Secured Debt, net (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table details the Company's debt as of December 31, 2025 and 2024:


		December 31, 2025												December 31, 2024
Indebtedness		Weighted-Average Interest Rate(1)		Weighted-Average Maturity Date		Principal Balance				Amortized Cost				Weighted-Average Interest Rate(1)		Weighted-Average Maturity Date		Principal Balance				Amortized Cost
Mortgage loans(2)		5.72%		3/5/2031		$	1,064,893			$	1,063,201			4.02%		4/1/2028		$	61,115			$	58,570
Secured note(3)		S + 2.00%		1/1/2028			50,300				50,300			S + 2.00%		1/1/2028			50,300				50,300
Deferred financing costs, net											(8,845	)											(511	)
Total secured debt, net:						$	1,115,193			$	1,104,656							$	111,415			$	108,359

(1)

The term "S" represents one-month SOFR, which was 3.88% and 4.50% as of December 31, 2025 and 2024, respectively.

(2)

Amortized cost is net of unamortized mortgage discount of $1,762 and $2,545 and premium of $70 and $0 as of December 31, 2025 and 2024, respectively.

(3)

Secured by an investment in real estate debt with the same benchmark rate and maturity date including two one-year extension options.

Summary of Future Principal Payments

The following table summarizes the future principal payments due under our secured debt, based on their maturities assuming all extension options have been exercised, as of December 31, 2025:


Year		Amount
2026		$	1,889
2027			2,069
2028			58,443
2029			974
2030			744,231
Thereafter			307,587
Total:		$	1,115,193