| Schedule IV - Mortgage Loans on Real Estate |
Schedule IV - Mortgage Loans on Real Estate As of December 31, 2025 ($ in thousands)
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Description |
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Location |
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Property Type |
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Interest Rate |
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Maximum Maturity Date(1) |
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Periodic Payment Terms(2) |
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Prior Liens |
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Face Amount of Loans |
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Carrying Amount of Loans |
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Principal Amount Subject to Delinquent Principal or Interest |
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Commercial Mortgage Loans |
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Senior Loan |
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Washington |
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Multifamily |
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SOFR + 3.75% |
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10/6/2028 |
|
I/O |
|
$ |
— |
|
|
$ |
41,249 |
|
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$ |
41,249 |
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|
$ |
— |
|
Senior Loan |
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Tennessee |
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Multifamily |
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SOFR + 2.95% |
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10/6/2029 |
|
I/O |
|
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— |
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53,000 |
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53,000 |
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|
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— |
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Senior Loan |
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Illinois |
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Retail |
|
SOFR + 8.25% |
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7/31/2026 |
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I/O |
|
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— |
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4,530 |
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4,530 |
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— |
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Senior Loan |
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Colorado |
|
Retail |
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SOFR + 4.75% |
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12/15/2026 |
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I/O |
|
|
— |
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7,146 |
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7,146 |
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|
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— |
|
Senior Loan |
|
Colorado |
|
Retail |
|
SOFR + 8.25% |
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|
3/31/2027 |
|
I/O |
|
|
— |
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|
4,085 |
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|
4,085 |
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— |
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Senior Loan |
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Colorado |
|
Retail |
|
SOFR + 8.25% |
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|
1/31/2027 |
|
I/O |
|
|
— |
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|
5,390 |
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|
5,390 |
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— |
|
Senior Loan |
|
California |
|
Retail |
|
SOFR + 8.25% |
|
|
1/31/2026 |
|
I/O |
|
|
— |
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|
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5,195 |
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|
|
5,195 |
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— |
|
Senior Loan |
|
California |
|
Multifamily |
|
SOFR + 4.15% |
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12/1/2029 |
|
I/O |
|
|
— |
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10,081 |
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|
10,081 |
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— |
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Senior Loan |
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Colorado |
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Multifamily |
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SOFR + 3.50% |
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5/8/2029 |
|
I/O |
|
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— |
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24,307 |
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24,307 |
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— |
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Senior Loan |
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Nevada |
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Industrial |
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SOFR + 3.55% |
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8/8/2029 |
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I/O |
|
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— |
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20,800 |
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20,800 |
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— |
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Senior Loan |
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Georgia |
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Retail |
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SOFR + 5.15% |
