. The market for retail space could be adversely affected by any of the following:
 • weakness in the national, regional and local economies, and declines in consumer confidence which could adversely impact consumer spending and retail sales and in turn tenant demand for space and could lead to increased store closings;
 • changes in market rental rates;

 • changes in demographics (including the number of households and average household income) surrounding our properties;
 • the imposition of tariffs and other changes to trade policy in the U.S. and other jurisdictions;
 • adverse financial conditions for retail, service, medical or restaurant tenants;
 • continued consolidation in the retail and grocery sector;
 • excess amount of retail space in our markets;
 • reduction in the demand by tenants to occupy our properties as a result of increases in e-commerce and alternative distribution channels, which may negatively affect our tenant sales or decrease the square footage our tenants require and could lead to margin pressure on our tenants and store closures;
 • the impact of an increase in energy costs on consumers and its consequential effect on the number of shopping visits to our properties;
 • a pandemic or other health crisis; and
 • consequences of any armed conflict involving, or terrorist attack against, the United States.
 To the extent that any of these conditions occur, they are likely to impact market rents for retail space, occupancy in our retail properties, our ability to sell, acquire or develop retail properties, and our cash available for distributions to stockholders.
 If we sell properties by providing financing to purchasers, defaults by the purchasers would adversely affect our cash flows from operations.
 In some instances, we may sell our properties by providing financing to purchasers. When we provide financing to purchasers, we will bear the risk that the purchaser may default on its obligations under the financing, which could negatively impact cash flows from operations. Even in the absence of a purchaser default, the distribution of sale proceeds or their reinvestment in other assets will be delayed until the promissory notes or other property we may accept upon the sale are actually paid, sold, refinanced or otherwise disposed of. In some cases, we may receive initial down payments in cash and other property in the year of sale in an amount less than the selling price, and subsequent payments will be spread over a number of years. If any purchaser defaults under a financing arrangement with us, such default could negatively impact our ability to pay cash distributions to our stockholders.
 Our net leases may require us to pay property-related expenses that are not the obligations of our tenants.
 Under the terms of the majority of our net leases, in addition to satisfying their rent obligations, our tenants will be responsible for the payment or reimbursement of property expenses such as real estate taxes, insurance and ordinary maintenance and repairs. However, under the provisions of certain existing leases and leases that we may enter into in the future with our tenants, we may be required to pay some or all of the expenses of the property, such as the costs of environmental liabilities, roof and structural repairs, real estate taxes, insurance, certain non-structural repairs and maintenance. If our properties incur significant expenses that must be paid by us under the terms of our leases, our business, financial condition and results of operations may be adversely affected and the amount of cash available to meet expenses and to pay distributions to stockholders may be reduced.
 Changes in accounting standards may adversely impact our financial condition and/or results of operations.
 We are subject to the rules and regulations of the Financial Accounting Standards Board related to GAAP. Various changes to GAAP are constantly being considered, some of which could materially impact our reported financial condition and/or results of operations. Also, to the extent that public companies in the United States would be required in the future to prepare financial statements in accordance with International Financial Reporting Standards instead of the current GAAP, this change in accounting standards could materially affect our financial condition or results of operations.
 Our real estate business is subject to risks from climate change.
 Our real estate business is subject to risks associated with climate change. Climate change could trigger extreme weather and changes in precipitation, temperature, and air quality, all of which may result in physical damage to, or a decrease in demand for, our properties located in the areas affected by these conditions. Further, the assessment of the potential impact of climate change has impacted the activities of government authorities, the pattern of consumer behavior, and other areas that impact the general business environment, including, but not limited to, energy-efficiency measures, water use measures, and land-use practices. The promulgation of policies, laws or regulations relating to climate change by governmental authorities in the U.S. and the markets in which we own real estate may require us to invest additional capital in our properties.

 To the extent that climate change impacts changes in weather patterns, our markets could experience increases in extreme weather. For example, a portion of our properties are located in areas that have been impacted by drought and, as such, face the risk of increased water costs and potential fines and/or penalties for high consumption. There can be no assurances that we will successfully mitigate the risk of increased water costs and potential fines and/or penalties for high consumption.
 Climate change may also have indirect effects on our business by increasing the cost of, or decreasing the availability of, property insurance on terms we find acceptable or at all, or by increasing the cost of energy (or water, as described above). There can be no assurance that climate change will not have a material adverse effect on our financial condition or results of operations.
 Compliance with the Americans with Disabilities Act of 1990, as amended, and fire, safety and other regulations may require us to make unanticipated expenditures that could significantly reduce the cash available for distributions on our common stock.
 Our properties are subject to regulation under federal laws, such as the Americans with Disabilities Act of 1990, as amended (the "ADA"), pursuant to which all public accommodations must meet federal requirements related to access and use by disabled persons. Although we believe that our properties substantially comply with present requirements of the ADA, we have not conducted an audit or investigation of all of our properties to determine our compliance. If one or more of our properties or future properties are not in compliance with the ADA, we might be required to take remedial action, which would require us to incur additional costs to bring the property into compliance. Noncompliance with the ADA could also result in imposition of fines or an award of damages to private litigants.
 Additional federal, state and local laws also may require modifications to our properties or restrict our ability to renovate our properties. We cannot predict the ultimate amount of the cost of compliance with the ADA or other legislation.
 In addition, our properties are subject to various federal, state and local regulatory requirements, such as state and local earthquake, fire and life safety requirements. If we were to fail to comply with these various requirements, we might incur governmental fines or private damage awards. If we incur substantial costs to comply with the ADA or any other regulatory requirements, our business, financial condition, results of operations, cash flows or our ability to satisfy our debt service obligations or to maintain our level of distributions on our common stock could be materially adversely affected. Local regulations, including municipal or local ordinances, zoning restrictions and restrictive covenants imposed by community developers may restrict our use of our properties and may require us to obtain approval from local officials or community standards organizations at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties.
 Risks Related to Conflicts of Interest
 Our manager and its affiliates face conflicts of interest caused by their compensation arrangements with us, including significant compensation that may be required to be paid to our manager if our manager is terminated, which could result in actions that are not in the long-term best interests of our stockholders.
 Our manager and its affiliates are entitled to substantial fees from us under the terms of the Management Agreement. These fees could influence the judgment of our manager and its affiliates in performing services for us. Among other matters, these compensation arrangements could affect their judgment with respect to:
 • the continuation, renewal or enforcement of our agreements with our manager and its affiliates, including the Management Agreement;
 • acquisitions or other investments acquired from programs sponsored or operated by affiliates of our manager, which might entitle affiliates of our manager to commissions and possible success-based sale fees in connection with its services for the seller;
 • acquisitions from third parties, which entitle our manager to advisory fees;
 • dispositions, which may entitle our manager or its affiliates to disposition fees;
 • borrowings to acquire assets, which borrowings will increase the acquisition and advisory fees payable to our manager; and
 • how and when to recommend to our Board a proposed strategy to provide our stockholders with liquidity, which proposed strategy, if implemented, could entitle our manager to the payment of significant fees.
 CMFT Securities has engaged our Investment Advisor to select and manage our investment securities. Our Investment Advisor has engaged its sub-advisor to provide management services with respect to corporate credit-related securities and

 certain other investments. We rely on the performance of our Investment Advisor and its sub-advisor in implementing the investment securities portion of our investment strategy.
 CMFT Securities was formed for the purpose of holding any investment securities of ours. CMFT Securities has engaged our Investment Advisor to manage the day-to-day business affairs of CMFT Securities and its investments in corporate credit and real estate-related securities. Our Investment Advisor engaged its sub-advisor to provide investment management services with respect to corporate credit-related securities held by CMFT Securities. Our Investment Advisor and its sub-advisor have, and will continue to have, substantial discretion, within our investment guidelines, to make decisions related to the acquisition, management and disposition of our investment securities. If our Investment Advisor and its sub-advisor do not succeed in implementing the investment securities portion of our investment strategy, our performance may suffer. In addition, even though CMFT Securities has the ability to terminate our Investment Advisor at any time and therefore also terminate the sub-advisor, a termination fee may be required to be paid in connection with such termination and it may be difficult and costly to terminate and replace our Investment Advisor and the sub-advisor.
 We do not have a direct contractual relationship with the sub-advisor. Therefore, it may be difficult for us to take enforcement action against the sub-advisor if its actions, performance or non-performance do not comply with the agreement.
 We are not a party to the agreement with the sub-advisor pursuant to which the sub-advisor provides investment management services with respect to the corporate credit-related securities held by CMFT Securities. Therefore, we are dependent upon our Investment Advisor to manage and monitor the sub-advisor effectively. The sub-advisor may take actions that are not in our best interest, which could cause our performance to suffer, and as we are not a party to the agreement with the sub-advisor, we are limited in our ability to enforce that agreement.
 Our manager faces conflicts of interest relating to the incentive fee structure under our Management Agreement, which could result in actions that are not necessarily in the long-term best interests of our stockholders.
 Pursuant to the terms of our Management Agreement, our manager is entitled to a subordinated performance fee that is structured in a manner intended to provide incentives to our manager to perform in our best interests and in the best interests of our stockholders. However, because our manager does not maintain a significant equity interest in us and is entitled to receive certain fees regardless of performance, our manager's interests are not wholly aligned with those of our stockholders. Furthermore, our manager could be motivated to recommend riskier or more speculative acquisitions in order for us to generate the specified levels of performance or sales proceeds that would entitle our manager to performance-based fees. In addition, our manager will have substantial influence with respect to how and when our Board elects to provide liquidity to our stockholders, and these performance-based fees could influence our manager's recommendations to us in this regard. Our manager also has the right to terminate the Management Agreement upon 60 days' written notice without cause or penalty which, under certain circumstances, could result in our manager earning a performance fee. This could have the effect of delaying, deferring or preventing a change of control.
 Other programs sponsored by affiliates of our manager, as well as CIM and certain of its affiliates, use investment strategies that are similar to ours; therefore, our executive officers and the officers and key personnel of our manager and its affiliates may face conflicts of interest relating to transactions that may be competitive with, or complementary to, our business, and such conflicts may not be resolved in our favor.
 CIM and its affiliates may have investment objectives, strategy and criteria, including targeted asset types, substantially similar to ours. As a result, we may be seeking to acquire properties and real estate-related assets, including mortgage loans, at the same time as CIM or its affiliates, or one or more of the other programs sponsored by our manager or its affiliates. Certain of our executive officers and certain officers of our manager also are executive officers of CIM or its affiliates and other programs sponsored by our manager or its affiliates, and/or the general partners of other private investment programs sponsored or managed by CIM or its affiliates. Accordingly, there is a risk that the allocation of acquisition opportunities could materially and adversely affect our business, financial condition, results of operations, cash flows, our estimated per share NAV of our common stock and our ability to satisfy our debt obligations and to make distributions to our stockholders.
 In addition, we have acquired, and may continue to acquire, properties in geographic areas where CIM or its affiliates or other real estate programs sponsored by CIM or its affiliates, own properties. If one of these other real estate programs attracts a tenant that we are competing for, we could suffer a loss of revenue due to delays in locating another suitable tenant.

 Our officers, certain of our directors and our manager, including its key personnel and officers, face conflicts of interest related to the positions they hold with affiliated and unaffiliated entities, which could hinder our ability to successfully implement our business strategy and to generate returns to our stockholders.
 Richard S. Ressler, the chairman of our Board, chief executive officer and president, who is also a founder and principal of CIM Group and is an officer or director of certain of its affiliates, is the vice president of our manager. Through his affiliation with Orchard Capital Corporation, Mr. Ressler chairs the executive committee of Orchard First Source Asset Management Holdings, LLC, the holding Company of our Investment Advisor. Additionally, one of our directors, Jason Schreiber, is an employee of CIM Group. Our chief financial officer, principal accounting officer and treasurer, Nathan D. DeBacker, is an employee of CIM Group, the vice president of our manager and is an officer of certain of its affiliates.
 Conflicts with our business and interests are most likely to arise from involvement in activities related to (1) allocation of new acquisition opportunities, management time and operational expertise among us and the other entities, (2) our purchase of assets from, or sale of assets to, affiliated entities, (3) the timing and terms of the acquisition or sale of an asset, (4) development of our properties by affiliates, (5) investments with affiliates of our manager, (6) compensation to our manager and its affiliates, and (7) our relationship with, and compensation to, our dealer manager. Even if these persons do not violate their duties to us and our stockholders, they will have competing demands on their time and resources and may have conflicts of interest in allocating their time and resources among us and these other entities and persons. Should such persons devote insufficient time or resources to our business, returns on our investments may suffer.
 The officers and affiliates of our manager will try to balance our interests with the interests of CIM and its affiliates and other programs sponsored or operated by CIM, including our manager, our dealer manager, and our property manager, to whom they owe duties. However, to the extent that these persons take actions that are more favorable to other entities than to us, these actions could have a negative impact on our financial performance and, consequently, on distributions to our stockholders and the value of their investments.
 We may acquire assets and borrow funds from affiliates of our manager, and sell or lease our assets to affiliates of our manager, and any such transaction could result in conflicts of interest.
 We are permitted to acquire properties from affiliates of our manager, provided that, pursuant to the Management Agreement, our manager shall not consummate on our behalf any transaction that involves the sale of any real estate or real-estate related asset to, or the acquisition of any such asset from, our manager or its affiliates, including CIM, and any funds managed by CIM or its affiliates, unless such transaction is on terms no less favorable to us than could have been obtained on an arm's length basis from an unrelated third party and has been approved in advance by a majority of our independent directors. In the event that we acquire a property from an affiliate of our manager, we may be foregoing an opportunity to acquire a different property that might be more advantageous to us. In addition, we are permitted to borrow funds from affiliates of our manager, including our sponsor, and to sell and lease our assets to affiliates of our manager, and we have not established a policy that specifically addresses how we will determine the sale or lease price in any such transaction. Any such borrowings, sale or lease transaction must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction as being fair and reasonable to us. To the extent that we acquire any properties from affiliates of our manager, borrow funds from affiliates of our manager or sell or lease our assets to affiliates of our manager, such transactions could result in a conflict of interest.
 Our manager faces conflicts of interest relating to joint ventures or other co-ownership arrangements that we may enter into with CIM or its affiliates, or another real estate program sponsored or operated by CIM, which could result in a disproportionate benefit to CIM or its affiliates, or another program sponsored by CIM.
 We may enter into joint ventures or co-ownership arrangements (including co-investment transactions) with CIM or its affiliates, or another program sponsored or operated by CIM for the acquisition, development or improvement of properties, as well as the acquisition of real estate-related assets. Since one or more of the officers of our manager are officers of CIM or its affiliates, including CIM and/or the advisors to other programs sponsored by CIM, our manager may face conflicts of interest in determining which real estate program should enter into any particular joint venture or co-ownership arrangement. These persons also may have a conflict in structuring the terms of the relationship between us and any affiliated co-venturer or co-owner, as well as conflicts of interests in managing the joint venture, which may result in the co-venturer or co-owner receiving benefits greater than the benefits that we receive.
 In the event we enter into joint venture or other co-ownership arrangements with CIM or its affiliates, or another program sponsored by CIM, our manager and its affiliates may have a conflict of interest when determining when and whether to buy or sell a particular property, or to make or dispose of another real estate-related asset. In addition, if we become listed for trading on a national securities exchange, we may develop more divergent goals and objectives from any affiliated co-venturer or co-owner that is not listed for trading. In the event we enter into a joint venture or other co-ownership arrangement with another

 real estate program sponsored by CIM or its affiliates, or another real estate investment program sponsored by CIM that has a term shorter than ours, the joint venture may be required to sell its assets earlier than we may desire to sell the assets. Even if the terms of any joint venture or other co-ownership agreement between us and CIM or its affiliates, or another real estate program sponsored by CIM grants us the right of first refusal to buy such assets, we may not have sufficient funds or borrowing capacity to exercise our right of first refusal under these circumstances. We have adopted certain procedures for dealing with potential conflicts of interest as further described in Part I, Item 1. Business — Conflicts of Interest in this Annual Report on Form 10-K.
 We face risks associated with our investment in CLR.
 We currently own more than 99% of the outstanding equity interests in CLR and, through our ownership of the Special Common Share as designated in CLR's Amended and Restated Declaration of Trust, are entitled to elect all of the members of CLR's board of trustees. While we currently have the ability to control all matters submitted to CLR's shareholders for approval, CLR's shareholders have limited voting rights, and CLR's board of trustees has broad discretion to control the management of CLR. For example, CLR's board of trustees determines any major policies of CLR, including CLR's policies regarding investments. The CLR board of trustees may amend or revise CLR's investment policies or other policies without a vote of CLR's shareholders. As a result, the nature of CLR's investments in assets could change without our consent. Additionally, CLR has investment objectives, strategy and criteria, including targeted asset types, substantially similar to ours. As a result, CLR may compete with us for investments, and there is no assurance that any conflicts of interest created by such competition will be resolved in our favor. Moreover, CLR's management and board of trustees determine CLR's investments in assets without any input or oversight by us. Therefore, CLR may make investments in assets that ultimately prove not to be in the best interests of us or our stockholders.
 In addition, CLR's officers are employees of CIM Group, and Nathan D. DeBacker, our chief financial officer, principal accounting officer and treasurer, also serves as CLR's chief financial officer. Conflicts with our business and interests are most likely to arise from involvement in activities related to allocation of new acquisition opportunities and operational expertise among us and CLR. Even if these persons do not violate their duties to us and our stockholders, they will have competing demands on their time and resources and may have conflicts of interest in allocating their time and resources among us and CLR. Should such persons devote insufficient time or resources to our business, returns on our investments may suffer. To the extent that these persons take actions that are more favorable to CLR than to us, these actions could have a negative impact on our financial performance and, consequently, on distributions to our stockholders and the value of their investments.
 Furthermore, the net asset value of our shares of CLR will be determined by CLR's manager in accordance with valuation guidelines adopted by CLR's board of trustees. The methodologies used to determine such net asset value per share will be based on judgments, assumptions and opinions about future events that may or may not prove to be correct, and if different judgments, assumptions or opinions were used, a different estimate would likely result. Furthermore, such net asset value per share may not fully reflect certain extraordinary events because CLR may not be able to immediately quantify the financial impact of such events on its portfolio. The net asset value of our shares of CLR may not represent the amount we would be able to realize if we attempted to sell such shares.
 Additionally, we do not have preemptive rights to any shares issued by CLR in the future. CLR's Amended and Restated Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest, and such shares may be issued in the discretion of CLR's board of trustees. We will suffer dilution of our equity investment in CLR upon future issuances of shares of beneficial interest in CLR.
 Risks Related to Our Corporate Structure
 Our charter permits our Board to authorize the issuance of stock with terms that may subordinate the rights of common stockholders or discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
 Our charter permits our Board to authorize the issuance of up to 500,000,000 shares of stock, of which 490,000,000 shares are classified as common stock and 10,000,000 shares are classified as preferred stock. In addition, our Board, without any action by our stockholders, may amend our charter from time to time to increase or decrease the aggregate number of shares or the number of shares of any class or series of stock that we have authority to issue. The Board may classify or reclassify any unissued common stock or preferred stock into other classes or series of stock and establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of any such stock. Shares of our common stock shall be subject to the express terms of any series of our preferred stock. Thus, our Board could authorize the issuance of preferred stock with terms and conditions that have a priority as to distributions and amounts payable upon liquidation over the rights of the holders of our common stock. Preferred stock could also have the effect of delaying, deferring or preventing the removal of incumbent management or a change of control of us, including an

 extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium to the purchase price of our common stock for our stockholders.
 Maryland law prohibits certain business combinations, which may make it more difficult for us to be acquired and may limit our stockholders' ability to dispose of their shares.
 Under Maryland law, "business combinations" between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:
 • any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation's outstanding voting stock after the date on which the corporation had 100 or more beneficial owners of its stock; or
 • an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question and after the date on which the corporation had 100 or more beneficial owners of its stock, was the beneficial owner of 10% or more of the voting power of the then outstanding stock of the corporation.
 A person is not an interested stockholder under the statute if our Board approved in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a transaction, our Board may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by our Board.
 After the five-year prohibition, any such business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:
 •80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation, voting together as a single voting group; and
 • two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than voting stock held by the interested stockholder who will (or whose affiliate will) be a party to the business combination or by an affiliate or associate of the interested stockholder.
 These super-majority vote requirements do not apply if the corporation's stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. The business combination statute permits various exemptions from its provisions, including business combinations that are exempted by our Board prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the statute, our Board has exempted any business combination involving our manager or any affiliate of our manager. As a result, our manager and any affiliate of our manager may be able to enter into business combinations with us that may not be in the best interest of our stockholders, without compliance with the super-majority vote requirements and the other provisions of the statute. The business combination statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.
 Maryland law also limits the ability of a third party to buy a large percentage of our outstanding shares and exercise voting control in electing directors.
 Under its Control Share Acquisition Act, Maryland law also provides that a holder of "control shares" of a Maryland corporation acquired in a "control share acquisition" has no voting rights with respect to such shares except to the extent approved by the corporation's disinterested stockholders by a vote of two-thirds of the votes entitled to be cast on the matter. Shares of stock owned by interested stockholders, that is, by the acquiror, or officers of the corporation or employees of the corporation who are directors of the corporation, are excluded from shares entitled to vote on the matter. "Control shares" are voting shares of stock that would entitle the acquiror, directly or indirectly, except solely by virtue of a revocable proxy, to exercise or direct the exercise of voting power in electing directors within specified ranges of voting power. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A "control share acquisition" means the acquisition of control shares. The control share acquisition statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the Control Share Acquisition Act any acquisition of shares of our stock by our sponsor or its affiliates. This provision may be amended or eliminated at any time in the future. If this provision were amended or eliminated, this statute could have the effect of discouraging offers from third parties to acquire us and increasing the difficulty of successfully completing this type of offer by anyone other than our manager or any of its affiliates.

 Our charter includes a provision that may discourage a person, including a stockholder, from launching a tender offer for our shares.
 Our charter requires that any tender offer, including any "mini-tender" offer, must comply with most of the requirements of Regulation 14D of the Exchange Act. The offering person must provide us notice of the tender offer at least ten business days before initiating the tender offer. If the offering person does not comply with these requirements, our stockholders will be prohibited from transferring any shares to such non-complying person unless they first offered such shares to us at the tender offer price offered by the non-complying person. In addition, the non-complying person shall be responsible for all of our expenses in connection with that person's noncompliance. This provision of our charter may discourage a person from initiating a tender offer for our shares and prevent our stockholders from receiving a premium to the purchase price for their shares in such a transaction.
 If we are unable to qualify for an exclusion from the definition of an investment company under the Investment Company Act, it could have a material adverse effect on us.
 We currently conduct, and intend to continue to conduct, our operations so that neither we nor our subsidiaries would be defined as investment companies under the Investment Company Act.
 Section 3(a)(1)(A) of the Investment Company Act defines an investment company as any issuer that is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities, which for these purposes includes loans and participation interests therein. Section 3(a)(1)(C) of the Investment Company Act defines an investment company as any issuer that is engaged or proposes to engage in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of the issuer's total assets (exclusive of U.S. Government securities and cash items) on an unconsolidated basis. Because certain of our assets, or assets held by our subsidiaries, would be deemed securities or investment securities under these tests, we intend to conduct our operations, and the operations of our operating partnership and certain other subsidiaries, so as to qualify for certain exclusions from the definition of an investment company provided under Section 3(c), if necessary.
 Certain of our subsidiaries rely on Section 3(c)(5)(C). Section 3(c)(5)(C) excludes from the definition of an investment company entities that are "primarily engaged in the business of purchasing or otherwise acquiring mortgages and other liens on and interests in real estate" ("Qualifying Interests"). As reflected in a series of no-action letters, the SEC staff's position on Section 3(c)(5)(C) generally requires that in order to qualify for this exclusion, an issuer must maintain:
 • at least 55% of the value of its assets in Qualifying Interests,
 • at least an additional 25% of its assets in other permitted real estate-related interests (reduced by any amount the issuer held in excess of the 55% minimum requirement for Qualifying Interests), and
 • no more than 20% of its assets in other than Qualifying Interests and real estate-related assets,
 and also that the interests in real estate meet other criteria described in such no-action letters.
 We assess our 3(c)(5)(C) subsidiaries' compliance with the exemption by reference to no-action positions taken by the SEC staff and interpretive guidance provided by the SEC and its staff. These no-action positions are based on specific factual situations that may be substantially different from the factual situations we may face, and a number of these no-action positions were issued more than 20 years ago. No assurance can be given that the SEC or its staff will concur with our classification of our assets. In addition, the SEC or its staff may, in the future, issue further guidance that may require us to re-classify our assets for purposes of the Investment Company Act. If we are required to re-classify our assets, we or our subsidiaries no longer be in compliance with the exemption from the definition of an investment company provided by Section 3(c)(5)(C) of the Investment Company Act.
 Qualifying for an exemption from registration under the Investment Company Act will limit our ability to make certain investments. For example, these restrictions may limit our and our subsidiaries' ability to invest directly in mortgage-backed securities that represent less than the entire ownership in a pool of mortgage loans, debt and equity tranches of securitizations and certain asset-backed securities, non-controlling equity interests in real estate companies or in assets not related to real estate.
 We and certain of our subsidiaries may rely on Section 3(c)(6). Section 3(c)(6) exempts from the definition of investment company any company primarily engaged, directly or through majority-owned subsidiaries, in one or more of the businesses described in certain enumerated exemptions, including 3(c)(5)(C), or in one or more such businesses (from which not less than 25% of such company's gross income during its last fiscal year was derived) together with an additional business or businesses other than investing, reinvesting, owning, holding or trading in securities.

 Although we intend to monitor our portfolio, there can be no assurance that we or our subsidiaries will be able to maintain an exemption from registration as an investment company. A change in the value of any of our assets could negatively affect our ability to maintain our exemption from registration under the Investment Company Act. To maintain compliance with the Section 3(c)(5)(C) and Section 3(c)(6) exemptions, we may be unable to sell assets we would otherwise want to sell and may need to sell assets we would otherwise wish to retain. In addition, we may have to acquire additional assets that we might not otherwise have acquired or may have to forego opportunities to acquire assets that we would otherwise want to acquire and would be important to our investment strategy.

 If we are unable to maintain our exemptions and it was established that we were operating as an unregistered investment company, there would be a risk that we would be subject to monetary penalties and injunctive relief in an action brought by the SEC, that we would be unable to enforce contracts with third parties, that third parties could seek to obtain rescission of transactions undertaken during the period it was established that we were an unregistered investment company. If we were required to register as an investment company, we would be required to comply with a variety of substantive requirements under the Investment Company Act imposing, among other things:
 • limitations on capital structure;
 • restrictions on specified investments;
 • prohibitions on transactions with affiliates;
 • compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations; and
 • potentially, compliance with daily valuation requirements.
 The Board may change certain of our policies without stockholder approval, which could alter the nature of our stockholders' investment. If our stockholders do not agree with the decisions of our Board, they only have limited control over changes in our policies and operations and may not be able to change such policies and operations.
 The Board determines any major policies of ours, including our policies regarding investments, financing, growth, debt capitalization, REIT qualification and distributions. Our investment policies may change over time. The methods of implementing our investment objectives and strategies also may vary as new real estate development trends emerge and new investment techniques are developed. The Board may amend or revise these and other policies without a vote of our stockholders. As a result, the nature of our stockholders' investment could change without their consent.
 Our stockholders generally have limited voting rights.
 Under the Maryland General Corporation Law ("MGCL"), our stockholders generally have a right to vote only on the following:
 • the election or removal of directors;
 • an amendment of our charter, except that our Board may amend our charter without stockholder approval to increase or decrease the aggregate number of our shares or the number of our shares of any class or series that we have the authority to issue, to change our name, to change the name or other designation or the par value of any class or series of our stock and the aggregate par value of our stock or to effect certain reverse stock splits; provided, however, that any such amendment does not adversely affect the rights, preferences and privileges of the stockholders;
 • our dissolution; and
 • a merger or consolidation, a statutory share exchange or the sale or other disposition of all or substantially all of our assets.
 All other matters are subject to the discretion of our Board. Therefore, our stockholders are limited in their ability to change our policies and operations.
 Our rights and the rights of our stockholders to recover claims against our officers, directors and our manager are limited, which could reduce our stockholders' and our recovery against them if they cause us to incur losses.
 The MGCL provides that a director has no liability in such capacity if he or she performs his or her duties in good faith, in a manner he or she reasonably believes to be in the corporation's best interests and with the care that an ordinarily prudent person in a like position would use under similar circumstances. Our charter, in the case of our directors and officers, and the Management Agreement, in the case of our manager and its affiliates, require us, subject to certain exceptions, to indemnify and advance expenses to our directors, our officers, and our manager and its affiliates. Moreover, we have entered into separate indemnification agreements with each of our directors and executive officers. Our charter permits us to provide such indemnification and advance for expenses to our employees and agents. Additionally, our charter limits, subject to certain exceptions, the liability of our directors and officers to us and our stockholders for monetary damages. Although our charter does not allow us to indemnify our directors or our manager and its affiliates for any liability or loss suffered by them or hold

 harmless our directors or our manager and its affiliates for any loss or liability suffered by us to a greater extent than permitted under Maryland law, we and our stockholders may have more limited rights against our directors, officers, employees and agents, and our manager and its affiliates, than might otherwise exist under common law, which could reduce our stockholders' and our recovery against them. In addition, our manager is not required to retain cash to pay potential liabilities and it may not have sufficient cash available to pay liabilities if they arise. If our manager is held liable for a breach of its fiduciary duty to us, or a breach of its contractual obligations to us, we may not be able to collect the full amount of any claims we may have against our manager. In addition, we may be obligated to fund the defense costs incurred by our directors, officers, employees and agents or our manager in some cases, which would decrease the cash otherwise available for distribution to our stockholders.
 Our stockholders' interest in us will be diluted if we issue additional shares.
 Our stockholders do not have preemptive rights to any shares issued by us in the future. Our charter authorizes 500,000,000 shares of stock, of which 490,000,000 shares are classified as common stock and 10,000,000 shares are classified as preferred stock. Subject to any limitations set forth under Maryland law, our Board may amend our charter from time to time to increase the number of authorized shares of stock, increase or decrease the number of shares of any class or series of stock that we have authority to issue, or classify or reclassify any unissued shares into other classes or series of stock without the necessity of obtaining stockholder approval. All of such shares may be issued in the discretion of our Board. Our stockholders will suffer dilution of their equity investment in us upon future issuances of our capital stock, including in the event that we (1) issue shares pursuant to our Secondary DRIP Offering (unless such stockholders elect to fully participate in the Secondary DRIP Offering), (2) sell securities that are convertible into shares of our common stock, (3) issue shares of our common stock in a private offering of securities to institutional investors, (4) issue shares of our common stock to our manager, its successors or assigns, in payment of an outstanding fee obligation as set forth under our Management Agreement or (5) issue shares of our common stock to sellers of properties acquired by us in connection with an exchange of limited partnership interests of our operating partnership. In addition, the partnership agreement of our operating partnership contains provisions that would allow, under certain circumstances, other entities, including other real estate programs sponsored or operated by CIM, to merge into or cause the exchange or conversion of their interest in that entity for interests of our operating partnership. Because the limited partnership interests of our operating partnership may, in the discretion of our Board, be exchanged for shares of our common stock, any merger, exchange or conversion between our operating partnership and another entity ultimately could result in the issuance of a substantial number of shares of our common stock, thereby diluting the percentage ownership interest of other stockholders.
 Our Umbrella Partnership Real Estate Investment Trust ("UPREIT") structure may result in potential conflicts of interest with limited partners in our operating partnership whose interests may not be aligned with those of our stockholders.
 Our directors and officers have duties to our corporation and our stockholders under Maryland law in connection with their management of the corporation. At the same time, we, as general partner, have fiduciary duties under Delaware law to our operating partnership and to the limited partners in connection with the management of our operating partnership. If we admit outside limited partners to our operating partnership, our duties as general partner of our operating partnership and its partners may come into conflict with the duties of our directors and officers to the corporation and our stockholders. Under Delaware law, a general partner of a Delaware limited partnership owes its limited partners the duties of good faith and fair dealing. Other duties, including fiduciary duties, may be modified or eliminated in the partnership's partnership agreement. The partnership agreement of our operating partnership provides that, for so long as we own a controlling interest in our operating partnership, any conflict that cannot be resolved in a manner not adverse to either our stockholders or the limited partners will be resolved in favor of our stockholders.
 Additionally, the partnership agreement expressly limits our liability by providing that we and our officers, directors, agents and employees, will not be liable or accountable to our operating partnership for losses sustained, liabilities incurred or benefits not derived if we or our officers, directors, agents or employees acted in good faith. In addition, our operating partnership is required to indemnify us and our officers, directors, employees, agents and designees to the extent permitted by applicable law from and against any and all claims arising from operations of our operating partnership, unless it is established that: (1) the act or omission was committed in bad faith, was fraudulent or was the result of active and deliberate dishonesty; (2) the indemnified party received an improper personal benefit in money, property or services; or (3) in the case of a criminal proceeding, the indemnified person had reasonable cause to believe that the act or omission was unlawful.
 The provisions of Delaware law that allow the fiduciary duties of a general partner to be modified by a partnership agreement have not been tested in a court of law, and we have not obtained an opinion of counsel covering the provisions set forth in the partnership agreement that purport to waive or restrict our fiduciary duties.

 The limit on the percentage of shares of our common stock that any person may own may discourage a takeover or business combination that may benefit our stockholders.
 Our charter restricts the direct or indirect ownership by one person or entity to no more than 9.8% of the value of our then outstanding capital stock (which includes common stock and any preferred stock we may issue) and no more than 9.8% of the value or number of shares, whichever is more restrictive, of the then outstanding shares of our common stock unless exempted (prospectively or retroactively) by our Board. These restrictions may discourage a change of control of us and may deter individuals or entities from making tender offers for shares of our common stock on terms that might be financially attractive to stockholders or which may cause a change in our management. In addition to deterring potential transactions that may be favorable to our stockholders, these provisions may also decrease the ability of stockholders to sell their shares of our common stock.
 Risks Associated with Debt Financing
 We have incurred mortgage indebtedness and other borrowings, which may increase our business risks, hinder our ability to make distributions, and decrease the value of our stockholders' investment.
 We have acquired real estate and other real estate-related assets by borrowing new funds. In addition, we have incurred mortgage debt and pledged some of our real properties as security for that debt to obtain funds to acquire additional real properties and other assets and to pay distributions to our stockholders. We may borrow additional funds if we need funds to satisfy the REIT tax qualification requirement that we distribute at least 90% of our annual REIT taxable income, excluding any net capital gains, to our stockholders. We may also borrow additional funds if we otherwise deem it necessary or advisable to assure that we maintain our qualification as a REIT for U.S. federal income tax purposes.
 Our manager believes that utilizing borrowing is consistent with our investment objective of maximizing the return to stockholders. There is no limitation on the amount we may borrow against any individual property or other asset. This factor could limit the amount of cash we have available to distribute to our stockholders and could result in a decline in the value of our stockholders' investment.
 We do not intend to incur mortgage debt on a particular property unless we believe the property's projected operating cash flows are sufficient to service the mortgage debt. However, if there is a shortfall between the cash flows from a property and the cash flows needed to service mortgage debt on a property, the amount available for distributions to our stockholders may be reduced. In addition, incurring mortgage debt increases the risk of loss since defaults on indebtedness secured by a property may result in lenders initiating foreclosure actions. In that case, we could lose the property securing the loan that is in default, thus reducing the value of our stockholders' investments. For U.S. federal income tax purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds from the foreclosure. In such event, we may be unable to pay the amount of distributions required in order to maintain our qualification as a REIT. We may give full or partial guarantees to lenders of recourse mortgage debt to the entities that own our properties. If we provide a guaranty on behalf of an entity that owns one of our properties, we will be responsible to the lender for satisfaction of the debt if it is not paid by such entity and with respect to any such property that is vacant, potentially be responsible for any property-related costs such as real estate taxes, insurance and maintenance, which costs will likely increase if the lender does not timely exercise its remedies. If any mortgages contain cross-collateralization or cross-default provisions, a default on a single property could affect multiple properties. If any of our properties are foreclosed upon due to a default, our ability to pay cash distributions to our stockholders will be adversely affected, which could result in our losing our REIT status and would result in a decrease in the value of our stockholders' investment.
 We intend to rely on external sources of capital to fund future capital needs, and if we encounter difficulty in obtaining such capital, we may not be able to meet maturing obligations or make any additional acquisitions.
 In order to maintain our qualification as a REIT under the Code, we are required, among other things, to distribute annually to our stockholders at least 90% of our REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. Because of this dividend requirement, we may not be able to fund from cash retained from operations all of our future capital needs, including capital needed to refinance maturing obligations or make new acquisitions.
 Although the Federal Reserve began lowering the federal funds rate in the second half of 2024, and there are expectations that the Federal Reserve will continue lowering the federal funds rate in 2025, these expectations may not materialize and the Federal Reserve may increase rates in the future in an effort to combat inflation. If interest rates remain at an elevated level because of the Federal Reserve's attempt to combat inflation, it could hinder our ability to obtain new debt financing or

 refinance our maturing debt on favorable terms or at all or to raise debt and equity capital. Our access to capital will depend upon a number of factors, including:
 • general market conditions;
 • government action or regulation, including changes in tax law;
 • the market's perception of our future growth potential;
 • the extent of investor interest;
 • analyst reports about us and the REIT industry;
 • the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities, including securities issued by other real estate-based companies;
 • our financial performance and that of our tenants;
 • our current debt levels and changes in our credit ratings, if any;
 • our current and expected future earnings; and
 • our cash flows and cash distributions, including our ability to satisfy the dividend requirements applicable to REITs.
 If we are unable to obtain needed capital on satisfactory terms or at all, we may not be able to meet our obligations and commitments as they mature or make any new acquisitions.
 High interest rates may make it difficult for us to finance or refinance assets, which could reduce the number of properties we can acquire and the amount of cash distributions we can make.
 We run the risk of being unable to finance or refinance our assets on favorable terms or at all. If interest rates are high when we desire to mortgage our assets or when existing loans come due and the assets need to be refinanced, we may not be able to, or may choose not to, finance the assets and we would be required to use cash to purchase or repay outstanding obligations. Our inability to use debt to finance or refinance our assets could reduce the number of assets we can acquire, which could reduce our operating cash flows and the amount of cash distributions we can make to our stockholders. Higher costs of capital also could negatively impact our operating cash flows and returns on our assets.
 Increases in interest rates could increase the amount of our debt payments and adversely affect our ability to pay distributions to our stockholders.
 We have incurred indebtedness, and in the future may incur additional indebtedness, that bears interest at a variable rate. Beginning in 2022, in an effort to combat inflation and restore price stability, the Federal Reserve significantly raised the federal funds rate, which led to increases in interest rates in the credit market. The Federal Reserve began lowering the federal funds rate in the second half of 2024, and while there are expectations that the Federal Reserve will continue lowering the federal funds rate in 2025, these expectations may not materialize and the Federal Reserve may increase rates in the future in an effort to combat inflation. Should the Federal Reserve raise rates in the future, this will likely result in further increases in market interest rates. To the extent that we incur variable rate debt and do not hedge our exposure thereunder, increases in interest rates would increase the amounts payable under such indebtedness, which could reduce our operating cash flows and our ability to pay distributions to our stockholders. In addition, if our existing indebtedness matures or otherwise becomes payable during a period of rising interest rates, we could be required to liquidate one or more of our assets at times that may prevent realization of the maximum return on such assets.
 We may not be able to generate sufficient cash flows to meet our debt service obligations.
 Our ability to make payments on and to refinance our indebtedness, and to fund our operations, working capital and capital expenditures, depends on our ability to generate cash. To a certain extent, our cash flows are subject to general economic, industry, financial, competitive, operating, legislative, regulatory and other factors, many of which are beyond our control.
 We cannot assure our stockholders that our business will generate sufficient cash flows from operations or that future sources of cash will be available to us in an amount sufficient to enable us to pay amounts due on our indebtedness or to fund our other liquidity needs.
 Additionally, if we incur additional indebtedness in connection with any future deployment of capital or development projects or for any other purpose, our debt service obligations could increase. We may need to refinance all or a portion of our indebtedness before maturity. Our ability to refinance our indebtedness or obtain additional financing will depend on, among other things:
 • our financial condition and market conditions at the time;
 • restrictions in the agreements governing our indebtedness;

 • general economic and capital markets conditions;
 • the availability of credit from banks or other lenders; and
 • our results of operations.
 As a result, we may not be able to refinance our indebtedness on commercially reasonable terms, or at all. If we do not generate sufficient cash flows from operations, and additional borrowings or refinancings or proceeds of asset sales or other sources of cash are not available to us, we may not have sufficient cash to enable us to meet all of our obligations. Accordingly, if we cannot service our indebtedness, we may have to take actions such as seeking additional equity, or delaying any strategic acquisitions and alliances or capital expenditures, any of which could have a material adverse effect on our business, financial condition, results of operations, cash flows or our ability to satisfy our debt service obligations or maintain our level of distributions on our common stock.
 Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to our stockholders.
 In connection with providing us financing, a lender could impose restrictions on us that affect our distribution and operating policies and our ability to incur additional debt. In general, our loan agreements restrict our ability to encumber or otherwise transfer our interest in the respective property without the prior consent of the lender. Loan documents we enter into may contain covenants that limit our ability to further mortgage the property, discontinue insurance coverage or replace CMFT Management as our manager. These or other limitations imposed by a lender may adversely affect our flexibility and our ability to pay distributions on our common stock.
 Interest-only indebtedness may increase our risk of default and ultimately may reduce our funds available for distribution to our stockholders.
 We have financed some of our property acquisitions using interest-only mortgage indebtedness and may continue to do so. During the interest-only period, the amount of each scheduled payment will be less than that of a traditional amortizing mortgage loan. The principal balance of the mortgage loan will not be reduced (except in the case of prepayments) because there are no scheduled monthly payments of principal during this period. After the interest-only period, we will be required either to make scheduled payments of amortized principal and interest or to make a lump-sum or "balloon" payment at maturity. These required principal or balloon payments will increase the amount of our scheduled payments and may increase our risk of default under the related mortgage loan. If the mortgage loan has an adjustable interest rate, the amount of our scheduled payments also may increase at a time of rising interest rates. Increased payments and substantial principal or balloon maturity payments will reduce the funds available for distribution to our stockholders because cash otherwise available for distribution will be required to pay principal and interest associated with these mortgage loans.
 Our ability to make a balloon payment at maturity is uncertain and may depend upon our ability to obtain additional financing or our ability to sell the property. At the time the balloon payment is due, we may or may not be able to refinance the loan on terms as favorable as the original loan or sell the property at a price sufficient to make the balloon payment. The effect of a refinancing or sale could affect the rate of return to stockholders and the projected time of disposition of our assets. In addition, payments of principal and interest made to service our debts may leave us with insufficient cash to pay the distributions that we are required to pay to maintain our qualification as a REIT. Any of these results would have a significant, negative impact on the value of our common stock.
 To hedge against exchange rate and interest rate fluctuations, we have used, and may continue to use, derivative financial instruments that may be costly and ineffective and may reduce the overall returns on our stockholders' investment.
 We have used, and may continue to use, derivative financial instruments to hedge our exposure to changes in exchange rates and interest rates on loans secured by our assets and investments in CMBS. Derivative instruments may include interest rate swap contracts, interest rate caps or floor contracts, rate lock arrangements, futures or forward contracts, options or repurchase agreements. Our actual hedging decisions will be determined in light of the facts and circumstances existing at the time of the hedge and may differ from time to time.
 To the extent that we use derivative financial instruments to hedge against exchange rate and interest rate fluctuations, we will be exposed to credit risk, market risk, basis risk and legal enforceability risks. In this context, credit risk is the failure of the counterparty to perform under the terms of the derivative contract. If the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. Market risk includes the adverse effect on the value of the financial instrument resulting from a change in interest rates. Basis risk occurs when the index upon which the contract is based is more or less variable than the index upon which the hedged asset or liability is based, thereby making the hedge less effective. Finally, legal enforceability risks encompass general contractual risks, including the risk that the counterparty will breach the

 terms of, or fail to perform its obligations under, the derivative contract. If we are unable to manage these risks effectively, our results of operations, financial condition and ability to pay distributions to our stockholders will be adversely affected.
 U.S. Federal Income and Other Tax Risks
 Failure to maintain our qualification as a REIT for U.S. federal income tax purposes would cause us to be taxed as a regular domestic corporation, which would adversely affect our operations and our ability to make distributions.
 We are currently taxed as a REIT under the Code. We believe that our current and proposed organization, ownership and method of operation will enable us to maintain our qualification and taxation as a REIT. However, we cannot assure you that we will continue to qualify as such. This is because qualification as a REIT involves the application of highly technical and complex provisions of the Code as to which there are only limited judicial and administrative interpretations and involves the determination of facts and circumstances not entirely within our control. Furthermore, new legislation, new regulations, administrative interpretations or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for us to qualify as a REIT.
 If we fail to qualify, or to remain qualified, as a REIT in any taxable year, then:
 • we would be taxed as a regular domestic corporation, which under current laws, among other things, means being unable to deduct distributions to stockholders in computing taxable income and being subject to federal income tax on our taxable income at the regular corporate income tax rate;
 • any resulting tax liability could be substantial and could have a material adverse effect on our book value;
 • unless we were entitled to relief under applicable statutory provisions, we would be required to pay taxes, and therefore, our cash available for distribution to stockholders would be reduced for each of the years during which we did not qualify as a REIT and for which we had taxable income; and
 • we generally would not be eligible to requalify as a REIT for the subsequent four full taxable years.
 We could be subject to a material tax liability if our sales of properties are treated as prohibited transactions.
 The Code imposes a tax of 100% on net income derived by a REIT from a prohibited transaction, which is generally a sale or other disposition of property held primarily for sale in the ordinary course of a trade or business. Any losses incurred on prohibited transactions may not be used to offset gains from prohibited transactions. The Code sets forth a safe harbor for REITs that wish to sell property without risking the imposition of the 100% tax (the "Safe Harbor"). In general, under the Safe Harbor, a sale of property will not be treated as a sale of dealer property subject to the 100% tax if: (a) the REIT held the property for not less than two years, (b) the aggregate expenditures made by the REIT during the two years preceding the date of sale that are includable in the basis of the property do not exceed 30% of the net selling price, (c) in the case of land or improvements, the REIT has held the property for not less than two years for production of rental income, and (d) one of the following is true: (1) during the taxable year the REIT does not make more than seven sales of property, (2) the aggregate adjusted bases of properties sold during the year does not exceed 10% of the aggregate bases of all of the properties of the REIT at the beginning of the year, (3) the fair market value of properties sold during the year does not exceed 10% of the fair market value of all of the properties of the REIT at the beginning of the year, (4) the aggregate adjusted bases of properties sold during the year does not exceed 20% of the aggregate bases of all of the properties of the REIT at the beginning of the year, provided that the "3-year average adjusted bases percentage" for the taxable year does not exceed 10%, or (5) the fair market value of properties sold during the year does not exceed 20% of the fair market value of all of the properties of the REIT at the beginning of the year, provided that the "3-year average fair market value percentage" for the taxable year does not exceed 10%.
 During the years ended December 31, 2023 and 2022, we sold a total of 322 properties, which, excluding assets sold for a loss, resulted in a tax gain of approximately $410.6 million. The sales did not qualify under the Safe Harbor because there were more than seven sales during each year and the total value and basis of the assets sold exceeded the 10% threshold for the applicable year and also the 20% limitation with respect to the three-year average, as discussed above. However, failing to satisfy the Safe Harbor in connection with a particular sale does not necessarily mean that the sale will conclusively be treated as a prohibited transaction. Rather, a sale will be treated as a prohibited transaction only if all of the facts and circumstances establish that the property is held for sale to customers in the ordinary course of business. While we believe that the facts and circumstances establish that these sales should not be treated as a prohibited transaction, there can be no assurances that the IRS will agree with that assessment. If the IRS successfully asserts that such sales are prohibited transactions, the resulting tax liability would substantially reduce the amount of cash available for distribution to stockholders.

