v3.26.1
Receivables, Loans, Notes Receivable, and Others (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-Maturity
The following table describes our real estate debt investment activity (amounts in thousands):
Investments in Real Estate Debt:For the Three Months Ended March 31, 2026For the Three Months Ended March 31, 2025
 Beginning balance$12,616 $9,530 
 Interest revenue received in kind161 144 
Ending balance$12,777 $9,674 
.
The following table presents the Company’s investments in real estate debt as of March 31, 2026 (dollar amounts in thousands):
Asset TypeNumber of
Investments
Principal Amount
or Cost (1)
Future Funding
Commitments		Carrying
Value
Senior Debt1$2,475 $- $2,475 
Preferred Equity110,302$- 10,302
Balance as of March 31, 20262$12,777 $- $12,777 
(1)This includes the stated amount of funds disbursed to date, interest that is contractually converted into principal, and interest revenue received in kind.
Additional information regarding the fair value of the Company’s investments in real estate debt is included in Note 11, Fair Value of Financial Instruments.
The following table presents the Company’s investments in real estate debt as of December 31, 2025 (dollar amounts in thousands):
Asset TypeNumber of
Investments
Principal
Amount or
Cost (1)
Future Funding
Commitments		Carrying
Value
Senior Debt1$2,475 $- $2,475 
Preferred Equity110,141$- 10,141
Balance as of December 31, 20252$12,616 $- $12,616 
(1)This includes the stated amount of funds disbursed to date, interest that is contractually converted into principal, and interest revenue received in kind.
The following table presents certain information about the Company’s investments in real estate debt, as of March 31, 2026, by contractual maturity grouping (dollar amounts in thousands):
Asset TypeNumber of
Investments		Amounts
Maturing
Within One
Year		Amounts
Maturing
After One
Year
Through
Five Years		Amounts
Maturing After
Five Years
Through Ten
Years		Amounts
Maturing After
Ten Years
Senior Debt (1)
1$2,475 $- $- $- 
Preferred Equity1-10,302--
Balance as of March 31, 20262$2,475 $10,302 $- $- 
(1)The extended loan term expired on December 23, 2025; however, as of March 31, 2026, the investment remained outstanding. The Company evaluated the investment for impairment as part of its credit quality monitoring assessment. See Credit Quality Monitoring assessment for further details.
The following table presents certain information about the Company’s investments in real estate debt, as of December 31, 2025, by contractual maturity grouping (dollar amounts in thousands):
Asset TypeNumber of
Investments		Amounts
Maturing
Within One
Year		Amounts
Maturing
After One
Year
Through
Five Years		Amounts
Maturing After Five
Years
Through Ten
Years		Amounts
Maturing After
Ten Years
Senior Debt (1)
1$2,475 $- $- $- 
Preferred Equity1-10,141--
Balance as of December 31, 20252$2,475 $10,141 $- $- 
(1)The extended loan term expired on December 23, 2025; however, as of December 31, 2025, the investment remained outstanding. See Credit Quality Monitoring assessment for further details.