| Summary of Companys Investments in Real Estate Debt |
The following table details the Company's investments in real estate debt as of December 31, 2025 ($ in thousands):
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December 31, 2025 |
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Type of Investment in Real Estate Debt |
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Number of Positions |
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Weighted Average Coupon (1) |
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Weighted Average Maturity Date (2) |
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Face Amount |
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Cost Basis |
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Fair Value |
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Commercial mortgage loan |
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23 |
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7.2 |
% |
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July 2029 (4) |
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$ |
973,173 |
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$ |
972,976 |
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$ |
972,826 |
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Mezzanine loan |
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2 |
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10.6 |
% |
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April 2028 |
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112,500 |
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112,500 |
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112,500 |
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Real estate-related securities (3) |
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32 |
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5.3 |
% |
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September 2039 |
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121,512 |
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121,379 |
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121,521 |
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Total investments in real estate debt: |
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57 |
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7.3 |
% |
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June 2030 |
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$ |
1,207,185 |
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$ |
1,206,855 |
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$ |
1,206,847 |
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The following table details the Company's investments in real estate debt as of December 31, 2024 ($ in thousands):
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December 31, 2024 |
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Type of Investment in Real Estate Debt |
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Number of Positions |
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Weighted Average Coupon (1) |
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Weighted Average Maturity Date (2) |
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Face Amount |
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Cost Basis |
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Fair Value |
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Commercial mortgage loan |
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21 |
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7.9 |
% |
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May 2028 |
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$ |
701,742 |
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$ |
701,720 |
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$ |
701,566 |
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Mezzanine loan |
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2 |
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10.6 |
% |
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April 2028 |
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112,500 |
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112,500 |
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112,500 |
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Real estate-related securities (3) |
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29 |
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6.0 |
% |
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April 2038 |
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73,035 |
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72,794 |
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73,120 |
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Total investments in real estate debt: |
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52 |
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8.1 |
% |
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March 2029 |
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$ |
887,277 |
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$ |
887,014 |
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$ |
887,186 |
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(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 $22.9 million, is past its contractual maturity. Through the date of this annual report, the Company received all the monthly interest income payments on the loan which are consistent with the interest rate provided for in the original loan agreement. During the year ended December 31, 2025, the borrower filed for Chapter 11 bankruptcy. The Company evaluated the loan for collectability as of the reporting date and determined that the loan is fully recoverable.
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| Schedule of Mortgage Loans on Real Estate |
The table below details the type of properties securing the commercial mortgage and mezzanine loans in the Company's portfolio at the dates indicated ($ in thousands):
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December 31, 2025 |
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December 31, 2024 |
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Property Type |
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Fair Value |
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% of Portfolio |
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Fair Value |
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% of Portfolio |
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Multifamily |
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$ |
329,206 |
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30.3 |
% |
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$ |
353,208 |
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43.2 |
% |
Data Center |
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322,066 |
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29.7 |
% |
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143,836 |
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17.7 |
% |
Self-Storage |
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95,181 |
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8.7 |
% |
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40,700 |
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5.0 |
% |
Mixed Use |
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93,370 |
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8.6 |
% |
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- |
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0.0 |
% |
Hotel |
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90,116 |
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8.3 |
% |
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119,360 |
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14.7 |
% |
Production Studio |
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80,912 |
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7.5 |
% |
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36,260 |
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4.5 |
% |
Industrial |
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50,000 |
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4.6 |
% |
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99,761 |
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12.3 |
% |
Life Sciences |
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24,475 |
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2.3 |
% |
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20,941 |
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2.6 |
% |
Total |
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$ |
1,085,326 |
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100.0 |
% |
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$ |
814,066 |
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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):
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December 31, 2025 |
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December 31, 2024 |
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Geographic Location |
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Fair Value |
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% of Portfolio |
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Fair Value |
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% of Portfolio |
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West |
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$ |
325,656 |
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30.0 |
% |
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$ |
204,847 |
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25.2 |
% |
Northeast |
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280,622 |
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25.8 |
% |
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300,299 |
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36.9 |
% |
Southwest |
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220,030 |
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20.3 |
% |
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|
76,523 |
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9.4 |
% |
Mid-Atlantic |
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|
140,153 |
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12.9 |
% |
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|
126,149 |
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15.5 |
% |
Midwest |
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82,485 |
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7.6 |
% |
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|
74,116 |
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9.1 |
% |
Southeast |
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36,380 |
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3.4 |
% |
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|
32,132 |
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3.9 |
% |
Total |
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$ |
1,085,326 |
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100.0 |
% |
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$ |
814,066 |
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|
100.0 |
% |
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