 Re-characterization of sale-leaseback transactions may cause us to lose our REIT status.
 We may purchase properties and lease them back to the sellers of such properties. We would characterize such a sale-leaseback transaction as a "true lease," which treats the lessor as the owner of the property for U.S. federal income tax purposes. In the event that any sale-leaseback transaction is challenged by the IRS and re-characterized as a financing transaction or loan for U.S. federal income tax purposes, deductions for depreciation and cost recovery relating to such property would be disallowed. If a sale-leaseback transaction were so re-characterized, we might fail to satisfy the REIT qualification "asset tests" or the "income tests" and, consequently, lose our REIT status effective with the year of re-characterization. Alternatively, such a re-characterization could cause the amount of our REIT taxable income to be recalculated, which might also cause us to fail to meet the distribution requirement for a taxable year and thus lose our REIT status.
 Our stockholders may have current tax liability on distributions they elect to reinvest in our common stock.
 If our stockholders participate in our DRIP, they will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in shares of our common stock that does not represent a return of capital. In addition, our stockholders may be treated, for U.S. federal tax purposes, as having received an additional distribution to the extent the shares are purchased at a discount from fair market value. Such an additional deemed distribution could cause our stockholders to be subject to additional income tax liability. Unless our stockholders are a tax-exempt entity, they may be forced to use funds from other sources to pay their tax liability arising as a result of the distributions reinvested in our shares.
 Generally, ordinary dividends payable by REITs do not qualify for reduced U.S. federal income tax rates.
 Currently, the maximum tax rate applicable to qualified dividend income payable to certain non-corporate U.S. shareholders is 20%. Dividends payable by REITs, however, generally are not eligible for the reduced rate. Although this does not adversely affect the taxation of REITs or dividends payable by REITs, the more favorable rates applicable to regular corporate qualified dividends could cause certain non-corporate investors to perceive investments in REITs to be relatively less attractive than investments in the shares of common stock of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs, including our common stock. However, commencing with taxable years beginning on or after January 1, 2018 and continuing through 2025, individual taxpayers may be entitled to claim a deduction in determining their taxable income of 20% of ordinary REIT dividends (dividends other than capital gain dividends and dividends attributable to certain qualified dividend income received by us), which temporarily reduces the effective tax rate on such dividends. Stockholders are urged to consult with their tax advisors regarding the effect of this change on effective tax rates with respect to REIT dividends.
 We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility and reduce the value of our common stock.
 In recent years, numerous legislative, judicial and administrative changes have been made in the provisions of U.S. federal income tax laws applicable to investments similar to an investment in shares of our common stock. Additional changes to the tax laws are likely to continue to occur, and we cannot assure our stockholders that any such changes will not adversely affect our taxation and our ability to continue to qualify as a REIT, or the taxation of a stockholder. Any such changes could have an adverse effect on an investment in our shares or on the market value or the resale potential of our assets. Although REITs generally receive certain tax advantages compared to entities taxed as regular domestic corporations, it is possible that future legislation would result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in real estate to elect to be treated for U.S. federal income tax purposes as a corporation. As a result, our charter provides our Board with the power, under certain circumstances, to revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that changes to U.S. federal income tax laws and regulations or other considerations mean it is no longer in our best interest to qualify as a REIT. It is unclear whether any legislation will be enacted into law or, if enacted, what form it would take, and it is also unclear whether there could be regulatory or administrative action that could affect U.S. tax rules. The impact of tax reform and any potential tax changes on an investment in our shares is uncertain.
 In addition, the Tax Cuts and Jobs Act made significant changes to the U.S. federal income tax rules for taxation of individuals and businesses, generally effective for taxable years beginning after December 31, 2017, including a number of provisions of the Code that affect the taxation of REITs and their stockholders. Among the changes made by the Tax Cuts and Jobs Act are permanently reducing the generally applicable corporate tax rate, generally reducing the tax rate applicable to individuals and other noncorporate taxpayers for tax years beginning after December 31, 2017 and before January 1, 2026, eliminating or modifying certain previously allowed deductions (including substantially limiting interest deductibility and, for individuals, the deduction for non-business state and local taxes), and, for taxable years beginning after December 31, 2017 and before January 1, 2026, providing for preferential rates of taxation through a deduction of up to 20% (subject to certain limitations) on most ordinary REIT dividends and certain trade or business income of non-corporate taxpayers. The Tax Cuts

 and Jobs Act also imposes new limitations on the deduction of net operating losses and requires us to recognize income for tax purposes no later than when we take it into account on our financial statements, which may result in us having to make additional taxable distributions to our stockholders in order to comply with REIT distribution requirements or avoid taxes on retained income and gains. The Tax Cuts and Jobs Act also made numerous large and small changes to the tax rules that do not affect the REIT qualification rules directly but may otherwise affect us or our stockholders. While the changes in the Tax Cuts and Jobs Act generally appear to be favorable with respect to REITs, the extensive changes to non-REIT provisions in the Code may have unanticipated effects on us or our stockholders. In addition, the Coronavirus Aid, Relief, and Economic Security Act made technical corrections, or temporary modifications, to certain provisions of the Tax Cuts and Jobs Act. Additional changes to tax laws were enacted as part of the Inflation Reduction Act of 2022 (the "Inflation Reduction Act"). Many of the material provisions of the Inflation Reduction Act exempt REITs.
 We urge our stockholders to consult with their own tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on holding our common stock.
 Our Board is authorized to revoke our REIT election without stockholder approval, which may cause adverse consequences to our stockholders.
 Our charter authorizes our Board to revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that changes to U.S. federal income tax laws and regulations or other considerations mean it is no longer in our best interests to qualify as a REIT. Our Board has fiduciary duties to us and our stockholders and could only cause such changes in our tax treatment if it determines in good faith that such changes are in our best interests and in the best interests of our stockholders. In this event, we would become subject to U.S. federal income tax on our taxable income and we would no longer be required to distribute most of our net income to our stockholders, which may cause a reduction in the total return to our stockholders.
 We may incur tax liabilities that would reduce our cash available for distribution to our stockholders.
 Even if we maintain our status as a REIT, we may become subject to U.S. federal income taxes and related state and local taxes. For example, as discussed above, net income from the sale of properties that are "dealer" properties sold by a REIT (a "prohibited transaction" under the Code) will be subject to a 100% excise tax. We may not make sufficient distributions to avoid excise taxes applicable to REITs. Similarly, if we were to fail a gross income test (and did not lose our REIT status because such failure was due to reasonable cause and not willful neglect) we would be subject to tax on the income that does not meet the gross income test requirements. We also may decide to retain net capital gain we earn from the sale or other disposition of our investments and pay income tax directly on such income. In that event, our stockholders would be treated as if they earned that income and paid the tax on it directly. However, stockholders that are tax-exempt, such as charities or qualified pension plans, would have no benefit from their deemed payment of such tax liability unless they file U.S. federal income tax returns and thereon seek a refund of such tax. We also may be subject to state and local taxes on our income or property, including franchise, payroll, mortgage recording and transfer taxes, either directly or at the level of our operating partnership or at the level of the other entities through which we indirectly own our assets, such as our taxable REIT subsidiaries, which are subject to full U.S. federal, state, local and foreign corporate-level income taxes. Any taxes we pay directly or indirectly will reduce our cash available for distribution to our stockholders.
 If our operating partnership or certain other subsidiaries fail to maintain their status as disregarded entities or partnerships, their income may be subject to taxation, which would reduce the cash available to us for distribution to our stockholders.
 We intend to cause CMFT OP, our operating partnership, to maintain its current status as an entity separate from us (a disregarded entity), or in the alternative, a partnership for U.S. federal income tax purposes. Our operating partnership would lose its status as a disregarded entity for U.S. federal income tax purposes if it issues interests to any subsidiary we establish that is not a disregarded entity for tax purposes (a "regarded entity") or a person other than us. If our operating partnership issues interests to any subsidiary we establish that is a regarded entity for tax purposes or a person other than us, we would characterize our operating partnership as a partnership for U.S. federal income tax purposes. As a disregarded entity or partnership, our operating partnership is not subject to U.S. federal income tax on its income. However, if the IRS were to successfully challenge the status of our operating partnership as a disregarded entity or partnership, CMFT OP would be taxable as a corporation. In such event, this would reduce the amount of distributions that the operating partnership could make to us. This could also result in our losing REIT status, and becoming subject to a corporate-level tax on our income. This would substantially reduce the cash available to us to make distributions to our stockholders and the return on their investment.
 In addition, if certain of our other subsidiaries through which CMFT OP owns its properties, in whole or in part, lose their status as disregarded entities or partnerships for U.S. federal income tax purposes, such subsidiaries would be subject to taxation as corporations, thereby reducing cash available for distributions to our operating partnership. Such a re-characterization of CMFT OP's subsidiaries also could threaten our ability to maintain REIT status.

 To maintain our REIT status, we may have to borrow funds on a short-term basis during unfavorable market conditions.
 In order to maintain our qualification as a REIT, we generally must distribute annually to our stockholders a minimum of 90% of our REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the dividends-paid deduction and excluding net capital gains. We will be subject to regular corporate income taxes on any undistributed REIT taxable income each year. Additionally, we will be subject to a 4% nondeductible excise tax on any amount by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from previous years. Payments we make to our stockholders under our share redemption program will not be taken into account for purposes of these distribution requirements. If we do not have sufficient cash to make distributions necessary to preserve our REIT status for any year or to avoid taxation, we may be forced to borrow funds or sell assets even if the market conditions at that time are not favorable for these borrowings or sales. These options could increase our costs or reduce our equity.
 Compliance with REIT requirements may cause us to forego otherwise attractive opportunities, which may hinder or delay our ability to meet our investment objectives and reduce our stockholders' overall return.
 To maintain our qualification as a REIT, we are required at all times to satisfy tests relating to, among other things, the sources of our income, the nature and diversification of our assets, the ownership of our shares of common stock and the amounts we distribute to our stockholders. Compliance with the REIT requirements may impair our ability to operate solely on the basis of maximizing profits. For example, we may be required to make distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution.
 Compliance with REIT requirements may force us to liquidate or restructure otherwise attractive investments.
 To maintain our qualification as a REIT, we must ensure that we meet the REIT gross income tests annually and that at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, government securities and qualified REIT real estate assets, including certain mortgage loans and certain kinds of mortgage-related securities. The remainder of our investment in securities (other than qualified real estate assets and government securities) generally cannot include more than 10% of the voting securities (other than securities that qualify for the straight debt safe harbor) of any one issuer or more than 10% of the value of the outstanding securities of more than any one issuer unless we and such issuer jointly elect for such issuer to be treated as a "taxable REIT subsidiary" under the Code ("TRS"). Debt will generally meet the "straight debt" safe harbor if the debt is a written unconditional promise to pay on demand or on a specified date a certain sum of money, the debt is not convertible, directly or indirectly, into shares of common stock, and the interest rate and the interest payment dates of the debt are not contingent on the profits, the borrower's discretion, or similar factors. Additionally, no more than 5% of the value of our assets (other than government securities and qualified real estate assets) can consist of the securities of any one issuer, and no more than 20% of the value of our assets may be represented by securities of one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must dispose of a portion of our assets within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions in order to avoid losing our REIT qualification and suffering adverse tax consequences. In order to satisfy these requirements and maintain our qualification as a REIT, we may be forced to liquidate assets from our portfolio or not make otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.
 The foregoing requirements could cause us to distribute amounts that otherwise would be spent on real estate assets and it is possible that we might be required to borrow funds, possibly at unfavorable rates, or sell assets to fund these dividends or make taxable stock dividends. Although we intend to make distributions sufficient to meet the annual distribution requirements and to avoid U.S. federal income and excise taxes on our earnings, it is possible that we might not always be able to do so.
 The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.
 We have invested and may continue to invest in mezzanine loans, for which the IRS has provided a safe harbor, but not rules of substantive law. Pursuant to the safe harbor, if a mezzanine loan meets certain requirements, it will be treated by the IRS as a real estate asset for purposes of the REIT asset tests, and interest derived from the mezzanine loan will be treated as qualifying mortgage interest for purposes of the REIT 75% income test. We may acquire mezzanine loans that do not meet all of the requirements of this safe harbor. In the event we own a mezzanine loan that does not meet the safe harbor, the IRS could challenge such loan's treatment as a real estate asset for purposes of the REIT asset and income tests and, if such a challenge were sustained, we could fail to qualify as a REIT.

 We may fail to qualify as a REIT or become subject to a penalty tax if the IRS successfully challenges our treatment of our mezzanine loans and certain preferred equity investments as debt for U.S. federal income tax purposes.
 There is limited case law and administrative guidance addressing whether instruments similar to our mezzanine loans and preferred equity investments will be treated as equity or debt for U.S. federal income tax purposes. We treat our mezzanine loans and our preferred equity investments as debt for U.S. federal income tax purposes, but we do not obtain private letter rulings from the IRS or opinions of counsel on the characterization of such investments for U.S. federal income tax purposes. If such investments were treated as equity for U.S. federal income tax purposes, we would be treated as owning the assets held by the partnership or limited liability company that issued the mezzanine loan or preferred equity, and we would be treated as receiving our proportionate share of the income of that entity. If that partnership or limited liability company owned nonqualifying assets, earned nonqualifying income, or earned prohibited transaction income, we may not be able to satisfy all of the REIT income or asset tests or could be subject to prohibited transaction tax. Accordingly, we could be required to pay prohibited transaction tax or fail to qualify as a REIT if the IRS does not respect our classification of our mezzanine loans and certain preferred equity investments as debt for U.S. federal income tax purposes unless we are able to qualify for a statutory REIT "savings" provision, which may require us to pay a significant penalty tax to maintain our REIT qualification.
 Non-U.S. stockholders may be subject to U.S. federal tax upon their disposition of our common stock or upon their receipt of certain distributions from us.
 In addition to any potential withholding tax on ordinary dividends, a non-U.S. stockholder, other than a "qualified shareholder" or a "qualified foreign pension fund," that disposes of a "U.S. real property interest" ("USRPI") (which includes shares of stock of a U.S. corporation whose assets consist principally of USRPIs), is generally subject to U.S. federal income tax under the Foreign Investment in Real Property Tax Act of 1980, as amended ("FIRPTA"), on the amount received from such disposition. Such tax does not apply, however, to the disposition of stock in a REIT that is "domestically controlled." Generally, a REIT is domestically controlled if less than 50% of its stock, by value, has been owned directly or indirectly by non-U.S. persons during a continuous five-year period ending on the date of disposition or, if shorter, during the entire period of the REIT's existence. We cannot assure you that we will continue to qualify as a domestically controlled REIT. If we were to fail to so maintain our qualification, amounts received by a non-U.S. stockholder on certain dispositions of our common stock (including a repurchase) would be subject to tax under FIRPTA, unless (i) our shares of common stock were regularly traded on an established securities market and (ii) the non-U.S. stockholder did not, at any time during a specified testing period, hold more than 10% of our common stock.
 A non-U.S. holder other than a "qualified shareholder" or a "qualified foreign pension fund," that receives a distribution from a REIT that is attributable to gains from the disposition of a USRPI as described above, including in connection with a redemption of our common stock, is generally subject to U.S. federal income tax under FIRPTA to the extent such distribution is attributable to gains from such disposition, regardless of whether the difference between the fair market value and the tax basis of the USRPI giving rise to such gains is attributable to periods prior to or during such non-U.S. holder's ownership of our common stock. In addition, a redemption of our common stock may be subject to withholding as an ordinary dividend.
 We seek to act in the best interests of the Company as a whole and not in consideration of the particular tax consequences to any specific holder of our shares of common stock. Potential non-U.S. stockholders should inform themselves as to the U.S. tax consequences, and the tax consequences within the countries of their citizenship, residence, domicile, and place of business, with respect to the purchase, ownership and disposition of our common stock.
 Distributions to tax-exempt stockholders may be classified as unrelated business taxable income.
 If (1) we are a "pension-held REIT," (2) a tax-exempt stockholder has incurred (or is deemed to have incurred) debt to purchase or hold shares of our common stock, (3) a holder of shares of our common stock is a certain type of tax-exempt stockholder, or (4) we directly or indirectly acquire a residual interest in certain mortgage loan securitization structures (i.e., a "taxable mortgage pool") or a residual interest in a real estate mortgage investment conduit ("REMIC"), dividends on, and gains recognized on the sale of, shares by such tax-exempt stockholder may be subject to U.S. federal income tax as UBTI under the Code.
 Complying with REIT requirements may limit our ability to hedge our liabilities effectively and may cause us to incur tax liabilities.
 The REIT provisions of the Code may limit our ability to hedge our liabilities. Any income from a hedging transaction we enter into to manage risk of interest rate changes, price changes or currency fluctuations with respect to borrowings made or to be made to acquire or carry real estate assets or to offset certain other positions, if properly identified under applicable Treasury Regulations, does not constitute "gross income" for purposes of the 75% or 95% gross income tests. To the extent that we enter into other types of hedging transactions, the income from those transactions will likely be treated as non-qualifying income for

 purposes of one or both of the gross income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRSs would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in a TRS generally will not provide any tax benefit, except for being carried forward against future taxable income of such TRS.
 Our property taxes could increase due to property tax rate changes or reassessment, which would impact our cash flows.
 Even if we continue to qualify as a REIT for U.S. federal income tax purposes, we will be required to pay some state and local taxes on our properties. The real property taxes on our properties may increase as property tax rates change or as our properties are assessed or reassessed by taxing authorities. Therefore, the amount of property taxes we pay in the future may increase substantially. If the property taxes we pay increase and if any such increase is not reimbursable under the terms of our lease, then our cash flows will be negatively impacted, which in turn could have a material adverse effect on our business, financial condition, results of operations, cash flows or our ability to satisfy our debt service obligations or to maintain our level of distributions on our common stock.
 The share transfer and ownership restrictions applicable to REITs and contained in our charter may inhibit market activity in our shares of stock and restrict our business combination opportunities.
 In order to continue to qualify as a REIT, five or fewer individuals, as defined in the Code, may not own, actually or constructively, more than 50% in value of our issued and outstanding shares of stock at any time during the last half of each taxable year, other than the first year for which a REIT election is made. Attribution rules in the Code determine if any individual or entity actually or constructively owns our shares of stock under this requirement. Additionally, at least 100 persons must beneficially own our shares of stock during at least 335 days of a taxable year for each taxable year, other than the first year for which a REIT election is made. To help ensure that we meet these tests, among other purposes, our charter restricts the acquisition and ownership of our shares of stock.
 Our charter, with certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT. Unless exempted by our Board, for so long as we continue to qualify as a REIT, our charter prohibits, among other limitations on ownership and transfer of shares of our stock, any person from beneficially or constructively owning (applying certain attribution rules under the Code) more than 9.8% in value of the aggregate of our outstanding shares of stock and more than 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series of our shares of stock. The Board, in its sole discretion and upon receipt of certain representations and undertakings, may exempt a person (prospectively or retrospectively) from the ownership limits. However, our Board may not, among other limitations, grant an exemption from these ownership restrictions to any proposed transferee whose ownership, direct or indirect, in excess of the 9.8% ownership limit would result in the termination of our qualification as a REIT. These restrictions on transferability and ownership will not apply, however, if our Board determines that it is no longer in our best interest to continue to qualify as a REIT or that compliance with the restrictions is no longer required in order for us to continue to so qualify as a REIT.
 These ownership limits could delay or prevent a transaction or a change in control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.
 If we elect to treat one or more of our subsidiaries as a TRS, it will be subject to corporate-level taxes, and our dealings with our TRSs may be subject to a 100% excise tax.
 A REIT may own up to 100% of the stock of one or more TRSs. Both the subsidiary and the REIT must jointly elect to treat the subsidiary as a TRS. A TRS will be subject to applicable U.S. federal, state, local and foreign income tax on its taxable income, including corporate income tax on the TRS's income, and is, as a result, less tax efficient than with respect to income we earn directly. The after-tax net income of our TRSs would be available for distribution to us. A TRS may hold assets and earn income that would not be qualifying assets or income if held or earned directly by a REIT, including gross income from operations pursuant to management contracts. In addition, the rules, which are applicable to us as a REIT, as described in the preceding risk factors, also impose a 100% excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm's-length basis. For example, to the extent that the rent paid by one of our TRSs exceeds an arm's-length rental amount, such amount would be potentially subject to a 100% excise tax. While we intend that all transactions between us and our TRSs would be conducted on an arm's-length basis, and therefore, any amounts paid by our TRSs to us would not be subject to the excise tax, no assurance can be given that the IRS would not disagree with such conclusion and levy an excise tax on such transactions.
 If a stockholder that is an employee benefit plan, individual retirement account ("IRA"), annuity described in Sections 403(a) or (b) of the Code, Archer Medical Savings Account, health savings account, Coverdell education savings account, or

 other arrangement that is subject to the Employee Retirement Income Securities Act ("ERISA") or Section 4975 of the Code (referred to generally as "Benefit Plans and IRAs") fails to meet the fiduciary and other standards under ERISA or the Code as a result of an investment in shares of our common stock, such stockholder could be subject to civil and criminal, if the failure is willful, penalties.
 There are special considerations that apply to Benefit Plans and IRAs investing in shares of our common stock. Stockholders that are Benefit Plans and IRAs should consider:
 • whether their investment is consistent with the applicable provisions of ERISA and the Code, or any other applicable governing authority in the case of a plan not subject to ERISA or the Code;
 • whether their investment is made in accordance with the documents and instruments governing the Benefit Plan or IRA, including any investment policy;
 • whether their investment satisfies the prudence and diversification requirements of Sections 404(a)(1)(B) and 404(a)(1)(C) of ERISA and other applicable provisions of ERISA and the Code;
 • whether their investment will impair the liquidity needs, the minimum and other distribution requirements, or the tax withholding requirements that may be applicable to such Benefit Plan or IRA;
 • whether their investment will constitute a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or any similar rule under other applicable laws or regulations;
 • whether their investment will produce or result in unrelated business taxable income, as defined in Sections 511 through 514 of the Code, to the Benefit Plan or IRA;
 • whether their investment will impair the Benefit Plan's or IRA's need to value its assets annually (or more frequently) in accordance with ERISA, the Code and the applicable provisions of the Benefit Plan or IRA;
 • whether their investment will cause our assets to be treated as "plan assets" of the Benefit Plan or IRA; and
 • whether the investment will not constitute a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code.
 Failure to satisfy the fiduciary standards of conduct and other applicable requirements of ERISA, the Code, or other applicable statutory or common law may result in the imposition of civil and criminal (if the violation is willful) penalties, and can subject the fiduciary to equitable remedies. In addition, if an investment in our common stock constitutes a prohibited transaction under ERISA or the Code, the "party-in-interest" (within the meaning of ERISA) or "disqualified person" (within the meaning of the Code) who authorized or directed the investment may have to compensate the plan for any losses the plan suffered as a result of the transaction or restore to the plan any profits made by such person as a result of the transaction, or may be subject to excise taxes with respect to the amount involved. In the case of a prohibited transaction involving an IRA, the IRA may be disqualified and all of the assets of the IRA may be deemed distributed and subject to tax.
 In addition to considering their fiduciary responsibilities under ERISA and the prohibited transaction rules of ERISA and the Code, stockholders that are Benefit Plans and IRAs should consider the effect of the plan assets regulation, U.S. Department of Labor Regulation Section 2510.3-101, as modified by ERISA Section 3(42). To avoid our assets from being considered "plan assets" under the plan assets regulation, we intend to limit "benefit plan investors" from owning 25% or more of the shares of our common stock. However, we cannot assure our stockholders that will be effective in limiting benefit plan investors' ownership to less than the 25% limit. For example, the limit could be unintentionally exceeded if a benefit plan investor misrepresents its status as a benefit plan investor. If our underlying assets were to be considered "plan assets" of a benefit plan investor subject to ERISA, (i) we would be an ERISA fiduciary and subject to certain fiduciary requirements of ERISA with which it would be difficult for us to comply and (ii) we could be restricted from entering into favorable transactions if the transaction, absent an exemption, would constitute a prohibited transaction under ERISA or the Code. Even if our assets are not considered to be "plan assets," a prohibited transaction could occur if we or any of our affiliates is a fiduciary (within the meaning of ERISA) of a Benefit Plan or IRA stockholder.
 Due to the complexity of these rules and the potential penalties that may be imposed, it is important that stockholders that are Benefit Plans and IRAs consult with their own advisors regarding the potential applicability of ERISA, the Code and any similar applicable law.
 Specific rules apply to foreign, governmental and church plans.
 As a general rule, certain employee benefit plans, including foreign pension plans, governmental plans established or maintained in the United States (as defined in Section 3(32) of ERISA), and certain church plans (as defined in Section 3(33) of ERISA), are not subject to ERISA's requirements and are not "benefit plan investors" for purposes of investing in "plan assets" subject to ERISA's requirements. Any such plan that is qualified and exempt from taxation under Sections 401(a) and 501(a) of the Code may nonetheless be subject to the prohibited transaction rules set forth in Section 503 of the Code and,

 under certain circumstances in the case of church plans, Section 4975 of the Code. Also, some foreign plans and governmental plans may be subject to foreign, state, or local laws which are, to a material extent, similar to the provisions of ERISA or Section 4975 of the Code. Each fiduciary of a plan subject to any such similar law should make its own determination as to the need for, and the availability of, any exemption relief.
 If stockholders invest in our common stock through an IRA or other retirement plan, they may be limited in their ability to withdraw required minimum distributions.
 If stockholders invest in our common stock with assets of a retirement plan or IRA, federal law may require them to withdraw required minimum distributions from such plan or account in the future. Our common stock will be highly illiquid, and our share redemption program only offers limited liquidity. If stockholders require liquidity, they may generally sell their shares, but such sale may be at a price less than the price at which they initially purchased their common stock. If stockholders fail to withdraw required minimum distributions from their plan or account, they may be subject to certain taxes and tax penalties.
 Our investments in construction loans require us to make estimates about the fair value of land improvements that may be challenged by the IRS.
 We have invested, and may continue to invest in construction loans, the interest from which is qualifying income for purposes of the REIT income tests, provided that the loan value of the real property securing the construction loan is equal to or greater than the highest outstanding principal amount of the construction loan during any taxable year. For purposes of construction loans, the loan value of the real property is the fair value of the land plus the reasonably estimated cost of the improvements or developments (other than personal property) that secure the loan and that are to be constructed from the proceeds of the loan. There can be no assurance that the IRS would not challenge our estimate of the loan value of the real property.
 Taxable Mortgage Pools and Excess Inclusion Income
 An entity, or a portion of an entity, may be classified as a taxable mortgage pool (a "TMP") under the Internal Revenue Code if:
 • substantially all of its assets consist of debt obligations or interests in debt obligations;
 • more than 50% of those debt obligations are real estate mortgages or interests in real estate mortgages as of specified testing dates;
 • the entity has issued debt obligations (liabilities) that have two or more maturities; and
 • the payments required to be made by the entity on its debt obligations (liabilities) "bear a relationship" in large part to the payments to be received by the entity on the debt obligations that it holds as assets.
 Our financing and securitization arrangements may give rise to TMPs with the consequences described below.
 Where an entity, or a portion of an entity, is classified as a TMP, it is generally treated as a taxable corporation for federal income tax purposes. However, in the case of a REIT, or a portion of a REIT, or a disregarded subsidiary of a REIT, that is a TMP, special rules apply. The TMP is not treated as a corporation that is subject to corporate income tax, and the TMP classification does not directly affect the tax qualification of the REIT. Rather, the consequences of the TMP classification generally would be limited to the stockholders of the REIT, except as noted below.
 A portion of the REIT's income from the TMP, which might be noncash accrued income, could be treated as excess inclusion income. Section 860E(c) of the Internal Revenue Code defines the term "excess inclusion" with respect to a residual interest in a REMIC. The IRS, however, has yet to issue guidance on the computation of excess inclusion income on equity interests in a TMP held by a REIT. Generally, excess inclusion income with respect to our investment in any TMP and any taxable year will equal the excess of (i) the amount of income we accrue on our investment in the TMP over (ii) the amount of income we would have accrued if our investment were a debt instrument having an issue price equal to the fair market value of our investment on the day we acquired it and a yield to maturity equal to 120% of the long-term applicable federal rate in effect on the date we acquired our interest. The term "applicable federal rate" refers to rates that are based on weighted average yields for treasury securities and are published monthly by the IRS for use in various tax calculations.
 If we undertake financing or securitization transactions that are TMPs, the amount of excess inclusion income we recognize in any taxable year could represent a significant portion of our total taxable income for that year. Under IRS guidance, the REIT's excess inclusion income, including any excess inclusion income from a residual interest in a REMIC, must be allocated among its stockholders in proportion to distributions paid. We are required to notify our stockholders of the amount of "excess inclusion income" allocated to them. A stockholder's share of our excess inclusion income:

 • cannot be offset by any net operating losses otherwise available to the stockholder;
 • is subject to tax as unrelated business taxable income in the hands of most types of stockholders that are otherwise generally exempt from federal income tax, including qualified employee pension and profit-sharing trusts and individual retirement accounts; and
 • results in the application of U.S. federal income tax withholding at the maximum rate (30%), without reduction for any otherwise applicable income tax treaty or other exemption, to the extent allocable to most types of foreign stockholders.
 To the extent that excess inclusion income is allocated from a TMP to a tax-exempt stockholder of a REIT that is not subject to unrelated business income tax (such as a government entity), the REIT will be subject to tax on this income at the highest applicable corporate tax rate. In this case, we are authorized to reduce and intend to reduce distributions to such stockholders by the amount of such tax paid by the REIT that is attributable to such stockholder's ownership. The manner in which excess inclusion income is calculated, or would be allocated to stockholders, including allocations among shares of different classes of stock, remains unclear under current law. As required by IRS guidance, we intend to make such determinations using a reasonable method.
 Tax-exempt investors, foreign investors and taxpayers with net operating losses should carefully consider the tax consequences described above, and are urged to consult their tax advisors.

 ITEM 1B. UNRESOLVED STAFF COMMENTS
 None.

 ITEM 1C. CYBERSECURITY
 The Company's Cybersecurity Risk Management Approach
 The Company utilizes and relies on CIM Group for its IT and IT administration. CIM Group's cybersecurity strategy prioritizes detection, analysis and response to known, anticipated or unexpected threats, effective management of security risks and resiliency against incidents. CIM Group's cybersecurity risk management policies and procedures include, among other things: enterprise-wide hardware and software management and security controls; employee training; security assessments; penetration testing; security audits and ongoing risk assessments; due diligence on, and monitoring and oversight of, key third-party providers; vulnerability management; and management oversight to assess, identify and manage material risks from cybersecurity threats. CIM Group's controls leverage the National Institute of Standards and Technology Cyber Security Framework. CIM Group also utilizes industry and government associations, the results from regular internal and third-party audits and other similar resources to inform its cybersecurity processes and to allocate resources.
 In addition, all CIM Group employees receive mandatory training on cybersecurity matters at such employee's new hire and annually thereafter, periodic training and information updates that address new cybersecurity threats and trends, and quarterly "phishing" and social engineering testing to evaluate the effectiveness of the cybersecurity training program and raise employee awareness of cybersecurity threats.
 In 2024, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced undetected cybersecurity incidents.
 For further discussion of cybersecurity risks, see "Item 1A. Risk Factors—Risk Related to Our Company - Cybersecurity risks and cyber incidents may adversely affect our business in the event we or our manager, our transfer agent or any other party that provides us with essential services experiences cyber incidents."
 Management Oversight of Cybersecurity Risk Management
 CIM Group's internal processes require escalation of material cybersecurity risks to its management and its Cybersecurity Committee (the "Committee") for evaluation. The Committee consists of CIM Group's Chief Technology Officer (the "CTO"), CIM Group's Chief Compliance Officer (the "CCO") as well as representatives from CIM Group's operations, compliance and accounting departments. The Committee is responsible for CIM Group's cybersecurity policy and overseeing the activities of CIM Group's cybersecurity practices, including assessing CIM Group's risks and controls. The Committee is chaired by the CTO who has more than 30 years' experience in the fields of information technology, cybersecurity and adjacent roles, including serving on cybersecurity advisory councils. In addition, members of the Committee have relevant industry experience in enterprise risk management and compliance. The team responsible for developing and implementing our cybersecurity

 program collectively holds an MS in Cybersecurity and Information Assurance and has multiple cybersecurity certifications, including CRISC, CISM, CISA, NCSP-NIST, CISSP, CASP+, CySA+ and Security+.
 The Committee has established a Cybersecurity Subcommittee (the "Subcommittee"). The Subcommittee consists of, among others, the CCO, the CTO, the chief financial officers of public companies that are subject to the SEC's cybersecurity rule adopted in 2023 and are managed by CIM Group, including our Chief Financial Officer. The Subcommittee is tasked with assisting CIM Group-managed public companies (that are subject to the SEC's cybersecurity rule adopted in 2023), including us, in complying with such cybersecurity rule.
 The Committee and Subcommittee each conduct both regular quarterly and as-needed meetings throughout the year during which members of the CIM Group's IT department provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the Committee's and the Subcommittee's respective reporting frameworks, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks. To help inform this reporting framework, CIM Group maintains incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents based on the potential impact to CIM Group's business, IT systems, network or data, including data held by third parties, or to the IT or other critical services provided by third-party vendors and service providers.
 CIM Group's personnel responsible for cybersecurity policy is comprised of individuals with either formal education and degrees in IT or cybersecurity, or with experience working in IT and cybersecurity, including relevant industry experience in security related industries.
 We believe that the processes, policies and procedures established by the Committee and the Subcommittee provide guidance for consistent and effective incident handling and response and set standards for internal notifications and escalations, as well as external notification considerations with respect to a cybersecurity event or incident requiring disclosure or notification in accordance with applicable laws.
 Board of Directors Oversight of Cybersecurity Risk Management
 The a udit committee of our Board has oversight of our cybersecurity risks. The audit committee receives quarterly updates from CIM Group, including one or more representatives from the Cybersecurity Committee and Subcommittee, with respect to the effectiveness of its cyber readiness and cybersecurity program. This oversight includes briefing and a report by the CTO or CIM Group's Head of Operations, as well as a discussion of any cybersecurity breaches detected by CIM Group and a summary of, among other things, the current cybersecurity threat landscape, defensibility measures implemented by CIM Group, the health of CIM Group's information security system, effectiveness of CIM Group's cybersecurity controls and recoverability and business continuity testing. Pursuant to the Company's cybersecurity policy, the audit committee will be promptly notified of any material cybersecurity incident required to be disclosed under Item 1.05 of Form 8-K and shall oversee the Company's response to such matter.

 ITEM 2. PROPERTIES
 See Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Real Estate Portfolio Information for a discussion of the properties we hold for rental operations and Part IV, Item 15. Exhibits and Financial Statement Schedules — Schedule III — Real Estate and Accumulated Depreciation of this Annual Report on Form 10-K for a detailed listing of such properties.

 ITEM 3. LEGAL PROCEEDINGS
 In the ordinary course of business, we may become subject to litigation or claims. We are not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we are a party or to which our properties are the subject.

