Debt Fund

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Debt Fund

Debt Fund

As of June 30, 2025, total capital committed to the Fund was $239.3 million, of which $41.1 million had been contributed. As of June 30, 2025, the Company's share of the total capital committed to the Fund was $44.2 million, of which $16.9 million had been contributed.

During the three months ended June 30, 2025, the Fund acquired from us three CMBS investments with an aggregate fair value of $38.3 million.

The Fund has a term of 7 years from its initial closing of November 2024. The term may be extended for up to three consecutive one-year periods. The Fund has an investment period of 3.5 years from its final closing, which may be extended for one year. The final closing date has not yet occurred. During the investment period, the Fund is our primary investment vehicle for all investments that fit within the Fund's investment parameters, as set forth in the Fund's operating agreements.