
	December 31, 2025
Type of Investment in Real Estate Debt	Number of Positions	Weighted Average Coupon (1)			Weighted Average Maturity Date (2)	Face Amount		Cost Basis		Fair Value
Commercial mortgage loan	23		7.2	%	July 2029 (4)	$	973,173	$	972,976	$	972,826
Mezzanine loan	2		10.6	%	April 2028		112,500		112,500		112,500
Real estate-related securities (3)	32		5.3	%	September 2039		121,512		121,379		121,521
Total investments in real estate debt:	57		7.3	%	June 2030	$	1,207,185	$	1,206,855	$	1,206,847

The following table details the Company's investments in real estate debt as of December 31, 2024 ($ in thousands):


	December 31, 2024
Type of Investment in Real Estate Debt	Number of Positions	Weighted Average Coupon (1)			Weighted Average Maturity Date (2)	Face Amount		Cost Basis		Fair Value
Commercial mortgage loan	21		7.9	%	May 2028	$	701,742	$	701,720	$	701,566
Mezzanine loan	2		10.6	%	April 2028		112,500		112,500		112,500
Real estate-related securities (3)	29		6.0	%	April 2038		73,035		72,794		73,120
Total investments in real estate debt:	52		8.1	%	March 2029	$	887,277	$	887,014	$	887,186

(1)

Based on applicable benchmark rates as of December 31, 2025.

(2)

Weighted average maturity date is based on fully extended maturity.

(3)

The Company's real estate-related securities consist of floating-rate CMBS.

(4)

One of the Company's commercial mortgage loans, with a cost basis and fair value of $22.9 million, is past its contractual maturity. Through the date of this annual report, the Company received all the monthly interest income payments on the loan which are consistent with the interest rate provided for in the original loan agreement. During the year ended December 31, 2025, the borrower filed for Chapter 11 bankruptcy. The Company evaluated the loan for collectability as of the reporting date and determined that the loan is fully recoverable.

The table below details the type of properties securing the commercial mortgage and mezzanine loans in the Company's portfolio at the dates indicated ($ in thousands):


	December 31, 2025					December 31, 2024
Property Type	Fair Value		% of Portfolio			Fair Value		% of Portfolio
Multifamily	$	329,206		30.3	%	$	353,208		43.2	%
Data Center		322,066		29.7	%		143,836		17.7	%
Self-Storage		95,181		8.7	%		40,700		5.0	%
Mixed Use		93,370		8.6	%		-		0.0	%
Hotel		90,116		8.3	%		119,360		14.7	%
Production Studio		80,912		7.5	%		36,260		4.5	%
Industrial		50,000		4.6	%		99,761		12.3	%
Life Sciences		24,475		2.3	%		20,941		2.6	%
Total	$	1,085,326		100.0	%	$	814,066		100.0	%

The table below details the geographic distribution of the properties securing the commercial mortgage and mezzanine loans in the Company's portfolio at the dates indicated ($ in thousands):


	December 31, 2025					December 31, 2024
Geographic Location	Fair Value		% of Portfolio			Fair Value		% of Portfolio
West	$	325,656		30.0	%	$	204,847		25.2	%
Northeast		280,622		25.8	%		300,299		36.9	%
Southwest		220,030		20.3	%		76,523		9.4	%
Mid-Atlantic		140,153		12.9	%		126,149		15.5	%
Midwest		82,485		7.6	%		74,116		9.1	%
Southeast		36,380		3.4	%		32,132		3.9	%
Total	$	1,085,326		100.0	%	$	814,066		100.0	%

The total income from investments in real estate debt disclosed on the Company's consolidated statement of operations relates to interest income, upfront and other fees recognized, and realized and unrealized gain/(loss) on these investments in real estate debt. For the years ended December 31, 2025 and December 31, 2024, the Company recorded $0.2 million and $0.1 million of realized gains, respectively, on its

investments in real estate debt. For the years ended December 31, 2025 and December 31, 2024, the Company recorded $0.2 million of unrealized losses and $35.1 thousand of unrealized gains, respectively, on its investments in real estate debt.