 ITEM 4. MINE SAFETY DISCLOSURES
 Not applicable.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
 Market Information
 As of March 18, 2025, we had approximately 436.9 million shares of common stock outstanding, held by a total of 73,913 stockholders of record. The number of stockholders is based on the records of SS&C GIDS, Inc., which serves as our registrar and transfer agent.
 There is no established trading market for our common stock. Therefore, there is a risk that a stockholder may not be able to sell our stock at a time or price acceptable to the stockholder, or at all. Unless and until our shares are listed on a national securities exchange, we do not expect that a public market for the shares will develop. Pursuant to the DRIP Offerings, we issue shares of our common stock at the most recently disclosed estimated per share NAV as determined by our Board. As of December 31, 2024, the estimated per share NAV was $6.09 per share, which was established on February 29, 2024 using a valuation date of January 31, 2024. Subsequent to December 31, 2024, the Board established an updated per share NAV of our common stock effective on March 28, 2025, using a valuation date of December 31, 2024, of $5.22 per share.
 To assist fiduciaries of tax-qualified pension, stock bonus or profit-sharing plans, employee benefit plans and annuities described in Section 403(a) or (b) of the Code or an individual retirement account or annuity described in Section 408 of the Code subject to the annual reporting requirements of ERISA and IRA trustees or custodians in preparation of reports relating to an investment in the shares, we will publicly disclose and provide reports, as requested, of the per share estimated value of our common stock to those fiduciaries who request such reports. Furthermore, in order for FINRA members and their associated persons to participate in the Initial Offering, we are required pursuant to FINRA Rule 5110 to disclose in each annual report distributed to stockholders a per share estimated value of the shares, the method by which it was developed and the date of the data used to develop the estimated value. In addition, pursuant to FINRA Rule 2231, we are required to publish an updated estimated per share NAV on at least an annual basis. The Board will make decisions regarding the valuation methodology to be employed, who will perform valuations of our assets and the frequency of such valuations; provided, however, that the determination of the estimated per share NAV must be conducted by, or with the material assistance or confirmation of, a third-party valuation expert and must be derived from a methodology that conforms to standard industry practice. The Board established an updated estimated per share NAV effective on March 28, 2025 of $5.22 per share using a valuation date of December 31, 2024, using a methodology that conformed to standard industry practice. However, as set forth above, there is no public trading market for the shares at this time and stockholders may not receive $5.22 per share if a market did exist. We have not made any adjustments to the valuation of our estimated per share NAV for the impact of other transactions occurring subsequent to March 28, 2025.
 In determining the estimated per share NAV as of December 31, 2024, our Board considered information and analysis, including valuation materials that were provided by our independent valuation expert, information provided by CMFT Management, and the estimated per share NAV recommendation made by the audit committee of our Board, which committee is comprised entirely of independent directors. See our Current Report on Form 8-K, filed with the SEC on March 28, 2025, for additional information regarding our independent valuation expert and its valuation materials.
 Share Redemption Program
 The Board has adopted a share redemption program that enables our stockholders to sell their shares to us in limited circumstances, subject to the conditions and limitations described below.
 Our common stock is currently not listed on a national securities exchange. In order to provide stockholders with the benefit of interim liquidity, stockholders may present all, or a portion, of their shares consisting of at least the lesser of (1) 25% of the stockholder's shares; or (2) a number of shares with an aggregate redemption price of at least $2,500, to us for redemption at any time in accordance with the procedures outlined below. At that time, we may, subject to the conditions and limitations described below, redeem the shares presented for redemption for cash to the extent that we have sufficient funds available to us to fund such redemption. We will not pay to our sponsor, our Board, or our manager or its affiliates any fees to complete any transactions under our share redemption program.
 The per share redemption price (other than for shares purchased pursuant to our DRIP and as provided below for redemptions due to a stockholder's death) depends on the length of time the stockholder has held such shares as follows: after two years from the purchase date, 97.5% of the most recently determined estimated per share NAV; and after three years from the purchase date, 100% of the most recently determined estimated per share NAV. The redemption price for shares purchased pursuant to our DRIP will be 100% of the most recently determined estimated per share NAV. The estimated per share NAV

 for purposes of our share redemption program as of December 31, 2024 was $6.09 per share, which estimated per share NAV was determined by our Board on February 29, 2024 using a valuation date of January 31, 2024. Subsequent to December 31, 2024, the Board established an updated estimated per share NAV of our common stock on March 20, 2025, using a valuation date of December 31, 2024, of $5.22 per share. As a result of our Board's determination of an updated estimated per share NAV of our shares of common stock on March 20, 2025, the estimated per share NAV of $5.22 as of December 31, 2024 will serve as the most recent estimated per share NAV for purposes of the share redemption program, effective March 28, 2025 until such time as the Board determines a new estimated per share NAV.
 In determining the redemption price, we consider shares to have been redeemed from a stockholder's account on a first-in, first-out basis. The Board will announce any redemption price adjustment and the time period of its effectiveness as a part of its regular communications with our stockholders. If we have made one or more special distributions to our stockholders of all or a portion of the net proceeds from such sales, the per share redemption price will be reduced by the net sale proceeds per share distributed to stockholders prior to the redemption date. The Board will, in its sole discretion, determine which distributions, if any, constitute a special distribution. While our Board does not have specific criteria for determining a special distribution, we expect that a special distribution will only occur upon the sale of a property and the subsequent distribution of the net sale proceeds.
 Upon receipt of a request for redemption, we may conduct a Uniform Commercial Code ("UCC") search to ensure that no liens are held against the shares. Any costs for conducting the UCC search will be borne by us.
 In the event of the death of a stockholder, we must receive a written redemption request from the stockholder's estate within 12 months after the stockholder's death in order to be eligible for a redemption due to a stockholder's death. Shares redeemed in connection with a stockholder's death will be redeemed at a purchase price per share equal to 100% of the estimated per share NAV.
 In the event that a stockholder requests a redemption of all of their shares, and such stockholder is participating in our DRIP, the stockholder will be deemed to have notified us, at the time they submit their redemption request, that such stockholder is terminating its participation in our DRIP, and has elected to receive future distributions in cash. This election will continue in effect even if less than all of such stockholder's shares are redeemed unless they notify us that they wish to resume their participation in our DRIP.
 We will limit the number of shares redeemed pursuant to our share redemption program as follows: (1) we will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited, among other things, to the net proceeds we receive from the sale of shares under our DRIP, net of shares redeemed to date. In an effort to accommodate redemption requests throughout the calendar year, we intend to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited, among other things, to the net proceeds we receive from the sale of shares in the respective quarter under our DRIP; however, our management may waive these quarterly limitations in its sole discretion, subject to the 5% cap on the number of shares we may redeem during the respective trailing 12-month period. Any of the foregoing limits might prevent us from accommodating all redemption requests made in any quarter, in which case quarterly redemptions will be made pro rata, except as described below. Our management also reserves the right, in its sole discretion at any time, and from time to time, to reject any request for redemption for any reason.
 We will redeem our shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for us to repurchase the shares in the month following the end of that fiscal quarter. A stockholder may withdraw their request to have shares redeemed, but all such requests generally must be submitted prior to the last business day of the applicable fiscal quarter. Any redemption capacity that is not used as a result of the withdrawal or rejection of redemption requests may be used to satisfy the redemption requests of other stockholders received for that fiscal quarter, and such redemption payments may be made at a later time than when that quarter's redemption payments are made.
 We will determine whether we have sufficient funds and/or shares available as soon as practicable after the end of each fiscal quarter, but in any event prior to the applicable payment date. If we cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available from DRIP and/or the limit on the number of shares we may redeem during any quarter or year, we will give priority to the redemption of deceased stockholders' shares and stockholders with exigent circumstances, as determined in our sole discretion and accompanied by such evidentiary documentation as we may request. While the shares of deceased stockholders and stockholders determined to have exigent circumstances will be included in calculating the maximum number of shares that may be redeemed in any annual or quarterly period, they will not be subject to the annual or quarterly percentage caps; therefore, if the volume of requests to redeem deceased stockholders' shares in a

 particular quarter were large enough to cause the annual or quarterly percentage caps to be exceeded, even if no other redemption requests were processed, the redemptions of deceased stockholders' shares would be completed in full, assuming sufficient proceeds from the sale of shares under our DRIP, net of shares redeemed to date, were available. If sufficient proceeds from the sale of shares under our DRIP, net of shares redeemed to date, are not available to pay all such redemptions in full, the requests to redeem shares of deceased stockholders and stockholders determined to have exigent circumstances, will be honored on a pro rata basis. We next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time we receive the request, in order to reduce the expense of maintaining small accounts. Thereafter, we will honor the remaining redemption requests on a pro rata basis. Following such quarterly redemption period, if a stockholder would like to resubmit the unsatisfied portion of the prior request for redemption, such stockholder must submit a new request for redemption of such shares prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods.
 Our share redemption program is only intended to provide interim liquidity for stockholders until a liquidity event occurs, which may include the sale of the Company, the sale of all or substantially all of our assets, a merger or similar transaction, an alternative strategy that will result in a significant increase in opportunities for stockholders to redeem their shares or the listing of the shares of our common stock for trading on a national securities exchange. We cannot guarantee that a liquidity event will occur.
 The shares we redeem under our share redemption program are canceled and returned to the status of authorized but unissued shares. We do not intend to resell such shares to the public unless they are first registered with the SEC under the Securities Act and under appropriate state securities laws or otherwise sold in compliance with such laws.
 The Board may choose to amend, suspend or terminate our share redemption program in its sole discretion if it believes that such action is in the best interest of our stockholders. Any material modifications or suspension of the share redemption program will be disclosed to our stockholders as promptly as practicable in our reports filed with the SEC and via our website. Additionally, we will be required to discontinue sales of shares under our Secondary DRIP Offering on the date we sell all of the shares registered for sale under the Secondary DRIP Offering, unless we register additional DRIP shares to be offered pursuant to an effective registration statement with the SEC and applicable states. Because the redemption of shares will be funded with the net proceeds we receive from the sale of shares under our Secondary DRIP Offering, net of shares redeemed to date, the discontinuance or termination of our Secondary DRIP Offering will adversely affect our ability to redeem shares under the share redemption program. We will notify our stockholders of such developments (1) in our next annual or quarterly report or (2) by means of a separate mailing, accompanied by disclosure in a current or periodic report under the Exchange Act.
 During the year ended December 31, 2024, we received valid redemption requests under our share redemption program totaling approximately 151.9 million shares, of which we redeemed approximately 5.6 million shares as of December 31, 2024 for $33.9 million (at an average redemption price of $6.09 per share) and approximately 1.8 million shares subsequent to December 31, 2024 for $11.1 million (at an average redemption price of $6.09 per share). The remaining redemption requests relating to approximately 144.5 million shares went unfulfilled. During the year ended December 31, 2023, we received valid redemption requests under our share redemption program totaling approximately 110.2 million shares, of which we redeemed approximately 5.2 million shares as of December 31, 2023 for $33.9 million (at an average redemption price of $6.57 per share) and approximately 1.7 million shares subsequent to December 31, 2023 for $11.0 million (at an average redemption price of $6.31 per share). The remaining redemption requests relating to approximately 103.3 million shares went unfulfilled. A valid redemption request is one that complies with the applicable requirements and guidelines of our current share redemption program set forth above. We funded such redemptions with proceeds from our DRIP Offerings and available borrowings. During the years ended December 31, 2024 and 2023, we issued approximately 7.0 million and 6.5 million shares of common stock, respectively, under the DRIP Offerings, for proceeds of $42.6 million and $42.9 million, respectively, which were recorded as redeemable common stock on the consolidated balance sheets, net of any redemptions paid.

 In general, we redeem shares on a quarterly basis. During the three-month period ended December 31, 2024, we redeemed shares, including those redeemable due to a stockholder's death, as follows:

 Period (1)

 Total Number
of Shares
Redeemed
 Average Price
Paid per Share
 Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
 Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs

 October 1, 2024 - October 31, 2024

 17,229
 $
 6.09
 17,229
 (3)

 November 1, 2024 - November 30, 2024

 1,864,822
 $
 6.09
 1,864,822
 (3)

 December 1, 2024 - December 31, 2024

 5,668
 $
 6.34
 (2)
 5,668
 (3)

 Total
 1,887,719
 1,887,719

 (1)Redemptions are included in the month of payment, which is made one business day following the trade date.
 (2)Includes a prior period redemption.
 (3)A description of the maximum number of shares that may be purchased under our share redemption program is included in the narrative preceding this table.
 See Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Share Redemptions in this Annual Report on Form 10-K, and Note 15 — Stockholders' Equity — Share Redemption Program to our consolidated financial statements in this Annual Report on Form 10-K for additional share redemption information.
 Distributions
 We elected to be taxed, and conduct our operations to qualify, as a REIT for federal income tax purposes, commencing with our taxable year ended December 31, 2012. As a REIT, we have made, and intend to continue to make, distributions each taxable year equal to at least 90% of our taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). One of our primary goals is to pay regular (monthly) distributions to our stockholders.
 See Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Distributions in this Annual Report on Form 10-K for additional information on distributions.
 For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nondividend distributions. To the extent that we make a distribution in excess of our current or accumulated earnings and profits, the distribution will be a nontaxable return of capital, reducing the tax basis in each U.S. stockholder's shares. In addition, the amount of distributions in excess of U.S. stockholders' tax basis in their shares will be taxable as a capital gain realized from the sale of those shares. See Note 16 — Income Taxes to our consolidated financial statements in this Annual Report on Form 10-K for the character of the distributions paid during the years ended December 31, 2024, 2023 and 2022.
 The following table shows the distributions declared on a per share basis during the years ended December 31, 2024, 2023 and 2022 (in thousands, except per share data):

 Year Ending December 31,
 Total Distributions
Declared
 Distributions Declared
per Common Share

 2024
 $
 197,136
 $
 0.450

 2023
 $
 185,916
 $
 0.425

 2022
 $
 164,526
 $
 0.376

 ITEM 6. RESERVED

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our accompanying consolidated financial statements and notes thereto. See also the Cautionary Note Regarding Forward-Looking Statements section preceding Part I of this Annual Report on Form 10-K. For a comparison of the years ended December 31, 2023 and 2022, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

 Overview
 We are a non-traded REIT that seeks to attain attractive risk-adjusted returns and create long term value for our stockholders by investing in a diversified portfolio of senior secured mortgage loans, creditworthy long-term net-leased property investments and other senior loan and liquid credit investments. Our investment strategy allows us to adapt over time in order to respond to evolving market conditions and to capitalize on investment opportunities that may arise at different points in the economic and real estate investment cycle. Subject to market conditions, we expect to pursue a listing of our common stock on a national securities exchange at such time as our Board determines that such a listing would be in the best interests of our stockholders, though we can provide no assurance that a listing will happen in a particular timeframe or at all.
 We were formed on July 27, 2010, and we elected to be taxed, and conduct our operations to qualify, as a REIT for U.S. federal income tax purposes. We are externally managed by CMFT Management and, with respect to investments in securities and certain other investments of ours, our Investment Advisor, each of which is an affiliate of CIM Group, a vertically-integrated community-focused real estate and infrastructure owner, operator, lender and developer.
 As of December 31, 2024, our loan portfolio consisted of 68 loans with a net book value of $3.4 billion, and investments in real estate-related securities of $345.8 million. The Company conducts and expects to continue to conduct its commercial real estate lending business through CLR, a Maryland statutory trust and subsidiary of the Company which we expect to be taxed as a REIT for U.S. federal income tax purposes. As of December 31, 2024, CLR holds a diversified portfolio of approximately $1.5 billion, which includes first mortgage loans with a net book value of $1.05 billion, CMBS with an estimated fair value of $241.3 million, and an investment in the Unconsolidated Joint Venture (as defined in Note 2 — Summary of Significant Accounting Policies — Investment in Unconsolidated Entities to the consolidated financial statements in this Annual Report on Form 10-K) with a carrying value of $171.8 million.
 As of December 31, 2024, we owned 187 commercial real estate properties, which consisted of 176 retail properties, seven office properties, and four industrial properties, representing 16 industry sectors and comprising approximately 5.8 million rentable square feet of commercial space located in 36 states, with a net book value of $983.3 million. As of December 31, 2024, we owned condominium developments with a net book value of $64.9 million.
 During the year ended December 31, 2024, we disposed of seven properties encompassing 430,000 gross rentable square feet, and 11 condominium units for total consideration of $128.0 million, as further discussed in Note 4 — Real Estate Assets to the consolidated financial statements in this Annual Report on Form 10-K.
 Our operating results and cash flows are primarily influenced by interest income from our credit investments, rental and other property income from our commercial properties, interest expense on our indebtedness and credit investments and other operating expenses. In general, our business model is such that rising interest rates will correlate to increases in our net income, while declining interest rates will correlate to decreases in our net income. As of December 31, 2024, 95.1% of our CMBS and loans held-for-investment by carrying value earned a floating rate of interest, indexed to Secured Overnight Financing Rate ("SOFR"), and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans. CMFT Management reviews our investment portfolio and is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. In addition, as 100.0% of our rentable square feet was under lease, including any month-to-month agreements, as of December 31, 2024, with a weighted average remaining lease term of 10.5 years, we believe our exposure to changes in commercial rental rates on our portfolio is substantially mitigated, except for vacancies caused by tenant bankruptcies or other factors. Our manager regularly monitors the creditworthiness of our tenants by reviewing each tenant's financial results, any available credit rating agency reports on the tenant or guarantor, the operating history of the property with such tenant, the tenant's market share and track record within its industry segment, the general health and outlook of the tenant's industry segment and other information for changes and possible trends. If our manager identifies significant changes or trends that may adversely affect the creditworthiness of a tenant, it will gather a more in-depth knowledge of the tenant's financial condition and, if necessary, attempt to mitigate the tenant credit risk by evaluating the possible sale of the property or identifying a possible replacement tenant should the current tenant fail to perform on the lease.
 Recent Developments
 Macroeconomic Environment
 The year 2024 was characterized by a mix of positive and challenging developments leading to continued volatility in global markets. Investor concerns over inflation, higher interest rates, slowing economic growth, political and regulatory uncertainty and geopolitical conditions have persisted.

 Heightened inflation caused the Federal Reserve to raise interest rates in 2022 and 2023. Although the majority of our business model is such that elevated interest rates will, all else being equal, correlate to increases in our net income, increases in interest rates may adversely affect the ability of our existing borrowers to pay debt service, tenants and property values of our own portfolio and the assets that serve as collateral for our loans. The Federal Reserve began to decrease interest rates in the second half of 2024 and has indicated that it may continue to decrease interest rates in 2025. In a period of declining interest rates, our interest income on floating-rate investments may generally decrease, subject to the impact of interest rate floors in our investment portfolio.
 In addition, the U.S. office sector has been adversely affected by the increase in remote working arrangements and, over the past several years, the retail sector has been adversely affected by electronic commerce. These negative factors have been considered in the determination of our CECL allowance. We may be required to record further increases to our current expected credit loss reserves in the future, depending on the performance of our portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves, particularly if market conditions relevant to the office sector do not improve. Any such reserve increases are difficult to predict.

 Operating Highlights and Key Performance Indicators
 2024 Activity
 Operating Results:
 • Net loss attributable to the Company of $292.3 million, or $0.67 per share.
 • Redeemed 7.3 million shares under the share redemption program for $45.0 million at an average price of $6.15 per share.
 • Declared aggregate distributions of $0.45 per share.
 Credit Portfolio Investment Activity:
 • Originated $77.1 million of first mortgage loans.
 • Funded $85.8 million in existing first mortgage loans.
 • Invested $65.4 million in liquid corporate senior loans and sold liquid corporate senior loans for an aggregate gross sales price of $452.9 million, including $265.4 million as part of the Master Participation Agreement (as defined in Note 13 — Related-Party Transactions and Arrangements to the consolidated financial statements in this Annual Report on Form 10-K). The liquid corporate senior loans served as the initial positions for the formation of a CLO, in which we invested $27.6 million in a CLO subordinated note.
 • Invested $78.7 million in corporate senior loans.
 • Received principal repayments on loans held-for-investment of $479.2 million.
 • Invested $24.9 million in CMBS, received principal repayments on CMBS of $107.4 million and sold CMBS for an aggregate gross sales price of $31.1 million.
 • Funded an additional $58.7 million in NP JV Holdings (as defined in Note 2 — Summary of Significant Accounting Policies to the consolidated financial statements in this Annual Report on Form 10-K).
 Real Estate Portfolio Investment Activity:
 • Acquired two properties for an aggregate purchase price of $44.1 million.
 • Disposed of seven properties for an aggregate sales price of $90.6 million.
 • Disposed of 11 condominium units for an aggregate sales price of $37.4 million.
 Financing Activity:
 • Decreased total debt by $756.5 million, reducing our ratio of debt to total gross assets net of gross intangible lease liabilities to 62.6%.

 Portfolio Information
 The following table shows the net book value of our portfolio by investment type as of December 31, 2024 and 2023 (dollar amounts in thousands):

 2024
 2023

 Asset Count
 Net Book Value

 Asset Count
 Net Book Value

 Loan Held-For-Investment

 First mortgage loans
 $
 72.7
 %
 $
 3,648,351
 61.0
 %

 Liquid corporate senior loans
 41,467
 0.9
 %
 537,990
 9.0
 %

 Corporate senior loans
 254,617
 5.3
 %
 210,722
 3.5
 %

 (392,136)
 (8.2)
 %
 (132,598)
 (2.2)
 %

 Total loans held-for-investment and related receivable, net
 70.7
 %
 71.3
 %

 Real Estate-Related Securities and Other

 CMBS

 396,819
 8.3
 %
 512,523
 8.6
 %

 CLO subordinated note

 26,901
 0.6
 %
 —
 —
 —
 %

 Equity securities

 32,170
 0.7
 %
 42,999
 0.7
 %

 (110,062)
 (2.3)
 %

 (35,808)
 (0.6)
 %

 Total real estate-related securities and other, net

 7.3
 %
 519,714
 8.7
 %

 Real Estate

 Total real estate assets and intangible lease liabilities, net
 1,048,194
 22.0
 %
 1,195,276
 20.0
 %

 Total Investment Portfolio (1)(2)

 $
 4,764,899
 100.0
 %
 $
 5,979,455
 100.0
 %

 (1)Table does not include our investment in the Unconsolidated Joint Venture (as defined in Note 2 — Summary of Significant Accounting Policies to the consolidated financial statements in this Annual Report on Form 10-K), which had a carrying value of $181.4 million, $171.8 million of which is held through CLR as of December 31, 2024.
 (2)As of December 31, 2024, first mortgage loans with a net book value of $1.05 billion and CMBS with an estimated fair value of $241.3 million were held through CLR.

 Credit Portfolio Information
 The following table details overall statistics for our credit portfolio as of December 31, 2024 (dollar amounts in thousands):

 CRE Loans (1)(2)

 Liquid Corporate Senior Loans
 Real Estate Related Securities and Other (2)

 Corporate Senior Loans

 Number of investments (3)

 Principal balance
 $
 3,483,454
 $
 42,717
 $
 596,700
 $
 258,816

 Net book value
 $
 $
 35,653
 $
 $
 250,120

 Unfunded loan commitments
 $
 217,907
 $
 —
 —
 $
 43,750

 Weighted-average interest rate (4)

 7.7
 %
 9.9
 %
 7.9
 %
 10.5
 %

 Weighted-average maximum years to maturity

 2.3
 3.7
 5.0
 3.5

 (1)As of December 31, 2024, 95.5% of our loans by principal balance earned a floating rate of interest indexed to SOFR.
 (2)Maximum maturity date assumes all extension options are exercised by the borrowers and assumes all relevant conditions are met for such extensions; however, our loans and CMBS may be repaid prior to such date.

 (3)Table does not include our investment in the Unconsolidated Joint Venture (as defined in Note 2 — Summary of Significant Accounting Policies — Investment in Unconsolidated Entities to the consolidated financial statements in this Annual Report on Form 10-K), which had a carrying value of $181.4 million as of December 31, 2024.
 (4)The weighted-average interest rate for variable rate investments is based on the relevant floating benchmark plus a spread.

 As of December 31, 2024, our CRE loans had the following characteristics based on carrying values (dollar amounts in thousands):

 Collateral Property Type

 Office
 $
 1,779,324
 51.2
 %

 Multifamily
 1,023,514
 29.5
 %

 Industrial
 331,269
 9.6
 %

 Hospitality
 137,541
 4.0
 %

 Mixed Use
 69,786
 2.0
 %

 Retail
 64,677
 1.9
 %

 Self-Storage
 60,818
 1.8
 %

 $
 100.0
 %

 Less: current expected credit losses

 (381,825)

 Total first mortgage loans, net

 $

 Geographic Location

 South
 $
 1,350,617
 38.9
 %

 West
 1,009,262
 29.1
 %

 East
 795,688
 23.0
 %

 Various
 311,362
 9.0
 %

 $
 100.0
 %

 Less: current expected credit losses

 (381,825)

 Total first mortgage loans, net

 $

 Real Estate Portfolio Information
 As of December 31, 2024, we owned 187 commercial real estate properties located in 36 states, the gross rentable square feet of which was 100.0% leased, including any month-to-month agreements, with a weighted average lease term remaining of 10.5 years. During the year ended December 31, 2024, we disposed of seven properties for an aggregate gross sales price of $90.6 million. Additionally, during the year ended December 31, 2024, we sold 11 condominium units for an aggregate gross sales price of $37.4 million.
 The following table shows the property statistics of our real estate assets as of December 31, 2024 and 2023:

 2024
 2023

 Number of commercial properties

 Rentable square feet (in thousands) (1)

 5,821
 6,153

 Percentage of rentable square feet leased
 100.0
 %
 99.9
 %

 Percentage of investment-grade tenants (2)

 30.8
 %
 33.8
 %

 (1)Includes square feet of buildings on land parcels subject to ground leases.
 (2)Investment-grade tenants are those with a credit rating of BBB- or higher by Standard & Poor's Financial Services LLC ("Standard & Poor's") or a credit rating of Baa3 or higher by Moody's Investor Service, Inc. ("Moody's"). The ratings may reflect those assigned by Standard & Poor's or Moody's to the lease guarantor or the parent company, as applicable. The weighted average credit rating is weighted based on annualized rental income and is for only those tenants rated by Standard & Poor's.

 The following table summarizes our real estate acquisition activity during the year ended December 31, 2024. No properties were acquired during the year ended December 31, 2023.

 Commercial properties acquired

 Purchase price of acquired properties (in thousands)
 $
 44,148

 Rentable square feet (in thousands)

 The following table shows the tenant diversification of our real estate portfolio, based on annualized rental income, as of December 31, 2024:

 2024
 2024

 Total
 Leased
 2024

 Number

 Tenant
 of Leases (1)

 (in thousands) (2)

 per Square Foot (2)

 CVS
 $
 8,852
 $
 21.03
 %

 Cabela's
 7,198
 17.86
 %

 United Oil
 6,508
 171.26
 %

 Lowe's
 1,073
 6,321
 5.89
 %

 Walgreens
 3,884
 23.98
 %

 BJ's Wholesale Club, Inc.
 3,270
 14.53
 %

 Valvoline Oil Change
 3,060
 18.89
 %

 Tractor Supply
 2,892
 13.58
 %

 Bob Evans
 2,826
 37.18
 %

 AAA
 2,811
 23.43
 %

 Other
 2,928
 38,668
 13.21
 %

 5,821
 $
 $
 14.82
 %

 (1) Includes leases which are master lease agreements.
 (2) Includes square feet of the buildings on land parcels subject to ground leases.

 The following table shows the tenant industry diversification of our real estate portfolio, based on annualized rental income, as of December 31, 2024:

 2024
 2024

 Total
 Leased
 2024

 Number

 Industry
 of Leases (1)

 (in thousands) (2)

 per Square Foot (2)

 Health and Personal Care Stores
 $
 12,736
 $
 21.81
 %

 Manufacturing
 1,009
 10,320
 10.23
 %

 Sporting Goods, Hobby, and Musical Instrument Retailers
 9,072
 18.00
 %

 Automotive Repair and Maintenance
 7,603
 24.37
 %

 Gasoline Stations
 7,272
 139.85
 %

 Warehouse Clubs, Supercenters, and Other General Merchandise Retailers
 6,815
 9.81
 %

 Building Material and Supplies Dealers
 1,073
 6,321
 5.89
 %

 Grocery Stores
 6,317
 8.81
 %

 Restaurants and Other Eating Places
 4,492
 40.84
 %

 Lawn and Garden Equipment and Supplies Stores
 4,301
 15.47
 %

 Other
 11,041
 22.67
 %

 5,821
 $
 $
 14.82
 %

 (1) Includes leases which are master lease agreements.
 (2) Includes square feet of the buildings on land parcels subject to ground leases.
 The following table shows the geographic diversification of our real estate portfolio, based on annualized rental income, as of December 31, 2024:

 2024
 2024

 Total
 Rentable
 2024

 Number of

 Location
 Properties
 (in thousands) (1)

 per Square Foot (1)

 Ohio
 1,120
 $
 13,506
 $
 12.06
 %

 Illinois
 7,238
 11.42
 %

 California
 7,164
 99.50
 %

 Wisconsin
 6,530
 9.65
 %

 Florida
 6,167
 10.26
 %

 Texas
 4,873
 25.78
 %

 Virginia
 3,960
 16.57
 %

 Kentucky
 3,632
 19.32
 %

 Nebraska
 3,540
 18.34
 %

 New Jersey
 3,523
 24.13
 %

 Other
 1,762
 26,157
 14.85
 %

 5,821
 $
 $
 14.82
 %

 (1) Includes square feet of the buildings on land parcels subject to ground leases.

 The following table shows the property type diversification of our real estate portfolio, based on annualized rental income, as of December 31, 2024:

 2024
 2024

 Total
 Rentable
 2024

 Number of

 Property Type
 Properties
 (in thousands) (1)

 per Square Foot (1)

 Retail
 4,149
 $
 67,911
 $
 16.37
 %

 Office
 14,414
 16.23
 %

 Industrial
 3,965
 5.06
 %

 5,821
 $
 $
 14.82
 %

 (1) Includes square feet of the buildings on land parcels subject to ground leases.
 Leases
 Although there are variations in the specific terms of the leases of our properties, the following is a summary of the general structure of our current leases. Generally, the leases of the properties acquired provide for initial terms of ten or more years and provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions as the initial lease term. Certain leases also provide that in the event we wish to sell the property subject to that lease, we first must offer the lessee the right to purchase the property on the same terms and conditions as any offer which we intend to accept for the sale of the property. The properties are generally leased under net leases pursuant to which the tenant bears responsibility for substantially all property costs and expenses associated with ongoing maintenance and operation, including utilities, property taxes and insurance, while certain of the leases require us to maintain the roof, structure and parking areas of the building. Additionally, certain leases provide for increases in rent as a result of fixed increases, increases in the consumer price index, and/or increases in the tenant's sales volume. The leases of the properties provide for annual rental payments (payable in monthly installments) ranging from $47,000 to $3.1 million (average of $461,000). Certain leases provide for limited increases in rent as a result of fixed increases or increases in the consumer price index.
 The following table shows lease expirations of our real estate portfolio, as of December 31, 2024, during each of the next ten years and thereafter, assuming no exercise of renewal options:

 2024

 Total
 Leased
 2024

 Number
 2024

 of Leases
 Expiring
 Expiring

 Year of Lease Expiration
 Expiring (1)

 (in thousands) (2)

 per Square Foot (2)

 2025
 $
 1,018
 $
 16.97
 %

 2026
 3,333
 11.26
 %

 2027
 5,067
 12.06
 %

 2028
 —
 —
 —
 —
 —
 %

 2029
 3,184
 —
 %

 2030
 1,491
 17.34
 %

 2031
 6,011
 7.38
 %

 2032
 7,853
 20.78
 %

 2033
 4,120
 10.15
 %

 2034
 8,658
 70.39
 %

 Thereafter
 3,011
 45,555
 15.13
 %

 5,821
 $
 $
 14.82
 %

 (1) Includes leases which are master lease agreements.
 (2) Includes square feet of the buildings on land parcels subject to ground leases.

 The following table shows the economic metrics of our real estate assets as of and for the years ended December 31, 2024 and 2023:

 2024
 2023

 Economic Metrics

 Weighted-average lease term (in years) (1)

 10.5
 10.7

 Lease rollover (1)(2):

 Annual average

 2.9%
 2.5%

 Maximum for a single year

 5.9%
 5.6%

 (1)Based on annualized rental income of our real estate portfolio as of December 31, 2024 and 2023.
 (2)Through the end of the next five years as of the respective reporting date.

 Results of Operations
 Overview
 We are not aware of any material trends or uncertainties, other than national economic conditions affecting real estate in general, such as inflation and heightened interest rates and the imposition of tariffs and other changes to trade policy in the U.S. and other jurisdictions, that may reasonably be expected to have a material impact on our results from the acquisition, management and operation of properties and credit investments other than those listed in Part I, Item 1A. Risk Factors.
 For a comparison of the years ended December 31, 2023 and 2022, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
 Our operating segments include Credit and Real Estate. Refer to Note 18 — Segment Reporting to our consolidated financial statements in this Annual Report on Form 10-K for further discussion of our operating segments.

 The following table compares our summarized results of operations for the years ended December 31, 2024 and 2023 by operating segment (amounts in thousands):

 2024
 2023

 Credit Segment
 $
 $
 $
 (63,492)

 Real Estate Segment
 93,525
 115,056
 (21,531)

 Corporate

 483,900
 568,859
 (84,959)

 Credit Segment
 603,837
 412,341
 191,496

 Real Estate Segment
 122,779
 105,874
 16,905

 Corporate
 51,802
 58,126
 (6,324)

 778,418
 576,341
 202,077

 Other (expense) income:

 Credit Segment
 (10,034)
 (17,674)
 7,640

 Real Estate Segment
 2,268
 44,159
 (41,891)

 Corporate
 9,994
 9,083

 2,228
 35,568
 (33,340)

 (292,290)
 (320,376)

 Net income allocated to non-controlling interest

 Net (loss) income attributable to the Company

 $
 (292,301)
 $
 28,078
 $
 (320,379)

 Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023
 Credit Segment
 Revenues
 The decrease in our Credit segment revenues of $63.5 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to the suspension of interest income on three of our risk-rated 5 first mortgage loans with a carrying value of $373.8 million that were placed on nonaccrual status and were past due on their interest payments as of December 31, 2024, as well as a decrease in the overall size of our investment portfolio and a decline in interest rates during the year ended December 31, 2024. As of December 31, 2024, we held credit investments with an outstanding principal balance of $4.4 billion compared to credit investments with an outstanding principal of $5.1 billion as of December 31, 2023.
 Expenses
 Expenses for our Credit segment consist primarily of interest expense, increases (decreases) to our provision for credit losses, management fees, and general and administrative expenses. The increase in our Credit segment expenses of $191.5 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to a $208.5 million increase in the provision for credit losses, primarily due to the asset-specific credit loss provision on funded and unfunded commitments recognized on seven of the Company's first mortgage loan investments and the increase in provision for credit loss related to two CMBS positions that was recognized due to a decline in the underlying collateral value during the year ended December 31, 2024.
 Other Expense
 Other expense for our Credit segment consists of gain on investment in unconsolidated entities, unrealized (loss) gain on equity securities, and loss on extinguishment of debt, along with dividend income from our equity securities. The decrease in our Credit segment other expense of $7.6 million during the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to a $25.2 million decrease in other (expense) income, net, driven by a $36.4 million decrease in loss

 on sale of CMBS during the year ended December 31, 2024, as compared to the same period in 2023, partially offset by a $13.7 million increase in loss on sale of liquid corporate senior loans during the year ended December 31, 2024, as compared to the same period in 2023. The decrease in other expense was further driven by a $1.9 million increase in gain on investment in unconsolidated entities and a decrease of $1.2 million in loss on extinguishment of debt during the year ended December 31, 2024, as compared to the same period in 2023. The decrease in other expense was partially offset by a $15.9 million unrealized loss on equity securities during the year ended December 31, 2024, compared to a $4.8 million unrealized gain on equity securities during the year ended December 31, 2023.
 Real Estate Segment
 Revenues
 The decrease in our Real Estate segment revenues of $21.5 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to the disposition of seven properties subsequent to December 31, 2023 and the disposition of 188 properties during the year ended December 31, 2023. Refer to "Same Store Analysis" below for a further discussion of net operating income at our "same store properties".
 Expenses
 The increase in our Real Estate segment expenses of $16.9 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to an increase in impairment charges of $31.8 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, as ten properties were deemed to be impaired during the year ended December 31, 2024, due to sales prices or revised cash flow estimates that were less than their respective carrying values, resulting in impairment charges of $52.2 million, as compared to six properties that were deemed to be impaired during the year ended December 31, 2023, resulting in impairment charges of $20.4 million. The increase was partially offset by the disposition of seven properties subsequent to December 31, 2023. Refer to "Same Store Analysis" below for a further discussion of net operating income at our "same store properties".
 Other Income
 Other income for our Real Estate segment primarily consists of gain on disposition of real estate, loss on extinguishment of debt and other income. The decrease in our Real Estate segment other income of $41.9 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily due to the disposition of seven properties resulting in a net gain of $1.9 million during the year ended December 31, 2024, compared to the disposition of 188 properties resulting in a net gain of $44.4 million during the year ended December 31, 2023.
 Corporate and Other
 Revenues
 Our corporate revenues, which consist primarily of rental income from our condominium and rental units acquired via foreclosure, did not meaningfully change during the year ended December 31, 2024 as compared to the year ended December 31, 2023.
 Expenses
 Our corporate expenses consist primarily of general and administrative expenses, expense reimbursements to related parties, interest expense, net related to our credit facilities, and property operating expenses and impairment on our condominium and rental units acquired via foreclosure. The decrease in corporate expenses of $6.3 million during the year ended December 31, 2024 as compared to the year ended December 31, 2023, was partially due to a $5.6 million decrease in impairment charges related to condominium units during the year ended December 31, 2024, as compared to the year ended December 31, 2023, and a decrease in interest expense, net of $4.3 million, driven by the pay down and termination of the credit agreement with JPMorgan Chase Bank, N.A. and PNC Bank, N.A. (the "CMFT Credit Facility") and the paydown and termination of the variable rate debt assumed by the Company upon completing the January 2021 foreclosure of assets which previously secured the Company's mezzanine loans (the "Assumed Variable Rate Debt") during the year ended December 31, 2023. The decrease was further driven by a $3.4 million decrease in transaction-related expenses driven by a tax settlement related to the Company's condominium units during the year ended December 31, 2023. In addition, we saw a decrease in property operating expenses of $1.9 million, primarily driven by decreased condominium-related legal expenses during the year ended December 31, 2024 as compared to the year ended December 31, 2023. The decrease was partially offset by an increase in general and administrative expenses of $8.9 million, primarily in connection with restricted stock unit related expenses recorded during the year ended December 31, 2024 as well as an increase in escrow and trustee fees and a non-recurring increase in taxes.

 Other Income
 The increase in corporate other income of $911,000 during the year ended December 31, 2024, as compared to the year ended December 31, 2023, was primarily driven by a decrease of $4.4 million in loss on extinguishment of debt during the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily in connection with the paydown and termination of the CMFT Credit Facility and the refinanced Assumed Variable Rate Debt. The increase was further driven by the disposition of 11 condominium units resulting in a net gain of $4.8 million during year ended December 31, 2024, compared to the disposition of 18 condominium units resulting in a net gain of $3.6 million during the year ended December 31, 2023. The increase was partially offset by a decrease in other (expense) income, net of $4.7 million primarily due to a decrease in interest income generated by decreased short-term liquid investments included in cash and cash equivalents on the consolidated balance sheets during the year ended December 31, 2024, as compared to the year ended December 31, 2023.
 Same Store Analysis
 Our results of operations are influenced by the timing of acquisitions and the operating performance of our real estate assets. We review our stabilized operating results, measured by net operating income, from properties that we owned for the entirety of both the current and prior year reporting periods, referred to as "same store" properties, and we believe that the presentation of operating results for same store properties provides useful information to stockholders. Net operating income is a supplemental non-GAAP financial measure of a real estate company's operating performance. Net operating income is considered by management to be a helpful supplemental performance measure, as it enables management to evaluate the impact of occupancy, rents, leasing activity and other controllable property operating results at our real estate properties, and it provides a consistent method for the comparison of our properties. We define net operating income as operating revenues less operating expenses, which exclude (i) depreciation and amortization, (ii) interest expense and other non-property related revenue and expense items such as (a) general and administrative expenses, (b) expense reimbursements to related parties, (c) management fees, (d) transaction-related expenses, (e) real estate impairment, (f) increase in provision for credit losses, (g) gain on disposition of real estate and condominium developments, net, (h) merger-related expenses, net and (i) interest income. Our calculation of net operating income may not be comparable to that of other REITs and should not be considered to be more relevant or accurate in evaluating our operating performance than the current GAAP methodology used in calculating net income. In determining the same store property pool, we include all properties that were owned for the entirety of both the current and prior reporting periods, except for properties during the current or prior year that were under development or redevelopment.

 Comparison of the Years Ended December 31, 2024 and 2023
 The following table reconciles our Real Estate segment net (loss) income, calculated in accordance with GAAP, to net operating income (in thousands):
 Total

 2024
 2023

 $
 (26,986)
 $
 53,341
 $
 (80,327)

 —
 1,192
 (1,192)

 Other (expense) income, net

 (413)
 4,380
 (4,793)

 (1,855)
 (49,731)
 47,876

 52,243
 20,404
 31,839

 31,981
 42,532
 (10,551)

 Transaction-related expenses

 —
 (10)

 8,218
 10,702
 (2,484)

 General and administrative expenses

 (310)

 23,248
 22,884

 Net operating income

 $
 86,835
 $
 106,423
 $
 (19,588)

 A total of 185 properties were acquired before January 1, 2023 and represent our "same store" properties during the years ended December 31, 2024 and 2023. "Non-same store" properties, for purposes of the table below, include properties acquired or disposed of on or after January 1, 2023.
 The following table details the components of our Real Estate segment net operating income broken out between same store and non-same store properties (in thousands):
 Total
 Same Store

 Non-Same Store

 2024
 2023

 2024
 2023
 2024
 2023

 $
 93,525
 $
 115,056
 $
 (21,531)
 $
 87,370
 $
 87,462
 $
 (92)
 $
 6,155
 $
 27,594
 $
 (21,439)

 Property operating expenses

 3,639
 5,203
 (1,564)
 3,054
 3,171
 (117)
 2,032
 (1,447)

 Real estate tax expenses

 3,051
 3,430
 (379)
 2,547
 2,732
 (185)
 (194)

 Total property operating expenses
 6,690
 8,633
 (1,943)
 5,601
 5,903
 (302)
 1,089
 2,730
 (1,641)

 Net operating income

 $
 86,835
 $
 106,423
 $
 (19,588)
 $
 81,769
 $
 81,559
 $
 $
 5,066
 $
 24,864
 $
 (19,798)

 Net Operating Income
 Same store property net operating income remained relatively consistent during the year ended December 31, 2024, as compared to the year ended December 31, 2023.
 Non-same store property net operating income decreased $19.8 million during the year ended December 31, 2024, as compared to the year ended December 31, 2023. The decrease was primarily due to the disposition of seven properties subsequent to December 31, 2023 in addition to the disposition of 188 properties during the year ended December 31, 2023.

 Distributions
 Our Board authorizes distributions on a quarterly basis, which are paid out on a monthly basis.
 Our Board authorized the following monthly distribution amounts per share, payable to stockholders as of the record date for the applicable month, for the periods indicated below:

 Period Commencing
 Period Ending
 Monthly Distribution Amount

 January 2022
 September 2022
 $0.0305

 October 2022
 December 2022
 $0.0339

 January 2023
 September 2023
 $0.0350

 October 2023
 December 2023
 $0.0367

 January 2024
 December 2024
 $0.0375

 January 2025
 June 2025
 $0.0283

 As of December 31, 2024, we had distributions payable of $16.5 million.
 The following table presents distributions and source of distributions for the periods indicated below (dollar amounts in thousands):

 2024
 2023

 Amount
 Percent
 Amount
 Percent

 Distributions paid in cash
 $
 154,040
 %
 $
 141,818
 %

 Distributions reinvested
 42,635
 %
 42,879
 %

 Total distributions
 $
 196,675
 %
 $
 184,697
 %

 Source of distributions:

 Net cash provided by operating activities (1) (2)

 $
 196,675
 %
 $
 184,697
 %

 Total sources
 $
 196,675
 %
 $
 184,697
 %

 (1)Net cash provided by operating activities for the years ended December 31, 2024 and 2023 was $161.2 million and $223.8 million, respectively.
 (2)Our distributions covered by cash flows for the year ended December 31, 2024 include cash flows from operating activities in excess of distributions from prior periods of $35.4 million. We have paid, and may continue to pay, some of our distributions from sources other than cash flows from operations, including proceeds from asset sales, proceeds from loan repayments, and borrowings. Distributions at any point in time may not reflect the current performance of our assets or our current operating cash flows.

 Share Redemptions
 During the year ended December 31, 2024, we received valid redemption requests under our share redemption program totaling approximately 151.9 million shares, of which we redeemed approximately 5.6 million shares as of December 31, 2024 for $33.9 million (at an average redemption price of $6.09 per share) and approximately 1.8 million shares subsequent to December 31, 2024 for $11.1 million (at an average redemption price of $6.09 per share). The remaining redemption requests relating to approximately 144.5 million shares went unfulfilled. During the year ended December 31, 2023, we received valid redemption requests under our share redemption program totaling approximately 110.2 million shares, of which we redeemed approximately 5.2 million shares as of December 31, 2023 for $33.9 million (at an average redemption price of $6.57 per share) and approximately 1.7 million shares subsequent to December 31, 2023 for $11.0 million (at an average redemption price of $6.31 per share). The remaining redemption requests relating to approximately 103.3 million shares went unfulfilled.
 See the discussion of our share redemption program in Part II, Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Share Redemption Program in this Annual Report on Form 10-K.

