| Schedule of Investment Portfolio Composition by Type |
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 | % | | Mezzanine | 25,096 | | | 25,408 | | | 2.0 | % | | Real Estate Securities | 38,868 | | | 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 | % | | Mezzanine | 14,067 | | | 14,204 | | | 1.7 | % | | Real Estate Securities | 28,914 | | | 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 | % | | Hospitality | 209,088 | | | 16.4 | % | | Industrial | 99,440 | | | 7.8 | % | | Mixed Use | 48,871 | | | 3.8 | % | | Self Storage | 15,142 | | | 1.2 | % | | Total | $ | 1,275,931 | | | 100.0 | % |
| | | | | | | | | | | | | | At December 31, 2024 | | | Investments at
Fair Value | | Percentage of
Total Portfolio | | Multifamily | $ | 594,636 | | | 70.6 | % | | Hospitality | 133,367 | | | 15.8 | % | | Industrial | 50,452 | | | 6.0 | % | | Mixed Use | 48,871 | | | 5.8 | % | | Self Storage | 15,530 | | | 1.8 | % | | Total | $ | 842,856 | | | 100.0 | % |
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