| Schedule IV - Mortgage Loans on Real Estate |
Schedule IV Mortgage Loans on Real Estate (dollars in thousands)
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Type of Loan |
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Description / Location |
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Prior Liens |
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Face Amount |
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Carrying Amount (Fair Value) |
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Weighted Average Interest Rate(1) |
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Payment Terms(2) |
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Maximum
Maturity Date(3) |
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Principal Amount of Delinquent Loans |
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Year
Originated |
Senior Loan |
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Multifamily - Hayward, CA |
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N/A |
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$ |
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168,034 |
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$ |
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167,430 |
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7.06 |
% |
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Monthly; I/O |
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12/9/2028 |
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$ |
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— |
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2023 |
Senior Loan |
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Industrial - United Kingdom (Various) |
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N/A |
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200,110 |
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200,091 |
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6.76 |
% |
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Quarterly; I/O |
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2/15/2029 |
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— |
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2024 |
Senior Loan |
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Multifamily - New York, NY |
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N/A |
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20,000 |
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19,948 |
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7.48 |
% |
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Monthly; I/O |
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7/9/2029 |
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— |
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2024(4) |
Senior Loan |
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Multifamily - Berkeley, CA |
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N/A |
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88,000 |
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87,797 |
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6.98 |
% |
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Monthly; I/O |
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8/7/2029 |
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— |
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2024 |
Senior Loan |
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Industrial - Nashville, TN & Atlanta, GA |
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N/A |
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181,976 |
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180,854 |
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7.08 |
% |
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Monthly; I/O |
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10/9/2029 |
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— |
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2024 |
Senior Loan |
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Multifamily - Spring, TX |
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N/A |
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32,800 |
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32,800 |
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7.17 |
% |
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Monthly; I/O |
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1/9/2030 |
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— |
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2024 |
Senior Loan |
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Multifamily - Grand Prairie, TX |
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N/A |
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45,420 |
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45,420 |
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6.72 |
% |
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Monthly; I/O |
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3/9/2030 |
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— |
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2025 |
Senior Loan |
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Industrial - Mooresville, NC |
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N/A |
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35,000 |
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35,000 |
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6.70 |
% |
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Monthly; I/O |
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4/9/2030 |
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— |
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2025 |
Senior Loan |
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Multifamily - San Antonio, TX |
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N/A |
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39,530 |
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39,530 |
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6.70 |
% |
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Monthly; I/O |
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4/9/2030 |
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— |
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2025 |
Senior Loan |
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Multifamily - Phoenix, AZ |
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N/A |
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34,585 |
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34,585 |
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6.60 |
% |
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Monthly; I/O |
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5/9/2030 |
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— |
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2025 |
Senior Loan |
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Industrial - Canoga Park, CA |
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N/A |
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21,726 |
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21,726 |
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7.04 |
% |
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Monthly; I/O |
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5/9/2030 |
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— |
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2025 |
Senior Loan |
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Multifamily - Fort Collins, CO |
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N/A |
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81,750 |
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81,750 |
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6.41 |
% |
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Monthly; I/O |
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8/9/2030 |
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— |
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2025 |
Senior Loan |
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Industrial - Alpharetta, GA |
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N/A |
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49,500 |
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49,500 |
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6.44 |
% |
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Monthly; I/O |
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10/9/2030 |
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— |
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2025 |
Senior Loan |
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Multifamily - Pensacola, FL |
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N/A |
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41,000 |
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41,000 |
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6.41 |
% |
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Monthly; I/O |
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10/9/2030 |
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— |
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2025 |
Senior Loan |
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Multifamily - New York, NY |
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N/A |
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64,000 |
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64,000 |
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6.28 |
% |
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Monthly; I/O |
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11/9/2030 |
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— |
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2025 |
Senior Loan |
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Multifamily - Santa Clara, CA |
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N/A |
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87,500 |
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87,500 |
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6.26 |
% |
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Monthly; I/O |
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12/9/2030 |
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— |
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2025 |
Senior Loan |
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Multifamily - Orlando, FL |
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N/A |
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63,800 |
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63,800 |
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6.12 |
% |
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Monthly; I/O |
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12/9/2030 |
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— |
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2025 |
Senior Loan |
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Industrial - Washington, D.C. |
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N/A |
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139,400 |
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139,400 |
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6.13 |
% |
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Monthly; I/O |
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1/9/2031 |
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— |
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2025 |
Total Loan Portfolio |
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$ |
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1,394,131 |
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$ |
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1,392,131 |
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(5) |
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$ |
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— |
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__________________ (1)Represents the weighted average interest rate for each loan as of period end. With the exception of the industrial loan asset collateralized by properties in various locations in the United Kingdom, loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. The industrial loan asset collateralized by properties in the United Kingdom earns interest based on the Secured Overnight Index Average (“SONIA”) plus a spread. On December 31, 2025, the 30-day SOFR and 30-day SONIA were 3.8% and 3.7%, respectively. (2)Interest only until the stated maturity date of the loan. (3)Maximum maturity date assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to satisfaction of certain predefined conditions as defined in the respective loan agreements. (4)Reflects the acquisition date of the loan participation. (5)The tax basis of the loans included above is approximately $1.4 billion as of December 31, 2025. For U.S. federal income tax purposes, loans are generally carried at cost adjusted for principal repayments and certain tax-basis adjustments. The difference between the tax basis and U.S. GAAP carrying value primarily reflects unrealized gains and losses recognized under the fair value option. Reconciliation of Carrying Value of Mortgage Loans on Real Estate: The following table reconciles mortgage loans on real estate for the years ended December 31, 2025 and 2024 (dollars in thousands):
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For the year ended |
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2025 |
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2024 |
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Balance at the beginning of the period |
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$ |
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828,215 |
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$ |
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158,288 |
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Originations and fundings of new loans |
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730,223 |
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674,395 |
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Collection of principal |
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(184,935 |
) |
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— |
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Unrealized gain (loss) |
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4,351 |
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(4,552 |
) |
Foreign currency translation |
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14,277 |
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84 |
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Balance at the end of the year |
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$ |
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1,392,131 |
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$ |
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828,215 |
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