 Liquidity and Capital Resources
 General
 We expect to utilize proceeds from net cash provided by operations, cash proceeds from the sale of credit investments, principal payments received on credit investments, cash proceeds from real estate asset dispositions, proceeds from the Secondary DRIP Offering, proceeds from the sale of subsidiary equity, distributions from certain investments, as well as secured or unsecured borrowings from banks and other lenders to finance our future acquisitions and loan originations, repayment of certain indebtedness, distributions, redemptions and for general corporate uses. The sources of our operating cash

 flows will primarily be provided by interest income from our portfolio of credit investments and the rental and other property income received from current and future leased properties.
 Sources of Liquidity
 Our primary sources of liquidity include cash and cash equivalents and available borrowings under our debt facilities, which are set forth in the following table (in thousands):
 December 31, 2024
 December 31, 2023

 Cash and cash equivalents
 $
 181,291
 $
 247,500

 Unused borrowing capacity (1)

 91,786
 100,138

 $
 273,077
 $
 347,638

 (1)Reflects the total borrowing capacity approved by the lenders related to the assets pledged as collateral, less the drawn amount.
 See Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K for additional details regarding our repurchase facilities, notes payable and credit facilities. The following table details our outstanding financing arrangements and borrowing capacity as of December 31, 2024 (in thousands):

 Portfolio Financing Outstanding Principal Balance
 Maximum Capacity (1)

 Notes payable – variable rate debt
 $
 $

 ABS mortgage notes

 Credit facilities
 124,500
 318,000

 Repurchase facilities
 3,054,030
 (2)

 Total portfolio financing
 $
 $
 4,737,002

 ___________________________________
 (1)Subject to borrowing availability.
 (2)Facilities under the J.P. Morgan Repurchase Facility carry no maximum facility size.
 Variance between Average and Quarter-End Repurchase Facility Borrowings Outstanding
 The following table compares the average amount outstanding under our Repurchase Facilities (as defined in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K) during each quarter and the amount outstanding as of the end of each quarter, together with an explanation of significant variances (amounts in thousands):

 Quarter Ended
 Quarter-End Balance
 Weighted-Average Balance During Quarter
 Variance

 December 31, 2023
 $
 2,067,264
 $
 2,212,706
 $
 (145,442)
 (1)

 March 31, 2024
 $
 2,028,944
 $
 2,065,339
 $
 (36,395)

 June 30, 2024
 $
 1,929,204
 $
 1,975,822
 $
 (46,618)

 September 30, 2024
 $
 1,810,749
 $
 1,888,858
 $
 (78,109)

 December 31, 2024
 $
 $
 1,779,490
 $
 (86,348)
 (2)

 (1)Variance driven by late quarter timing of CMBS sales and debt pay downs primarily in connection with the amended and restated Master Repurchase Agreement with Barclays Bank PLC (as described in further detail in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K).
 (2)Variance driven by late quarter timing of CMBS sales and debt pay downs, primarily in connection with the Master Repurchase agreement with Wells Fargo Bank, N.A and the amended and restated Master Repurchase Agreement with Barclays Bank PLC (as described in further detail in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K).

 Capital Resources
 Our principal demands for funds will be for the acquisition or origination of credit investments and real estate, and the payment of tenant improvements, acquisition-related expenses, operating expenses, distributions, redemptions and interest and principal on current and any future debt financings, including principal repayments of $1.7 billion within the next 12 months, $104.0 million of which has a rolling term that resets monthly, as further discussed in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K.
 Generally, we expect to meet our liquidity requirements through net cash provided by operations, cash proceeds from the sale of credit investments, principal payments received on credit investments, cash proceeds from real estate asset dispositions, proceeds from the Secondary DRIP Offering, proceeds from the sale of subsidiary equity, distributions, as well as secured or unsecured borrowings from banks and other lenders to finance our future acquisitions and loan originations, repayment of certain indebtedness and for general corporate uses. We expect that substantially all net cash flows from operations will be used to pay distributions to our stockholders after certain capital expenditures, including tenant improvements and leasing commissions, are paid; however, we have used, and may continue to use, other sources to fund distributions, as necessary, including borrowings on our unencumbered assets. To the extent that cash flows from operations are lower, distributions paid to our stockholders may be lower. We expect that substantially all net cash flows from the Secondary DRIP Offering or debt financings will be used to fund acquisitions, loan originations, certain capital expenditures, repayments of outstanding debt or distributions and redemptions to our stockholders. We believe that the resources stated above will be sufficient to satisfy our operating requirements for the foreseeable future, and we do not anticipate a need to raise funds from sources other than those described above within the next 12 months.
 Contractual Obligations
 As of December 31, 2024, we had debt outstanding with a carrying value of $3.2 billion and a weighted average interest rate of 5.5%. See Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K for certain terms of our debt outstanding, including extension options.
 Our contractual obligations as of December 31, 2024 were as follows (in thousands):
 Payments due by period (1)

 Total
 Less Than 1
Year
 1-3 Years
 3-5 Years
 More Than
5 Years

 Unfunded loan commitments (2)

 $
 261,657
 $
 3,735
 $
 154,785
 $
 92,361
 $
 10,776

 Principal payments — variable rate debt
 190,926
 369,686
 45,840
 —

 Principal payments — ABS mortgage notes
 —
 —
 303,408
 455,112

 Principal payments — credit facilities
 124,500
 —
 12,500
 112,000
 —

 Principal payments — repurchase facilities
 1,505,249
 187,893
 —
 —

 Interest payments (3)

 314,687
 142,163
 119,041
 32,408
 21,075

 Total
 $
 3,758,958
 $
 1,842,073
 $
 843,905
 $
 586,017
 $
 486,963

 (1)The table does not include amounts due to CMFT Management or its affiliates pursuant to our Management Agreement because such amounts are not fixed and determinable.
 (2)Comprised of our unfunded loan commitments to provide additional CRE loan, corporate senior loan and liquid corporate senior loan financing as of December 31, 2024. The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the final maturity date; however, we may be obligated to fund these commitments earlier than such date. This table does not include $33.9 million of unfunded commitments related to the NewPoint JV (as defined in Note 2 — Summary of Significant Accounting Policies — Investment in Unconsolidated Entities to the consolidated financial statements in this Annual Report on Form 10-K). In addition, the table does not include $1.2 million of unsettled liquid corporate senior loan acquisitions, which is included in cash and cash equivalents on the accompanying consolidated balance sheet.
 (3)Interest payments on the variable rate debt, credit facilities and repurchase facilities have been calculated based on outstanding balances as of December 31, 2024 through their respective maturity dates. This is only an estimate as actual amounts borrowed and interest rates could vary over time.
 We expect to incur additional borrowings in the future to acquire additional properties and credit investments. There is no limitation on the amount we may borrow against any single improved property. As of December 31, 2024, our ratio of debt to total gross assets net of gross intangible lease liabilities was 62.6%.

 Cash Flow Analysis
 Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
 Operating Activities. Net cash provided by operating activities decreased by $62.5 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The decrease was primarily due to a net decrease in credit investments of $717.8 million, and decreased interest income as a result of our three first mortgage loans that were placed on nonaccrual status and were past due on their interest payments as of December 31, 2024, along with a decline in interest rates during the year ended December 31, 2024. The decease was further driven by the dispositions of seven properties subsequent to December 31, 2023. See "— Results of Operations" for a more complete discussion of the factors impacting our operating performance.
 Investing Activities. For the year ended December 31, 2024, net cash provided by investing activities increased by $161.1 million, as compared to the year ended December 31, 2023. The change was primarily due to $627.3 million of net proceeds from loans held-for-investment during the year ended December 31, 2024, as compared to the $342.4 million net investment in loans held-for-sale during the year ended December 31, 2023. The change was further driven by $85.9 million of net proceeds from real estate-related securities and other during the year ended December 31, 2024, as compared to the $26.3 million net investment in real estate-related securities and other during the year ended December 31, 2023. The change was offset by a decrease in net proceeds from real estate assets and condominium units of $892.3 million, as the Company disposed of seven properties and 11 condominium units during the year ended December 31, 2024, as compared to 188 properties and 18 condominium units disposed of during the same period in 2023.
 Financing Activities. For the year ended December 31, 2024, net cash used in financing activities increased by $257.9 million. The change was primarily due to net repayments on the repurchase facilities, notes payable and credit facilities of $756.5 million during the year ended December 31, 2024, as compared to net repayments on the repurchase facilities, notes payable and credit facilities of $505.8 million during the year ended December 31, 2023.

 Election as a REIT
 We elected to be taxed, and operate our business to qualify, as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2012. To maintain our qualification as a REIT, we must continue to meet certain requirements relating to our organization, sources of income, nature of assets, distributions of income to our stockholders and recordkeeping. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders so long as we distribute at least 90% of our annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains).
 If we fail to maintain our qualification as a REIT for any reason in a taxable year and applicable relief provisions do not apply, we will be subject to tax on our taxable income at regular corporate rates. We will not be able to deduct distributions paid to our stockholders in any year in which we fail to maintain our qualification as a REIT. We also will be disqualified for the four taxable years following the year during which qualification was lost, unless we are entitled to relief under specific statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to maintain our qualification as a REIT for federal income tax purposes. No provision for federal income taxes has been made in our accompanying consolidated financial statements. We are subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in our accompanying consolidated financial statements.

 Related-Party Transactions and Agreements
 We have entered into agreements with CMFT Management and our Investment Advisor whereby we agree to pay certain fees to, or reimburse certain expenses of, CMFT Management, the Investment Advisor or their affiliates. In addition, we have invested in, and may continue to invest in, certain co-investments with funds that are advised by an affiliate of CMFT Management. We may also originate loans to third parties that use the proceeds to finance the acquisition of real estate from funds that are advised by an affiliate of CMFT Management. See Note 13 — Related-Party Transactions and Arrangements to our consolidated financial statements in this Annual Report on Form 10-K for a discussion of the various related-party transactions, agreements and fees.

 Conflicts of Interest
 Richard S. Ressler, the chairman of our Board, chief executive officer and president, who is also a founder and principal of CIM Group and is an officer/director of certain of its affiliates, is the vice president of our manager. Through his affiliation with Orchard Capital Corporation, Mr. Ressler chairs the executive committee of Orchard First Source Asset Management Holdings,

 LLC, the holding Company of our Investment Advisor. Additionally, one of our directors, Jason Schreiber, is an employee of CIM Group. Nathan D. DeBacker, our chief financial officer, principal accounting officer and treasurer, is an employee of CIM Group, the vice president of our manager, and is an officer of certain of its affiliates. As such, there may be conflicts of interest where CMFT Management or its affiliates, while serving in the capacity as sponsor, general partner, officer, director, key personnel and/or advisor for CIM Group or another program sponsored or operated by affiliates of our manager, may be in conflict with us in connection with providing services to other real estate-related programs related to property acquisitions, property dispositions, and property management, among others. The compensation arrangements between affiliates of CMFT Management and these other real estate programs sponsored or operated by affiliates of our manager could influence the advice provided to us. See Part I, Item 1. Business — Conflicts of Interest and Part I, Item 1A. Risk Factors — Risks Related to Conflicts of Interest of this Annual Report on Form 10-K.

 Critical Accounting Policies and Significant Accounting Estimates
 Our accounting policies have been established to conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes that we have made these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We continually test and evaluate these estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from these estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied, thus resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact comparability of our results of operations to those of companies in similar businesses. We believe the following critical accounting policies govern the significant judgments and estimates used in the preparation of our financial statements, which should be read in conjunction with the more complete discussion of our accounting policies and procedures included in Note 2 — Summary of Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K.
 Current Expected Credit Losses
 The current expected credit loss is our current estimate of potential credit losses related to our loans held-for-investment, CMBS and CLO subordinated note. We estimate our CECL reserve for our senior loans and mezzanine loans primarily using the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the Financial Accounting Standards Board Staff Q&A Topic 326, No. 1. For our liquid corporate senior loans and corporate senior loans, we use a probability of default and loss given default method. CMBS and CLO subordinated note credit losses, if any, are estimated by calculating the difference between (i) the present value of estimated cash flows expected to be collected from the security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, to (ii) the net amortized cost basis of the security.
 The risks and uncertainties involved in applying the principles related to CECL reserves include, but are not limited to, the following:
 • The historical loan loss data used in estimating our CECL reserve. To estimate the historical loan losses relevant to our portfolio, we have utilized historical loan performance with market loss data from 1998 through 2024. Within this database, we focused on the applicable subset of available loan data, which we determined based on loan metrics that are most comparable to our loan portfolio including asset type, loan structure, credit rating and years to maturity;
 • The expected repayments over the contractual term of each loan, CMBS and CLO subordinated note. As part of our quarterly review of our loan and CMBS portfolios, we assess the expected repayment date of each position, which is used to determine the contractual term for purposes of computing our CECL reserve;
 • The current credit quality and performance expectations of our loan, CMBS and CLO subordinated note portfolios, as well as market conditions over the relevant time period and its impact on our portfolios are estimated by management; and
 • The expectations of performance and market conditions. Our CECL reserve is adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, inflation, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans during their anticipated term. In addition to the CRE data we have licensed from Trepp LLC, we have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader economic conditions may have on our loan

 portfolio's performance. We may also incorporate information from other sources, including information and opinions available to our Investment Advisor, to further inform these estimations. This process requires significant judgments about future events that, while based on the information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolios could vary significantly from the estimates we made as of December 31, 2024.
 Recoverability of Real Estate Assets
 We acquire real estate assets and subsequently monitor those assets quarterly for impairment, including the review of real estate properties subject to direct financing leases, if applicable. Additionally, we record depreciation and amortization related to our assets. The risks and uncertainties involved in applying the principles related to real estate assets include, but are not limited to, the following:
 • The estimated useful lives of our depreciable assets affects the amount of depreciation and amortization recognized on our assets;
 • The review of impairment indicators and subsequent determination of the undiscounted future cash flows could require us to reduce the carrying value of assets held and used to a fair value estimated by management and recognize an impairment loss. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including holding periods;
 • The fair value of held for sale assets is estimated by management. This estimated value could result in a reduction of the carrying value of the asset; and
 • Changes in assumptions based on actual results may have a material impact on our financial results.
 Allocation of Purchase Price of Real Estate Assets
 In connection with our acquisition of real estate assets, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their respective relative fair values. Tangible assets consist of land, buildings, fixtures and tenant improvements. Intangible assets consist of above- and below-market lease values and the value of in-place leases. Our purchase price allocations are developed utilizing third-party appraisal reports, industry standards and management experience. The risks and uncertainties involved in applying the principles related to purchase price allocations include, but are not limited to, the following:
 • The value allocated to land, as opposed to buildings, fixtures and tenant improvements, affects the amount of depreciation expense we record. If more value is attributed to land, depreciation expense is lower than if more value is attributed to buildings, fixtures and tenant improvements;
 • Intangible lease assets and liabilities can be significantly affected by estimates including market rent, lease terms including renewal options at rental rates below estimated market rental rates, carrying costs of the property during a hypothetical expected lease-up period, and current market conditions and costs, including tenant improvement allowances and rent concessions; and
 • We determine whether any financing assumed is above- or below-market based upon comparison to similar financing terms for similar types of debt financing with similar maturities.
 Recently Issued Accounting Pronouncements
 Recently issued accounting pronouncements are described in Note 2 — Summary of Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Market Risk
 The market risk associated with financial instruments and derivative financial instruments is the risk of loss from adverse changes in market prices or interest rates. Our market risk arises primarily from interest rate risk relating to variable rate borrowings. To meet our short and long-term liquidity requirements, we borrow funds at a combination of fixed and variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to manage our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as swaps, collars and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We do not intend to hold or issue these derivative contracts for trading or speculative purposes. We do not have any foreign operations and thus we are not exposed to foreign currency fluctuations.

 Interest Rate Risk
 Interest rates are highly sensitive to many factors, including fiscal and monetary policies and domestic and international economic and political considerations, as well as other factors beyond our control. We are subject to interest rate risk in connection with our investments and the related financing obligations. In general, we seek to match the interest rate characteristics of our investments with the interest rate characteristics of any related financing obligations such as repurchase agreements, bank credit facilities, term loans, revolving facilities and securitizations.
 As of December 31, 2024, we had an aggregate of $2.4 billion of variable rate debt, excluding any debt subject to interest rate swap agreements and interest rate cap agreements, and therefore, we are exposed to interest rate changes in SOFR. As of December 31, 2024, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $12.1 million per year.
 As the information presented above includes only those exposures that existed as of December 31, 2024, it does not consider exposures or positions arising after that date. The information presented herein has limited predictive value. Future actual realized gains or losses with respect to interest rate fluctuations will depend on cumulative exposures, hedging strategies employed and the magnitude of the fluctuations.
 These amounts were determined by considering the impact of hypothetical interest rate changes on our borrowing costs and assume no other changes in our capital structure.
 Credit Risk
 Concentrations of credit risk arise when a number of tenants are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to us, to be similarly affected by changes in economic conditions. We are subject to tenant, geographic and industry concentrations. Any downturn of the economic conditions in one or more of these tenants, states or industries could result in a material reduction of our cash flows or material losses to us.
 The factors considered in determining the credit risk of our tenants include, but are not limited to: payment history; credit status and change in status (credit ratings for public companies are used as a primary metric); change in tenant space needs (i.e., expansion/downsize); tenant financial performance; economic conditions in a specific geographic region; and industry specific credit considerations. We believe that the credit risk of our portfolio is reduced by the high quality of our existing tenant base, reviews of prospective tenants' risk profiles prior to lease execution and consistent monitoring of our portfolio to identify potential problem tenants and mitigation options.
 Our loans and investments are also subject to credit risk. The performance and value of our loans and investments depend upon the owners' ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay interest and principal due to us. To monitor this risk, our manager reviews our investment portfolios and in certain instances is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 The financial statements and supplementary data filed as part of this report are set forth beginning on page F-1 in this Annual Report on Form 10-K.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
 There were no changes in or disagreements with our independent registered public accountants during the year ended December 31, 2024.

 ITEM 9A. CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
 We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that no controls and procedures, no matter how well designed and operated, can provide absolute assurance of achieving the desired control objectives.

 As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of December 31, 2024 was conducted under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures, as of December 31, 2024, were effective at a reasonable assurance level.
 Management's Annual Report on Internal Control over Financial Reporting
 Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected.
 Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
 Based on this evaluation, management has concluded that our internal control over financial reporting was effective as of December 31, 2024.
 Changes in Internal Control Over Financial Reporting
 No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 ITEM 9B. OTHER INFORMATION
 During the three months ended December 31, 2024, none of our directors or officers, as defined in Section 16 of the Exchange Act, adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408 of Regulation S-K of the Exchange Act.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
 Not applicable.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 The information required by this Item will be presented in our definitive proxy statement for our 2025 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

 ITEM 11. EXECUTIVE COMPENSATION
 The information required by this Item will be presented in our definitive proxy statement for our 2025 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
 The information required by this Item will be presented in our definitive proxy statement for our 2025 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
 The information required by this Item will be presented in our definitive proxy statement for our 2025 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
 The information required by this Item will be presented in our definitive proxy statement for our 2025 annual meeting of stockholders, which is expected to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 Financial Statements
 The list of the consolidated financial statements contained herein is set forth on page F-1 hereof.
 Financial Statement Schedules
 Schedule III – Real Estate Assets and Accumulated Depreciation is set forth beginning on page S-1 hereof.
 Schedule IV – Mortgage Loans on Real Estate is set forth beginning on page S- 8 hereof.
 All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are not applicable and therefore have been omitted.
 Exhibits
 The following exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K for the year ended December 31, 2024 (and are numbered in accordance with Item 601 of Regulation S-K).

 Incorporated by Reference

 Exhibit No.
 Description
 Form
 File No.
 Exhibit
 Filing Date

 2.1
 Agreement and Plan of Merger, dated as of August 30, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor II Merger Sub, LLC and Cole Office & Industrial REIT (CCIT II), Inc.

 2.1
 8/31/2020

 2.1.1
 Amendment to Agreement and Plan of Merger, dated as of October 22, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor II Merger Sub, LLC and Cole Office & Industrial REIT (CCIT II), Inc.

 2.3
 10/28/2020

 2.1.2
 Amendment to Agreement and Plan of Merger, dated as of October 24, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor II Merger Sub, LLC and Cole Office & Industrial REIT (CCIT II), Inc.

 2.4
 10/28/2020

 2.2
 Agreement and Plan of Merger, dated as of August 30, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor III Merger Sub, LLC and Cole Office & Industrial REIT (CCIT III), Inc.

 2.2
 8/31/2020

 2.2.1
 Amendment No. 1 to Agreement and Plan of Merger, dated as of November 3, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor III Merger Sub, LLC and Cole Office & Industrial REIT (CCIT III), Inc.

 2.1
 11/4/2020

 2.3
 Agreement and Plan of Merger, dated as of August 30, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc.

 2.3
 8/31/2020

 2.3.1
 Amendment to Agreement and Plan of Merger, dated as of October 22, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc.

 2.1
 10/28/2020

 2.3.2
 Amendment to Agreement and Plan of Merger, dated as of October 24, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc.

 2.2
 10/28/2020

 2.3.3
 Amendment No. 3 to Agreement and Plan of Merger, dated as of October 29, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc.

 2.1
 11/2/2020

 2.4
 Agreement and Plan of Merger, dated as of September 21, 2021, by and among CIM Real Estate Finance Trust, Inc., Cypress Merger Sub, LLC and CIM Income NAV, Inc.

 2.1
 9/22/2021

 3.1
 Articles of Amendment and Restatement of CIM Real Estate Finance Trust, Inc.

 3.1
 8/20/2019

 3.2
 Second Amended and Restated Bylaws of CIM Real Estate Finance Trust, Inc.

 3.2

 3/28/2023

 4.1
 Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.

 4.1
 3/30/2020

 4.2
 Second Amended and Restated Distribution Reinvestment Plan.

 4.1
 5/1/2020

 4.2.1

 Supplemental Indenture No. 1 to the Master Indenture, dated as of July 30, 2024, by and among CMFT Net Lease Master Issuer LLC, as issuer, and Citibank, N.A., as indenture trustee.

 4.2.1

 8/14/2024

 4.3
 Master Indenture, dated as of July 28, 2021, by and among CMFT Net Lease Master Issuer, LLC, as issuer, and Citibank N.A., as indenture trustee.

 4.1
 8/3/2021

 4.3.1

 Supplemental Indenture No. 1 to the Master Indenture, dated as of July 30, 2024, by and among CMFT Net Lease Master Issuer LLC, as issuer, and Citibank, N.A., as indenture trustee.

 4.2.1

 8/14/2024

 4.4
 Series 2021-1 Indenture Supplement, dated as of July 28, 2021, by and among CMFT Net Lease Master Issuer, LLC, as issuer, and Citibank N.A., as indenture trustee.

 4.2
 8/3/2021

 10.1
 Second Amended and Restated Management Agreement by and between CIM Real Estate Finance Trust, Inc. and CIM Real Estate Finance Management, LLC, dated March 22, 2023.

 10.1
 3/28/2023

 10.2
 Amended and Restated Agreement of Limited Partnership of Cole Operating Partnership IV, LP, by and between Cole Credit Property Trust IV, Inc. and the limited partners thereto.

 S-11
 333-169533
 10.2
 1/24/2012

 10.3
 First Amendment to the Amended and Restated Agreement of Limited Partnership of CIM Real Estate Finance Operating Partnership, LP, dated August 15, 2019.

 10.2
 8/20/2019

 10.4
 Credit and Security Agreement, dated December 31, 2019, by and between CMFT Corporate Credit Securities, LLC, as borrower, CMFT Securities Investments, LLC, as collateral manager and equityholder, the lenders from time to time party thereto, Citibank, N.A., as administrative agent, Citibank, N.A. (acting through its Agency & Trust division), as custodian and as collateral agent, and Virtus Group, LP, as collateral administrator.

 10.1
 1/7/2020

 10.4.1
 Amendment No. 1 to Credit and Security Agreement, dated March 19, 2020, by and between CMFT Corporate Credit Securities, LLC, as borrower, CMFT Securities Investments, LLC, as collateral manager and equityholder, Citibank, N.A., as administrative agent and as lender, Citibank, N.A. (acting through its Agency & Trust division), as collateral custodian and as collateral agent, and Virtus Group, LP, as collateral administrator.

 10.1
 3/24/2020

 10.4.2
 Amendment No. 2 to Credit and Security Agreement, dated October 4, 2021, by and between CMFT Corporate Credit Securities, LLC, as borrower, CMFT Securities Investments, LLC, as collateral manager and equityholder, Citibank, N.A., as administrative agent and as lender, Citibank, N.A. (acting through its Agency & Trust division), as collateral custodian and as collateral agent, and Virtus Group, LP, as collateral administrator.

 10.1
 10/8/2021

 10.4.3
 Amendment No. 3 to Credit and Security Agreement, dated June 23, 2022, by and between CMFT Corporate Credit Securities, LLC, as borrower, CMFT Securities Investments, LLC, as collateral manager and equityholder, Citibank, N.A., as administrative agent and as lender, Citibank, N.A. (acting through its Agency & Trust division), as collateral custodian and as collateral agent, and Virtus Group, LP, as collateral administrator.

 10.1
 6/29/2022

 10.4.4

 Amendment No. 4 and Waiver of Credit and Security Agreement, dated August 29, 2024, by and between CMFT Corporate Credit Securities, LLC, as borrower, CMFT Securities Investments, LLC, as collateral manager and equityholder, Citibank, N.A., as administrative agent and as lender, Citibank, N.A. (acting through its Agency & Trust division), as collateral custodian and as collateral agent, and Virtus Group, LP, as collateral administrator.

 10.1

 9/5/2024

 10.5+

 Amended and Restated CIM Real Estate Finance Trust, Inc. 2022 Equity Incentive Plan.

 10.5
 8/12/2022

 10.6+

 CIM Real Estate Finance Trust, Inc. 2024 Manager Equity Incentive Plan

 10.1

 1/12/2024

 10.7

 Investment Advisory and Management Agreement by and between CMFT Securities Investments, LLC and CIM Capital IC Management, LLC, dated December 6, 2019.

 10.1
 12/12/2019

 10.8

 Sub-Advisory Agreement by and between CIM Capital IC Management, LLC and OFS Capital Management, LLC, dated December 6, 2019.

 10.2
 12/12/2019

 10.9+

 Form of Indemnification Agreement.

 10.1
 8/14/2020

 10.10

 Amended and Restated Master Repurchase Agreement, dated December 19, 2023, by and between CMFT RE Lending RF Sub CB, LLC, and Citibank, N.A.

 10.1

 12/26/2023

 10.10.1*

 Amended and Restated Master Repurchase Agreement dated March 5, 2025, by and between CMFT RE Lending RF Sub CB, LLC, and Citibank, N.A.

 10.11

 Master Repurchase Agreement, dated December 19, 2023, by and between CLR RE Lending RF Sub CB, LLC and Citibank, N.A.

 10.2

 12/26/2023

 10.12

 Guaranty, dated as of June 4, 2020, by CIM Real Estate Finance Trust, Inc. for the benefit of Citibank, N.A.

 10.2
 6/9/2020

 10.13

 Guaranty, dated as of July 28, 2021, by CIM Real Estate Finance Operating Partnership, LP for the benefit of Citibank N.A., as indenture trustee.

 10.1
 8/3/2021

 10.14

 Guaranty, dated as of December 19, 2023, by CIM Real Estate Finance Trust, Inc. and CIM Commercial Lending REIT for the benefit of Citibank, N.A.

 10.3

 12/26/2023

 10.15

 Amended and Restated Master Repurchase Agreement, dated December 4, 2023, by and between CMFT RE Lending RF Sub BB, LLC and Barclays Bank PLC.

 10.1
 12/8/2023

 10.16

 Master Repurchase Agreement, dated December 4, 2023, by and between CLR RE Lending RF Sub BB, LLC and Barclays Bank PLC.

 10.2

 12/8/2023

 10.17

 Guaranty, dated as of September 21, 2020, by CIM Real Estate Finance Trust, Inc. for the benefit of Barclays Bank PLC.

 10.2
 9/24/2020

 10.18

 Guaranty, dated as of December 4, 2023, by CIM Real Estate Finance Trust, Inc. and CIM Commercial Lending REIT for the benefit of Barclays Bank PLC.

 10.3

 12/8/2023

 10.19

 Master Repurchase Agreement, dated May 20, 2021, by and between CMFT RE Lending RF Sub WF, LLC and Wells Fargo Bank, N.A.

 10.1
 5/26/2021

 10.19.1

 First Amendment to Master Repurchase Agreement, dated October 28, 2021, by and between CMFT RE Lending RF Sub WF, LLC and Wells Fargo Bank, N.A.

 10.1
 11/3/2021

 10.19.2

 Second Amendment to Master Repurchase Agreement, dated March 4, 2022, by and between CMFT RE Lending RF Sub WF, LLC and Wells Fargo Bank, N.A.

 10.1
 3/10/2022

 10.19.3

 Third Amendment to Master Repurchase and Securities Contract and Termination of Preferred Equity Related Pledge and Security Agreement, dated August 31, 2022, by and among CMFT RE Lending RF Sub WF, LLC, as seller, Wells Fargo Bank, N.A., as buyer, and CMFT Securities Investments, LLC, and preferred equity pledgor.

 10.1
 9/7/2022

 10.20

 Guaranty and Subordination Agreement, dated as of May 20, 2021, by CIM Real Estate Finance Trust, Inc. for the benefit of Wells Fargo Bank, N.A.

 10.2
 5/26/2021

 10.21

 Loan and Servicing Agreement, dated as of March 16, 2022, among CMFT RE Lending Sub MM Holdco, LLC, as Holdings, CMFT RE Lending Sub MM, LLC, as the Borrower, Massachusetts Mutual Life Insurance Company and the other lenders from time to time party hereto, Trimont Real Estate Advisors, LLC, as the Administrative Agent, Massachusetts Mutual Life Insurance Company, as the Facility Servicer, and CMFT RE Lending Sub MM, LLC, as the Portfolio Asset Servicer.

 10.6
 8/12/2022

 10.22

 Loan and Security Agreement, dated as of June 16, 2023, by and among CMFT RE Lending Sub CBSQ, LLC, as Borrower, Citibank, N.A., as Class A Lender, and CMFT RE Lending Sub CBSQ Holdco, LLC, as Subordinated Lender, and CIM Commercial Lending REIT, as EU/UK Retention Holder.

 10.22

 3/28/2024

 10.23

 Loan and Security Agreement, dated as of October 20, 2023, by and among CMFT RE Lending Sub BBSQ, LLC, as Borrower, Barclays Bank PLC, as Class A Lender, CMFT RE Lending Sub BBSQ Holdco, LLC, as Subordinated Lender, and CIM Commercial Lending REIT, as EU/UK Retention Holder.

 10.23

 3/28/2024

 10.24

 Property Management Agreement, dated as of July 28, 2021, by and among CMFT Net Lease Master Issuer, LLC, as issuer, CIM Real Estate Finance Operating Partnership, LP, as issuer manager, CREI Advisors, LLC, as property manager and special servicer, KeyBank National Association, as back-up manager, and Citibank N.A., as indenture trustee.

 10.2
 8/3/2021

 10.25

 Master Repurchase Agreement, dated October 8, 2021, by and between CMFT RE Lending RF Sub DB, LLC and Deutsche Bank AG, New York Branch.

 10.1
 10/14/2021

 10.25.1

 Amended and Restated Master Repurchase Agreement, dated December 23, 2021, by and between CMFT RE Lending RF Sub DB, LLC and Deutsche Bank AG, New York Branch.

 10.1
 12/29/2021

 10.25.2

 First Amendment to Amended and Restated Master Repurchase Agreement, dated September 15, 2023, by and between CMFT RE Lending RF Sub DB, LLC, as seller, CMFT RE Lending Sub DB Holdco, LLC, as member, and Deutsche Bank AG, New York Branch, as buyer.

 10.25.2

 3/28/2024

 10.25.3

 Second Amendment to Amended and Restated Master Repurchase Agreement, dated December 22, 2023, by and between CMFT RE Lending RF Sub DB, LLC, as seller, CMFT RE Lending Sub DB Holdco, LLC, as member, and Deutsche Bank AG, New York Branch, as buyer.

 10.1

 12/28/2023

 10.26

 Amended and Restated Guaranty, dated as of December 22, 2023, by CIM Real Estate Finance Trust, Inc. and CIM Commercial Lending REIT for the benefit of Deutsche Bank AG, New York Branch.

 10.2

 12/28/2023

 10.27

 Master Repurchase Agreement, dated June 1, 2022, by and between CMFT Real Estate Securities I, LLC and J.P. Morgan Securities LLC.

 10.1
 6/2/2022

 10.28

 Loan and Security Agreement, dated February 10, 2023, by and between CMFT CL Lending Sub AB, LLC, as borrower, each of the lenders from time to time party thereto, Ally Bank, as administrative agent and arranger, U.S. Bank Trust Company, National Association, as collateral custodian, and U.S. Bank National Association, as document custodian.

 10.1
 2/16/2023

 10.28.1

 Loan and Security Agreement, dated February 10, 2023, and conformed through the First Amendment to the Loan and Security Agreement, dated December 13, 2023, by and between CMFT CL Lending Sub AB, LLC, as borrower, each of the lenders from time to time party hereto, Ally Bank, as administrative agent and arranger, U.S. Bank Trust Company, National Association, as collateral custodian, and U.S. Bank National Association, as document custodian.

 10.28.1

 3/28/2024

 10.29

 Modification Agreement and Limited Consent, dated December 21, 2020 by and between Cole Operating Partnership V, LP, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders.

 10.17
 3/31/2021

 10.30

 Modification Agreement and Limited Consent, dated December 21, 2020 by and between CIM Real Estate Finance Operating Partnership, LP, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders.

 10.18
 3/31/2021

 10.31

 Modification Agreement and Limited Consent, dated December 16, 2021, by and among CIM Income NAV Operating Partnership, LP, the Lenders party thereto, and JPMorgan Chase, N.A., as administrative agent for the Lenders.

 10.4
 5/11/2022

 10.32

 Agreement of Purchase and Sale, dated as of December 20, 2021, by and among certain indirect subsidiaries of CIM Real Estate Finance Trust, Inc., American Finance Operating Partnership, L.P., ARG SSSTRPA001, LLC, ARG SMSHPPA001, LLC, ARG CCCARPA001, LLC and American Finance Trust, Inc.

 10.1
 12/20/2021

 10.33

 Agreement of Purchase and Sale, dated as of December 29, 2022, by and between certain indirect subsidiaries of CIM Real Estate Finance Trust, Inc. and certain subsidiaries of Realty Income Corporation.

 10.1
 12/30/2022

 19.1*

 Insider Trading Policy

 21.1*
 Subsidiaries of the Registrant.

 23.1*
 Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm.

 31.1*
 Certifications of the Principal Executive Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2*
 Certifications of the Principal Financial Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1**
 Certifications of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 101.INS*

 101.SCH*

 101.CAL*

 101.DEF*

 101.LAB*

 101.PRE*

 104*

 *
 Filed herewith.

 **
 In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

 +
 Management contract or compensatory plan or arrangement.

 ITEM 16. FORM 10-K SUMMARY
 None.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized this 28th day of March, 2025.

 CIM Real Estate Finance Trust, Inc.

 (Registrant)

 By:
 /s/ NATHAN D. DEBACKER

 Nathan D. DeBacker

 Chief Financial Officer, Principal Accounting Officer and Treasurer

 (Principal Financial Officer and Principal Accounting Officer)

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

 Signature

 Title

 Date

 /s/ RICHARD S. RESSLER

 Chairman of the Board of Directors, Chief Executive Officer and President

 Richard S. Ressler
 (Principal Executive Officer)

 /s/ NATHAN D. DEBACKER

 Chief Financial Officer, Principal Accounting Officer and Treasurer

 Nathan D. DeBacker
 (Principal Financial Officer and Principal Accounting Officer)

 /s/ T. PATRICK DUNCAN

 Independent Director

 T. Patrick Duncan

 /s/ W. BRIAN KRETZMER

 Independent Director

 W. Brian Kretzmer

 /s/ HOWARD A. SILVER
 Independent Director

 Howard A. Silver

 /s/ JASON SCHREIBER
 Director

 Jason Schreiber

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 Financial Statements
 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)

 F- 2

 Consolidated Balance Sheets as of December 31, 2024 and 2023

 F- 5

 Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022

 F- 6

 Consolidated Statements of Comprehensive (Loss) Income for the Years Ended December 31, 2024, 2023 and 2022

 F- 7

 Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023 and 2022

 F- 8

 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022

 F- 9

 Notes to Consolidated Financial Statements

 F- 11

 Schedule III - Real Estate Assets and Accumulated Depreciation

 S- 1

 Schedule IV - Mortgage Loans on Real Estate

 S- 8

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the shareholders and the Board of Directors of CIM Real Estate Finance Trust, Inc.
 Opinion on the Financial Statements
 We have audited the accompanying consolidated balance sheets of CIM Real Estate Finance Trust, Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive (loss) income, equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
 Basis for Opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
 Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matters
 The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
 Real Estate Assets: Determination of Impairment Indicators – Refer to Notes 2 and 4 to the financial statements
 Critical Audit Matter Description
 The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property's major tenant, vacancies, reduced lease rates, changes in anticipated holding periods, significant increases to budgeted costs for units under development, or a reduction in prevailing market values for assets being considered for disposition. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss.
 The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs. Changes in these assumptions may have a material impact on the Company's financial results.

 Given the Company's evaluation of possible indications of impairment of real estate assets requires management to make significant assumptions, performing audit procedures to evaluate whether management appropriately identified impairment indicators required a high degree of auditor judgment.
 How the Critical Audit Matter Was Addressed in the Audit
 Our audit procedures related to the evaluation of real estate assets for possible indications of impairment included the following, among others:
 • We evaluated management's impairment indicator analysis by testing real estate assets for possible indications of impairment, including searching for adverse asset-specific and/or market conditions, such as vacancies, tenant bankruptcies and other credit concerns, among others, as well as assessing changes in anticipated holding periods.
 • We inspected budgeted costs for units under development and performed corroborating inquiries with management, to determine whether there were significant increases to budgeted costs.
 • We performed inquiries with management, including property accounting and portfolio oversight, to determine whether factors were identified in the current period that may be an impairment indicator, including changes in anticipated holding periods, or reduced lease rates, and corroborated these inquiries through review of third-party market reports and inspection of meeting minutes of the Board of Directors.
 Assessment of Current Expected Credit Losses ("CECL") Reserve – Refer to Notes 2, 7 and 8 to the financial statements
 Critical Audit Matter Description
 The Company estimates its CECL reserve primarily using the Weighted Average Remaining Maturity ("WARM") method for its first mortgage loans and the probability of default and loss given default method for its liquid corporate senior loans and corporate senior loans. For collateral-dependent loans that the Company determines foreclosure is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral's fair value and the amortized cost basis of the loan. Significant judgments are required in determining the CECL reserve, including the evaluation of historical market loan loss data, the impact of expected economic conditions on the loan portfolio, and determining collateral fair values of collateral-dependent loans.
 For commercial mortgage-backed securities ("CMBS"), the Company determines whether a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss by considering a variety of factors, including, but not limited to, recent events specific to the security, failure to make scheduled payments, and changes to external credit ratings. Credit losses are estimated by calculating the difference between the present value of estimated cash flows and the amortized cost basis of the security. Significant judgment is used in estimating expected future cash flows for the Company's real estate-related securities.
 We identified the assessment of the CECL reserve as a critical audit matter because of the subjectivity, complexity, and estimation uncertainty in determining the CECL reserve. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our specialists when evaluating the CECL methodology, analytical models, and key inputs and assumptions used in the models.
 How the Critical Audit Matter Was Addressed in the Audit
 Our audit procedures related to the CECL reserve included the following, among others:
 • We tested the impact of expected economic conditions on the loan portfolio, and other assumptions used in determining the CECL reserve.
 • We evaluated the service auditor's report for the third-party WARM method CECL model, which is used to calculate the expected loss for the Company's first mortgage loans.
 • With the assistance of our fair value specialists for selected collateral-dependent loans, we evaluated the reasonableness of the valuation methodology and significant assumptions made, including whether the significant inputs used to determine the fair value were appropriate and consistent with what market participants would use to value the collateral.

 • We evaluated the appropriateness of each model and significant assumptions used, independently calculated each model's computational accuracy, and utilized our credit specialists to assist us with these evaluations specific to the WARM method CECL model.
 • With the assistance of our fair value specialists, we developed independent fair value estimates for selected CMBS determined to have a credit loss, and compared our estimates to management's estimates.
 /s/ Deloitte & Touche LLP
 Tempe, Arizona
 We have served as the Company's auditor since 2010.

 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share and per share amounts)

 December 31, 2024
 December 31, 2023

 ASSETS

 Real estate assets:

 Land
 $
 290,275
 $
 317,844

 Buildings, fixtures and improvements
 737,829
 818,151

 Intangible lease assets
 146,640
 154,217

 Condominium developments
 64,927
 87,581

 Total real estate assets, at cost
 1,239,671
 1,377,793

 Less: accumulated depreciation and amortization
 ( 179,665)
 ( 169,163)

 Total real estate assets, net
 1,060,006
 1,208,630

 Investment in unconsolidated entities
 181,409
 126,777

 Real estate-related securities and other, at fair value, net of credit loss allowances of $ 110,062 and $ 35,808 as of December 31, 2024 and 2023, respectively

 519,714

 Loans held-for-investment and related receivables, net
 3,763,013
 4,397,063

 ( 392,136)
 ( 132,598)

 Total loans held-for-investment and related receivables, net

 Cash and cash equivalents
 181,291
 247,500

 Restricted cash
 3,919
 13,082

 Rents and tenant receivables, net
 18,550
 17,082

 Prepaid expenses and other assets
 8,242
 9,423

 Deferred costs, net
 6,496
 12,121

 Accrued interest receivable
 21,131
 27,682

 Total assets
 $
 5,197,749
 $
 6,446,476

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Repurchase facilities, notes payable and credit facilities, net
 $
 3,170,289
 $
 3,923,723

 Accrued expenses and accounts payable
 38,980
 40,240

 Due to affiliates
 13,669
 13,897

 Intangible lease liabilities, net
 11,812
 13,354

 Distributions payable
 16,508
 16,047

 Deferred rental income and other liabilities
 4,954
 4,435

 Total liabilities
 3,256,212
 4,011,696

 Commitments and contingencies (Note 12)

 Redeemable common stock
 166,335
 168,703

 STOCKHOLDERS' EQUITY

 Preferred stock, $ 0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding

 —
 —

 Common stock, $ 0.01 par value per share; 490,000,000 shares authorized, 437,313,001 and 437,254,715 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively

 4,374
 4,372

 Capital in excess of par value
 3,533,329
 3,529,973

 Accumulated distributions in excess of earnings
 ( 1,676,562)
 ( 1,187,125)

 Accumulated other comprehensive loss

 ( 86,283)
 ( 81,143)

 Total stockholders' equity
 1,774,858
 2,266,077

 Non-controlling interests
 —

 Total equity
 1,775,202
 2,266,077

 Total liabilities, redeemable common stock, non-controlling interests and stockholders' equity
 $
 5,197,749
 $
 6,446,476

 The accompanying notes are an integral part of these consolidated financial statements.

 CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except share and per share amounts)

 2024
 2023
 2022

 $
 93,912
 $
 115,379
 $
 213,389

 Interest income
 238,757

 483,900
 568,859
 452,146

 General and administrative
 25,519
 17,572
 15,364

 239,466
 260,768
 165,210

 Property operating
 9,906
 13,350
 20,790

 Real estate tax
 4,178
 4,838
 12,612

 13,501
 13,285
 16,567

 49,672
 50,975
 52,564

 Transaction-related
 3,653

 31,981
 42,532
 70,606

 61,309
 35,079
 32,321

 342,815
 134,289
 29,476

 778,418
 576,341
 416,044

 Other income (expense):

 6,605
 53,341
 121,902

 13,599
 11,723
 11,952

 Unrealized (loss) gain on equity securities
 ( 15,888)
 4,751
 ( 15,117)

 Other (expense) income, net
 ( 1,138)
 ( 26,459)
 8,671

 ( 950)
 ( 7,788)
 ( 19,644)

 Total other income

 2,228
 35,568
 107,764

 ( 292,290)
 143,866

 Net income allocated to non-controlling interest

 Net (loss) income attributable to the Company
 $
 ( 292,301)
 $
 28,078
 $
 143,800

 Weighted average number of common shares outstanding:

 Basic and diluted
 437,160,077
 437,375,332
 437,343,624

 Net (loss) income per common share:

 Basic and diluted
 $
 ( 0.67)
 $
 0.06
 $
 0.33

 The accompanying notes are an integral part of these consolidated financial statements.

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

 2024
 2023
 2022

 $
 ( 292,290)
 $
 $
 143,866

 Other comprehensive (loss) income

 Unrealized loss on CMBS
 ( 5,789)
 ( 85,623)
 ( 51,304)

 Unrealized loss on CLO subordinated note
 ( 2,317)
 —
 —

 Reclassification adjustment for realized loss included in income as other income
 2,966
 39,412
 —

 Amount of loss reclassified from other comprehensive (loss) income into income as an increase in provision for credit losses
 —
 13,594
 —

 Unrealized gain on interest rate swaps
 —
 —
 2,361

 Amount of gain reclassified from other comprehensive (loss) income into income as interest expense, net
 —
 —
 ( 2,532)

 Total other comprehensive loss
 ( 5,140)
 ( 32,617)
 ( 51,475)

 Comprehensive (loss) income
 ( 297,430)
 ( 4,531)
 92,391

 Comprehensive income allocated to non-controlling interest

 Comprehensive (loss) income attributable to the Company
 $
 ( 297,441)
 $
 ( 4,539)
 $
 92,325

 The accompanying notes are an integral part of these consolidated financial statements.

 CONSOLIDATED STATEMENTS OF EQUITY
 (in thousands, except share amounts)

 Common Stock
 Capital in
Excess
of Par Value
 Accumulated
Distributions in Excess of Earnings
 Accumulated Other Comprehensive Income (Loss)

 Total
Stockholders'
Equity
 Non-Controlling Interests
 Total Equity

 Number of
Shares
 Par Value

 Balance, January 1, 2022
 437,373,981
 $
 4,374
 $
 3,529,126
 $
 ( 1,008,561)
 $
 2,949
 $
 2,527,888
 $
 1,073
 $
 2,528,961

 Issuance of common stock
 5,404,510
 38,858
 —
 —
 38,912
 —
 38,912

 Equity-based compensation
 89,559
 —
 —
 —
 —

 Distributions declared on common stock — $ 0.376 per common share

 —
 —
 —
 ( 164,526)
 —
 ( 164,526)
 —
 ( 164,526)

 Redemptions of common stock
 ( 5,470,636)
 ( 55)
 ( 39,334)
 —
 —
 ( 39,389)
 —
 ( 39,389)

 Changes in redeemable common stock
 —
 —
 —
 —
 —

 Distributions to non-controlling interests
 —
 —
 —
 —
 —
 —
 ( 1,147)
 ( 1,147)

 Comprehensive income (loss)
 —
 —
 —
 143,800
 ( 51,475)
 92,325
 92,391

 Balance, December 31, 2022
 437,397,414
 $
 4,373
 $
 3,529,523
 $
 ( 1,029,287)
 $
 ( 48,526)
 $
 2,456,083
 $
 ( 8)
 $
 2,456,075

 Issuance of common stock
 6,549,117
 42,814
 —
 —
 42,879
 —
 42,879

 Equity-based compensation
 73,059
 —
 —
 —
 —

 Distributions declared on common stock — $ 0.425 per common share

 —
 —
 —
 ( 185,916)
 —
 ( 185,916)
 —
 ( 185,916)

 Redemptions of common stock
 ( 6,764,875)
 ( 66)
 ( 44,379)
 —
 —
 ( 44,445)
 —
 ( 44,445)

 Changes in redeemable common stock
 —
 —
 1,535
 —
 —
 1,535
 —
 1,535

 Comprehensive income (loss)
 —
 —
 —
 28,078
 ( 32,617)
 ( 4,539)
 ( 4,531)

 Balance, December 31, 2023
 437,254,715
 $
 4,372
 $
 3,529,973
 $
 ( 1,187,125)
 $
 ( 81,143)
 $
 2,266,077
 $
 —
 $
 2,266,077

 Issuance of common stock
 6,958,904
 42,562
 —
 —
 42,635
 —
 42,635

 Equity-based compensation
 418,965
 3,332
 —
 —
 3,334
 —
 3,334

 Distributions declared on common stock — $ 0.45 per common share

 —
 —
 —
 ( 197,136)
 —
 ( 197,136)
 —
 ( 197,136)

 Redemptions of common stock
 ( 7,319,583)
 ( 73)
 ( 44,906)
 —
 —
 ( 44,979)
 —
 ( 44,979)

 Changes in redeemable common stock
 —
 —
 2,368
 —
 —
 2,368
 —
 2,368

 Contributions from non-controlling interests
 —
 —
 —
 —
 —
 —

 Comprehensive (loss) income
 —
 —
 —
 ( 292,301)
 ( 5,140)
 ( 297,441)
 ( 297,430)

 Balance, December 31, 2024
 437,313,001
 $
 4,374
 $
 3,533,329
 $
 ( 1,676,562)
 $
 ( 86,283)
 $
 1,774,858
 $
 $
 1,775,202

 The accompanying notes are an integral part of these consolidated financial statements.

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 2024
 2023
 2022

 Cash flows from operating activities:

 $
 ( 292,290)
 $
 $
 143,866

 Adjustments to reconcile net (loss) income to net cash provided by operating activities:

 Depreciation and amortization, net
 31,759
 42,344
 70,688

 Amortization of deferred financing costs
 9,602
 10,297
 12,143

 Amortization and accretion on deferred loan fees
 ( 5,113)
 ( 8,229)
 ( 9,896)

 Amortization of premiums and discounts on credit investments
 ( 8,234)
 ( 22,111)
 ( 11,609)

 Capitalized interest income on real estate-related securities and loans held-for-investment
 ( 9,466)
 ( 1,170)
 ( 1,172)

 Equity-based compensation
 3,334

 Straight-line rental income
 ( 2,560)
 ( 3,062)
 ( 6,149)

 Write-offs for uncollectible lease-related receivables
 ( 115)
 ( 336)
 ( 894)

 Gain on disposition of real estate assets and condominium developments, net
 ( 6,605)
 ( 53,341)
 ( 121,902)

 Loss on sale of credit investments, net
 17,304
 40,071
 1,057

 ( 13,599)
 ( 11,723)
 ( 11,952)

 Gain on sale of marketable security
 —
 —
 ( 22)

 Unrealized loss (gain) on equity security
 15,888
 ( 4,751)
 15,139

 Amortization of fair value adjustment and gain on interest rate swaps
 —
 —
 ( 2,398)

 Impairment of real estate assets
 61,309
 35,079
 32,321

 342,815
 134,289
 29,476

 Loss (gain) on interest rate caps
 —
 5,040
 ( 4,586)

 Return on investment in unconsolidated entities
 13,599
 11,723
 7,312

 Write-off of deferred financing costs
 6,770
 8,100

 Changes in operating assets and liabilities:

 Rents and tenant receivables, net
 1,464
 5,536
 68,172

 Prepaid expenses and other assets
 1,181
 11,780
 ( 10,172)

 Accrued interest receivable

 6,551
 ( 5,339)
 ( 17,893)

 Accrued expenses and accounts payable
 ( 6,819)
 7,375
 ( 1,277)

 Deferred rental income and other liabilities
 ( 2,839)
 ( 11,542)

 Due to affiliates
 ( 228)
 ( 2,189)
 1,492

 Net cash provided by operating activities
 161,246
 223,780
 178,699

 Cash flows from investing activities:

 Investment in unconsolidated entities
 ( 58,744)
 ( 40,031)
 ( 86,300)

 Return of investment in unconsolidated entities
 4,111
 13,858
 39,221

 Investment in real estate-related securities and other
 ( 52,582)
 ( 163,881)
 ( 558,218)

 Investment in liquid corporate senior loans
 ( 65,377)
 ( 121,287)
 ( 179,714)

 Investment in corporate senior loans
 ( 78,728)
 ( 154,060)
 ( 74,801)

 Investment in real estate assets and capital expenditures
 ( 59,563)
 ( 12,505)
 ( 23,776)

 Origination and funding of first mortgage loans
 ( 162,892)
 ( 477,275)
 ( 1,333,298)

 Origination, modification and exit fees received on loans held-for-investment
 2,174
 2,449
 13,978

 Principal payments received on loans held-for-investment
 479,239
 196,980
 172,602

 Principal payments received on real estate-related securities
 107,404
 60,159
 17,161

 Net proceeds from sale of real estate-related securities
 31,079
 77,385

 Net proceeds from disposition of real estate assets and condominium developments
 121,583
 966,874
 1,315,176

 Net proceeds from sale of liquid corporate senior loans
 452,857
 210,807
 60,027

 Redemption of investment in unconsolidated entities
 —
 —
 60,663

 Payment of property escrow deposits
 ( 1,000)
 —
 —

 Refund of property escrow deposits
 1,000
 —
 —

 Proceeds from the settlement of insurance claims
 —
 —

 Net cash provided by (used in) investing activities
 720,561
 559,473
 ( 576,528)

 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands) — Continued

 2024
 2023
 2022

 Cash flows from financing activities:

 Redemptions of common stock
 $
 ( 44,979)
 $
 ( 44,445)
 $
 ( 39,389)

 Distributions to stockholders
 ( 154,040)
 ( 141,818)
 ( 124,038)

 Proceeds from borrowings
 169,098
 545,865
 2,492,110

 Repayments of borrowings, and prepayment penalties
 ( 925,609)
 ( 1,051,669)
 ( 1,874,690)

 Termination of interest rate swaps
 —
 —
 ( 239)

 Deferred financing costs paid
 ( 1,982)
 ( 7,198)
 ( 22,357)

 Contributions (distributions) from (to) non-controlling interests
 —
 ( 1,147)

 Net cash (used in) provided by financing activities
 ( 957,179)
 ( 699,265)
 430,250

 Net (decrease) increase in cash and cash equivalents and restricted cash
 ( 75,372)
 83,988
 32,421

 Cash and cash equivalents and restricted cash, beginning of period
 260,582
 176,594
 144,173

 Cash and cash equivalents and restricted cash, end of period
 $
 185,210
 $
 260,582
 $
 176,594

 Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:

 Cash and cash equivalents
 $
 181,291
 $
 247,500
 $
 118,978

 Restricted cash
 3,919
 13,082
 57,616

 Total cash and cash equivalents and restricted cash
 $
 185,210
 $
 260,582
 $
 176,594

 The accompanying notes are an integral part of these consolidated financial statements.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 NOTE 1 — ORGANIZATION AND BUSINESS
 CIM Real Estate Finance Trust, Inc. (the "Company") is a non-exchange traded real estate investment trust ("REIT") formed as a Maryland corporation on July 27, 2010, that elected to be taxed, and operates its business to qualify, as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. The Company seeks to attain attractive risk-adjusted returns and create long term value for its investors by investing in a diversified portfolio of senior secured mortgage loans, creditworthy long-term net-leased property investments and other senior loan and liquid credit investments. As of December 31, 2024, the Company's loan portfolio consisted of 68 loans with a net book value of $ 3.4 billion, and investments in real estate-related securities and other of $ 345.8 million. The Company conducts and expects to continue to conduct its commercial real estate lending business through CIM Commercial Lending REIT ("CLR"), a Maryland statutory trust and subsidiary of the Company which the Company expects to be taxed as a REIT for U.S. federal income tax purposes. As of December 31, 2024, CLR holds a diversified portfolio of approximately $ 1.5 billion, which includes first mortgage loans with a net book value of $ 1.05 billion, CMBS with an estimated fair value of $ 241.3 million, and an investment in the Unconsolidated Joint Venture (as defined in Note 2 — Summary of Significant Accounting Policies) with a carrying value of $ 171.8 million. As of December 31, 2024 the Company owned 187 commercial real estate properties, comprising approximately 5.8 million rentable square feet of commercial space located in 36 states. As of December 31, 2024, the rentable square feet at these properties were 100.0 % leased, including month-to-month agreements, if any. As of December 31, 2024, the Company owned condominium developments with a net book value of $ 64.9 million.
 A majority of the Company's business is conducted through CIM Real Estate Finance Operating Partnership, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100 % of the partnership interests.
 The Company is externally managed by CIM Real Estate Finance Management, LLC, a Delaware limited liability company ("CMFT Management"), which is an affiliate of CIM Group, LLC ("CIM Group"). CIM Group is a vertically-integrated community-focused real estate and infrastructure owner, operator, lender and developer. CIM Group is headquartered in Los Angeles, California and has offices in Atlanta, Georgia, Chicago, Illinois, Dallas, Texas, New York, New York, Orlando, Florida, Phoenix, Arizona, London, UK and Tokyo, Japan. CIM Group also maintains additional offices with distribution staff and JV partnerships.
 The Company relies upon CIM Capital IC Management, LLC, the Company's investment advisor (the "Investment Advisor"), to provide substantially all of the day-to-day management of its subsidiary, CMFT Securities Investments, LLC ("CMFT Securities"), with respect to investments in securities and certain other investments held by CMFT Securities and its subsidiaries. Collectively, CMFT Management, the Company's manager, and the Investment Advisor, together with certain other affiliates of CIM Group, serve as the Company's sponsor, which is referred to as the Company's "sponsor" or "CIM".
 On January 26, 2012, the Company commenced its initial public offering on a "best efforts" basis of up to a maximum of $ 2.975 billion in shares of common stock (the "Initial Offering"). The Company ceased issuing shares in the Initial Offering on April 4, 2014. At the completion of the Initial Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Initial Offering and approximately 5.1 million shares of common stock issued pursuant to the distribution reinvestment plan ("DRIP") portion of the Initial Offering. The remaining approximately 404,000 unsold shares from the Initial Offering were deregistered.
 The Company registered $ 247.0 million of shares of common stock under the DRIP (the "Initial DRIP Offering") pursuant to a Registration Statement on Form S-3 (Registration No. 333-192958), which was filed with the U.S. Securities and Exchange Commission (the "SEC") on December 19, 2013 and automatically became effective with the SEC upon filing. The Company ceased issuing shares under the Initial DRIP Offering effective as of June 30, 2016. At the completion of the Initial DRIP Offering, a total of approximately $ 241.7 million of shares of common stock had been issued. The remaining $ 5.3 million of unsold shares from the Initial DRIP Offering were deregistered.
 The Company registered an additional $ 600.0 million of shares of common stock under the DRIP (the "Secondary DRIP Offering," and together with the Initial DRIP Offering, the "DRIP Offerings," and the DRIP Offerings collectively with the Initial Offering, the "Offerings") pursuant to a Registration Statement on Form S-3 (Registration No. 333-212832), which was filed with the SEC on August 2, 2016 and automatically became effective with the SEC upon filing. The Company began to

 issue shares under the Secondary DRIP Offering on August 2, 2016 and continues to issue shares under the Secondary DRIP Offering.
 The Company's board of directors (the "Board") establishes an updated estimated per share net asset value ("NAV") of the Company's common stock on at least an annual basis for purposes of assisting broker-dealers that participated in the Initial Offering in meeting their customer account reporting obligations under Financial Industry Regulatory Authority Rule 2231. Distributions are reinvested in shares of the Company's common stock for participants in the DRIP at the estimated per share NAV as determined by the Board. Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program. As of December 31, 2024, the estimated per share NAV of the Company's common stock was $ 6.09, which was established by the Board on February 29, 2024 using a valuation date of January 31, 2024. Subsequent to December 31, 2024, the Board established an updated estimated per share NAV of the Company's common stock on March 20, 2025, using a valuation date of December 31, 2024, of $ 5.22 per share. Commencing on March 28, 2025, distributions are reinvested in shares of the Company's common stock under the DRIP at a price of $ 5.22 per share and $ 5.22 per share serves as the most recent estimated per share NAV for purposes of the share redemption program. The Company's estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm.

 NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 The summary of significant accounting policies presented below is designed to assist in understanding the Company's consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP") in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
 Principles of Consolidation and Basis of Presentation
 The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
 In determining whether the Company has controlling interests in an entity and is required to consolidate the accounts in that entity, the Company analyzes its credit and real estate investments in accordance with standards set forth in GAAP to determine whether the entities are variable interest entities ("VIEs"), and if so, whether the Company is the primary beneficiary. The Company's judgment with respect to its level of influence or control over an entity and whether the Company is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Company's ownership interest, the Company's voting interest, the size of the Company's investment (including loans), and the Company's ability to participate in major policy-making decisions. The Company will reassess its initial evaluation of whether an entity is a VIE when certain reconsideration events occur. The Company's ability to correctly assess its influence or control over an entity affects the presentation of these credit and real estate investments on the Company's consolidated financial statements.
 As of December 31, 2024, CLR is a VIE that is consolidated by the Company as the primary beneficiary, as the Company has the ability to direct the activities of CLR and the obligation to absorb CLR's losses through its guarantee of CLR's indebtedness, which is significant to CLR. The non-controlling interest on the consolidated balance sheets represents the equity interests in CLR owned by outside investors. As of December 31, 2024, CLR's loan portfolio consisted of senior secured mortgage loans with a net book value of $ 1.0 billion and investments in real estate-related securities of $ 241.3 million. In addition, as of December 31, 2024, the carrying value of CLR's investment in CIM NP JV Holdings, LLC ("NP JV Holdings") was $ 171.8 million. CLR had $ 904.0 million of debt outstanding, net of deferred financing costs, as of December 31, 2024.
 During the year ended December 31, 2024, the Company sold a portion of the Company's portfolio of liquid corporate senior loans with an aggregate principal balance of $ 265.4 million to OFSI BSL XIV CLO, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands, resulting in net proceeds of $ 259.7 million after closing costs and a loss of $ 2.9 million. The collateral manager for OFSI BSL XIV CLO, Ltd. is OFS CLO Management II, LLC, an affiliate of the Sub-Advisor (as defined in Note 13 — Related-Party Transactions and Arrangements). The Company does not maintain effective control over the liquid corporate senior loans and the Company does not have the ability, nor the requirement, to repurchase the liquid corporate senior loans. The liquid corporate senior loans served as the initial positions for the formation of a collateralized loan obligation ("CLO"), in which the Company subsequently invested $ 27.6 million in a subordinated note (the "CLO subordinated note"). The CLO is a VIE, given the insufficient equity at risk, evidenced by the tranched capital structure and multiple series of debt instruments issued. However, the Company, through its investment in the CLO subordinated note, lacks the ability to direct the activities that most significantly affect the entity's economic performance. Additionally, the collateral manager, which does direct the activities that most significantly affect the entity's economic performance, was deemed to not be under common control with the Company. As such, the Company was determined to not be

 the primary beneficiary and the CLO is not consolidated on the Company's financial statements. As of December 31, 2024, the fair value of the CLO subordinated note is $ 26.9 million and is included in real estate-related securities and other on the Company's accompanying consolidated balance sheets.
 For more information, refer to Note 7 — Real Estate-Related Securities and Other.
 Use of Estimates
 The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 Real Estate Assets
 Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company's real estate assets by class are generally as follows:

 Buildings
 40 years

 Site improvements
 15 years

 Tenant improvements
 Lesser of useful life or lease term

 Intangible lease assets
 Lease term

 Recoverability of Real Estate Assets
 The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property's major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property's revenues due to lease terminations; vacancies; co-tenancy clauses; reduced lease rates; changes in anticipated holding periods; significant increases to budgeted costs for units under development; and a reduction in prevailing market values for assets being considered for disposition. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. The Company's impairment assessment as of December 31, 2024 was based on the most current information available to the Company, including expected holding periods. If the Company's expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate investment activity.
 Assets Held for Sale
 When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, based on management's best estimate, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs.
 Dispositions of Real Estate Assets
 Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity's financial results. Given the Company's current asset portfolio and strategy, the Company's dispositions during the years ended December 31, 2024 and 2023 did not qualify for discontinued operations presentation and thus, the results of the properties and condominiums that were sold will not be reported as discontinued operations, and any associated gains or losses from the dispositions are included in

 gain on disposition of real estate and condominium developments, net. See Note 4 — Real Estate Assets for a discussion of the disposition of individual properties and condominiums during the years ended December 31, 2024 and 2023.
 Allocation of Purchase Price of Real Estate Assets
 Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their relative fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company's management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company's management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management's allocation decisions other than providing this market information.
 The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income in the accompanying consolidated statement of operations over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income in the accompanying consolidated statement of operations over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company's relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income.
 The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include leasing commissions, legal and other related expenses and are estimated in part by utilizing information obtained from independent appraisals and management's consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to depreciation and amortization expense in the accompanying consolidated statement of operations over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
 The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements for asset acquisitions are recognized when the contingency is resolved.
 The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note's outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable.
 The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company's purchase price, which could materially impact the Company's results of operations.
 Certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Acquisition-related manager expense reimbursements are expensed as incurred and are

 included in expense reimbursements to related parties in the accompanying consolidated statements of operations. Other acquisition-related expenses continue to be expensed as incurred and are included in transaction-related expenses in the accompanying consolidated statements of operations.
 Investment in Unconsolidated Entities
 The Company is engaged in an unconsolidated joint venture arrangement through NP JV Holdings (the "Unconsolidated Joint Venture"), of which it owns, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50 % of the outstanding equity. Through the Unconsolidated Joint Venture, which holds approximately 93 % of the membership interest in NewPoint JV, LLC (the "NewPoint JV") pursuant to the terms of the Operating Agreement entered into between the Unconsolidated Joint Venture and NewPoint Bridge Lending, LLC, the Company indirectly owns approximately 47 % of the outstanding equity of the NewPoint JV on a fully diluted basis. The Company accounts for its investment under the equity method. The equity method of accounting requires the investment to be initially recorded at cost, including transaction costs incurred to finalize the investment, and is subsequently adjusted for the Company's share of equity in NP JV Holdings' earnings and distributions, including unrealized gains and losses as a result of changes in fair value of the NewPoint JV. The Company records its share of NP JV Holdings' profits or losses on a quarterly basis as an adjustment to the carrying value of the investment on the Company's consolidated balance sheet and such share is recognized as a profit or loss on the consolidated statements of operations.
 For more information, refer to Note 6 — Investment in Unconsolidated Entities.
 Non-controlling Interest in 2022 Consolidated Joint Venture
 From December 2021 to July 2022, the Company determined it had a controlling interest in a consolidated joint venture arrangement (the "2022 Consolidated Joint Venture") and, therefore, met the requirements for consolidation. During the year ended December 31, 2022, the Company recorded net income of $ 66,000 and paid distributions of $ 1.1 million to the non-controlling interest.
 During the year ended December 31, 2022, the Company disposed of the underlying properties previously owned through the 2022 Consolidated Joint Venture, as further discussed in Note 4 — Real Estate Assets.
 Cash and Cash Equivalents and Restricted Cash
 Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company ("FDIC") up to an insurance limit of $250,000. At times, the Company's cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Included in cash and cash equivalents was $ 1.2 million and $ 2.2 million of unsettled liquid corporate senior loan purchases as of December 31, 2024 and 2023, respectively.
 The Company had $ 3.9 million and $ 13.1 million in restricted cash as of December 31, 2024 and December 31, 2023, respectively. Included in restricted cash was $ 1.9 million and $ 1.9 million held by lenders in lockbox accounts, as of December 31, 2024 and 2023, respectively. As part of certain of the Company's debt agreements, rents from certain encumbered properties and interest income from certain first mortgage loans are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $ 2.0 million of construction reserves, amounts held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender's loan agreement as of both December 31, 2024 and 2023. In addition, the Company had a $ 9.2 million deposit held as cash collateral included in restricted cash as of December 31, 2023, that was applied by Barclays Bank PLC ("Barclays") as repayment of certain eligible assets transferred under the Master Repurchase Agreement with Barclays (as described in more detail in Note 10 — Repurchase Facilities, Notes Payable and Credit Facilities) during the year ended December 31, 2024.
 Real Estate-Related Securities and Other
 Real estate-related securities and other consists primarily of the Company's investments in commercial mortgage-backed securities ("CMBS"), CLOs, and equity securities. The Company determines the appropriate classification for real estate-related securities at the time of purchase and reevaluates such designation as of each balance sheet date.

 As of December 31, 2024, the Company classified its investments in CMBS and CLO as available-for-sale as the Company is not actively trading the securities; however, the Company may sell them prior to their maturity. These investments are carried at their estimated fair value with unrealized gains and losses reported in other comprehensive (loss) income. The amortized cost of the Company's CMBS is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. The amortized cost of the Company's CLO subordinated note reflects accretion of interest income based on the effective yield method less any cash distributions received or entitled to be received. CLO subordinated note positions are entitled to recurring distributions, which are generally equal to the residual cash flows of payments received on underlying securities less contractual payments to debt holders and fund expenses.
 The Company's investments in equity securities of public and private companies are carried at their estimated fair values with unrealized gains and losses reported on the consolidated statements of operations. Dividend income is included in other (expense) income, net on the consolidated statements of operations, of which the Company recorded $ 5.1 million and $ 5.6 million, respectively, during the years ended December 31, 2024 and 2023.
 The Company monitors its CMBS and CLO for changes in fair value. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors, such as market conditions. Such losses that are credit related are recorded as a current expected credit loss in increase in provision for credit losses on the Company's consolidated statements of operations. Subsequent cumulative adverse changes in expected cash flows on the Company's CMBS and CLO are recognized as an increase to current expected credit losses. However, the allowance is limited to the amount by which the CMBS and CLO's amortized cost exceeds its fair value. Favorable changes in expected cash flows are recognized as a decrease to current expected credit losses. For additional information regarding the Company's process for estimating current expected credit losses for its real estate-related securities, see the Current Expected Credit Losses section below.
 Interest earned is either received in cash or capitalized to CMBS in the Company's consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each security agreement.
 Loans Held-for-Investment
 The Company's loans held-for-investment include loans related to real estate assets, as well as credit investments, including commercial mortgage loans and other loans and securities related to commercial real estate assets, as well as corporate loan opportunities that are consistent with the Company's investment strategy and objectives. The Company intends to hold the loans held-for-investment for the foreseeable future or until maturity. Loans held-for-investment are carried on the Company's consolidated balance sheets at amortized cost, net of any current expected credit losses and are adjusted for amortization of premiums and accretion of discounts to maturity.
 Interest earned is either received in cash or capitalized to loans held-for-investment and related receivables, net in the Company's consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each loan agreement.
 Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. See the Revenue Recognition section below for additional information regarding the Company's revenue from lending activities.
 Current Expected Credit Losses
 Current expected credit losses ("CECL") required under the Financial Accounting Standards Board ("FASB"), Accounting Standards Codification Topic 326, Financial Instruments - Credit Losses ("ASC 326"), reflects the Company's current estimate of potential credit losses related to the Company's loans held-for-investment, CMBS and CLO included in the consolidated balance sheets. Changes to current expected credit losses are recognized through net income on the Company's consolidated statements of operations. While ASC 326 does not require any particular method for determining current expected credit losses, it does specify current expected credit losses should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than a few narrow exceptions, ASC 326 requires that all financial instruments subject to the credit loss model should have some amount of loss reserve to reflect the GAAP framework underlying the credit loss model that all loans, debt securities, and similar assets have some inherent risk of loss, regardless of credit quality, subordinate capital, or other mitigating factors.
 The Company estimates the current expected credit loss for its first mortgage loans primarily using the Weighted Average Remaining Maturity method, which has been identified as an acceptable method for estimating CECL reserves in the FASB

 Staff Q&A Topic 326, No. 1. This method requires the Company to reference historic loan loss data across a comparable data set and apply such loss rate to each loan investment over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be "collateral-dependent" loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral's fair value and the amortized cost basis of the loan. For the Company's liquid corporate senior loans and corporate senior loans, the Company uses a probability of default and loss given default method using a comparable data set. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company only expects to charge-off impairment losses as a reduction to current expected credit losses and as a reduction to the respective loan balance if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be concluded if, in the Company's determination, it is nearly certain that all amounts due will not be collected.
 Quarterly, the Company evaluates the risk of all loans held-for-investment and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value ("LTV") ratio and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, dynamics of the geography, property type and local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; and (iv) quality, experience and financial condition of sponsor, borrower and guarantor(s).
 Based on a 5-point scale, the Company's loans are rated "1" through "5," from least risk to greatest risk, respectively, which ratings are defined as follows:
 1-Outperform — Most satisfactory asset quality and liquidity, good leverage capacity. A "1" rating maintains predictable and strong cash flows from operations. The trends and outlook for the credit's operations, balance sheet, and industry are neutral to favorable. Collateral, if appropriate, exceeds performance metrics;
 2-Meets or Exceeds Expectations — Acceptable asset quality, moderate excess liquidity, modest leverage capacity. A "2" rating could have some financial/non-financial weaknesses which are offset by strengths; however, the credit demonstrates an ample current cash flow from operations. The trends and outlook for the credit's operations, balance sheet, and industry are generally positive or neutral. Collateral performance, if appropriate, meets or exceeds substantially all performance metrics included in original or current underwriting / business plan;
 3-Satisfactory — Acceptable asset quality, somewhat strained liquidity, minimal leverage capacity. A "3" rating is at times characterized by acceptable cash flows from operations. The trends and conditions of the credit's operations and balance sheet are neutral. Collateral performance, if appropriate, meets or is on track to meet underwriting; business plan can reasonably be achieved;
 4-Underperformance — The debt investment possesses credit deficiencies or potential weaknesses which deserve management's close and continued attention. The obligor's operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is jeopardized. These weaknesses are generally considered correctable by the borrower in the normal course of business but may weaken the asset or inadequately protect the Company's credit position if not checked or corrected. Collateral performance, if appropriate, falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and
 5-Default/Possibility of Loss — The debt investment is protected inadequately by the current enterprise value or paying capacity of the obligor or of the collateral, if any. The underlying company's operations have well-defined weaknesses based upon objective evidence, such as recurring or significant decreases in revenues and cash flows. Major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable; risk of principal loss. Collateral performance, if appropriate, is significantly worse than underwriting.
 The Company generally assigns a risk rating of "3" to all newly originated or acquired loans held-for-investment during a most recent quarter, except in the case of specific circumstances warranting an exception.

 In estimating credit losses related to real estate-related securities, management considers a variety of factors, including, but not limited to, the extent to which the fair value is less than the amortized cost basis, recent events specific to the security, industry or geographic area, the payment structure of the security, the failure of the issuer of the security to make scheduled interest or principal payments, and external credit ratings and recent changes in such ratings. Credit losses, if any, are estimated by calculating the difference between (i) the present value of estimated cash flows expected to be collected from the security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, and (ii) the net amortized cost basis of the security. Significant judgment is used in estimating future cash flows for the Company's real estate-related securities.
 Deferred Financing Costs
 Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the straight-line method, which approximates the effective interest method. Unamortized deferred financing costs are written off when the associated debt is extinguished or repaid before maturity. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facilities, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company's current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2024 and 2023, the Company had $ 6.5 million and $ 12.1 million, respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facilities. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined the financing will not close.
 Due to Affiliates
 CMFT Management, and certain of its affiliates, received and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offerings and the acquisition, management, financing and leasing of the properties of the Company.
 Derivative Instruments and Hedging Activities
 The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the derivative instrument that is designated as a cash flow hedge is recorded as other comprehensive income. The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
 Redeemable Common Stock
 Under the Company's share redemption program, the Company's obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records the maximum amount that is redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value.
 Leases
 The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or "CAM"), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. The Company is not a party to any material leases where it is the lessee.
 Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they

 will be exercised, evaluation of implicit discount rates and the assessment and consideration of "fixed" payments for straight-line rent revenue calculations.
 Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized.
 Development Activities
 Project costs and expenses, including interest incurred, associated with the development, construction and lease-up of a real estate project are capitalized as construction in progress. For additional information, refer to Note 4 — Real Estate Assets.
 Revenue Recognition
 Revenue from leasing activities
 Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved.
 The Company continually reviews whether collection of future lease payments and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of future lease payments is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management's estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate. The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable.
 Revenue from lending activities
 Interest income from the Company's loans held-for-investment and CMBS is recognized using the effective interest method (or the modified straight-line method when it is materially consistent with the effective interest method). Interest income is comprised of interest earned on credit investments and the accretion and amortization of net loan origination fees, other fees and discounts recognized through the life of each investment. Interest income on loans is accrued as earned, with the accrual of interest suspended when the related loan becomes a nonaccrual loan. Interest income on the Company's liquid corporate senior loans and corporate senior loans is accrued as earned beginning on the settlement date. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method.
 The Company recognizes interest income on its CLO subordinated note using the effective yield method utilizing expected cash flows from the underlying positions. The accretable yield is initially measured as the excess of all cash flows expected to be collected attributable to the beneficial interest, estimated at the transaction date over the initial investment, and will be re-evaluated upon the receipt of each quarterly distribution. Expected cash flows inherent in the estimate of accretable yields are based on expectations of default, as well as other loan-performance assumptions that impact the loans underlying the CLO portfolio. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method.
 Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest collected is recognized on a cash basis when received as investment income or as a reduction in the amortized cost basis, based on specific facts and circumstances, until accrual is resumed when the loan becomes contractually current and the Company believes all future principal and interest will be received according to the contractual loan terms.

 Income Taxes
 The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
 Earnings (Loss) and Distributions Per Share
 Earnings (loss) per share are calculated based on the weighted average number of shares of common stock outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had no ne for each of the years ended December 31, 2024, 2023 or 2022. Distributions per share are calculated based on the authorized monthly distribution rate.
 Reportable Segments
 The Company's segment information reflects how the chief operating decision makers review information for operational decision-making purposes. The Company has two reportable segments:
 Credit — engages primarily in acquiring and originating primarily floating rate first and second lien mortgage loans, either directly or through co-investments in joint ventures, related to real estate assets. This segment also includes investments in real estate-related and other securities, equity securities, liquid corporate senior loans and corporate senior loans. The Company's credit segment derives its revenues from the lending activities described above under "Revenue Recognition".
 Real estate — engages primarily in acquiring and managing geographically diversified income-producing retail, industrial and office properties that are primarily single-tenant properties, which are leased to creditworthy tenants under long-term net leases. The Company's real estate segment derives its revenues from the leasing activities described above under "Revenue Recognition".
 See Note 18 — Segment Reporting for a further discussion regarding these segments.
 Recent Accounting Pronouncements
 From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company's accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company's accounting and related reporting and disclosures in the Company's consolidated financial statements.
 In June 2022, the FASB issued Accounting Standards Update ("ASU") No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). The amendments in this update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those annual periods, with early adoption permitted. The ASU became effective for the Company beginning January 1, 2024. ASU 2022-03 did not have a material impact on the Company's consolidated financial statements and disclosures during the year ended December 31, 2024.
 In August 2023, the FASB issued ASU No. 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement ("ASU 2023-05"). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is intended to reduce diversity in practice and provide users of joint venture financial statements with more decision-useful information. The amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The Company does not believe the adoption of ASU 2023-05 will have a material impact on its consolidated financial statements and disclosures.
 In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 enhances the disclosures required for reportable segments on an annual

 and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Adoption of ASU 2023-07 has resulted in incremental disclosures, which are included within Note 18 — Segment Reporting.
 In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating whether the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.

 NOTE 3 — FAIR VALUE MEASUREMENTS
 GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
 Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
 Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
 Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company's assumptions about the pricing of an asset or liability.
 The following describes the methods the Company uses to estimate the fair value of the Company's financial assets and liabilities:
 Real estate-related securities and other — The Company generally determines the fair value of its CMBS by utilizing broker-dealer quotations, reported trades or valuation estimates from pricing models to determine the reported price. Pricing models for CMBS are generally discounted cash flow models that usually consider the attributes applicable to a particular class of security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are valued using Level 1, Level 2 or Level 3 inputs.
 The Company's CLO subordinated note is valued using Level 3 inputs. The Company determines the fair value of its CLO subordinated note through consideration of the underlying investment portfolio metrics, including prepayment rates, default and recovery rates, and estimated market yields, supplemented by actual trades executed in the market and indicative prices provided by broker-dealers. Operating metrics related to the specific CLO subordinated note are also considered in determining the fair value of the investment.
 The Company's equity securities are valued using Level 1, Level 2 or Level 3 inputs depending upon the availability of the fair value inputs used in determining the respective fair values. The estimated fair value of the Company's equity securities is based on quoted market prices when readily and regularly available in an active market.
 A breakout of the Company's CMBS, CLO subordinated note, and equity securities' levels of the fair value hierarchy as of December 31, 2024 and 2023 can be found in the tables under Items Measured at Fair Value on a Recurring Basis below.
 Repurchase facilities, notes payable and credit facilities — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period

 liabilities' carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs.
 Derivative instruments — In the normal course of business, the Company may use certain types of derivative instruments, such as interest rate swaps and interest rate caps, for the purpose of managing or hedging its interest rate risk. All derivative instruments are carried at fair value and are generally valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company's potential nonperformance risk and the performance risk of the respective counterparties.
 Although the Company has determined that the majority of the inputs used to value its derivatives has generally fallen within Level 2 of the fair value hierarchy, certain credit valuation adjustments associated with such derivatives may utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties.
 Loans held-for-investment — The Company's loans held-for-investment are recorded at cost upon origination, net of loan origination fees and discounts. The Company estimates the fair value of its loans held-for-investment by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk. The Company has determined that its commercial real estate ("CRE") loans held-for-investment and corporate senior loans are classified in Level 3 of the fair value hierarchy. The Company's liquid corporate senior loans are classified as Level 2 or Level 3 depending on the number of market quotations or indicative prices from pricing services that are available, and whether the depth of the market is sufficient to transact at those prices in amounts approximating the Company's investment position at the measurement date.
 In accordance with the fair value hierarchy described above, the following table details the net book value and fair value of the financial instruments described above as of December 31, 2024 and 2023 (in thousands):

 December 31, 2024
 December 31, 2023

 Net Book Value

 Fair Value

 Net Book Value
 Fair Value
 Level

 Financial assets:

 First mortgage loans (1)

 $
 $
 3,141,665
 $
 $
 3,596,662

 Liquid corporate senior loans

 35,653
 32,062
 518,252
 515,839
 (2)

 Corporate senior loans

 250,120
 256,543
 207,102
 211,167

 Total financial assets

 $
 $
 3,430,270
 $
 $
 4,323,668

 Financial liabilities:

 Repurchase facilities, notes payable and credit facilities

 $
 $
 3,098,368
 $
 3,939,125
 $
 3,827,782

 Total financial liabilities

 $
 $
 3,098,368
 $
 3,939,125
 $
 3,827,782

 (1)Includes two first mortgage loans secured by assets that the Company took control of via deeds-in-lieu of foreclosure subsequent to December 31, 2024, as discussed in Note 19 — Subsequent Events.
 (2)As of December 31, 2024, $ 26.0 million and $ 6.1 million of the Company's liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively. As of December 31, 2023, $ 445.7 million and $ 70.2 million of the Company's liquid corporate senior loans were classified in Level 2 and Level 3 of the fair value hierarchy, respectively.
 Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.
 Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. The Company evaluates its hierarchy disclosures each quarter and depending

 on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Company does not expect that changes in classifications between levels will be frequent.
 Items Measured at Fair Value on a Recurring Basis
 In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company's financial assets that are required to be measured at fair value on a recurring basis as of December 31, 2024 and 2023 (in thousands):
 Balance as of December 31, 2024

 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 Significant Other
Observable Inputs
(Level 2)
 Significant
Unobservable
Inputs
(Level 3)

 Financial assets:

 CMBS
 $
 286,757
 $
 —
 $
 241,341
 $
 45,416

 CLO subordinated note

 26,901
 —
 —
 26,901

 Equity securities

 32,170
 31,547
 —

 Total financial assets
 $
 $
 31,547
 $
 241,341
 $
 72,940

 Balance as of December 31, 2023

 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 Significant Other
Observable Inputs
(Level 2)
 Significant
Unobservable
Inputs
(Level 3)

 Financial assets:

 CMBS
 $
 476,715
 $
 —
 $
 347,634
 $
 129,081

 Equity security

 42,999
 42,999
 —
 —

 Total financial assets
 $
 519,714
 $
 42,999
 $
 347,634
 $
 129,081

 The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the years ended December 31, 2024 and 2023 (in thousands):
 Level 3

 Beginning Balance, January 1, 2023

 $
 189,901

 Total gains and losses:

 Unrealized loss included in other comprehensive (loss) income, net

 ( 43,258)

 Current expected credit losses (1)

 ( 28,789)

 Purchases and payments received:

 Discounts, net
 10,067

 Capitalized interest income
 1,160

 Balance, December 31, 2023

 $
 129,081

 Total gains and losses:

 Unrealized loss on CMBS included in other comprehensive (loss) income, net

 ( 12,486)

 Current expected credit losses

 ( 74,254)

 Unrealized loss on CLO subordinated note

 ( 2,317)

 Purchases and payments received:

 Conversion to equity securities (2)

 Investment in CLO subordinated note

 31,825

 Accreted interest income

 1,572

 Discounts, net
 ( 2,349)

 Capitalized interest income
 1,214

 Ending Balance, December 31, 2024

 $
 72,940

 (1)Does not include $ 7.1 million of unrealized losses recognized prior to January 1, 2023 that were reclassified from other comprehensive loss on the consolidated statements of comprehensive (loss) income to increase in provision for credit losses on the consolidated statements of operations during the year ended December 31, 2023.