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|
11/30/2029 |
|
I/O |
|
|
— |
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|
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28,500 |
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|
28,500 |
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|
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— |
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Senior Loan |
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Florida |
|
Industrial |
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SOFR + 4.65% |
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2/6/2028 |
|
I/O |
|
|
— |
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8,059 |
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8,059 |
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— |
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Senior Loan |
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Louisiana |
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Multifamily |
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SOFR + 3.55% |
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10/31/2029 |
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I/O |
|
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— |
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66,550 |
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66,550 |
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— |
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Senior Loan |
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California |
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Industrial |
|
SOFR + 4.35% |
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9/1/2028 |
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I/O |
|
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— |
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47,032 |
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47,032 |
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— |
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Senior Loan |
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Arizona |
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Multifamily |
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SOFR + 3.90% |
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3/1/2029 |
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I/O |
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— |
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68,261 |
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68,261 |
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— |
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Senior Loan |
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Colorado |
|
Hospitality |
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SOFR + 4.25% |
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1/31/2030 |
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I/O |
|
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— |
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47,000 |
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47,000 |
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— |
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Senior Loan |
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Florida |
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Multifamily |
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SOFR + 3.50% |
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8/8/2029 |
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I/O |
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— |
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48,900 |
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48,900 |
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— |
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Senior Loan |
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Florida |
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Hospitality |
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SOFR + 3.95% |
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5/1/2030 |
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I/O |
|
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— |
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38,000 |
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38,000 |
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— |
|
Senior Loan |
|
California |
|
Retail |
|
SOFR + 3.75% |
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9/8/2029 |
|
I/O |
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— |
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23,389 |
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23,389 |
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— |
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Senior Loan |
|
Florida |
|
Senior Housing |
|
SOFR + 3.25% |
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3/8/2030 |
|
I/O |
|
|
— |
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42,750 |
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42,750 |
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— |
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Senior Loan |
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Texas |
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Hospitality |
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SOFR + 3.90% |
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|
12/03/2030 |
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I/O |
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— |
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23,020 |
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23,020 |
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— |
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Senior Loan |
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Texas |
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Hospitality |
