The table below summarizes our investments in commercial real estate loans as of June 30, 2026 and December 31, 2025:


$ in thousands
Loan Type	Loan Amount(1)		Principal Balance Outstanding		Fair Value		Weighted Average Interest Rate(2)		Weighted Average Life (years)(3)
June 30, 2026
Senior loans(4)	$	6,593,818	$	6,038,709	$	6,036,363	6.18	%	3.88
Mezzanine loans	30,000		26,579		26,579		12.00	%	3.34
Total	$	6,623,818	$	6,065,288	$	6,062,942	6.21	%	3.88
December 31, 2025
Senior loans(4)	$	5,025,649	$	4,670,191	$	4,677,720	6.40	%	3.91
Mezzanine loans	30,000		25,008		25,008		12.00	%	3.84
Total	$	5,055,649	$	4,695,199	$	4,702,728	6.43	%	3.91

(2)Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euro Interbank Offered Rate (“Euribor”) plus a spread. Our loans denominated in British pound sterling earn interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread.

(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.

(4)Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing.

The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of June 30, 2026 and December 31, 2025:


$ in thousands	June 30, 2026				December 31, 2025
Property Type	Fair Value		Percentage		Fair Value		Percentage
Multifamily	$	2,861,340	47.2	%	$	2,292,433	48.7	%
Industrial	2,596,798		42.8	%	1,870,741		39.8	%
Student housing	348,399		5.7	%	343,204		7.3	%
Self-storage	215,855		3.6	%	196,350		4.2	%
Medical office	40,550		0.7	%	—		—	%
Total	$	6,062,942	100.0	%	$	4,702,728	100.0	%


$ in thousands	June 30, 2026				December 31, 2025
Geographic Location	Fair Value		Percentage		Fair Value		Percentage
United States:
East	$	1,963,819	32.4	%	$	1,541,558	32.8	%
South	1,569,544		25.9	%	1,363,352		29.0	%
West	1,213,425		20.0	%	1,065,183		22.6	%

Midwest	130,538		2.2	%	130,287		2.8	%
Total	$	4,877,326	80.5	%	$	4,100,380	87.2	%
Non-US:
United Kingdom(1)	$	740,191	12.2	%	$	324,365	6.9	%
Europe(2)	445,425		7.3	%	277,983		5.9	%
Total	$	1,185,616	19.5	%	$	602,348	12.8	%
Total	$	6,062,942	100.0	%	$	4,702,728	100.0	%

(1)Our European loans that are collateralized by industrial commercial real estate in the United Kingdom are denominated in British pound sterling and have an aggregate fair value of £558.9 million as of June 30, 2026.

(2)Our European loans that are collateralized by industrial commercial real estate in France, Spain, Italy, Germany, and the Netherlands are denominated in Euros and have an aggregate fair value of €390.5 million as of June 30, 2026.

The weighted average loan-to-value ratio, a metric utilized in the fair value measurement of our commercial real estate loan investments, for our loan investments at June 30, 2026 was approximately 67% based on the loan principal amount and the independent property appraisals.

Interest income earned by our US commercial real estate loans for the three and six months ended June 30, 2026 was $74.2 million and $141.2 million, respectively, and for the three and six months ended June 30, 2025 was $49.7 million and $91.8 million, respectively. Interest income earned by our non-US commercial real estate loans for the three and six months ended June 30, 2026 was $16.6 million and $26.7 million, respectively, and for the three and six months ended June 30, 2025 was $5.5 million and $10.2 million, respectively.

The following tables summarize our real estate-related securities as of June 30, 2026 and December 31, 2025:


	June 30, 2026
$ in thousands	Principal Balance		Unamortized Premium (Discount)		Amortized Cost		Unrealized Gain (Loss), Net		Fair Value		Weighted Average Yield		Weighted Average Maturity Date
Non-agency CMBS	$	19,320	$	23	$	19,343	$	61	$	19,404	6.09	%	July 2041


	December 31, 2025
$ in thousands	Principal Balance		Unamortized Premium (Discount)		Amortized Cost		Unrealized Gain (Loss), Net		Fair Value		Weighted Average Yield		Weighted Average Maturity Date
Non-agency CMBS	$	14,770	$	(38)	$	14,732	$	86	$	14,818	6.29	%	March 2040

The following tables present the components of gain (loss) on real estate-related securities, net for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026
$ in thousands	Realized Gain (Loss), Net		Unrealized Gain (Loss), Net		Gain (Loss), Net
Non-agency CMBS	$	45	$	22	$	67


	Six Months Ended June 30, 2026
$ in thousands	Realized Gain (Loss), Net		Unrealized Gain (Loss), Net		Gain (Loss), Net
Non-agency CMBS	$	45	$	(24)	$	21


	Three Months Ended June 30, 2025
$ in thousands	Realized Gain (Loss), Net		Unrealized Gain (Loss), Net		Gain (Loss), Net
Non-agency CMBS	$	—	$	20	$	20


	Six Months Ended June 30, 2025
$ in thousands	Realized Gain (Loss), Net		Unrealized Gain (Loss), Net		Gain (Loss), Net
Non-agency CMBS	$	—	$	20	$	20

- Definition

The entire disclosure for a company's election to apply the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items; (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected: (i) information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures and (ii) the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (d) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (e) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (f) for investments that would have been accounted for under the equity method if the entity had not chosen to apply the fair value option, the information required for such investments, if material either individually or in the aggregate; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) a description of how interest and dividends are measured and where they are reported in the income statement; (c) for loans and other receivables held as assets: (i) the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk and (ii) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (d) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk, (ii) qualitative information about the reasons for those changes, and (iii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

+ References

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+ Details