Secured Debt, net (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The following table details the Company's debt as of March 31, 2026 and December 31, 2025:


		March 31, 2026												December 31, 2025
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)		5.74%		3/2/2031		$	1,153,521			$	1,151,955			5.72%		3/5/2031		$	1,064,893			$	1,063,201
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											(8,982	)											(8,845	)
Total secured debt, net:						$	1,203,821			$	1,193,273							$	1,115,193			$	1,104,656

(1)

The term "S" represents one-month SOFR, which was 3.65% and 3.88% as of March 31, 2026 and December 31, 2025, respectively.

(2)

Amortized cost is net of unamortized mortgage discount of $1,566 and $1,762 and premium of $0 and $70 as of March 31, 2026 and December 31, 2025, 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 March 31, 2026:


Year		Amount
2026 (Remaining)		$	1,889
2027			2,069
2028			58,443
2029			974
2030			744,231
Thereafter			396,215
Total:		$	1,203,821