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SOFR + 4.50% |
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|
11/20/2029 |
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I/O |
|
|
— |
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|
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23,725 |
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23,725 |
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|
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— |
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Senior Loan |
|
Oregon |
|
Multifamily |
|
SOFR + 3.85% |
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|
12/1/2030 |
|
I/O |
|
|
— |
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|
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57,890 |
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57,890 |
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— |
|
Senior Loan |
|
Florida |
|
Multifamily |
|
SOFR + 4.05% |
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|
10/2/2029 |
|
I/O |
|
|
— |
|
|
|
21,489 |
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|
|
21,489 |
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|
|
— |
|
Senior Loan |
|
California |
|
Retail |
|
SOFR + 4.50% |
|
|
9/1/2028 |
|
I/O |
|
|
— |
|
|
|
23,170 |
|
|
|
23,170 |
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|
|
— |
|
Senior Loan |
|
Connecticut |
|
Multifamily |
|
SOFR + 3.15% |
|
|
6/1/2030 |
|
I/O |
|
|
— |
|
|
|
40,500 |
|
|
|
40,500 |
|
|
|
— |
|
Senior Loan |
|
Texas |
|
Senior Housing |
|
SOFR + 3.75% |
|
|
5/30/2030 |
|
I/O |
|
|
— |
|
|
|
62,070 |
|
|
|
62,070 |
|
|
|
— |
|
Senior Loan |
|
Florida |
|
Multifamily |
|
SOFR + 3.10% |
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|
8/8/2030 |
|
I/O |
|
|
— |
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30,500 |
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30,500 |
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|
|
— |
|
Senior Loan |
|
New Jersey |
|
Multifamily |
|
SOFR + 4.00% |
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|
10/8/2029 |
|
I/O |
|
|
— |
|
|
|
17,435 |
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|
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17,435 |
|
|
|
— |
|
Senior Loan |
|
California |
|
Retail |
|
SOFR + 4.50% |
|
|
7/1/2028 |
|
I/O |
|
|
— |
|
|
|
24,050 |
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|
24,050 |
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|
|
— |
|
Senior Loan |
|
Colorado |
|
Multifamily |
|
SOFR + 3.25% |
|
|
12/08/2030 |
|
I/O |
|
|
— |
|
|
|
101,381 |
|
|
|
101,381 |
|
|
|
— |
|
Senior Loan |
|
California |
|
Retail |
|
SOFR + 3.75% |
|
|
10/8/2029 |
|
I/O |
|
|
— |
|
|
|
18,097 |
|
|
|
18,097 |
|
|
|
— |
|
Senior Loan |
|
Massachusetts |
|
Industrial |
|
SOFR + 4.31% |
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|
1/30/2030 |
|
I/O |
|
|
— |
|
|
|
55,091 |
|
|
|
55,091 |
|
|
|
— |
|
Mezzanine Loan |
|
New York |
|
Hospitality |
|
SOFR + 4.25% |
|
|
3/20/2028 |
|
I/O |
|
|
— |
|
|
|
22,089 |
|
|
|
22,089 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Hospitality |
|
SOFR + 4.25% |
|
|
3/20/2028 |
|
I/O |
|
|
— |
|
|
|
87,911 |
|
|
|
87,911 |
|
|
|
— |
|
Senior Loan |
|
California |
|
Retail |
|
SOFR + 4.05% |
|
|
9/26/2029 |
|
I/O |
|
|
— |
|
|
|
30,500 |
|
|
|
30,500 |
|
|
|
— |
|
Senior Loan |
|
Alabama |
|
Multifamily |
|
SOFR + 3.92% |
|
|
8/11/2029 |
|
I/O |
|
|
— |
|
|
|
33,836 |
|
|
|
33,836 |
|
|
|
— |
|
Senior Loan |
|
Florida |
|
Multifamily |
|
SOFR + 4.22% |
|
|
5/8/2030 |
|
I/O |
|
|
— |
|
|
|
61,295 |
|
|
|
61,295 |
|
|
|
— |
|
Senior Loan |
|
Virginia |
|
Multifamily |
|
SOFR + 3.15% |
|
|
6/8/2029 |
|
I/O |
|
|
— |
|
|
|
51,500 |
|
|
|
51,500 |
|
|
|
— |
|
Senior Loan |
|
California |
|
Multifamily |
|
SOFR + 2.95% |
|
|
12/28/2030 |
|
I/O |
|
|
— |
|
|
|
83,000 |
|
|
|
83,000 |
|
|
|
— |
|
Senior Loan |
|
New Jersey |
|
Multifamily |
|
SOFR + 3.25% |
|
|
11/8/2029 |
|
I/O |
|
|
— |
|
|
|
99,133 |
|
|
|
99,133 |
|
|
|
— |
|
Senior Loan |
|
Texas |
|
Multifamily |
|
SOFR + 3.00% |
|
|
7/1/2030 |
|
I/O |
|
|
— |
|
|
|
33,716 |
|
|
|
33,716 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.65% |
|
|
8/26/2028 |
|
I/O |
|
|
— |
|
|
|
6,588 |
|
|
|
6,588 |
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|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.25% |
|
|
8/28/2028 |
|
I/O |
|
|
— |
|
|
|
12,000 |
|
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|
12,000 |
|
|
|
— |
|
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|
|
|
|
|
|
|
|
|
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|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.85% |
|
|
5/1/2028 |
|
I/O |
|
|
— |
|
|
|
3,400 |
|
|
|
3,400 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.30% |
|
|
9/11/2028 |
|
I/O |
|
|
— |
|
|
|
15,200 |
|
|
|
15,200 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.30% |
|
|
8/18/2028 |
|
I/O |
|
|
— |
|
|
|
6,400 |
|
|
|
6,400 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.90% |
|
|
1/16/2028 |
|
I/O |
|
|
— |
|
|
|
3,575 |
|
|
|
3,575 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.55% |
|
|
6/11/2028 |
|
I/O |
|
|
— |
|
|
|
16,702 |
|
|
|
16,702 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Retail |
|
SOFR + 3.50% |
|
|
9/1/2028 |
|
I/O |
|
|
— |
|
|
|
4,500 |
|
|
|
4,500 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.00% |
|
|
9/1/2028 |
|
I/O |
|
|
— |
|
|
|
5,400 |
|
|
|
5,400 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.65% |
|
|
7/1/2028 |
|
I/O |
|
|
— |
|
|
|
9,000 |
|
|
|
9,000 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.75% |
|
|
2/21/2028 |
|
I/O |
|
|
— |
|
|
|
10,893 |
|
|
|
10,893 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.70% |
|
|
9/29/2028 |
|
I/O |
|
|
— |
|
|
|
5,500 |
|
|
|
5,500 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.50% |
|
|
6/10/2028 |
|
I/O |
|
|
— |
|
|
|
2,600 |
|
|
|
2,600 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.75% |
|
|
9/20/2027 |
|