 (2)During the year ended December 31, 2024, two of the Company's defaulted liquid corporate senior loans were equitized into a Level 3 equity security, as further discussed in Note 7 — Real Estate-Related Securities and Other.
 Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)
 Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company's process for identifying and recording impairment related to credit investments, real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies.
 As of December 31, 2024, the Company had an aggregate $ 324.9 million asset-specific credit loss reserve on funded and unfunded commitments related to seven of the Company's first mortgage loans with an aggregate carrying value of $ 1.0 billion. As of December 31, 2023, the Company had an aggregate $ 57.8 million asset-specific credit loss reserve on funded and unfunded commitments related to two of the Company's first mortgage loans with an aggregate carrying value of $ 263.4 million. The asset-specific credit loss reserve was recorded based on the Company's estimation of the fair value of the first mortgage loans' aggregate underlying collateral, less costs to sell the underlying collateral, as of December 31, 2024 and 2023, respectively. These loans are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are classified as Level 3 assets in the fair value hierarchy. The Company considered a variety of inputs including property performance, market data and comparable sales, as applicable. The significant unobservable inputs used include the terminal capitalization rate, which ranged from 8.0 % to 9.0 %, and the discount rate, which ranged from 10.0 % to 14.0 %. For additional information regarding the first mortgage loans, refer to Note 8 — Loans Held-For-Investment.
 As discussed in Note 4 — Real Estate Assets, during the year ended December 31, 2024, real estate assets related to ten properties were deemed to be impaired due to sales prices or revised cash flow estimates that were less than their respective carrying values, and their carrying values were reduced to an estimated fair value of $ 131.0 million, resulting in impairment charges of $ 52.2 million. The revised cash flow estimates were a result of continued deterioration of fundamentals at certain office properties, including weakened leasing activity and increased capitalization rates, and a revision in assumed holding periods at certain properties. Additionally, during the year ended December 31, 2024, certain condominium units were deemed to be impaired, primarily due to a decrease in expected sales prices and an increase in budgeted costs for certain units under development, and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $ 9.1 million. During the year ended December 31, 2023, real estate assets related to six properties were deemed to be impaired due to sales prices or revised cash flow estimates that were less than their respective carrying values, and their carrying values were reduced to an estimated fair value of $ 79.8 million, resulting in impairment charges of $ 20.4 million. Additionally, during the year ended December 31, 2023, certain condominium units were deemed to be impaired, primarily due to a decrease in expected sales prices and an increase in budgeted costs for certain units under development, and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $ 14.7 million. During the year ended December 31, 2022, real estate assets related to 23 properties were deemed to be impaired, all of which were due to sales prices that were less than their respective carrying values and their carrying values were reduced to an estimated fair value of $ 123.9 million, resulting in impairment charges of $ 16.2 million. Additionally, during the year ended December 31, 2022, certain condominium units were deemed to be impaired, primarily due to a decrease in list prices and an increase in budgeted costs for certain units under development, and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $ 16.1 million. The Company estimates fair values using Level 3 inputs and a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company's management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization rates; (2) discount rates; (3) the number of years the property will be held; (4) property operating expenses; and (5) re-leasing assumptions, including the number of months to re-lease, market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and the future performance and sustainability of the Company's tenants. The Company determined that the selling prices used to determine the fair values were Level 2 inputs.
 The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company's impairment test for the real estate assets during the years ended December 31, 2024 and 2023:

 Year Ended December 31, 2024

 Year Ended December 31, 2023

 Discount Rate
 Terminal Capitalization Rate
 Discount Rate
 Terminal Capitalization Rate

 7.8 % - 11.7 %

 7.3 % - 11.2 %

 7.5 % - 11.9 %

 7.0 % - 11.4 %

 The following table presents the impairment charges by asset class recorded during the years ended December 31, 2024, 2023 and 2022 (in thousands):

 2024
 2023
 2022

 Asset class impaired:

 Land
 $
 8,487
 $
 4,980
 $
 3,553

 Buildings, fixtures and improvements
 39,780
 13,841
 11,081

 Intangible lease assets
 3,979
 1,568
 1,550

 Intangible lease liabilities
 ( 3)
 —

 Condominium developments
 9,066
 14,675
 16,137

 Total impairment loss
 $
 61,309
 $
 35,079
 $
 32,321

 NOTE 4 — REAL ESTATE ASSETS
 Property Acquisitions
 During the year ended December 31, 2024, the Company acquired two commercial properties for an aggregate purchase price of $ 44.1 million (the "2024 Property Acquisitions"), which includes $ 148,000 of external acquisition-related expenses that were capitalized. The Company funded the 2024 Property Acquisitions with proceeds from the sale of loans held-for-investment. During the years ended December 31, 2023 and 2022, the Company did no t acquire any properties.
 The following table summarizes the purchase price allocation for the 2024 Property Acquisitions (in thousands):

 2024 Property Acquisitions

 Land
 $
 3,132

 Buildings, fixtures and improvements
 28,709

 Acquired in-place leases and other intangibles (1)

 12,307

 Total purchase price
 $
 44,148

 (1) The amortization period for acquired in-place leases and other intangibles is 20.0 years.
 Condominium Development Project
 During the years ended December 31, 2024 and 2023, the Company capitalized $ 16.5 million and $ 12.0 million, respectively, of expenses associated with the development of condominiums acquired via foreclosure, which is included in condominium developments in the accompanying consolidated balance sheets. Included in the amounts capitalized during the year ended December 31, 2023 was $ 1.0 million of capitalized interest expense. No capitalized interest expense was included in capitalized expenditures during the year ended December 31, 2024.
 Condominium Dispositions
 During the year ended December 31, 2024, the Company disposed of condominium units for an aggregate sales price of $ 37.4 million, resulting in proceeds of $ 34.4 million after closing costs and a gain of $ 4.7 million. During the year ended December 31, 2023, the Company disposed of condominium units for an aggregate sales price of $ 51.2 million, resulting in proceeds of $ 47.1 million after closing costs and a gain of $ 3.6 million. During the year ended December 31, 2022, the Company disposed of condominium units for an aggregate sales price of $ 40.7 million, resulting in proceeds of $ 33.0 million after closing costs and a gain of $ 4.1 million. The Company has no continuing involvement that would preclude sale treatment with these condominium units. The gain on sale of condominium units is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations.
 2024 Property Dispositions
 During the year ended December 31, 2024, the Company disposed of seven properties, including five retail properties, one industrial property and one office property, for an aggregate gross sales price of $ 90.6 million, resulting in proceeds of $ 87.2

 million after closing costs and a gain of $ 1.9 million. The Company has no continuing involvement that would preclude sale treatment with these properties.
 2023 Property Dispositions
 On December 29, 2022, certain subsidiaries of the Company entered into an Agreement of Purchase and Sale (the "Realty Income Purchase and Sale Agreement") with certain subsidiaries of Realty Income Corporation (NYSE: O) ("Realty Income"), to sell to Realty Income 185 single-tenant net lease properties encompassing approximately 4.6 million gross rentable square feet of commercial space across 34 states for total consideration of $ 894.0 million. The consideration was paid in cash.
 During the year ended December 31, 2023, the Company disposed of 188 properties, including 184 retail properties, three industrial properties and one office building, for an aggregate gross sales price of $ 925.9 million, resulting in net proceeds of $ 914.4 million after closing costs and a net gain of $ 44.4 million. The sale of 178 of these properties closed pursuant to the Realty Income Purchase and Sale Agreement for total consideration of $ 861.0 million, resulting in proceeds of $ 852.6 million after closing costs and a gain of $ 32.3 million. No properties are remaining to be sold pursuant to the Realty Income Purchase and Sale Agreement. The Company has no continuing involvement that would preclude sale treatment with these properties. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations.
 2022 Property Dispositions
 On December 20, 2021, certain subsidiaries of the Company entered into an Agreement of Purchase and Sale, as amended (the "RTL Purchase and Sale Agreement"), with American Finance Trust, Inc. (subsequently RTL), American Finance Operating Partnership, L.P. (subsequently known as The Necessity Retail REIT Operating Partnership, L.P.) ("RTL OP"), and certain of their subsidiaries (collectively, the "Purchaser") to sell to the Purchaser 79 shopping centers and two single-tenant properties encompassing approximately 9.5 million gross rentable square feet of commercial space across 27 states for total consideration of $ 1.32 billion (the "Purchase Price"). The Purchase Price included the Purchaser's option to seek the assumption of certain existing debt, and the Purchaser's issuance of up to $ 53.4 million in value of RTL's Class A common stock, par value $ 0.01 per share ("RTL Common Stock") (now GNL Common Stock; refer to Note 2 — Summary of Significant Accounting Policies for additional information), or Class A units in RTL OP ("RTL OP Units"), subject to certain limits described more fully in the RTL Purchase and Sale Agreement.
 During the year ended December 31, 2022, the Company disposed of 134 properties, including 69 retail properties, 56 anchored shopping centers, six industrial properties and three office buildings, and an outparcel of land for an aggregate gross sales price of $ 1.69 billion, resulting in net proceeds of $ 1.69 billion after closing costs and a gain of $ 117.8 million. Included in this amount of properties disposed were the two properties previously owned through the 2022 Consolidated Joint Venture. The sale of 81 of these properties closed pursuant to the RTL Purchase and Sale Agreement for total consideration of $ 1.33 billion, which consisted of $ 1.28 billion in cash proceeds and $ 53.4 million of RTL Common Stock, which shares were subsequently registered and are now freely tradable. Such shares are included in real estate-related securities in the consolidated balance sheets. During the year ended December 31, 2022, the Company recognized earnout income of $ 70.0 million related to the disposition of properties pursuant to the RTL Purchase and Sale Agreement, and recorded a related receivable of $ 12.2 million, which is included in prepaid expenses and other assets in the consolidated balance sheets as of December 31, 2022. Subsequent to December 31, 2022, the Company collected the $ 12.2 million earnout income related receivable in full. The Company has no continuing involvement that would preclude sale treatment with these properties. The gain on sale of real estate, including the earnout income, is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations.
 During the year ended December 31, 2023, the Company received $ 5.3 million in additional earnout proceeds upon the settlement of earnout claims related to the disposition of the properties pursuant to the RTL Purchase and Sale Agreement, which is included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations.
 Impairment
 The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company's accounting policies regarding impairment of real estate assets.

 During the year ended December 31, 2024, ten properties totaling approximately 915,000 square feet with a carrying value of $ 183.2 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $ 131.0 million, resulting in impairment charges of $ 52.2 million, which were recorded in the consolidated statements of operations. Additionally, during the year ended December 31, 2024, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $ 9.1 million, which were recorded in the consolidated statements of operations.
 During the year ended December 31, 2023, six properties totaling approximately 377,000 square feet with a carrying value of $ 100.2 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $ 79.8 million, resulting in impairment charges of $ 20.4 million, which were recorded in the consolidated statements of operations. Additionally, during the year ended December 31, 2023, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $ 14.7 million, which were recorded in the consolidated statements of operations.
 During the year ended December 31, 2022, 23 properties totaling approximately 962,000 square feet with a carrying value of $ 140.1 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $ 123.9 million, resulting in impairment charges of $ 16.2 million, which were recorded in the consolidated statements of operations. Additionally, during the year ended December 31, 2022, certain condominium units were deemed to be impaired and their carrying values were reduced to their estimated fair value, resulting in impairment charges of $ 16.1 million, which were recorded in the consolidated statements of operations.
 See Note 3 — Fair Value Measurements for a further discussion regarding impairment charges during the years ended December 31, 2024, 2023 and 2022.
 Property Concentrations
 As of December 31, 2024, one of the Company's tenants, CVS, accounted for 10 % of the Company's 2024 annualized rental income across 33 properties. As of December 31, 2024, the Company had properties located in Ohio, which accounted for 16 % of the Company's 2024 annualized rental income. In addition, the Company had tenants in the health and personal care stores, manufacturing, and sporting goods, hobby, and musical instrument retailers industries, which accounted for 15 %, 12 %, and 11 %, respectively, of the Company's 2024 annualized rental income.

 NOTE 5 — INTANGIBLE LEASE ASSETS AND LIABILITIES
 Intangible lease assets and liabilities consisted of the following as of December 31, 2024 and 2023 (in thousands, except weighted average life remaining):

 2024
 2023

 Intangible lease assets:

 In-place leases and other intangibles, net of accumulated amortization of $ 51,282 and $ 49,737, respectively (with a weighted average life remaining of 11.8 years and 11.2 years, respectively)

 $
 88,698
 $
 97,537

 Acquired above-market leases, net of accumulated amortization of $ 3,213 and $ 3,029, respectively (with a weighted average life remaining of 10.6 years and 11.1 years, respectively)

 3,447
 3,914

 Total intangible lease assets, net
 $
 92,145
 $
 101,451

 Intangible lease liabilities:

 Acquired below-market leases, net of accumulated amortization of $ 6,036 and $ 5,136, respectively (with a weighted average life remaining of 11.2 years and 12.1 years, respectively)

 $
 11,812
 $
 13,354

 The following table summarizes the amortization related to the intangible lease assets and liabilities for the years ended December 31, 2024, 2023, and 2022 (in thousands):

 2024
 2023
 2022

 In-place lease and other intangible amortization
 $
 9,844
 $
 13,889
 $
 24,629

 Above-market lease amortization
 $
 $
 $
 1,152

 Below-market lease amortization
 $
 1,119
 $
 1,348
 $
 1,990

 As of December 31, 2024, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands):

 Amortization

 Year Ending December 31,
 In-Place Leases and Other Intangibles
 Above-Market Leases
 Below-Market Leases

 2025
 $
 9,181
 $
 $
 1,064

 2026
 8,459
 1,064

 2027
 8,215
 1,064

 2028
 7,508
 1,064

 2029
 7,208
 1,064

 Thereafter
 48,127
 1,670
 6,492

 Total
 $
 88,698
 $
 3,447
 $
 11,812

 NOTE 6 — INVESTMENT IN UNCONSOLIDATED ENTITIES
 During the year ended December 31, 2021, the Company entered into the Unconsolidated Joint Venture, of which the Company currently owns as of December 31, 2024, indirectly through CMFT MT JV Holdings, LLC and CLR NP Holdings, LLC, a subsidiary of CLR, approximately 50 % of the outstanding equity. The Unconsolidated Joint Venture holds approximately 93 % of the membership interest in the NewPoint JV. Through the Unconsolidated Joint Venture, the Company holds an approximate 47 % interest in the NewPoint JV and accounts for its investment under the equity method. The primary purpose of the NewPoint JV is to source, underwrite, close and service on an ongoing basis multifamily bridge loans, participation interests, and other debt instruments such as loans. As of December 31, 2024 and 2023, the carrying value of the Company's investment in NP JV Holdings was $ 181.4 million and $ 126.8 million, respectively, which approximates fair value and is included in investment in unconsolidated entities on the consolidated balance sheets. The Company recorded a gain totaling $ 13.6 million and $ 11.7 million, which represented its share of NP JV Holdings' gain, during the years ended December 31, 2024 and 2023, respectively, in the consolidated statements of operations. During the year ended December 31, 2024, the Company contributed an additional $ 58.7 million to NP JV Holdings. The Company also received $ 17.7 million in distributions during the year ended December 31, 2024, $ 4.0 million of which can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. Further, of the $ 17.7 million in distributions received during the year ended December 31, 2024, $ 13.6 million was recognized as a return on investment and $ 4.1 million was recognized as a return of investment and reduced the invested capital and the carrying amount. As of December 31, 2024, the Company had $ 33.9 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying consolidated balance sheets.
 The Company provided a limited guaranty to NewPoint JV, under which the Company agreed to guarantee the Unconsolidated Joint Venture's cross indemnity and its share of capital contribution obligations under the agreement with NewPoint JV.
 The following tables provide summarized financial information of the Unconsolidated Joint Venture for the periods set forth below (in thousands):

 2024
 2023

 Assets:

 Real estate investments - at fair value

 $
 40,796
 $
 —

 Loans held-for-investment - at fair value, net of deferred fees

 $
 1,093,202
 $
 1,026,599

 Total assets

 $
 1,186,794
 $
 1,043,397

 Liabilities and equity:

 Repurchase facilities and securitized debt, net of deferred fees

 $
 777,239
 $
 761,162

 Total liabilities

 $
 798,626
 $
 764,297

 Total equity

 $
 388,168
 $
 279,100

 2024
 2023
 2022

 $
 93,666
 $
 82,164
 $
 34,992

 65,261
 54,164
 19,515

 Total other income (expense)

 1,002
 ( 2,011)
 —

 Net income

 $
 29,407
 $
 25,989
 $
 15,477

 On December 16, 2021, as a result of the merger with CIM Income NAV, Inc. (the "CIM Income NAV Merger", the Company acquired a limited partnership interest in CIM UII Onshore, L.P. ("CIM UII Onshore"). CIM UII Onshore's sole purpose is to invest all of its assets in CIM Urban Income Investments, L.P. ("CIM Urban Income"), which is a private institutional fund that acquires, owns and operates substantially stabilized, diversified real estate and real estate-related assets in urban markets primarily located throughout North America.
 During the year ended December 31, 2022, the Company recognized an equity method net gain of $ 5.2 million related to its investment in CIM UII Onshore, in the consolidated statements of operations. The Company recognized distributions of $ 531,000 related to its investment in CIM UII Onshore during the year ended December 31, 2022, all of which was recognized as a return on investment. On March 31, 2022, the Company fully redeemed its $ 60.7 million investment in CIM UII Onshore, which represented less than 5 % ownership of CIM UII Onshore and approximated fair value.

 NOTE 7 — REAL ESTATE-RELATED SECURITIES AND OTHER
 As of December 31, 2024, the Company's real estate-related securities and other had an aggregate estimated fair value of $ 345.8 million, which included 16 CMBS investments, one CLO subordinated note, and four equity securities. The CMBS investments have initial maturity dates ranging from January 2025 through June 2058 and have interest rates ranging from 0.2 % to 11.7 % as of December 31, 2024, with one CMBS earning a zero coupon rate. As of December 31, 2024, the CLO subordinated note has an initial maturity date of July 2037 and an estimated effective yield of 16.6 %. The following is a summary of the Company's real estate-related securities and other as of December 31, 2024 (in thousands):

 Real Estate-Related Securities and Other

 Gross Unrealized

 Amortized Cost Basis
 Gains

 Losses

 CECL

 Fair Value

 CMBS
 $
 480,767
 $
 $
 ( 84,460)
 $
 ( 110,062)
 $
 286,757

 CLO subordinated note

 29,218
 —
 ( 2,317)
 —
 26,901

 Equity securities

 58,447
 —
 ( 26,277)
 —
 32,170

 Total real estate-related securities and other

 $
 568,432
 $
 $
 ( 113,054)
 $
 ( 110,062)
 $

 The following table provides the activity for the real estate-related securities and other during the years ended December 31, 2024 and 2023 (in thousands):
 Amortized Cost Basis
 Unrealized (Loss) Gain

 CECL

 Fair Value

 Real estate-related securities as of January 1, 2023

 $
 640,037
 $
 ( 63,646)
 $
 —
 $
 576,391

 Face value of real estate-related securities acquired
 166,835
 —
 —
 166,835

 Discounts on purchase of real estate-related securities, net of acquisition costs

 ( 2,953)
 —
 —
 ( 2,953)

 Amortization of discount on real estate-related securities
 18,912
 —
 —
 18,912

 Sale of real estate-related securities

 ( 116,797)
 39,412
 —
 ( 77,385)

 Capitalized interest income on real estate-related securities
 1,160
 —
 —
 1,160

 Principal payments received on real estate-related securities (1)

 ( 60,159)
 —
 —
 ( 60,159)

 Unrealized loss on real estate-related securities, net

 —
 ( 67,279)
 —
 ( 67,279)

 —
 —
 ( 35,808)
 ( 35,808)

 Real estate-related securities and other as of January 1, 2024

 647,035
 ( 91,513)
 ( 35,808)
 519,714

 Face value of real estate-related securities acquired
 25,000
 —
 —
 25,000

 Investment in CLO subordinated note
 31,825
 —
 —
 31,825

 Converted equity securities

 5,060
 —
 —
 5,060

 Discount on purchase of CLO subordinated note

 ( 4,179)
 —
 —
 ( 4,179)

 Discounts on purchase of real estate-related securities, net of acquisition costs

 ( 63)
 —
 —
 ( 63)

 Accretion of discount on real estate-related securities

 2,417
 —
 —
 2,417

 Accretion of interest income on CLO subordinated note

 1,572
 —
 —
 1,572

 Sale of real estate-related securities

 ( 34,045)
 2,966
 —
 ( 31,079)

 Capitalized interest income on real estate-related securities
 1,214
 —
 —
 1,214

 Principal payments received on real estate-related securities (1)

 ( 107,404)
 —
 —
 ( 107,404)

 Unrealized loss on real estate-related securities and other, net

 —
 ( 23,995)
 —
 ( 23,995)

 —
 —
 ( 74,254)
 ( 74,254)

 Real estate-related securities and other as of December 31, 2024

 $
 568,432
 $
 ( 112,542)
 $
 ( 110,062)
 $

 (1)Includes the repayment of the Company's position in six CMBS instruments and two different tranches of a CMBS instrument during the years ended December 31, 2024 and 2023, respectively, prior to their stated maturity dates.
 During the year ended December 31, 2024, the Company received $ 5.1 million in equity securities through the equitization of two existing liquid corporate senior loan positions, comprised of a $ 927,000 preferred equity security and $ 4.1 million in two common equity securities, all of which are included in real estate-related securities and other on the accompanying consolidated balance sheets. Unrealized gains and losses on equity securities are reported on the accompanying consolidated statements of operations.
 During the year ended December 31, 2024, the Company invested $ 27.6 million in a CLO subordinated note as further described in Note 2 — Summary of Significant Accounting Policies. Additionally, during the year ended December 31, 2024, the Company invested $ 24.9 million in CMBS. During the same period, the Company sold CMBS with an aggregate amortized cost basis of $ 34.0 million, resulting in net proceeds of $ 31.1 million and a loss of $ 3.0 million, the loss of which was reclassified from other comprehensive (loss) income as an increase to other (expense) income, net in the accompanying consolidated statements of operations. Unrealized gains and losses on CMBS and the CLO subordinated note are recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified into other (expense) income, net in the accompanying consolidated statements of operations as securities are sold and gains and losses are recognized. During the year ended December 31, 2024, the Company recorded $ 24.0 million of net unrealized loss on its real estate-related securities and other, $ 3.0 million of which was realized as a loss in the accompanying consolidated statements of operations upon the sale of CMBS as noted above. The remaining $ 21.0 million of net unrealized loss is comprised of a $ 2.8 million unrealized loss on CMBS and a $ 2.3 million unrealized loss on the CLO subordinated note, which are included in other comprehensive (loss) income in the accompanying consolidated statements of comprehensive (loss) income and a $ 15.9 million unrealized loss on the Company's equity securities, which is included in unrealized (loss) gain on equity securities in the accompanying consolidated

 statements of operations. During the year ended December 31, 2023, the Company recorded $ 67.3 million of net unrealized loss on its real estate-related securities and other, $ 39.4 million of which was realized as a loss in the accompanying consolidated statements of operations upon the sale of CMBS. The remaining $ 27.8 million of net unrealized loss was comprised of a $ 32.6 million unrealized loss on CMBS, which is included in other comprehensive (loss) income in the accompanying consolidated statements of comprehensive (loss) income and a $ 4.8 million unrealized gain on the Company's equity securities, which is included in unrealized (loss) gain on equity securities in the accompanying consolidated statements of operations.
 The scheduled maturities of the Company's CMBS and CLO subordinated note as of December 31, 2024 are as follows (in thousands):
 CMBS and CLO

 Amortized Cost
 Estimated Fair Value

 Due within one year
 $
 409,485
 $
 228,020

 Due after one year through five years
 24,943
 25,020

 Due after five years through ten years
 13,667
 10,300

 Due after ten years
 61,890
 50,318

 Total
 $
 509,985
 $
 313,658

 Actual maturities of real estate-related securities can differ from contractual maturities because borrowers on certain corporate credit securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities.
 Current Expected Credit Losses
 Current expected credit losses reflect the Company's current estimate for potential credit losses related to real estate-related securities included in the Company's consolidated balance sheets. Current expected credit losses are recorded in increase in provision for credit losses on the Company's consolidated statements of operations. Refer to Note 2 — Summary of Significant Accounting Policies for further discussion of the Company's current expected credit losses.
 The following table presents the activity in the Company's current expected credit losses related to its position in two different tranches of a CMBS instrument for the years ended December 31, 2024 and 2023 (in thousands):
 CMBS

 Current expected credit losses as of January 1, 2023

 $
 —

 35,808

 Current expected credit losses as of January 1, 2024

 35,808

 74,254

 Current expected credit losses as of December 31, 2024

 $
 110,062

 During the year ended December 31, 2023, the loan collateralizing one of the Company's CMBS positions was transferred from the master servicer to a special servicer due to payment default generated by halted rent payments on the underlying office properties being mortgaged. In March 2023, the underlying collateral of the loan was appraised by the special servicer, resulting in an appraisal reduction representing approximately 44 % of one of the CMBS position's tranches in which the Company is invested. Though the appraisal reduction was partially reversed during the year ended December 31, 2023, the initial appraisal reduction resulted in reduced cash flows received from the respective CMBS position during the year ended December 31, 2023. In addition, during the year ended December 31, 2024, the Company received notice of preliminary sales transaction activity in relation to the underlying collateral of this CMBS position, as well as an additional position in a separate tranche of this instrument, indicative of a bid below the carrying value of the investment. The Company considered various factors, including the factors noted above, in determining whether a credit loss existed. The present value of cash flows expected to be collected from the CMBS positions did not exceed their amortized cost basis, and as such the Company determined both tranches of the security the Company is invested in had incurred a credit loss. In addition, the CMBS positions were in maturity default during the year ended December 31, 2024 as they did not mature as anticipated on the initial maturity date during December 2023. As of December 31, 2024, the CMBS positions were no longer in maturity default as the CMBS was modified to provide for an extended maturity date of July 2025 plus a six-month extension option, as well as a permanently reduced interest rate to 0.019 % per annum. The Company does not intend to sell the CMBS position and it is not considered more likely than not that the Company will be forced to sell the security prior to recovering the amortized cost.

 As a result of the credit loss incurred, the Company reclassified $ 13.6 million of unrealized loss from other comprehensive (loss) income on the consolidated statements of comprehensive (loss) income to increase in provision for credit losses on the consolidated statements of operations during the year ended December 31, 2023, and recorded an incremental $ 22.2 million to increase in provision for credit losses on the consolidated statements of operations identified as part of the Company's quantitative credit loss assessment during the year ended December 31, 2023. During the year ended December 31, 2024, the Company recorded a $ 74.3 million increase to the provision for credit losses on the consolidated statements of operations. As of December 31, 2024, the amortized cost basis of the CMBS positions identified as having incurred a credit loss was $ 192.8 million prior to any credit loss provisions. The Company will continue to monitor for changes in expected cash flows in order to continue to measure the credit loss.
 As of December 31, 2024, the Company had six CMBS positions and one CLO subordinated note with aggregate fair values of $ 161.1 million and $ 26.9 million, respectively, with unrealized losses reflected in other comprehensive (loss) income in the accompanying consolidated statements of comprehensive (loss) income. Upon evaluating these securities at the individual security level, the Company concluded that the unrealized losses included in other comprehensive (loss) income as of December 31, 2024 were noncredit-related and would be recovered from the securities' estimated future cash flows. The Company considered various factors in reaching this conclusion, including that the Company did not intend to sell the securities, it was not considered more likely than not that the Company would be forced to sell the securities prior to recovering the amortized cost, and there were no material credit events that would have caused the Company to conclude that the amortized cost would not be recovered.

 NOTE 8 — LOANS HELD-FOR-INVESTMENT
 The Company's loans held-for-investment consisted of the following as of December 31, 2024 and 2023 (in thousands):

 2024
 2023

 First mortgage loans (1)

 $
 $
 3,648,351

 Total CRE loans held-for-investment and related receivables, net
 3,648,351

 Liquid corporate senior loans
 41,467
 537,990

 Corporate senior loans
 254,617
 210,722

 Loans held-for-investment and related receivables, net
 $
 3,763,013
 $
 4,397,063

 ( 392,136)
 ( 132,598)

 Total loans held-for-investment and related receivables, net

 $
 $

 (1)As of December 31, 2024 and 2023, first mortgage loans included $ 19.0 million and $ 20.2 million, respectively, of contiguous mezzanine loan components that, as a whole, have expected credit quality similar to that of a first mortgage loan.
 The following table details overall statistics for the Company's loans held-for-investment as of December 31, 2024 and 2023 (dollar amounts in thousands):

 CRE Loans (1) (2)

 Liquid Corporate Senior Loans
 Corporate Senior Loans

 2024
 2023
 2024
 2023
 2024
 2023

 Number of loans

 Principal balance
 $
 3,483,454
 $
 3,669,116
 $
 42,717
 $
 543,837
 $
 258,816
 $
 214,650

 Net book value
 $
 $
 $
 35,653
 $
 518,252
 $
 250,120
 $
 207,102

 Weighted-average interest rate (3)

 7.7
 %
 8.7
 %
 9.9
 %
 9.3
 %
 10.5
 %
 11.9
 %

 Weighted-average maximum years to maturity
 2.3

 2.8
 (4)
 3.7
 4.2
 3.5
 3.8

 Unfunded loan commitments (5)

 $
 217,907
 $
 241,708
 $
 —
 $
 $
 43,750
 $
 30,592

 (1)As of December 31, 2024, 95.5 % of the Company's CRE loans by principal balance earned a floating rate of interest, indexed to the Secured Overnight Financing Rate ("SOFR").

 (2)Maximum maturity date assumes all extension options are exercised by the borrowers and assumes all relevant conditions are met for such extensions; however, the loans may be repaid prior to such date.
 (3)The weighted-average interest rate is based on the relevant floating benchmark plus a spread. Excludes loans on nonaccrual status.
 (4)As of December 31, 2023, two of the Company's first mortgage loans were in maturity default. During January 2024, the loans were refinanced, each with a fully extended maturity date of January 7, 2028 and are no longer in maturity default. Upon the closings of each refinance, the accrued default interest was waived, if any.
 (5)Unfunded loan commitments are subject to the satisfaction of borrower milestones and are not reflected in the accompanying consolidated balance sheets.
 Activity relating to the Company's loans held-for-investment portfolio was as follows for the years ended December 31, 2024 and 2023 (in thousands):

 CRE Loans (1)

 Liquid Corporate Senior Loans
 Corporate Senior Loans
 Total Loan Portfolio

 Balance, January 1, 2023

 $
 3,264,841
 $
 680,345
 $
 56,368
 $
 4,001,554

 Loan originations, acquisitions and funding

 483,099
 125,107
 157,918
 766,124

 Sale of loans
 —
 ( 210,807)
 —
 ( 210,807)

 Principal repayments received (2)

 ( 120,394)
 ( 75,389)
 ( 1,196)
 ( 196,979)

 Capitalized interest

 —
 —

 Deferred fees and other items (3)

 ( 8,273)
 ( 4,480)
 ( 3,858)
 ( 16,611)

 Accretion and amortization of fees and other items
 8,726
 2,019
 11,428

 (Provision for) reversal of credit losses (4)

 ( 88,888)
 1,457
 ( 2,823)
 ( 90,254)

 Balance, January 1, 2024

 518,252
 207,102

 Loan originations, acquisitions and funding

 162,892
 66,963
 80,886
 310,741

 Sale of loans (5)

 —
 ( 467,197)
 —
 ( 467,197)

 Principal repayments received

 ( 356,649)
 ( 85,795)
 ( 36,795)
 ( 479,239)

 Capitalized interest
 8,095
 8,252

 Conversion to equity securities (6)

 —
 ( 5,060)
 —
 ( 5,060)

 Write-offs charged (7)

 —
 —

 Deferred fees and other items (3)

 ( 2,174)
 ( 1,584)
 ( 2,158)
 ( 5,916)

 Accretion and amortization of fees and other items
 6,414
 1,057
 1,887
 9,358

 (Provision for) reversal of credit losses (4)

 ( 272,585)
 13,924
 ( 877)
 ( 259,538)

 Balance, December 31, 2024

 $
 $
 35,653
 $
 250,120
 $

 (1)Loan originations, acquisitions and funding include $ 15.6 million in protective advances while principal repayments received include $ 15.2 million of cost-recovery proceeds received on the Company's nonaccrual first mortgage loans during the year ended December 31, 2024.
 (2)Includes the repayment of a $ 105.0 million first mortgage loan prior to the maturity date.
 (3)Other items primarily consist of purchase discounts or premiums and deferred origination expenses.
 (4)Does not include current expected losses for unfunded or unsettled loan commitments. Such amounts are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets.
 (5)Includes $ 265.4 million in sales of liquid corporate senior loans to OFSI BSL XIV CLO, Ltd., as further discussed in Note 2 — Summary of Significant Accounting Policies.
 (6)During the year ended December 31, 2024, two of the Company's defaulted liquid corporate senior loans were equitized into shares of common equity and a preferred equity security, as further discussed in Note 7 — Real Estate-Related Securities and Other.
 (7)Includes a $ 2.1 million write-off on four liquid corporate senior loans as a result of distressed restructurings of the positions, which is included in increase in provision for credit losses on the Company's consolidated statements of operations.

 As of December 31, 2024, the Company's CRE loans had the following characteristics based on carrying value (dollar amounts in thousands):

 Collateral Property Type

 Office
 $
 1,779,324
 51.2
 %

 Multifamily
 1,023,514
 29.5
 %

 Industrial
 331,269
 9.6
 %

 Hospitality
 137,541
 4.0
 %

 Mixed Use
 69,786
 2.0
 %

 Retail
 64,677
 1.9
 %

 Self-Storage
 60,818
 1.8
 %

 $
 %

 Less: current expected credit losses
 ( 381,825)

 Total first mortgage loans, net

 $

 Geographic Location

 South
 $
 1,350,617
 38.9
 %

 West
 1,009,262
 29.1
 %

 East
 795,688
 23.0
 %

 Various
 311,362
 9.0
 %

 $
 %

 Less: current expected credit losses
 ( 381,825)

 Total first mortgage loans, net

 $

 Current Expected Credit Losses
 Current expected credit losses reflect the Company's current estimate of potential credit losses related to loans held-for-investment included in the Company's consolidated balance sheets. Refer to Note 2 — Summary of Significant Accounting Policies for further discussion of the Company's current expected credit losses.
 The following table presents the activity in the Company's current expected credit losses related to loans held-for-investment by loan type for the year ended December 31, 2024 and 2023 (in thousands):

 First Mortgage Loans
 Unfunded First Mortgage Loans (1)

 Liquid Corporate Senior Loans
 Unfunded or Unsettled Liquid Corporate Senior Loans (1)

 Corporate Senior Loans
 Unfunded Corporate Senior Loans (1)

 Total

 Current expected credit losses as of December 31, 2022

 $
 20,352
 $
 1,890
 $
 21,195
 $
 $
 $
 $
 44,677

 Provision for (reversal of) credit losses

 88,888
 8,172
 ( 1,457)
 ( 374)
 2,823
 98,481

 Current expected credit losses as of December 31, 2023

 109,240
 10,062
 19,738
 3,620
 143,158

 Provision for (reversal of) credit losses
 272,585
 3,855
 ( 8,935)
 ( 3)
 268,561

 Charge-offs of CECL

 —
 —
 —
 —
 —

 Current expected credit losses as of December 31, 2024

 $
 381,825
 $
 13,917
 $
 5,814
 $
 —
 $
 4,497
 $
 $
 406,730

 (1)Current expected losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets.

 Changes to current expected credit losses are recognized through net (loss) income on the Company's consolidated statements of operations.
 During the year ended December 31, 2024, the Company recorded a net increase of $ 263.6 million in the current expected credit loss reserve against the loans held-for-investment portfolio, bringing the total current expected credit loss reserve on funded and unfunded commitments to $ 406.7 million. The increase was primarily driven by seven collateral dependent, risk-rated 5 first mortgage loans, all of which are collateralized by office properties. During the year ended December 31, 2023, the Company recorded a net increase of $ 98.5 million in the current expected credit loss reserve against the loans held-for-investment portfolio, bringing the total current expected credit loss reserve on funded and unfunded commitments to $ 143.2 million. The current expected credit loss reserve reflects certain loans assessed for impairment as well as macroeconomic and current portfolio conditions.

 As of December 31, 2024, the Company had three collateral dependent risk-rated 5 first mortgage loan investments on nonaccrual status: (i) a $ 135.0 million commercial first mortgage loan on an office building in Massachusetts primarily due to a decrease in rent collection, reduced leasing activity, stabilization costs required, and past due interest payments during the year ended December 31, 2024; (ii) a $ 125.5 million commercial first mortgage loan on an office building in Virginia primarily due to slower than anticipated leasing activity driven by COVID-accelerated office trends, decreased in-place occupancy, and past due interest payments during the year ended December 31, 2024; and (iii) a $ 113.3 million commercial first mortgage loan on an office building in California primarily due to being past due on its interest payments during the year ended December 31, 2024. During the year ended December 31, 2024, the Company recognized $ 960,000, $ 982,000, and $ 7.8 million, respectively, of interest income on each of the first mortgage loans prior to payment default. No interest income was received as of December 31, 2024 on the risk-rated 5 first mortgage loans on nonaccrual status as of December 31, 2024 following payment default. As of December 31, 2024, two of the risk-rated 5 first mortgage loans noted above were more than 90 days past due on their interest payments and one of the risk-rated 5 mortgage loans was less than 90 days past due on its interest payments. Future interest collections related to these loans will be accounted for on a cash basis when received as interest income or as a reduction to the amortized cost basis, based on specific facts and circumstances at the time of payment. Subsequent to December 31, 2024, the Company completed foreclosure proceedings to take control of the assets securing two of these risk-rated 5 first mortgage loans, and resumed accrual on the third risk-rated 5 first mortgage loan upon executing a loan modification and the loan becoming contractually current on its interest payments, as further discussed in Note 19 — Subsequent Events. In addition, during the year ended December 31, 2024, accrual was resumed on one of the Company's first mortgage loans previously on nonaccrual status, and it resumed anticipated interest payments and repaid outstanding overdue interest in accordance with the loan modification discussed below.

 As of December 31, 2024 and 2023, the Company's asset-specific credit loss reserve totaled $ 330.2 million and $ 72.4 million, respectively, on funded and unfunded commitments, which related to the Company's risk-rated 5 first mortgage loans and liquid corporate senior loans. The asset-specific credit loss reserve is recorded based on the Company's estimation of the fair value of each loan's underlying collateral, less costs to sell the underlying collateral where applicable, as of December 31, 2024.
 Risk Ratings
 As further described in Note 2 — Summary of Significant Accounting Policies, the Company evaluates its loans held-for-investment portfolio on a quarterly basis. Each quarter, the Company assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, loan and credit structure, current LTV ratio, debt yield, collateral performance, and the quality and condition of the sponsor, borrower, and guarantor(s). Loans are rated "1" (less risk) through "5" (greater risk), which ratings are defined in Note 2 — Summary of Significant Accounting Policies.
 The Company's primary credit quality indicator is its risk ratings, which are further discussed above. The following table presents the net book value of the Company's loans held-for-investment portfolio as of December 31, 2024 by year of

 origination, loan type, and risk rating (dollar amounts in thousands):
 Amortized Cost of Loans Held-For-Investment by Year of Origination (1)

 Number of Loans
 2024
 2023
 2022
 2021
 2020
 Prior

 Total

 First mortgage loans by internal risk rating:

 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —

 —
 —
 —
 —
 —
 —
 —
 —

 77,193
 390,377
 599,958
 586,438
 70,904
 —
 1,724,870

 102,170
 —
 254,148
 337,240
 —
 —
 693,558

 —
 —
 467,225
 528,147
 —
 53,129
 1,048,501

 179,363
 390,377
 1,321,331
 1,451,825
 70,904
 53,129

 Liquid corporate senior loans by internal risk rating:

 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —

 3,510
 2,902
 13,577
 3,279
 —
 —
 23,268

 6,057
 —
 —
 3,016
 —
 —
 9,073

 5 (2)

 1,120
 —
 7,621
 —
 —
 9,126

 Total liquid corporate senior loans
 9,952
 4,022
 13,577
 13,916
 —
 —
 41,467

 Corporate senior loans by internal risk rating:

 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —

 123,453
 63,521
 28,971
 —
 —
 —
 215,945

 —
 11,425
 27,247
 —
 —
 —
 38,672

 —
 —
 —
 —
 —
 —
 —
 —

 Total corporate senior loans
 123,453
 74,946
 56,218
 —
 —
 —
 254,617

 ( 392,136)

 Total loans-held-for-investment and related receivables, net
 $

 Weighted Average Risk Rating (3)

 3.8

 Gross charge-offs (4)

 —
 —
 —
 ( 853)
 ( 4,136)
 —
 $

 (1)Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications.
 (2)As of December 31, 2024, four of the Company's risk-rated 5 liquid corporate senior loan investments were on nonaccrual status with an aggregate carrying value of $ 6.4 million, which represented less than 1.0 % of the carrying value of the Company's loans held-for-investment portfolio. Additionally, one of the Company's risk-rated 5 liquid corporate senior loan investments was downgraded from a risk-rating of 4 during the quarter ended December 31, 2024 due to significant decreases in revenue driving increased risk of default and principal loss.
 (3)Weighted average risk rating calculated based on carrying value at period end.
 (4)Represents gross charge-offs by year of origination during the year ended December 31, 2024.

