| Schedule of Investments in Commercial Real Estate Loans |
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 |
(1)Loan amount consists of outstanding principal balance plus unfunded loan commitments. (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 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 | | | | | | | | |
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