I/O |
|
|
— |
|
|
|
5,700 |
|
|
|
5,700 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.37% |
|
|
12/10/2028 |
|
I/O |
|
|
— |
|
|
|
4,450 |
|
|
|
4,450 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.75% |
|
|
2/14/2028 |
|
I/O |
|
|
— |
|
|
|
6,750 |
|
|
|
6,750 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.70% |
|
|
2/13/2028 |
|
I/O |
|
|
— |
|
|
|
11,500 |
|
|
|
11,500 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Retail |
|
SOFR + 3.50% |
|
|
9/1/2028 |
|
I/O |
|
|
— |
|
|
|
12,000 |
|
|
|
12,000 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.50% |
|
|
1/17/2028 |
|
I/O |
|
|
— |
|
|
|
13,086 |
|
|
|
13,086 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.25% |
|
|
12/22/2028 |
|
I/O |
|
|
— |
|
|
|
21,500 |
|
|
|
21,500 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.50% |
|
|
1/1/2028 |
|
I/O |
|
|
— |
|
|
|
7,761 |
|
|
|
7,761 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.95% |
|
|
3/28/2028 |
|
I/O |
|
|
— |
|
|
|
3,526 |
|
|
|
3,526 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.00% |
|
|
7/1/2028 |
|
I/O |
|
|
— |
|
|
|
20,000 |
|
|
|
20,000 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.28% |
|
|
12/1/2030 |
|
I/O |
|
|
— |
|
|
|
2,625 |
|
|
|
2,625 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.60% |
|
|
1/16/2028 |
|
I/O |
|
|
— |
|
|
|
11,585 |
|
|
|
11,585 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.65% |
|
|
12/19/2027 |
|
I/O |
|
|
— |
|
|
|
8,882 |
|
|
|
8,882 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.65% |
|
|
3/30/2029 |
|
I/O |
|
|
— |
|
|
|
6,200 |
|
|
|
6,200 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.00% |
|
|
7/1/2028 |
|
I/O |
|
|
— |
|
|
|
20,000 |
|
|
|
20,000 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.50% |
|
|
12/23/2028 |
|
I/O |
|
|
— |
|
|
|
5,500 |
|
|
|
5,500 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.15% |
|
|
6/30/2030 |
|
I/O |
|
|
— |
|
|
|
10,750 |
|
|
|
10,750 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.75% |
|
|
10/1/2027 |
|
I/O |
|
|
— |
|
|
|
3,800 |
|
|
|
3,800 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.70% |
|
|
8/9/2027 |
|
I/O |
|
|
— |
|
|
|
3,600 |
|
|
|
3,600 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 4.00% |
|
|
3/26/2027 |
|
I/O |
|
|
— |
|
|
|
5,500 |
|
|
|
5,500 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.55% |
|
|
11/25/2028 |
|
I/O |
|
|
— |
|
|
|
33,750 |
|
|
|
33,750 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.80% |
|
|
7/21/2028 |
|
I/O |
|
|
— |
|
|
|
11,515 |
|
|
|
11,515 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.40% |
|
|
10/30/2028 |
|
I/O |
|
|
— |
|
|
|
9,115 |
|
|
|
9,115 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.80% |
|
|
2/20/2028 |
|
I/O |
|
|
— |
|
|
|
5,150 |
|
|
|
5,150 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.50% |
|
|
9/25/2028 |
|
I/O |
|
|
— |
|
|
|
12,750 |
|
|
|
12,750 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.75% |
|
|
8/9/2027 |
|
I/O |
|
|
— |
|
|
|
9,250 |
|
|
|
9,250 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.25% |
|
|
9/25/2029 |
|
I/O |
|
|
— |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.75% |
|
|
12/27/2028 |
|
I/O |
|
|
— |
|
|
|
8,309 |
|
|
|
8,309 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.95% |
|
|
10/1/2028 |
|
I/O |
|
|
— |
|
|
|
1,984 |
|
|
|
1,984 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.60% |
|
|
1/10/2029 |
|
I/O |
|
|
— |
|
|
|
94,714 |
|
|
|
94,714 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.80% |
|
|
5/1/2028 |
|
I/O |
|
|
— |
|
|
|
9,300 |
|
|
|
9,300 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.95% |
|
|
12/9/2027 |
|
I/O |
|
|
— |
|
|
|
6,875 |
|
|
|
6,875 |
|
|
|
— |
|
Senior Loan |
|
New York |
|
Multifamily |
|
SOFR + 3.20% |
|
|
10/3/2028 |
|
I/O |
|
|
— |
|
|
|
9,665 |
|
|
|
9,665 |
|
|
|
— |
|
Senior Loan |
|
California |
|
Multifamily |
|
SOFR + 3.85% |
|
|
1/1/2029 |
|
I/O |
|
|
— |
|
|
|
24,455 |
|
|
|
24,455 |
|
|
|
— |
|
Senior Loan |
|
California |
|
Industrial |
|
SOFR + 3.85% |
|
|
7/1/2029 |
|
I/O |
|
|
— |
|
|
|
20,350 |
|
|
|
20,350 |
|
|
|
— |
|
Senior Loan |
|
California |
|
Multifamily |
|
SOFR + 3.50% |
|
|
12/1/2029 |
|
I/O |
|
|
— |
|
|
|
12,000 |
|
|
|
12,000 |
|
|
|
— |
|
Senior Loan |
|
Washington |
|
Multifamily |
|
SOFR + 3.40% |
|
|
4/1/2028 |
|
I/O |
|
|
— |
|
|
|
21,750 |
|
|
|
21,750 |
|
|
|
— |
|
Total Commercial Mortgage Loans |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
2,177,027 |
|
|
$ |
2,177,027 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Mortgage Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bridge Loans(3) |
|
Various |
|
Single family |
|
|
10.00 |
% |
|
10/31/2026 |
|
I/O |
|
|
— |
|
|
|
27,735 |
|
|
|
27,735 |
|
|
|
— |
|
Total Mortgage Loans on Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
2,204,762 |
|
|
$ |
2,204,762 |
|
|
$ |
— |
|
_ (1)Maximum maturity date assumes all extension options are exercised. (2)Periodic Payment Terms: I/O = periodic payment of interest only with principal at maturity. (3)Bridge Loans are recorded as a component of Investments in real estate-related assets, at fair value on the Consolidated Balance Sheets. Reconciliation of Carrying Value of Mortgage Loans on Real Estate The Company began investing in real estate loans in August 2024. The following table reconciles mortgage loans on real estate for the year ended December 31, 2025 and for the period from June 4, 2024 (Date of Formation) through December 31, 2024 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2025 |
|
|
For the period from June 4, 2024 (Date of Formation) through December 31, 2024 |
|
Balance at beginning of period |
|
$ |
373,151 |
|
|
$ |
— |
|
Additions during period: |
|
|
|
|
|
|
Originations and fundings of new loans |
|
|
1,867,394 |
|
|
|
373,151 |
|
Unrealized gain |
|
|
— |
|
|
|
— |
|
Deductions during period: |
|
|
|
|
|
|
Collections of principal |
|
|
(35,783 |
) |
|
|
— |
|
Unrealized loss |
|
|
— |
|
|
|
— |
|
Balance at end of period |
|
$ |
2,204,762 |
|
|
$ |
373,151 |
|
|