 Loan Modifications
 The Company may amend or modify a loan depending on the loan's specific facts and circumstances, which are disclosable under ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). Such modifications generally provide borrowers with additional time to refinance or sell the collateral property, interest payment adjustments, deferral of scheduled principal repayments, and/or adjustments or waivers of performance tests that are prerequisite to the extension of a loan maturity. Loan modifications that allow for the option to pay interest in-kind ("PIK") result in the interest being capitalized and added to the outstanding principal balance of the respective loan. During the year ended December 31, 2024, the Company entered into five loan modifications that require disclosure pursuant to ASC 326.
 During the year ended December 31, 2024, the Company modified a first mortgage loan collateralized by an office property. As of December 31, 2024, the loan had a carrying value of $ 277.1 million, representing approximately 8.0 % of the Company's first mortgage loans and was risk-rated 5. The loan modification provided for the borrower to exercise the remaining extension options and for the accrual of PIK interest for any portion of interest exceeding a fixed 6.25 % interest rate. The borrower elected to PIK $ 2.9 million of interest during the year ended December 31, 2024.
 The Company modified a first mortgage loan collateralized by four office properties during the year ended December 31, 2024. As of December 31, 2024, the loan had a carrying value of $ 53.1 million, representing approximately 1.5 % of the Company's first mortgage loans and was risk-rated 5. The loan modification extended the maturity date from February 1, 2025 to April 1, 2027, with no extension options.
 The Company modified a first mortgage loan collateralized by an office property during the year ended December 31, 2024. As of December 31, 2024, the loan had a carrying value of $ 154.3 million, representing approximately 4.5 % of the Company's first mortgage loans and was risk-rated 5. The loan modification extended the maturity date from July 7, 2026 to July 7, 2029, with no extension options, exempted $ 20.0 million of the principal balance from accruing interest, modified the variable interest rate from 3.55 % plus Term SOFR to a fixed interest rate of 6.25 %, and allowed for the accrual of PIK interest for 2.25 % of the fixed interest rate. The borrower elected to PIK $ 2.8 million of interest during the year ended December 31, 2024.
 The Company modified a first mortgage loan collateralized by a multifamily property during the year ended December 31, 2024. As of December 31, 2024, the loan had a carrying value of $ 97.8 million, representing approximately 2.8 % of the Company's first mortgage loans and was risk-rated 3. The loan modification extended the maturity date from October 7, 2025 to October 7, 2028, with two extension options.
 During the year ended December 31, 2024, the Company modified a first mortgage loan collateralized by an office property. As of December 31, 2024, the loan had a carrying value of $ 190.1 million, representing approximately 5.5 % of the Company's first mortgage loans and was risk-rated 5. The loan modification allowed for the accrual of PIK interest for any portion of interest exceeding the payable interest of 1.0 % plus Term SOFR. The borrower elected to PIK $ 2.4 million of interest during the year ended December 31, 2024.
 These modified loans are performing in accordance with their respective contractual terms as of December 31, 2024. As of December 31, 2024, four of these loans are risk-rated 5 as a result of the increased risk of potential principal loss and as collateral performance was deemed to be worse than underwriting. As such, the Company had an asset-specific credit loss reserve recorded for each of these risk-rated 5 modified first mortgage loans as of December 31, 2024.

 NOTE 9 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2023, the Company's remaining two interest rate cap agreements matured. The Company did not have any derivative instruments as of December 31, 2024 and 2023.
 Additional disclosures related to the fair value of the Company's derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the derivative instruments is an indication of the extent of the Company's involvement in each instrument, but does not represent exposure to credit, interest rate or market risks.
 Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company had interest rate caps which were used to manage exposure to interest rate movements, but did not meet the requirements to be designated as a hedging instrument. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings in other (expense) income, net on the accompanying

 consolidated statements of operations. Interest rate swaps are designated as cash flow hedges in order to hedge the variability of the anticipated cash flows on the Company's variable rate debt. The change in fair value of the derivative instruments designated as hedges is recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company's variable rate debt. For the years ended December 31, 2024 and 2023, no amounts were reclassified from other comprehensive (loss) income as a change to interest expense. For the year ended December 31, 2022, the amount of gain reclassified from other comprehensive (loss) income as a decrease to interest expense was $ 2.5 million. No unrealized amounts on interest rate swaps were remaining in other comprehensive (loss) income as of December 31, 2024, 2023 and 2022. The Company includes cash flows from interest rate swap agreements in net cash flows provided by operating activities on its consolidated statements of cash flows, as the Company's accounting policy is to present cash flows from hedging instruments in the same category in its consolidated statements of cash flows as the category for cash flows from the hedged items.
 The Company had agreements with each of its derivative counterparties that contained provisions whereby if the Company defaulted on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments and accrued interest. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its derivative instruments based on the credit quality of the Company and the respective counterparty.

 NOTE 10 — REPURCHASE FACILITIES, NOTES PAYABLE AND CREDIT FACILITIES
 As of December 31, 2024, the Company had $ 3.2 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 2.2 years and a weighted average interest rate of 5.5 %. The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date.
 The following table summarizes the debt balances as of December 31, 2024 and 2023, and the debt activity for the year ended December 31, 2024 (in thousands):

 During the Year Ended December 31, 2024

 Balance as of December 31, 2023
 Debt Issuances & Assumptions (1)

 Repayments & Modifications

 Amortization
 Balance as of December 31, 2024

 Notes payable – variable rate debt
 $
 622,841
 $
 2,045
 $
 ( 18,434)
 $
 —
 $

 ABS mortgage notes
 —
 —
 —

 Credit facilities
 490,500
 85,000
 ( 451,000)
 —
 124,500

 Repurchase facilities
 2,067,264
 82,053
 ( 456,175)
 —

 Total debt
 3,939,125
 169,098
 ( 925,609)
 —

 Deferred costs – variable rate debt
 ( 2,816)
 ( 10)
 —
 1,083
 ( 1,743)

 Deferred costs – ABS mortgage notes
 ( 12,586)
 ( 98)
 —
 2,102
 ( 10,582)

 Total debt, net
 $
 3,923,723
 $
 168,990
 $
 ( 925,609)
 $
 3,185
 $
 3,170,289

 (1)Includes deferred financing costs incurred during the period.
 For more information regarding the Company's debt activity during the year ended December 31, 2023, see Notes to Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
 Notes Payable
 As of December 31, 2024, the Company had $ 606.5 million of variable rate debt outstanding, the borrowings of which are financed through note on note financing arrangements with Massachusetts Mutual Life Insurance Company (the "Mass Mutual Financing"), Citibank, N.A. ("Citibank" and such financing, the "Citibank Financing"), and Barclays (the "Barclays Financing") to provide financing for the Company's CRE mortgage loans (the "Note on Note Financing Arrangements").

 The following table is a summary of the Note on Note Financing Arrangements as of December 31, 2024 (dollar amounts in thousands):

 Note on Note Financing Arrangement

 Date of Agreement

 Maturity Date

 Remaining Extension Options(1)

 Weighted Average Interest Rate

 Loans Financed under Note on Note Financing

 Amount Financed

 Citibank (2)

 6/16/2023
 8/9/2025

 5.7 %
 $
 91,798
 $
 68,848

 Barclays (2)

 10/20/2023
 8/9/2025

 5.7 %
 162,770
 122,078

 Mass Mutual
 3/16/2022
 (3)

 N/A
 6.6 %
 550,086
 415,526

 Total
 $
 804,654
 $

 (1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective note on note financing agreement.
 (2)Note on Note Financing Arrangement is held through CLR.
 (3)Borrowings under the Mass Mutual Financing mature on various dates from July 2027 through January 2028.
 ABS Mortgage Notes
 On July 28, 2021, the Company issued $ 774.0 million aggregate principal amount of asset backed securities ("ABS") mortgage notes, Series 2021-1 (the "Class A Notes") in six classes, as shown below:

 Class of Notes
 Initial Principal Balance
 Principal Balance as of December 31, 2024

 Note Rate
 Anticipated Repayment Date
 Rated Final Payment Date
 Credit Rating (1)

 A-1 (AAA)
 $
 146,400,000
 $
 140,208,000
 2.09 %
 July 2028
 AAA (sf)

 A-2 (AAA)
 219,600,000
 210,312,000
 2.57 %
 July 2031
 AAA (sf)

 A-3 (AA)
 39,200,000
 39,200,000
 2.51 %
 July 2028
 AA (sf)

 A-4 (AA)
 58,800,000
 58,800,000
 3.04 %
 July 2031
 AA (sf)

 A-5 (A)
 124,000,000
 124,000,000
 2.91 %
 July 2028
 A (sf)

 A-6 (A)
 186,000,000
 186,000,000
 3.44 %
 July 2031
 A (sf)

 $
 774,000,000
 $
 758,520,000

 (1)Reflects credit rating from Standard & Poor's Financial Services LLC ("Standard & Poor's").
 The collateral pool for the Class A Notes is comprised of 169 of the Company's double- and triple-net leased single tenant properties, together with the related leases and certain other rights and interests. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the Class A Notes was $ 1.0 billion. As of December 31, 2024, amounts outstanding on the Class A Notes totaled $ 758.5 million with a weighted average interest rate of 2.8 %. The Company may prepay the Class A Notes in full on or after the payment date beginning in July 2026 for the Class A-1 (AAA) Notes, the Class A-3 (AA) Notes and the Class A-5 (A) Notes, and on or after the payment date in July 2028 for the Class A-2 (AAA) Notes, the Class A-4 (AA) Notes and the Class A-6 (A) Notes.
 Credit Facilities
 As of December 31, 2024, CMFT CL Lending Sub AB, LLC (the "Borrower"), an indirect wholly owned subsidiary of the Company had a revolving loan and security agreement (the "Loan and Security Agreement") with each of the lenders from time to time party thereto (the "Lenders"), Ally Bank as administrative agent and arranger ("Ally Bank"), U.S. Bank Trust Company, National Association, as the collateral custodian, and U.S. Bank National Association as the document custodian, which provides for borrowings in an aggregate principal amount up to $ 300.0 million (the "Loan Facility"), which may be increased during the revolving period (as defined below) to an aggregate principal amount up to $ 500.0 million as agreed to by the Borrower, any applicable Lender and Ally Bank.
 Borrowings under the Loan and Security Agreement will bear interest equal to SOFR for the relevant interest period, plus an applicable rate. The applicable rate is 2.875 % per annum (and an additional 2.00 % per annum following an event of default under the Loan and Security Agreement). The revolving period began on February 10, 2023 and concludes on the day preceding the earlier to occur of (i) the scheduled revolving period end date of February 10, 2026, (ii) the date of the declaration of the revolving period end date upon the occurrence and continuation of an event of default, and (iii) the termination date. The termination date is the earlier to occur of (i) February 10, 2028 (two years after the revolving period end date) and (ii) the date of the declaration of the termination date or the date of the automatic occurrence of the termination date upon the occurrence

 and continuation of an event of default. As of December 31, 2024, the amounts borrowed and outstanding under the Loan Facility totaled $ 112.0 million at a weighted average interest rate of 7.2 %.
 CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, has a revolving credit and security agreement (the "Fourth Amended Credit and Security Agreement") with the lenders from time to time parties thereto, Citibank, as administrative agent, CMFT Securities, as equityholder and as collateral manager, Citibank (acting through its Agency & Trust division), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator. The Fourth Amended Credit and Security Agreement provides for available borrowings under the revolving credit facility up to an aggregate principal amount of $ 18.0 million (the "Credit Securities Revolver"). The Credit Securities Revolver may be increased from time to time pursuant to the Fourth Amended Credit and Security Agreement. As of December 31, 2024, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $ 12.5 million at a weighted average interest rate of 7.0 %.
 Borrowings under the Fourth Amended Credit and Security Agreement will bear interest equal to the one-month Term SOFR (as defined in the Fourth Amended Credit and Security Agreement) for the relevant interest period, plus an applicable rate. The applicable rate is dependent on the type of loan being financed, which includes broadly syndicated, private and middle market loans meeting certain criteria as set forth in the Fourth Amended Credit and Security Agreement and ranges from 1.90 % to 2.75 % per annum during the first two years of the reinvestment period and 2.00 % to 2.85 % during the last year of the reinvestment period and 2.10 % to 2.95 % per annum during the amortization period (and, in each case, an additional 2.00 % per annum following an event of default under the Fourth Amended Credit and Security Agreement). The reinvestment period began on December 31, 2019 and concluded on August 29, 2024 (the "Reinvestment Period"). The amortization period began on the last day of the Reinvestment Period and concludes on the date on which all obligations are paid in full (the "Amortization Period"). The final maturity date is the earliest to occur of: (i) the date that the Credit Securities Revolver is paid down and (ii) the second anniversary after the Reinvestment Period concludes. Borrowings under the Fourth Amended Credit and Security Agreement are secured by substantially all of the assets held by CMFT Corporate Credit Securities, LLC, which shall primarily consist of liquid corporate senior secured loans subject to certain eligibility criteria under the Fourth Amended Credit and Security Agreement.
 The Company believes it was in compliance with the financial covenants under the Company's various fixed and variable rate debt agreements, as of December 31, 2024.
 Repurchase Facilities
 As of December 31, 2024, indirectly owned subsidiaries of the Company (collectively, the "CMFT Lending Subs"), had Master Repurchase Agreements with Citibank, Barclays, Wells Fargo Bank, N.A. ("Wells Fargo"), Deutsche Bank AG ("Deutsche Bank"), and J.P. Morgan Securities LLC ("J.P. Morgan") (collectively, the "Repurchase Agreements") to provide financing primarily through each bank's purchase of the Company's CRE mortgage loans and CMBS and future funding advances (the "Repurchase Facilities").
 The following table is a summary of the Repurchase Facilities as of December 31, 2024 (dollar amounts in thousands):
 Repurchase Facility
 Date of Agreement
 Maturity Date

 Remaining Extension Options (1)

 Maximum Facility Size

 Weighted Average Interest Rate
 Loans Financed under Repurchase Facility (2)

 Amount Financed

 Citibank
 6/4/2020
 8/16/2025
 1 / 1 yr.

 $
 70,485
 6.5 %
 (3)

 $
 190,876
 $
 47,814

 Citibank (4)

 12/19/2023
 12/19/2025
 3 / 1 yr.

 579,515
 6.2 %
 (3)

 334,889
 253,454

 Barclays

 9/21/2020
 9/22/2025

 558,947
 6.2 %
 (3)

 865,735
 420,246

 Barclays (4)

 12/4/2023
 12/4/2026

 691,053
 6.3 %
 (3)

 257,833
 187,893

 Wells Fargo
 5/20/2021
 8/30/2025

 750,000
 6.2 %
 (3)

 726,059
 512,004

 Deutsche Bank (4)

 10/8/2021
 10/8/2025

 300,000
 6.8 %
 (3)

 234,619
 167,701

 J.P. Morgan (4)

 6/1/2022
 (5)

 (5)

 —
 (5)

 5.6 %
 (6)

 208,414
 104,030

 Total
 $
 2,950,000
 $
 2,818,425
 $

 (1)Represents the number of extension options remaining and the term of each option. Such extension options are subject to certain conditions as set forth within each respective Repurchase Agreement.

 (2)CRE mortgage loan balances financed under the Repurchase Facilities with Citibank, Barclays, Wells Fargo and Deutsche Bank reflect the aggregate outstanding principal balance while the CMBS balance financed under the J.P. Morgan Repurchase Facility (as defined below) reflects fair value.
 (3)Advances under the Repurchase Agreements accrue interest at per annum rates based on Term SOFR (as such term is defined in the applicable Repurchase Agreement) or the daily compounded SOFR plus a spread ranging from 1.30 % to 3.00 % to be determined on a case-by-case basis between Citibank, Barclays, Wells Fargo or Deutsche Bank and the CMFT Lending Subs.
 (4)Repurchase facility is held through CLR.
 (5)Facilities under the repurchase facility with J.P. Morgan ("J.P. Morgan Repurchase Facility") carry a rolling term which is reset monthly. Such facilities carry no maximum facility size.
 (6)Under the Master Repurchase Agreement with J.P. Morgan, advances under the repurchase agreement may be made based on one-month Term SOFR plus a spread designated by J.P. Morgan, which as of December 31, 2024, ranges from 1.15 % to 1.45 %.
 The Repurchase Agreements provide for agreements by each of Citibank, Barclays, Wells Fargo, Deutsche Bank and J.P. Morgan to re-sell such purchased CRE mortgage loans and CMBS back to CMFT Lending Subs at a certain future date or upon demand.
 In connection with certain of the Repurchase Agreements, the Company (as the guarantor) entered into guaranties with Citibank, Barclays, Wells Fargo, and Deutsche Bank (the "Initial Guaranties"), under which the Company agreed to guarantee up to 25 % of the CMFT Lending Subs' obligations under certain Repurchase Agreements. In addition, in connection with certain of the Repurchase Agreements, the Company (as the "Initial Guarantor") and certain of the CMFT Lending Subs (individually as a "Replacement Guarantor", collectively as the "Replacement Guarantors" and together with the Initial Guarantor, the "Guarantors") entered into or amended guaranties with Citibank, Barclays and Deutsche Bank during the year ended December 31, 2023 (the "2023 Guaranties", and together with the Initial Guaranties, the "Guaranties"), on a joint and several basis until the satisfaction of certain conditions as set forth in the guaranties, at which point the Replacement Guarantor will become the sole guarantor under the guaranty (the "Guarantor Replacement Event"). Under the 2023 Guaranties, the Initial Guarantor and the Replacement Guarantors agreed to guarantee the respective CMFT Lending Subs' obligations under the applicable Repurchase Agreements.
 The Repurchase Agreements and the Guaranties contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guaranties contain financial covenants that require the Company to maintain: (i) minimum liquidity of not less than the lower of (a) $ 50.0 million and (b) the greater of (A) $ 10.0 million and (B) 5 % of the then-current Guarantors' recourse indebtedness, as defined in the Guaranties; (ii) minimum consolidated net worth greater than or equal to $ 1.0 billion plus (a) prior to the Guarantor Replacement Event, as applicable, 75 % of the equity issued by the Guarantors following the respective closing dates of the Repurchase Agreements (the "Repurchase Closing Dates") or, from and after the Guarantor Replacement Event, as applicable, 75 % of the equity issued by the Replacement Guarantor following the Guarantor Replacement Event, as applicable, minus (b) prior to the Guarantor Replacement Event, as applicable, the aggregate amount of any redemptions or similar transaction by the Guarantors from the Repurchase Closing Dates or, from and after the Guarantor Replacement Event, as applicable, the aggregate amount of any redemptions or similar transaction by the Replacement Guarantor following the Guarantor Replacement Event, as applicable; (iii) maximum leverage ratio of total indebtedness to total equity less than or equal to 80 %; and (iv) minimum interest coverage ratio of EBITDA (as defined in the Guaranties) to interest expense equal to or greater than 1.40. The Company believes it was in compliance with the financial covenants under the Repurchase Agreements as of December 31, 2024.

 Maturities
 Liquidity and Financial Condition — The Company has $ 1.7 billion of debt maturing within the next 12 months following the date these financial statements are issued. The Company is in active communication with its lenders to exercise the extension options under its Repurchase Facilities and notes payable that are maturing within the next 12 months, which management believes is probable given its history of meeting all compliance metrics with these Repurchase Facilities. The Company also has the ability to enter into new financing arrangements or refinance existing arrangements to meet its obligations as they become due, which management believes is probable based on the current loan-to-value ratios and assessment of the current lending environment.
 The following table summarizes the scheduled aggregate principal repayments for the Company's outstanding debt subsequent to December 31, 2024 (in thousands):

 Year Ending December 31,
 Principal Repayments

 2025
 $
 1,696,175

 2026
 187,893

 2027
 382,186

 2028
 461,248

 2029
 —

 Thereafter
 455,112

 Total
 $

 NOTE 11 — SUPPLEMENTAL CASH FLOW DISCLOSURES
 Supplemental cash flow disclosures for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):

 2024
 2023
 2022

 Supplemental Disclosures of Non-Cash Investing and Financing Activities:

 Distributions declared and unpaid
 $
 16,508
 $
 16,047
 $
 14,828

 Accrued capital expenditures
 $
 2,201
 $
 $

 Construction reserve allocation
 $
 —
 $
 ( 190)
 $
 ( 4,299)

 Mortgage note payable assumed by buyer in connection with disposition of real estate assets
 $
 —
 $
 —
 $
 ( 356,477)

 Equity security received in connection with disposition of real estate assets
 $
 —
 $
 —
 $
 ( 53,388)

 Accrued deferred financing costs
 $
 —
 $
 $

 Common stock issued through distribution reinvestment plan
 $
 42,635
 $
 42,879
 $
 38,912

 Change in fair value of derivative instruments
 $
 —
 $
 —
 $
 2,252

 Change in fair value of real estate-related securities
 $
 ( 5,140)
 $
 ( 32,617)
 $
 ( 51,304)

 Conversion of preferred units to loans held-for-investment
 $
 —
 $
 —
 $
 68,242

 Conversion of loan-held-for-investment to equity securities
 $
 ( 5,060)
 $
 —
 $
 —

 Supplemental Cash Flow Disclosures:

 Interest paid
 $
 233,379
 $
 247,521
 $
 146,947

 Cash paid for taxes
 $
 1,704
 $
 1,115
 $
 1,301

 NOTE 12 — COMMITMENTS AND CONTINGENCIES
 Litigation
 In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company's business, to which the Company is a party or of which the Company's properties are the subject.

 Unfunded Commitments
 As of December 31, 2024, the Company had $ 261.7 million of unfunded loan commitments related to its existing CRE loans held-for-investment, corporate senior loans, and liquid corporate senior loans, and $ 33.9 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying consolidated balance sheets. Current expected credit losses for unfunded or unsettled loan commitments are included in accrued expenses and accounts payable on the accompanying consolidated balance sheets.
 As of December 31, 2024, the Company had $ 1.2 million of unsettled liquid corporate senior loan acquisitions, all of which settled subsequent to December 31, 2024. Additionally, the Company had $ 3.0 million of unsettled liquid corporate senior loan sales as of December 31, 2024, all of which of which settled subsequent to December 31, 2024. Unsettled acquisitions are included in cash and cash equivalents in the accompanying consolidated balance sheets and unsettled sales are included in loans held-for-investment and related receivables, net in the accompanying consolidated balance sheets.
 Environmental Matters
 In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

 NOTE 13 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS
 Management, investment advisory fees and incentive compensation
 The Company has incurred fees and expenses payable to CMFT Management and certain of its affiliates in connection with the acquisition, management and disposition of its assets. On March 24, 2023, the Company and CMFT Management entered into the second amended and restated management agreement (the "Management Agreement"), which amended and restated the amended and restated management agreement between the parties dated August 20, 2019.
 The Company pays CMFT Management a management fee, payable quarterly in arrears, equal to the greater of (a) $ 250,000 per annum ($ 62,500 per quarter) and (b) 1.50 % per annum ( 0.375 % per quarter) of the Company's Equity (as defined in the Management Agreement).
 CMFT Securities has an investment advisory and management agreement dated December 6, 2019 (the "Investment Advisory and Management Agreement") with the Investment Advisor. CMFT Securities was formed for the purpose of holding any securities investments and certain other investments made by the Company. The Investment Advisor, a wholly-owned subsidiary of CIM Group, is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Pursuant to the Investment Advisory and Management Agreement, the Investment Advisor manages the day-to-day business affairs of CMFT Securities and its investments in corporate credit and real estate-related securities (collectively, the "Managed Assets"), subject to the supervision of the Board. In connection with the services provided by the Investment Advisor, CMFT Securities pays the Investment Advisor an investment advisory fee (the "Investment Advisory Fee"), payable quarterly in arrears, equal to 1.50 % per annum ( 0.375 % per quarter) of CMFT Securities' Equity (as defined in the Investment Advisory and Management Agreement). Because the Managed Assets are excluded from the calculation of management fees payable by the Company to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by the Company to its external advisors are not increased as a result of the Investment Advisory and Management Agreement.
 In addition, the Investment Advisor has a sub-advisory agreement dated December 6, 2019 (the "Sub-Advisory Agreement") with OFS Capital Management, LLC (the "Sub-Advisor") to act as an investment sub-advisor to CMFT Securities. The Sub-Advisor is registered as an investment adviser under the Advisers Act and is an affiliate of the Investment Advisor. The Sub-Advisor principally provides investment management services with respect to the corporate credit-related securities held by CMFT Securities and its subsidiaries. The Sub-Advisor may allocate a portion of these corporate credit-related securities to its other clients, including affiliates of CIM Group. On a quarterly basis, the Investment Advisor designates

 50 % of the sum of the Investment Advisory Fee and incentive compensation attributable to the assets for which the Sub-Advisor has provided investment management services payable to the Investment Advisor as sub-advisory fees.
 CMFT Management is entitled to receive incentive compensation, payable with respect to each quarter, which is generally equal to the excess of (a) the product of (i) 20 % and (ii) the excess of (A) Core Earnings (as defined in the Management Agreement) of the Company for the previous 12-month period, over (B) the product of (1) the Company's Consolidated Equity (as defined in the Management Agreement) in the previous 12-month period, and (2) 7 % per annum, over (b) the sum of any incentive compensation paid to CMFT Management with respect to the first three calendar quarters of such previous 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). During the years ended December 31, 2024, 2023 and 2022, no incentive compensation fees were incurred.
 In addition, the Investment Advisor is eligible to receive a portion of the incentive compensation payable to CMFT Management pursuant to the Management Agreement. In the event that the incentive compensation is earned and payable with respect to any quarter, CMFT Management calculates the portion of the incentive compensation that was attributable to the Managed Assets and payable to the Investment Advisor.
 The Company's subsidiary, CLR, entered into a separate management agreement ("CLR Management Agreement") with CMFT Management on February 29, 2024 ("CLR Effective Date") for the day-to-day management of CLR and its non-securities assets, pursuant to which CLR will pay CMFT Management a base management fee, payable in arrears, equal to 1.25 % of CLR's net asset value per share (or 0.90 % of its net asset value per share for its founder share classes), plus a performance fee that is, subject to certain adjustment in the calculation for the measurement periods applicable to CLR's Core Earnings (as defined in the CLR Management Agreement) during the first four calendar quarters, generally equal to the excess of (A) the product of (I) 10 % and (II) the excess of (y) CLR's Core Earnings for the previous 12-month period, over (z) the product of (i) CLR's average adjusted capital, and (ii) a hurdle rate of 6.5 % ( 7.25 % for its founder share classes), each considered on an annualized basis, over (B) the sum of any performance fee paid to CMFT Management or the Investment Advisor with respect to the first three calendar quarters of such previous 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No performance fee shall be payable by CLR to CMFT Management or the Investment Advisor with respect to any calendar quarter unless CLR's Core Earnings for the 12 most recently completed calendar months (or such lesser number of completed calendar quarters following the CLR Effective Date) in the aggregate are greater than zero. Once CLR's Core Earnings exceed the hurdle rate, CMFT Management is entitled to a "catch-up" fee equal to the amount of CLR's Core Earnings in excess of the hurdle rate, until CLR's Core Earnings for the applicable period equal 7.224 % ( 8.0576 % for CLR's founder share classes), each considered on an annualized basis of CLR's average adjusted capital. Thereafter, CMFT Management is entitled to receive 10 % of CLR's Core Earnings.
 CLR Securities Investments, LLC ("CLR Securities"), a subsidiary of CLR, has an investment advisory and management agreement dated February 29, 2024 (the "CLR Investment Advisory and Management Agreement") with the Investment Advisor pursuant to which the Investment Advisor manages the day-to-day business affairs of CLR Securities and its investments in real estate-related securities (collectively, the "CLR Managed Assets"), subject to the supervision of the CLR board of trustees. In connection with the services provided by the Investment Advisor, CLR Securities pays the Investment Advisor an investment advisory fee (the "CLR Investment Advisory Fee"), payable quarterly in arrears, equal to the proportion of the base management fee and performance fee calculated pursuant to the CLR Management Agreement that is attributable to the CLR Managed Assets. Because the CLR Managed Assets are excluded from the calculation of management fees payable by CLR to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by CLR to its external advisors are not increased as a result of the CLR Investment Advisory and Management Agreement.
 The CLR Management Agreement and CLR Investment Advisory and Management Agreement (together, the "CLR Advisory Agreements") each have an initial three-year term and shall be deemed renewed automatically each year thereafter for an additional one-year period unless CLR provides 180 days' written notice of termination of a CLR Advisory Agreement after the affirmative vote of CLR's independent trustees. If either CLR Advisory Agreement is terminated without cause, CMFT Management and/or the Investment Advisor, as applicable, shall receive a termination fee pursuant to the terminated CLR Advisory Agreement equal to three times the sum of (a) the average annual management fee and (b) the average annual incentive compensation incurred under the terminated CLR Advisory Agreement during the 24-month period prior to the termination.
 The Company and CMFT Management have entered into an agreement (the "Offset Agreement") whereby, (i) for so long as CMFT Management is the external manager of the Company and an affiliate of CIM Group, the Company's management fee payable to CMFT Management will be reduced by the Company's proportional share, based on its ownership of CLR, of the base management fee and performance fee payable to CMFT Management by CLR, and (ii) if the Management Agreement and either or both of the CLR Advisory Agreements are simultaneously terminated without cause, the termination fee payable by

 the Company to CMFT Management or the Investment Advisor, as applicable, under the applicable CLR Advisory Agreement shall be reduced by the Company's proportional share, based on its ownership of CLR, of the termination fee payable to CMFT Management or the Investment Advisor by CLR under the applicable CLR Advisory Agreement, such that, in each case, the Company will not pay more fees than would otherwise be payable under its Management Agreement or Investment Advisory and Management Agreement, as applicable. The Offset Agreement also provides that CMFT Management will reimburse to the Company 50 % of the organization and offering expenses paid by the Company for CLR, which reimbursement may be paid as a reduction in the management fee payable to CMFT Management under the Management Agreement. Organization and offering expenses is defined in the CLR Management Agreement as any and all costs and expenses incurred by or on behalf of CLR in connection with the formation of CLR and the marketing and distribution of its common shares of beneficial interest. During the year ended December 31, 2024, the Company received $ 1.1 million from CMFT Management as reimbursement for organization and offering expenses paid by the Company for CLR.
 The Investment Advisor has engaged the Sub-Advisor to act as an investment sub-advisor with respect to the assets held by CLR Securities. The Sub-Advisor principally provides investment management services with respect to the real estate related securities held by CLR Securities and its subsidiaries. On a quarterly basis, the Investment Advisor designates 50 % of the sum of the CLR Investment Advisory Fee and incentive compensation attributable to the assets for which the Sub-Advisor has provided investment management services payable to the Investment Advisor as sub-advisory fees. The Sub-Advisory Agreement may be terminated by either party with 30 days' advance written notice to the other party.
 Pursuant to the Offset Agreement, fees payable by the Company to CMFT Management or the Investment Advisor will be offset by the Company's proportional share, based on its ownership of CLR, of the fees payable by CLR or its affiliates under the CLR Management Agreement or CLR Investment Advisory Agreement to CMFT Management or the Investment Advisor.
 The Company reimburses CMFT Management, the Investment Advisor or their affiliates for certain expenses paid or incurred in connection with the services provided to the Company. The Company will reimburse CMFT Management, the Investment Advisor, or their affiliates for salaries and benefits paid to personnel who provide services to the Company, excluding the Company's executive officers (other than the chief financial officer) and any portfolio management, acquisitions or investment professionals.
 The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands):

 2024
 2023
 2022

 $
 49,672
 $
 50,975
 $
 52,564

 Expense reimbursements to related parties (1)

 $
 13,501
 $
 13,285
 $
 16,567

 (1)Excludes $ 1.1 million of expense reimbursements recorded during the year ended December 31, 2022 attributable to earnout leasing costs under the RTL Purchase and Sale Agreement, which are included in gain on disposition of real estate and condominium developments, net in the consolidated statements of operations.
 Due to Affiliates
 Of the amounts shown above, $ 13.7 million and $ 13.9 million had been incurred, but not yet paid, for services provided by CMFT Management or its affiliates in connection with the management and operating activities during the years ended December 31, 2024 and 2023, respectively, and such amounts were recorded as liabilities of the Company as of such dates.
 Development and Property Management Agreements
 On January 7, 2021, the Company completed foreclosure proceedings to take control of the assets which previously secured its mezzanine loans, including 75 condominium units and 21 rental units across four buildings in New York. Upon foreclosure, and with the approval of the Board's former valuation, compensation and affiliate transactions committee, CIM NY Management, LLC, an affiliate of the Company's manager, CMFT Management, entered into a Development Management Agreement with the indirect wholly owned subsidiaries of the Company that own each of the four buildings (the "Building Owners"), wherein CIM NY Management, LLC will act as project manager in overseeing the development and construction of property improvements in accordance with each respective Development Management Agreement (the "Development Services"). In consideration for the Development Services, CIM NY Management, LLC will receive a development

 management fee from the Building Owners equal to 4 % of the aggregate gross project costs expended during the term of the Development Management Agreement, subject to the conditions in each respective Development Management Agreement. During the years ended December 31, 2024 and 2023, the Company recorded $ 722,000 and $ 380,000, respectively, in development management fees. Additionally, CIM NY Management, LLC is reimbursed by the Building Owners for expenses incurred in connection with the Development Services, including services provided that are incidental to but not part of the Development Services. The Development Management Agreement shall remain in effect until the project completion date, and is terminable by either party with fifteen days prior notice to the other party, with or without cause.
 Additionally, on January 9, 2025, the Company took control of an office building in McLean, Virginia, through a deed-in-lieu of foreclosure, which previously secured one of its first mortgage loans, as discussed in Note 19 — Subsequent Events. Upon taking control of the asset, and with the approval of the Board, CIM Management, Inc. ("CIM Management"), an affiliate of the Company's manager, CMFT Management, entered into a Property Management and Services Agreement with the indirect wholly owned subsidiaries of the Company that owns the office building (the "Office Building Owners"), wherein CIM Management will act as a property manager and property co-manager, as applicable, in overseeing the property's day to day operations and as project manager in overseeing the development and construction of property improvements in accordance with the Property Management and Services Agreement (the "Management and Development Services"). In consideration for the Management and Development Services, CIM Management will receive a property management fee from the Office Building Owners equal to 1.5 % of the operating receipts, as defined in the Property Management and Services Agreement, received by the Office Building Owners from operating the property, subject to the conditions set forth in the Property Management and Services Agreement. Additionally in consideration for the Management and Development Services, CIM Management will receive a development management fee from the Building Owners equal to 4 % of the aggregate gross project costs expended during the term of the Development Management Agreement, subject to the conditions set forth in the Development Management Agreement. Additionally, CIM Management is reimbursed by the Office Building Owners for expenses incurred in connection with the Management and Development Services, including services provided that are incidental to but not part of the Management and Development Services. The Property Management and Services Agreement shall remain in effect until the Office Building Owners sell all or substantially all of the property, and is terminable by either party with fifteen days prior notice to the other party, with or without cause.
 Investments with Affiliates of the Manager
 In September 2021, the Company co-invested $ 68.4 million in preferred units and $ 138.8 million in a first mortgage loan to a third-party for the purchase of a multi-family, office and retail building in Fort Lauderdale, Florida with CIM Real Assets & Credit Fund, a fund that is advised by affiliates of CMFT Management ("CIM RACR"). The Company redeemed its investment in the preferred units during the year ended December 31, 2022 in exchange for an investment in a first mortgage loan. As of December 31, 2024, $ 199.9 million of the first mortgage loan was outstanding.
 In October 2021, the Company invested in a $ 130.0 million first mortgage loan, with an initial advance of $ 119.0 million, to a third-party, the proceeds of which were used to finance the acquisition of a property from a fund that is advised by an affiliate of CMFT Management. As of December 31, 2024, $ 98.0 million of the first mortgage loan was outstanding.
 In November 2021, the Company entered into the Unconsolidated Joint Venture (the "MT-FT JV") with CMMT Holdings, LLC, a fund that is advised by an affiliate of CMFT Management, for the purposes of investing in the NewPoint JV. As of December 31, 2024, the Company owned approximately 50 % of the equity interests of the MT-FT JV and has committed to fund capital to the MT-FT JV up to $ 212.5 million, of which $ 178.6 million has been funded, net of $ 59.7 million returned to the Company that can be called back by NewPoint JV through NP JV Holdings as a capital call on a future date. For more information on the NewPoint JV, see Note 2 — Summary of Significant Accounting Policies and Note 6 — Investment in Unconsolidated Entities.
 In December 2021, the Company invested in a $ 155.0 million first mortgage loan, with an initial advance of $ 154.0 million, to a third-party, the proceeds of which were used to finance the acquisition of a property from a fund that is advised by an affiliate of CMFT Management. As of December 31, 2024, $ 154.0 million of the first mortgage loan was outstanding.
 In April 2022, the Company invested in a $ 147.0 million first mortgage loan, with an initial advance of $ 143.0 million, to a third-party, which was previously funded by a fund that is advised by an affiliate of CMFT Management. As of December 31, 2024, $ 143.9 million of the first mortgage loan was outstanding.
 During the year ended December 31, 2022, the Company and CIM RACR co-invested $ 75.9 million and $ 14.7 million, respectively, in five corporate senior loans to a third party. During the year ended December 31, 2023, the Company and CIM

 RACR co-invested $ 105.8 million and $ 16.4 million, respectively, in nine corporate senior loans to a third party. As of December 31, 2024, $ 145.5 million of the corporate senior loans was outstanding. The Sub-Advisor provided investment management services related to these corporate senior loans pursuant to the Sub-Advisory Agreement.
 As further described in Note 2 — Summary of Significant Accounting Policies, in August 2024, CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, entered into a master participation agreement (the "Master Participation Agreement") with OFSI BSL XIV CLO, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands to sell a portion of the Company's portfolio of liquid corporate senior loans. The collateral manager for OFSI BSL XIV CLO, Ltd. is OFS CLO Management II, LLC, an affiliate of the Sub-Advisor. During the year ended December 31, 2024, the sale of 185 liquid corporate senior loans closed pursuant to the Master Participation Agreement, with an aggregate principal balance of $ 265.4 million, resulting in net proceeds of $ 259.7 million after closing costs and a loss of $ 2.9 million. The liquid corporate senior loans served as the initial positions for the formation of a CLO, in which the Company subsequently invested $ 27.6 million in a CLO subordinated note.

 NOTE 14 — ECONOMIC DEPENDENCY
 Under various agreements, the Company has engaged and may in the future engage CMFT Management or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and stockholder relations. As a result of these relationships, the Company is dependent upon CMFT Management or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

 NOTE 15 — STOCKHOLDERS' EQUITY
 As of December 31, 2024, 2023 and 2022, the Company was authorized to issue $ 600.0 million of shares of common stock under the Secondary DRIP Offering. All shares of such stock have a par value of $ 0.01 per share. The par value of stockholder proceeds raised from the DRIP Offerings is classified as common stock, with the remainder allocated to capital in excess of par value.
 On August 11, 2010, the Company sold 20,000 shares of common stock, at $ 10.00 per share, to Cole Holdings Corporation ("CHC"). On April 5, 2013, the ownership of such shares was transferred to CREInvestments, LLC, an affiliate of CMFT Management. On February 7, 2014, the ownership of such shares was transferred to VEREIT Operating Partnership, L.P. ("VEREIT OP"), a former affiliated entity of the Company's sponsor. On February 1, 2018, the ownership of such shares was transferred by VEREIT OP to CMFT Management.
 On December 16, 2021, in connection with the consummation of the CIM Income NAV Merger, the Company issued 74.8 million shares of common stock for consideration of $ 7.20 per share.
 Distribution Reinvestment Plan
 Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company's common stock at the most recent estimated per share NAV as determined by the Board. The Board may terminate or amend the Secondary DRIP Offering at the Company's discretion at any time upon ten days ' prior written notice to the stockholders. During the years ended December 31, 2024, 2023 and 2022, approximately 7.0 million, 6.5 million and 5.4 million shares were purchased under the DRIP Offerings for approximately $ 42.6 million, $ 42.9 million and $ 38.9 million, respectively, which were recorded as redeemable common stock on the consolidated balance sheets.
 Share Redemption Program
 The Company's share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below.
 The share redemption program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. The Company will limit the number of shares redeemed pursuant to the share redemption program as follows: (1) the Company will not redeem in excess of 5 % of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited, among other things, to the net proceeds the Company receives from the sale of shares under the DRIP Offering, net of shares redeemed to date. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to

 approximately 1.25 % of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter for which the redemptions are being paid, and to the net proceeds the Company receives from the sale of shares in the respective quarter under the Secondary DRIP Offering. Any of the foregoing limits might prevent the Company from accommodating all redemption requests made in any fiscal quarter or in any 12-month period. The Company will determine whether it has sufficient funds and/or shares available as soon as practicable after the end of each fiscal quarter, but in any event prior to the applicable payment date.
 Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available from the sale of shares under the DRIP and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders' shares and stockholders with exigent circumstances, as determined in the Company's sole discretion and accompanied by such evidentiary documentation as the Company may request. While the shares of deceased stockholders and stockholders determined to have exigent circumstances will be included in calculating the maximum number of shares that may be redeemed in any annual or quarterly period, they will not be subject to the annual or quarterly percentage caps; therefore, if the volume of requests to redeem deceased stockholders' shares in a particular quarter were large enough to cause the annual or quarterly percentage caps to be exceeded, even if no other redemption requests were processed, the redemptions of deceased stockholders' shares would be completed in full, assuming sufficient proceeds from the sale of shares under the DRIP, net of shares redeemed to date, were available. If sufficient proceeds from the sale of shares under the DRIP, net of shares redeemed to date, were not available to pay all such redemptions in full, the requests to redeem deceased stockholders' shares and shareholders deemed to have exigent circumstances would be honored on a pro rata basis. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining quarterly redemption requests on a pro rata basis. Following such quarterly redemption period, if a stockholder would like to resubmit the unsatisfied portion of the prior request for redemption, such stockholder must submit a new request for redemption of such shares prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods. In addition, the Company reserves the right, in its sole discretion at any time, and from time to time, to reject any request for redemption for any reason.
 The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may choose to amend the terms of, suspend or terminate the share redemption program at any time in its sole discretion if it believes that such action is in the best interest of the Company and its stockholders. Any material modifications or suspension of the share redemption program will be disclosed to the Company's stockholders as promptly as practicable in the Company's reports filed with the SEC and via the Company's website. During the years ended December 31, 2024, 2023 and 2022, the Company redeemed approximately 7.3 million, 6.8 million and 5.5 million shares, respectively, under the share redemption program for $ 45.0 million, $ 44.4 million and $ 39.4 million, respectively. During the year ended December 31, 2024, redemption requests relating to approximately 144.5 million shares went unfulfilled.
 Distributions Payable and Distribution Policy
 The Board authorized the following monthly distribution amounts per share, payable to stockholders as of the record date for the applicable month, for the periods indicated below:

 Period Commencing
 Period Ending
 Monthly Distribution Amount

 January 2022
 September 2022
 $ 0.0305

 October 2022
 December 2022
 $ 0.0339

 January 2023
 September 2023
 $ 0.0350

 October 2023
 December 2023
 $ 0.0367

 January 2024
 December 2024
 $ 0.0375

 January 2025
 June 2025
 $ 0.0283

 As of December 31, 2024, the Company had distributions payable of $ 16.5 million.

