v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Investments Investments
Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the Consolidated Schedule of Investments.
The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.
The following table represents the Company's investment portfolio as of June 30, 2025:
 
Investments at Cost
Investments at
Fair Value		Fair Value
Percentage of
Total Portfolio
Senior Mortgage$1,202,337 $1,211,613 95.0 %
Mezzanine25,096 25,408 2.0 %
Real Estate Securities38,868 38,910 3.0 %
Total$1,266,301 $1,275,931 100.0 %
The following table represents the Company's investment portfolio as of December 31, 2024:
 
Investments at Cost
Investments at
Fair Value		Fair Value
Percentage of
Total Portfolio
Senior Mortgage$791,903 $799,660 94.9 %
Mezzanine14,067 14,204 1.7 %
Real Estate Securities28,914 28,992 3.4 %
Total$834,884 $842,856 100.0 %
The following tables show the investment portfolio composition by industry grouping based on fair value at June 30, 2025 and December 31, 2024, respectively (dollars in thousands):
 
At June 30, 2025
 Investments at
Fair Value		Percentage of
Total Portfolio
Multifamily$903,390 70.8 %
Hospitality209,088 16.4 %
Industrial99,440 7.8 %
Mixed Use48,871 3.8 %
Self Storage15,142 1.2 %
Total$1,275,931 100.0 %
As of June 30, 2025, 100% of investments held were based in the United States.
 
At December 31, 2024
 Investments at
Fair Value		Percentage of
Total Portfolio
Multifamily$594,636 70.6 %
Hospitality133,367 15.8 %
Industrial50,452 6.0 %
Mixed Use48,871 5.8 %
Self Storage15,530 1.8 %
Total$842,856 100.0 %
As of December 31, 2024, 100% of investments held were based in the United States.