v3.26.1
Investments in Commercial Loans (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Investments in Commercial Loans
The following tables summarize our investments in commercial loans as of March 31, 2026 and December 31, 2025:
March 31, 2026
in thousandsOrigination DateLoan TypePeriodic Payment Terms
Interest Rate(1)
Loan Amount(2)
Principal Balance OutstandingFair Value
Maturity Date(3)
The Catherine II Loan12/10/2025SeniorInterest Only6.63%$86,250 $83,100 $83,100 12/9/2030
Sync DFW Multifamily Portfolio Loan1/9/2026SeniorInterest Only6.28%113,998 113,998 113,998 1/9/2031
Total$200,248 $197,098 $197,098 

December 31, 2025
in thousandsOrigination DateLoan TypePeriodic Payment Terms
Interest Rate(1)
Loan Amount(2)
Principal Balance OutstandingFair Value
Maturity Date(3)
5805 N Jackson Gap Loan1/20/2023MezzanineInterest Only12.48%$12,245 $12,245 $12,235 2/9/2028
The Catherine II Loan12/10/2025SeniorInterest Only6.71%86,250 83,100 83,100 12/9/2030
Total$98,495 $95,345 $95,335 
(1)Loan earns interest at Secured Overnight Financing Rate (“SOFR”) plus a spread.
(2)Loan amount consists of outstanding principal balance plus unfunded loan commitments.
(3)Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement.