The table below summarizes the Company’s commercial real estate loan investments as of June 30, 2026 and December 31, 2025 ($ in thousands):

Loan Type		Loan Amount (1)				Outstanding Principal				Fair Value				Weighted Average Interest Rate(2)		Weighted Average Maturity (years)				Weighted Average Maximum Maturity (years)(3)
June 30, 2026
Senior Loans		$	3,052,875			$	2,872,427			$	2,872,427			SOFR + 3.75%			2.45				4.16
Mezzanine loans(4)			27,958				27,958				27,958			SOFR + 4.07%			1.79				2.69
Total		$	3,080,833			$	2,900,385			$	2,900,385
December 31, 2025
Senior Loans		$	2,277,216			$	2,154,938			$	2,154,938			SOFR + 3.71%			2.26				4.12
Mezzanine loans(4)			22,089				22,089				22,089			SOFR + 4.25%			1.00				3.00
Total		$	2,299,305			$	2,177,027			$	2,177,027

 

 

(1) Loan amount consists of outstanding principal balance plus unfunded loan commitments.

(2) Represents weighted average interest rate of the most recent interest period in effect for each loan as of period end. As of June 30, 2026, loans earn interest at the one-month term Secured Overnight Financing Rate (“SOFR”) plus a spread and are subject to a weighted average rate floor of 6.58%. Payment terms for all loans are interest only with principal due at maturity.

(3) Maximum maturity 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) Mezzanine loans are subordinate to the Company’s senior loans to the same borrowers.

The tables below detail the property type and geographic location of the properties securing the Company’s commercial real estate loan investments 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		$	1,872,152				64.5	%		$	1,488,577				68.4	%
Retail			173,195				6.0	%			190,553				8.8	%
Hospitality			320,644				11.1	%			241,744				11.0	%
Industrial			385,596				13.3	%			151,332				7.0	%
Senior Housing			148,798				5.1	%			104,821				4.8	%
Total		$	2,900,385				100	%		$	2,177,027				100	%

 

		June 30, 2026								December 31, 2025
Geographic Location		Fair Value				Percentage				Fair Value				Percentage
United States:
East		$	1,013,959				35.0	%		$	825,006				37.9	%
Midwest			96,457				3.3	%			4,530				0.2	%
West			877,204				30.2	%			720,580				33.1	%
South			912,765				31.5	%			626,911				28.8	%
Total		$	2,900,385				100	%		$	2,177,027				100	%