 Equity-Based Compensation
 On August 10, 2018, the Board approved the adoption of the Company's 2018 Equity Incentive Plan (the "2018 Plan"), under which 400,000 of the Company's shares of common stock were reserved for issuance. On April 27, 2022, the Board and the compensation committee of the Board approved the Amended and Restated CIM Real Estate Finance Trust, Inc. 2022 Equity Incentive Plan (the "2022 Plan") and the 2022 Plan was approved by the Company's stockholders at the Company's 2022 Annual Meeting of Stockholders held on July 12, 2022. The 2022 Plan superseded and replaced the 2018 Plan. Awards that are granted on or after the effective date of the 2022 Plan are subject to the terms and provisions of the 2022 Plan. The total number of shares of Company common stock reserved and available for issuance under the 2022 Plan at any time during the term of the 2022 Plan is 250,000 shares, which is a reduction from 400,000 shares authorized for issuance under the 2018 Plan, and awards of approximately 71,000 shares of common stock are available for future grant at December 31, 2024. Under the 2022 Plan, the Board or the compensation committee of the Board has the authority to grant certain awards to employees, non-employee directors, and consultants or advisors of the Company, including stock option awards, restricted stock awards or deferred stock awards, which awards will further align such persons' interests with the interests of the Company's stockholders. The Board or the compensation committee of the Board also has the authority to determine the terms of any award granted pursuant to the 2022 Plan, including vesting schedules, restrictions and acceleration of any restrictions. The 2022 Plan may be amended or terminated by the Board or the compensation committee of the Board at any time, subject to the right of the Company's stockholders to approve certain amendments.
 On January 9, 2024, the compensation committee of the Board approved and adopted the CIM Real Estate Finance Trust, Inc. 2024 Manager Equity Incentive Plan (the "Manager Plan") and the Manager Plan was approved by the Company's stockholders at the Company's 2024 Annual Meeting of Stockholders held on July 11, 2024. The Manager Plan provides for the grant of non-qualified stock options, restricted stock awards, restricted stock unit awards, and stock appreciation right awards, and dividend equivalents, to eligible named executive officers (as defined in Item 402 of Regulation S-K) of the Company or to CMFT Management, which in turn will transfer such incentives to employees, advisors, or consultants of CMFT Management and its affiliates who provide services to CMFT Management or its affiliates in support of the Company and its subsidiaries. The maximum number of shares of common stock of the Company that may be subject to awards granted under the Manager Plan is 12,000,000 shares. As of December 31, 2024, there were approximately 8.6 million shares remaining that may be subject to awards granted under the Manager Plan. The Manager Plan will expire on January 9, 2034, unless terminated earlier by the Board or the compensation committee.
 The following tables summarize the (i) non-vested shares of restricted stock and restricted stock units and (ii) vesting schedule of shares of restricted stock and restricted stock units for the Company's directors, officers and employees of the Manager as of December 31, 2024 (dollar amounts in thousands):

 Restricted Stock Grants (2018 Plan)

 Restricted Stock Grants (2022 Plan)

 Restricted Stock Units (Manager Plan) (1)

 Grant Date Fair Value (2)

 Outstanding as of December 31, 2021

 21,007
 —
 —

 Granted
 22,892
 66,667
 —
 $

 Vested
 ( 43,899)
 —
 —
 N/A

 Forfeited
 —
 —
 —
 N/A

 Outstanding as of December 31, 2022

 —
 66,667
 —

 Granted
 —
 73,059
 —
 $

 Vested
 —
 ( 66,667)
 —
 N/A

 Forfeited
 —
 —
 —
 N/A

 Outstanding as of December 31, 2023

 —
 73,059
 —

 Granted
 —
 39,409
 3,370,474
 $
 20,766

 Vested

 —
 ( 73,059)
 ( 759,113)
 N/A

 Forfeited
 —
 —
 —
 N/A

 Outstanding as of December 31, 2024

 —
 39,409
 2,611,361

 (1)Each restricted stock unit represents a contingent right to receive one share of the Company's common stock, payable 50 % in the Company's common stock and 50 % in the cash value thereof.
 (2)The fair value of the Company's share awards is determined using the Company's per share NAV on the date of grant.
 Compensation expense related to the restricted shares and restricted stock units are recognized over the vesting period. The Company recorded compensation expense of $ 6.3 million and $ 480,000 for the years ended December 31, 2024 and 2023, respectively, related to the restricted shares and restricted stock units, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2024, there was $ 14.9 million of total unrecognized compensation expense related to these restricted shares and restricted stock units, which will be recognized ratably over the remaining respective periods of service.
 Below is a summary of restricted stock and restricted stock units vesting dates as of December 31, 2024:

 Restricted Stock Grants (2022 Plan)

 Restricted Stock Units (Manager Plan)

 Vesting Year

 2025
 39,409
 1,123,491

 2026
 —
 1,123,491

 2027
 —
 364,379

 Total

 39,409
 2,611,361

 NOTE 16 — INCOME TAXES
 For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nondividend distributions. Nondividend distributions will reduce U.S stockholders' basis (but not below zero) in their shares.
 The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2024, 2023 and 2022:

 Character of Distributions:
 2024
 2023
 2022

 Ordinary dividends
 %
 %
 %

 Nondividend distributions
 —
 %
 %
 %

 Capital gain distributions
 %
 —
 %
 —
 %

 Total
 %
 %
 %

 During the years ended December 31, 2024, 2023 and 2022, the Company incurred state and local income and franchise taxes of $ 1.2 million, $ 1.1 million, and $ 1.3 million, respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. Additionally, during the year ended December 31, 2024, the Company recognized income tax expense of $ 750,000 on undistributed capital gains which is recorded in general and administrative expenses in the consolidated statements of operations.
 The Company had no unrecognized tax benefits as of or during the years ended December 31, 2024 and 2023. Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities.

 NOTE 17 — LEASES
 The Company's real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company's operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non-lease components as a single, combined operating lease component. Non-lease components primarily consist of maintenance

 services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred.
 As of December 31, 2024, the Company's leases had a weighted-average remaining term of 10.5 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.
 As of December 31, 2024, the future minimum rental income from the Company's real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands):

 Year Ending December 31,
 Future Minimum Rental Income

 2025
 $
 84,399

 2026
 81,480

 2027
 80,406

 2028
 76,583

 2029
 76,249

 Thereafter
 520,038

 Total
 $
 919,155

 A certain amount of the Company's rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the years ended December 31, 2024, 2023 and 2022, the amount of the contingent rent earned by the Company was not significant.
 Rental and other property income during the years ended December 31, 2024, 2023 and 2022 consisted of the following (in thousands):

 2024
 2023
 2022

 Fixed rental and other property income (1)

 $
 87,796
 $
 106,755
 $
 192,982

 Variable rental and other property income (2)

 6,116
 8,624
 20,407

 Total rental and other property income
 $
 93,912
 $
 115,379
 $
 213,389

 (1)Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables.
 (2)Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent.
 The Company has one property subject to a non-cancelable operating ground lease with a remaining term of 8.7 years, with a lease liability (in deferred rental income and other liabilities) and a related right-of-use ("ROU") asset (in prepaid expenses and other assets) of $ 1.8 million in the consolidated balance sheets. The lease liability and ROU asset were initially measured at the present value of the future minimum lease payments using a discount rate of 4.3 %. This reflects the Company's incremental borrowing rate, which was calculated based on the interest rate the Company would incur to borrow on a fully collateralized basis over a term similar to the lease.
 The Company recognized $ 250,000 of ground lease expense during the year ended December 31, 2024, of which $ 242,000 was paid in cash during the period it was recognized. As of December 31, 2024, the Company's scheduled future minimum rental payments related to its operating ground lease is approximately $ 250,000 annually for 2025 through 2029, and $ 918,000 thereafter through the maturity date of the lease in August 2033.

 NOTE 18 — SEGMENT REPORTING
 As of December 31, 2024, the Company determined that it has two reportable segments: Credit and Real Estate. Corporate/other represents all corporate level and unallocated items and includes the Company's other asset management activities and expenses.
 The Company's chief operating decision maker ("CODM") is the Company's executive management team, which includes the Chief Executive Officer and Chief Financial Officer.
 The CODM evaluates performance and allocates resources based on segment net income (loss). All expense categories on the statement of operations are significant and there are no other significant segment expenses that would require disclosure. The CODM uses net income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns on equity and deciding on the sources of financing.
 The following tables present segment reporting for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 Year Ended December 31, 2024

 Real Estate
 Credit
 Corporate/Other (1)

 Company Total

 $
 93,525
 $
 —
 $
 $
 93,912

 Interest income
 —
 —

 93,525
 483,900

 General and administrative
 3,327
 21,793
 25,519

 23,248
 216,218
 —
 239,466

 Property operating
 3,639
 —
 6,267
 9,906

 Real estate tax
 3,051
 —
 1,127
 4,178

 —
 —
 13,501
 13,501

 8,218
 41,454
 —
 49,672

 Transaction-related
 —

 31,981
 —
 —
 31,981

 52,243
 —
 9,066
 61,309

 —
 342,815
 —
 342,815

 122,779
 603,837
 51,802
 778,418

 Other income (expense)

 1,855
 —
 4,750
 6,605

 —
 13,599
 —
 13,599

 Unrealized gain on equity security

 —
 ( 15,888)
 —
 ( 15,888)

 Other income (expense), net

 ( 6,795)
 5,244
 ( 1,138)

 —
 ( 950)
 —
 ( 950)

 Total other income (expense)

 2,268
 ( 10,034)
 9,994
 2,228

 Segment net loss

 ( 26,986)
 ( 223,883)
 ( 41,421)
 ( 292,290)

 Segment net income attributable to non-controlling interest

 —
 —

 Segment net loss attributable to the Company

 $
 ( 26,986)
 $
 ( 223,894)
 $
 ( 41,421)
 $
 ( 292,301)

 Total assets as of December 31, 2024

 $
 1,021,918
 $
 3,983,392
 $
 192,439
 $
 5,197,749

 (1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.

 Year Ended December 31, 2023

 Real Estate
 Credit
 Corporate/Other (1)

 Company Total

 $
 115,056
 $
 —
 $
 $
 115,379

 Interest income
 —
 —

 115,056
 568,859

 General and administrative
 3,952
 12,911
 17,572

 22,884
 233,615
 4,269
 260,768

 Property operating
 5,203
 —
 8,147
 13,350

 Real estate tax
 3,430
 —
 1,408
 4,838

 —
 —
 13,285
 13,285

 10,702
 40,273
 —
 50,975

 Transaction-related
 3,431
 3,653

 42,532
 —
 —
 42,532

 20,404
 —
 14,675
 35,079

 —
 134,289
 —
 134,289

 105,874
 412,341
 58,126
 576,341

 Other income (expense):

 49,731
 —
 3,610
 53,341

 —
 11,723
 —
 11,723

 Unrealized gain on equity security

 —
 4,751
 —
 4,751

 Other (expense) income, net

 ( 4,380)
 ( 31,984)
 9,905
 ( 26,459)

 ( 1,192)
 ( 2,164)
 ( 4,432)
 ( 7,788)

 Total other income (expense)
 44,159
 ( 17,674)
 9,083
 35,568

 Segment net income (loss)
 53,341
 23,465
 ( 48,720)

 Segment net income attributable to non-controlling interest

 —
 —

 Segment net income (loss) attributable to the Company
 $
 53,333
 $
 23,465
 $
 ( 48,720)
 $
 28,078

 Total assets as of December 31, 2023

 $
 1,156,761
 $
 5,091,365
 $
 198,350
 $
 6,446,476

 (1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.

 Year Ended December 31, 2022

 Real Estate
 Credit
 Corporate/Other (1) (2)

 Company Total

 $
 213,001
 $
 —
 $
 $
 213,389

 Interest income
 —
 238,757
 —
 238,757

 213,001
 238,757
 452,146

 General and administrative
 14,004
 15,364

 41,295
 110,303
 13,612
 165,210

 Property operating
 14,609
 —
 6,181
 20,790

 Real estate tax
 10,923
 —
 1,689
 12,612

 —
 —
 16,567
 16,567

 21,526
 31,038
 —
 52,564

 Transaction-related
 —

 70,606
 —
 —
 70,606

 16,184
 —
 16,137
 32,321

 —
 29,476
 —
 29,476

 176,207
 171,624
 68,213
 416,044

 Other income (expense):

 117,763
 —
 4,139
 121,902

 —
 6,780
 5,172
 11,952

 Unrealized (loss) gain on equity security

 —
 ( 15,139)
 ( 15,117)

 Other income, net

 5,012
 3,395
 8,671

 ( 18,646)
 —
 ( 998)
 ( 19,644)

 Total other income (expense)
 104,129
 ( 4,964)
 8,599
 107,764

 Segment net income (loss)
 140,923
 62,169
 ( 59,226)
 143,866

 Segment net income attributable to non-controlling interest

 —
 —

 Segment net income (loss) attributable to the Company
 $
 140,857
 $
 62,169
 $
 ( 59,226)
 $
 143,800

 Total assets as of December 31, 2022

 $
 2,118,513
 $
 4,794,593
 $
 218,948
 $
 7,132,054

 (1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.
 (2)Includes the Company's investment in CIM UII Onshore.

 NOTE 19 — SUBSEQUENT EVENTS
 In addition to subsequent events previously disclosed, the following events also occurred subsequent to December 31, 2024.
 Redemptions of Shares of Common Stock
 Subsequent to December 31, 2024, the Company redeemed approximately 1.8 million shares for $ 11.1 million (at an average redemption price of $ 6.09 per share). The remaining redemption requests received during the three months ended December 31, 2024 totaling approximately 39.8 million shares went unfulfilled.
 Estimated Per Share NAV
 On March 20, 2025, the Board established an updated estimated per share NAV of the Company's common stock as of December 31, 2024, of $ 5.22 per share. Commencing on March 28, 2025, distributions will be reinvested in shares of the

 Company's common stock under the DRIP at a price of $ 5.22 per share and $ 5.22 serves as the most recent estimated per share NAV for purposes of the share redemption program.
 Investment and Disposition Activity
 Subsequent to December 31, 2024, the Company's investment and disposition activity included the following:
 • Disposed of two properties and condominium units for an aggregate gross sales price of $ 20.1 million, resulting in net proceeds of $ 18.7 million after closing costs and a gain of approximately $ 1.0 million.
 • Settled $ 1.2 million of liquid corporate senior loan purchases, all of which were traded as of December 31, 2024, and settled $ 7.1 million of liquid corporate senior loan sales, $ 3.0 million of which were traded as of December 31, 2024.
 • Settled $ 18.3 million on purchases of two corporate senior loans.
 • Sold $ 44.0 million of CMBS and received $ 1.7 million of principal repayments on CMBS.
 • Originated two first mortgage loans with an aggregate principal balance of $ 61.0 million, funded an aggregate amount of $ 24.2 million to 13 of the Company's first mortgage loans, and received $ 40.6 million of principal repayments on four of the Company's first mortgage loans, $ 22.0 million of which was received in connection with the two loan modifications discussed below.
 • Modified a first mortgage loan to extend the initial maturity date from February 7, 2025, with two one-year extension options, to February 7, 2028, with one one-year extension option. The Company received a $ 10.0 million principal repayment subsequent to December 31, 2024 in connection with this loan modification.
 • Modified a first mortgage loan to extend the initial maturity date from January 7, 2025 to February 7, 2029, with two one-year extension options, modify the variable interest rate from 2.90 % plus Term SOFR to a fixed interest rate of 5.0 % through February 7, 2026, then 6.0 % through the initial maturity date, and allow for future funding advances up to an aggregate amount of $ 14.5 million. The Company received a $ 12.0 million principal repayment subsequent to December 31, 2024 in connection with the loan modification, and resumed accrual upon becoming contractually current on its interest payments.
 Financing Activity
 Subsequent to December 31, 2024, the Company's financing activity included the following:
 • Financed two first mortgage loans for an aggregate amount of $ 45.6 million under the repurchase facility with Barclays and refinanced a first mortgage loan for $ 44.0 million under the repurchase facility with Citibank.
 • Repaid $ 94.2 million of borrowings under the repurchase facilities with Barclays, Deutsche Bank, and J.P. Morgan.
 • Repaid $ 19.0 million of borrowings under the Loan Facility with Ally Bank.
 • Amended the Master Repurchase Agreement with Citibank to, among other things, extend the initial maturity date to March 5, 2027 and provide for two one-year extension options.
 Deed-in-Lieu of Foreclosure
 Subsequent to December 31, 2024, the Company took control of the assets securing two of it risk-rated 5 first mortgage loans, which are comprised of two office buildings, through deeds-in-lieu of foreclosure. The loans had a combined net book value of $ 149.0 million as of December 31, 2024.

 SCHEDULE III – REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

 Date
 Date

 Land

 Real Estate Held for Investment the Company has Invested in:

 AAA Office Park:

 Hamilton, NJ
 $
 —
 $
 5,427
 $
 22,970
 $
 ( 16,278)
 $
 12,119
 $
 2016

 Actuant Campus:

 Columbus, WI
 12,975
 2,090
 14,633
 —
 16,723
 1,812
 2014

 AKRS Equipment:

 David City, NE
 11,331
 12,849
 —
 13,531
 9/10/2024
 2023

 AK Steel:

 West Chester, OH
 —
 1,421
 21,044
 —
 22,465
 1,952
 2007

 Apex Technologies:

 Mason, OH
 —
 1,288
 11,127
 —
 12,415
 1,014
 2013

 Bass Pro Shop:

 Tallahassee, FL
 6,637
 5,713
 6,777
 1,835
 8/20/2013
 2013

 BJ's Wholesale Club:

 Fort Myers, FL
 19,794
 5,331
 21,692
 —
 27,023
 2,380
 2018

 Roanoke, VA
 15,496
 4,509
 14,545
 —
 19,054
 1,609
 11/25/2020
 2018

 Bob Evans:

 Defiance, OH
 2,573
 2,781
 —
 3,282
 2011

 Dover, OH
 2,529
 1,930
 —
 2,482
 2013

 Dundee, MI
 1,842
 1,298
 —
 1,824
 2011

 Gallipolis, OH
 2,705
 2,963
 —
 3,492
 2003

 Hagerstown, MD
 2,536
 2,789
 —
 3,279
 1989

 Hamilton, OH
 1,930
 2,359
 —
 2,805
 2014

 Hummelstown, PA
 2,259
 1,029
 2,283
 —
 3,312
 2013

 Mansfield, OH
 2,259
 2,423
 —
 2,918
 2004

 Mayfield Heights, OH
 1,842
 1,278
 —
 2,125
 2003

 Monroe, MI
 2,193
 2,177
 —
 2,800
 1998

 Northwood, OH
 2,529
 2,760
 —
 3,274
 1998

 Peoria, IL
 —
 1,144
 1995

 Piqua, OH
 2,017
 2,187
 —
 2,600
 1989

 Bottom Dollar Grocery:

 Ambridge, PA
 —
 2,985
 —
 3,504
 11/5/2013
 2012

 Burger King:

 Yukon, OK
 1,206
 1,141
 —
 1,641
 1989

 Cabela's:

 Acworth, GA
 21,644
 4,979
 18,775
 —
 23,754
 3,752
 9/25/2017
 2014

 Avon, OH
 12,346
 2,755
 10,751
 —
 13,506
 2,183
 9/25/2017
 2016

 La Vista, NE
 20,986
 3,260
 16,923
 —
 20,183
 3,253
 9/25/2017
 2006

 Sun Prairie, WI
 15,884
 3,373
 14,058
 —
 17,431
 2,963
 9/25/2017
 2015

 Caliber Collision Center:

 Fredericksburg, VA
 3,618
 1,807
 2,292
 —
 4,099
 7/22/2020
 2019

 Lake Jackson, TX
 2,887
 2,974
 —
 3,774
 2006

 Richmond, VA
 4,225
 1,453
 3,323
 —
 4,776
 7/30/2020
 2020

 San Antonio, TX
 3,929
 4,458
 —
 5,149
 2019

 Williamsburg, VA
 3,699
 1,418
 2,800
 —
 4,218
 6/12/2020
 2020

 Camping World:

 Fort Myers, FL
 11,162
 3,226
 11,832
 15,257
 1,576
 1987

 Cash & Carry:

 Salt Lake City, UT
 —
 4,149
 —
 5,012
 2006

 Chick-Fil-A:

 Dickson City, PA
 1,952
 1,113
 7,946
 ( 7,817)
 1,242
 6/30/2014
 2013

 S-1

 Date
 Date

 Land

 Costco:

 Tallahassee, FL
 $
 8,004
 $
 9,497
 $
 —
 $
 —
 $
 9,497
 $
 —
 12/11/2012
 2006

 CVS:

 Arnold, MO
 3,962
 2,043
 2,367
 —
 4,410
 2013

 Asheville, NC
 1,871
 1,108
 1,084
 —
 2,192
 4/26/2012
 1998

 Austin, TX
 4,320
 1,076
 3,475
 —
 4,551
 2013

 Bloomington, IN
 4,408
 1,620
 2,957
 —
 4,577
 2012

 Blue Springs, MO
 2,924
 2,722
 —
 3,117
 2013

 Bridgeton, MO
 3,962
 2,056
 2,362
 —
 4,418
 2013

 Charleston, SC
 1,689
 1,009
 —
 1,878
 4/26/2012
 1998

 Chesapeake, VA
 3,231
 1,044
 3,053
 —
 4,097
 2013

 Cicero, IN
 3,436
 3,099
 —
 3,586
 2013

 Eminence, KY
 3,465
 2,511
 —
 3,383
 2013

 Goose Creek, SC
 2,822
 1,022
 1,980
 —
 3,002
 2013

 Greenwood, IN
 4,203
 3,549
 4,522
 1,035
 7/11/2013
 1999

 Hazlet, NJ
 5,928
 3,047
 3,610
 —
 6,657
 1,020
 2013

 Hillcrest Heights, MD
 3,830
 1,817
 2,989
 4,877
 9/30/2013
 2001

 Honesdale, PA
 4,093
 1,206
 3,342
 —
 4,548
 2013

 Independence, MO
 2,419
 2,242
 —
 2,601
 2013

 Indianapolis, IN
 3,355
 1,110
 2,484
 —
 3,594
 2013

 Irving, TX
 3,574
 3,034
 —
 3,779
 10/5/2012
 2000

 Janesville, WI
 3,041
 2,545
 —
 3,281
 2013

 Katy, TX
 3,121
 1,149
 2,462
 —
 3,611
 2013

 London, KY
 4,130
 1,445
 2,661
 —
 4,106
 9/10/2013
 2013

 North Wilkesboro, NC
 2,295
 2,369
 2,774
 10/25/2013
 1999

 Poplar Bluff, MO
 3,691
 1,861
 2,211
 —
 4,072
 2013

 Salem, NH
 5,204
 3,456
 2,351
 —
 5,807
 11/18/2013
 2013

 San Antonio, TX
 3,289
 1,893
 1,848
 —
 3,741
 2013

 Sand Springs, OK
 3,552
 1,765
 2,283
 —
 4,048
 2013

 Santa Fe, NM
 6,206
 2,243
 4,619
 —
 6,862
 1,290
 2013

 Sedalia, MO
 2,580
 2,318
 —
 2,784
 2013

 St. John, MO
 —
 1,546
 2,601
 —
 4,147
 2013

 Vineland, NJ
 3,531
 2,926
 —
 3,739
 2010

 Waynesboro, VA
 3,253
 2,708
 —
 3,694
 2013

 West Monroe, LA
 3,399
 1,738
 2,136
 —
 3,874
 2013

 Wisconsin Rapids, WI
 2,193
 3,262
 —
 3,969
 2013

 Dave & Buster's

 Rosemont, IL
 20,687
 2,441
 15,859
 —
 18,300
 9/30/2024
 2014

 Dollar General:

 Parchment, MI
 —
 1,162
 —
 1,330
 6/25/2014
 2014

 Duluth Trading:

 Denton, TX
 —
 1,662
 2,918
 —
 4,580
 2017

 Noblesville, IN
 —
 1,212
 3,436
 —
 4,648
 2003

 Family Dollar:

 Salina, UT
 —
 1,262
 —
 1,473
 2014

 Jewel-Osco:

 Plainfield, IL
 8,720
 —
 —
 11,151
 11,151
 1,666
 11/14/2018
 2001

 Spring Grove, IL
 7,770
 11,361
 —
 12,352
 2007

 Wood Dale, IL
 7,748
 4,069
 7,800
 —
 11,869
 2005

 S-2

 Date
 Date

 Land

 Kroger:

 Shelton, WA
 $
 8,889
 $
 1,180
 $
 11,040
 $
 —
 $
 12,220
 $
 3,425
 4/30/2014
 1994

 Kum & Go:

 Conway, AR
 3,180
 2,577
 —
 3,087
 6/13/2014
 2014

 Lowe's:

 Asheboro, NC
 6,944
 1,098
 6,722
 7,870
 1,912
 6/23/2014
 1994

 Cincinnati, OH
 11,637
 14,092
 —
 14,583
 2/10/2014
 2001

 Covington, LA
 9,035
 10,233
 —
 —
 10,233
 —
 8/20/2014
 2002

 Mansfield, OH
 7,792
 8,256
 9,155
 2,382
 6/12/2014
 1992

 North Dartmouth, MA
 14,232
 6,774
 17,384
 —
 24,158
 1,595
 2004

 Oxford, AL
 10,657
 1,668
 7,622
 9,659
 2,738
 6/28/2013
 1999

 Tuscaloosa, AL
 7,777
 4,908
 4,786
 9,803
 1,508
 10/29/2013
 1993

 Zanesville, OH
 9,079
 2,161
 8,375
 10,853
 2,560
 12/11/2013
 1995

 McAlister's Deli:

 Lawton, OK
 2,102
 1,057
 —
 1,862
 5/1/2014
 2013

 Mister Car Wash:

 Athens, AL
 2,507
 1,150
 —
 1,534
 2008

 Decatur, AL
 1,228
 —
 2005

 Decatur, AL
 2,792
 1,253
 —
 1,739
 2014

 Decatur, AL
 1,433
 1,152
 —
 1,511
 2007

 Hartselle, AL
 1,031
 —
 2007

 Hudson, FL
 —
 1,229
 1,562
 ( 503)
 2,288
 —
 2007

 Madison, AL
 3,823
 1,139
 —
 1,701
 2012

 National Tire & Battery:

 Cypress, TX
 2,792
 2,224
 —
 3,134
 9/1/2015
 2005

 Montgomery, IL
 3,012
 2,494
 —
 3,010
 1/15/2013
 2007

 North Richland Hills, TX
 2,668
 2,579
 —
 3,092
 9/1/2015
 2005

 Pasadena, TX
 2,851
 2,307
 —
 3,215
 9/1/2015
 2005

 Natural Grocers:

 Heber City, UT
 4,517
 1,286
 3,727
 —
 5,013
 2017

 Idaho Falls, ID
 3,545
 2,316
 —
 3,149
 2/14/2014
 2013

 O'Reilly Automotive:

 Bennettsville, SC
 1,177
 1,207
 —
 1,568
 2015

 Clayton, GA
 1,294
 —
 1,446
 1/29/2016
 2015

 Flowood, MS
 1,338
 1,288
 —
 1,793
 2014

 Iron Mountain, MI
 1,206
 1,400
 —
 1,649
 2014

 Popeyes:

 Independence, MO
 1,155
 —
 1,013
 6/27/2014
 2005

 Raising Cane's:

 Avondale, AZ
 3,209
 1,774
 2,381
 —
 4,155
 2013

 Reno, NV
 3,275
 1,841
 2,259
 —
 4,100
 2014

 Safeway:

 Juneau, AK
 10,709
 6,174
 8,791
 —
 14,965
 1,104
 2017

 Siemens:

 Milford, OH
 —
 4,137
 23,153
 ( 16,238)
 11,052
 1991

 S-3

 Date
 Date

 Land

 Spinx:

 Simpsonville, SC
 $
 1,784
 $
 $
 $
 —
 $
 1,560
 $
 1/24/2013
 2012

 Steinhafels:

 Greenfield, WI
 7,310
 1,783
 7,643
 —
 9,426
 1991

 Madison, WI
 11,008
 3,227
 8,531
 —
 11,758
 2017

 Sunoco:

 Palm City, FL
 3,457
 1,698
 —
 2,365
 4/12/2013
 2011

 SuperValu:

 Oglesby, IL
 12,660
 2,505
 11,777
 —
 14,282
 1,277
 1996

 Take 5:

 Andrews, TX
 —
 1,092
 1994

 Bedford, TX
 —
 1,120
 2009

 Burleson, TX
 1,115
 —
 1,407
 1994

 Burleson, TX
 —
 1,038
 2010

 Burleson, TX
 —
 2003

 Cedar Hill, TX
 —
 1985

 Hereford, TX
 —
 1,045
 1993

 Irving, TX
 —
 1989

 Irving, TX
 —
 1,028
 1987

 Lubbock, TX
 1,261
 1,428
 —
 1,579
 2002

 Midland, TX
 1,663
 1,861
 —
 2,053
 1995

 Mineral Wells, TX
 1,115
 1,263
 —
 1,394
 2019

 Teradata:

 Miami Township, OH
 —
 1,615
 5,250
 ( 2,580)
 4,285
 2010

 TGI Friday's:

 Wilmington, DE
 —
 1,685
 —
 2,654
 6/27/2014
 1991

 Tire Kingdom:

 Summerville, SC
 2,156
 1,208
 1,233
 —
 2,441
 9/1/2015
 2005

 Tractor Supply:

 Ashland, VA
 3,026
 2,696
 3,371
 11/22/2013
 2013

 Blytheville, AR
 2,558
 2,660
 3,615
 2002

 Cambridge, MN
 2,368
 1,272
 2,282
 5/14/2012
 2012

 Carlyle, IL
 2,339
 2,386
 3,268
 2015

 Fortuna, CA
 4,473
 3,819
 4,562
 1,127
 6/27/2014
 2014

 Logan, WV
 2,979
 3,232
 4,004
 2006

 Lumberton, NC
 2,748
 2,007
 2,793
 5/24/2013
 2013

 Monticello, FL
 2,602
 1,916
 2,539
 6/20/2013
 2013

 Shelbyville, IL
 2,324
 2,576
 3,337
 2017

 South Hill, VA
 2,851
 2,179
 2,984
 6/24/2013
 2011

 Weaverville, NC
 4,174
 3,138
 4,282
 1,015
 9/13/2013
 2006

 S-4

 Date
 Date

 Land

 United Oil:

 Bellflower, CA

 $
 1,915
 $
 1,246
 $
 $
 —
 $
 2,034
 $
 2001

 Brea, CA
 2,873
 2,393
 —
 3,051
 1984

 Carson, CA
 5,343
 2,354
 4,821
 —
 7,175
 1958

 El Cajon, CA

 1,849
 1,533
 —
 2,101
 2008

 El Cajon, CA

 1,645
 1,225
 —
 1,593
 2000

 Fallbrook, CA
 3,531
 1,266
 3,458
 —
 4,724
 1958

 Harbor City, CA
 3,289
 1,359
 3,047
 —
 4,406
 2014

 Hawthorne, CA
 1,988
 1,764
 —
 2,660
 2001

 La Habra, CA
 2,398
 1,971
 —
 2,542
 2000

 Lakewood, CA
 3,655
 2,499
 2,400
 —
 4,899
 1973

 Lawndale, CA
 2,193
 1,462
 —
 2,324
 2001

 Long Beach, CA
 2,741
 1,088
 2,582
 —
 3,670
 1990

 Los Angeles, CA

 3,216
 1,927
 1,484
 —
 3,411
 2007

 Los Angeles, CA

 2,741
 2,182
 —
 2,883
 1964

 Los Angeles, CA
 3,764
 2,435
 2,614
 —
 5,049
 1982

 Los Angeles, CA
 4,108
 2,016
 3,486
 —
 5,502
 1965

 Norco, CA

 3,150
 1,852
 1,489
 —
 3,341
 1995

 San Clemente, CA
 4,174
 2,036
 3,561
 —
 5,597
 1973

 San Diego, CA
 2,259
 1,362
 1,662
 —
 3,024
 1959

 San Diego, CA
 3,560
 1,547
 3,218
 —
 4,765
 2011

 San Diego, CA
 4,861
 2,409
 4,105
 —
 6,514
 1976

 San Diego, CA

 2,602
 1,877
 —
 2,760
 2006

 Santa Ana, CA
 2,536
 1,629
 1,766
 —
 3,395
 2000

 Vista, CA

 2,259
 2,063
 —
 2,397
 1986

 Vista, CA

 2,193
 2,028
 —
 2,446
 2010

 Whittier, CA
 2,463
 1,629
 —
 2,614
 1997

 Vacant:

 Sanford, FL
 —
 1,031
 1,807
 ( 1,861)
 10/23/2012
 1999

 Valeo North American HQ:

 Troy, MI
 —
 1,880
 9,813
 —
 11,693
 1,355
 2007

 Valeo Production Facility:

 East Liberty, OH

 —
 4,989
 5,392
 2016

 Valvoline HQ:

 Lexington, KY
 —
 5,558
 41,234
 ( 21,873)
 24,919
 2016

 S-5

 Date
 Date

 Land

 Walgreens:

 Austintown, OH
 $
 3,560
 $
 $
 4,173
 $
 $
 4,938
 $
 1,202
 8/19/2013
 2002

 Dearborn Heights, MI
 6,045
 2,236
 3,411
 —
 5,647
 1,010
 7/9/2013
 2008

 Fort Madison, IA
 3,472
 3,723
 —
 4,237
 1,084
 9/20/2013
 2008

 Las Vegas, NV
 3,852
 2,325
 3,262
 5,657
 9/26/2013
 1999

 Lawton, OK
 2,759
 2,539
 3,505
 7/3/2013
 1998

 Little Rock, AR

 4,386
 4,676
 —
 5,224
 1,237
 6/30/2014
 2011

 Lubbock, TX

 3,527
 3,257
 3,925
 1,031
 10/11/2012
 2000

 Metropolis, IL
 4,086
 4,991
 —
 5,275
 1,299
 8/8/2014
 2009

 Sacramento, CA
 3,224
 2,669
 —
 2,993
 6/30/2014
 2008

 San Antonio, TX
 6,889
 1,416
 7,932
 —
 9,348
 2005

 Suffolk, VA
 4,020
 1,261
 3,461
 —
 4,722
 1,181
 5/14/2012
 2007

 Walmart:

 Anderson, SC
 9,517
 2,424
 9,719
 —
 12,143
 2,228
 11/5/2015
 2015

 Florence, SC
 8,815
 2,013
 9,225
 —
 11,238
 2,105
 11/5/2015
 2015

 Tallahassee, FL
 11,070
 14,823
 —
 —
 14,823
 —
 12/11/2012
 2008

 Weasler Engineering:

 West Bend, WI
 11,652
 1,019
 13,390
 —
 14,409
 1,414
 2016

 Wendy's:

 Grafton, VA
 1,579
 —
 1,434
 6/27/2014
 1985

 $
 $
 297,954
 $
 781,756
 $
 ( 51,606)
 $
 1,028,104
 $
 125,170

 (a)Initial costs exclude subsequent impairment charges.
 (b)Consists of capital expenditures and real estate development costs, and impairment charges.
 (c)The aggregate cost for federal income tax purposes was $ 1.1 billion.
 (d)The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands):

 2024
 2023
 2022

 Balance, beginning of period
 $
 1,135,995
 $
 2,041,696
 $
 2,362,175

 Additions

 Acquisitions
 31,841
 —
 —

 1,245

 Total additions
 $
 32,330
 $
 $
 1,245

 Less: Deductions

 Cost of real estate sold
 81,548
 884,128
 305,071

 Other (including provisions for impairment of real estate assets)
 58,673
 22,192
 16,653

 Total deductions
 140,221
 906,320
 321,724

 Balance, end of period
 $
 1,028,104
 $
 1,135,995
 $
 2,041,696

 (e)Gross intangible lease assets of $ 146.6 million and the associated accumulated amortization of $ 54.5 million are not reflected in the table above.
 S-6

 (f)The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands):

 2024
 2023
 2022

 Balance, beginning of period
 $
 116,397
 $
 179,855
 $
 158,354

 Additions

 Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired
 20,004
 26,011
 41,627

 Improvements - Depreciation expense for tenant improvements and building equipment
 2,624
 3,218
 5,270

 Total additions
 $
 22,628
 $
 29,229
 $
 46,897

 Deductions

 Cost of real estate sold
 2,876
 85,919
 22,508

 Other (including provisions for impairment of real estate assets)
 10,979
 6,768
 2,888

 Total deductions
 13,855
 92,687
 25,396

 Balance, end of period
 $
 125,170
 $
 116,397
 $
 179,855

 (g)The Company's assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, site improvements are amortized over 15 years and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter.

 S-7

 SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

 Principal

 Carrying

 Loans Subject

 Final
 Periodic
 Face
 Mortgages at
 to Delinquent

 Interest
 Maturity
 Payment
 Prior
 December 31,
 Principal or

 Loan Type
 Description / Location
 Rate (a)

 Date (b)

 Terms (c)

 Liens
 Mortgages (d)

 2024 (e)

 "Interest"

 Office / Duluth, Georgia
 + 3.25 %

 4/1/2027
 I/O

 N/A
 $
 53,167
 $
 53,129
 $
 —

 Office / Orlando, Florida
 + 4.10 %

 10/9/2025
 I/O
 N/A
 71,140
 70,904
 —

 Office / San Diego, California
 + 4.66 %

 12/7/2025
 I/O
 N/A
 113,625
 113,301
 113,625

 Office / Houston, Texas
 + 2.22 %

 1/7/2028
 I/O
 N/A
 102,170
 102,170
 —

 Office / Irvine, California
 Fixed 6.25 %

 7/7/2029
 I/O
 N/A
 154,866
 154,345
 —

 Office / Bethesda, Maryland
 + 3.86 %

 9/16/2026
 I/O
 N/A
 58,693
 58,452
 —

 Multifamily / Fort Lauderdale, Florida
 + 1.72 % - 7.07 %

 1/7/2025
 I/O
 N/A
 199,930
 199,627
 —

 Multifamily / Los Angeles, California
 + 2.60 %

 10/7/2028
 I/O
 N/A
 98,000
 97,753
 —

 Retail / Glendale, New York
 + 4.26 %

 11/7/2026
 I/O
 N/A
 65,000
 64,677
 —

 Multifamily / Arlington, Virginia
 + 2.75 %

 12/15/2026
 I/O
 N/A
 84,867
 84,449
 —

 Multifamily / Brooklyn, New York
 + 3.61 %

 12/17/2026
 I/O
 N/A
 57,225
 56,896
 —

 First mortgage loan (f)

 Multifamily / Brooklyn, New York
 + 3.61 %

 12/17/2026
 I/O
 N/A
 19,075
 18,965
 —

 Office / McLean, Virginia
 + 3.41 %

 2/5/2027
 I/O
 N/A
 126,279
 125,460
 126,279

 Multifamily / Gainesville, Florida
 + 3.20 %

 2/6/2027
 I/O
 N/A
 70,908
 70,737
 —

 Office / Boston, Massachusetts
 + 2.90 %

 1/7/2027
 I/O
 N/A
 135,828
 135,040
 135,828

 Multifamily / Miami, Florida
 + 2.60 %

 1/7/2027
 I/O
 N/A
 154,000
 153,644
 —

 Multifamily / Nashville, Tennessee
 + 3.00 %

 1/7/2027
 I/O
 N/A
 118,750
 118,478
 —

 Office / Tampa, Florida
 + 3.28 %

 2/7/2027
 I/O
 N/A
 174,012
 173,423
 —

 Office / Atlanta, Georgia
 + 3.40 %

 3/7/2027
 I/O
 N/A
 278,266
 277,141
 —

 Office / Phoenix, Arizona
 + 3.34 %

 4/7/2027
 I/O
 N/A
 327,317
 325,873
 —

 Mixed-Use / Alpharetta, Georgia
 + 4.70 %

 4/7/2027
 I/O
 N/A
 70,068
 69,786
 —

 Multifamily / Phoenix, Arizona
 + 3.05 %

 5/7/2027
 I/O
 N/A
 143,919
 143,480
 —

 Office / Washington D.C.
 + 4.00 %

 6/6/2027
 I/O
 N/A
 190,879
 190,085
 —

 Industrial / Spanish Fork, Utah
 + 3.50 %

 7/7/2026
 I/O
 N/A
 81,000
 80,725
 —

 Self-Storage / Various
 + 3.95 %

 9/7/2027
 I/O
 N/A
 61,120
 60,818
 —

 Industrial / Various
 + 2.40 %

 8/9/2027
 I/O
 N/A
 254,568
 250,545
 —

 Hospitality / Orlando, Florida
 + 4.40 %

 9/7/2028
 I/O
 N/A
 34,950
 34,676
 —

 Hospitality / Tampa, Florida
 + 4.15 %

 8/7/2028
 I/O
 N/A
 27,124
 26,900
 —

 Multifamily / Los Angeles, California
 + 3.25 %

 1/5/2029
 I/O
 N/A
 47,500
 47,300
 —

 Hospitality / Philadelphia, Pennsylvania
 + 4.05 %

 1/7/2029
 I/O
 N/A
 31,249
 30,958
 —

 Hospitality / Salt Lake City, Utah
 + 4.25 %

 3/7/2029
 I/O
 N/A
 14,459
 14,300
 —

 S-8

 SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

 Principal

 Carrying

 Loans Subject

 Final
 Periodic
 Face
 Mortgages at
 to Delinquent

 Interest
 Maturity
 Payment
 Prior
 December 31,
 Principal or

 Loan Type
 Description / Location
 Rate (a)

 Date (b)

 Terms (c)

 Liens
 Mortgages (d)

 2024 (e)

 "Interest"

 Hospitality / Alexandria, Virginia
 + 3.65 %

 9/7/2029
 I/O
 N/A
 $
 31,000
 $
 30,707
 $
 —

 Multifamily / Salt Lake City, Utah
 + 3.05 %

 11/9/2029
 I/O

 N/A
 32,500
 32,185
 —

 Total loans
 $
 3,483,454
 $
 $
 375,732

 Current expected credit losses (g)

 —
 ( 381,825)
 —

 Total loans, net
 $
 3,483,454
 $
 $
 375,732

 (a)Expressed as a spread over the relevant floating benchmark rates, which include Term SOFR, and the 30-day SOFR average, as applicable to each loan.
 (b)Final maturity date assumes all extension options are exercised.
 (c)I/O = interest only until final maturity unless otherwise noted.
 (d)Face amount of mortgages includes $ 15.6 million in protective advances as of December 31, 2024.
 (e)The tax basis of the loans included above is $ 3.5 billion as of December 31, 2024.
 (f)As of December 31, 2024, the first mortgage loan is comprised of contiguous mezzanine loan components that, as a whole, have expected credit quality similar to that of a first mortgage loan.
 (g)As of December 31, 2024, the Company's current expected credit losses related to its loans held-for-investment totaled $ 392.1 million, $ 381.8 million of which was related to the CRE loans.
 The following table reconciles mortgage loans on real estate for the years ended December 31 (in thousands):

 2024
 2023
 2022

 Balance, beginning of period
 $
 $
 3,264,841
 $
 1,958,655

 Additions during period:

 New loans
 162,892
 483,099
 1,401,539

 Capitalized interest
 8,095
 —

 Accretion of fees and other items
 6,414
 8,726
 9,896

 Total additions
 $
 177,401
 $
 491,825
 $
 1,411,497

 Less: Deductions during period:

 Collections of principal
 ( 356,649)
 ( 120,394)
 ( 80,911)

 Capitalized interest
 —
 —
 —

 Foreclosures
 —
 —
 —

 Deferred fees and other items
 ( 2,174)
 ( 8,273)
 ( 13,978)

 Total deductions
 $
 ( 358,823)
 $
 ( 128,667)
 $
 ( 94,889)

 ( 272,585)
 ( 88,888)
 ( 10,422)

 Net balance, end of period
 $
 $
 $
 3,264,841

 S-9