Debt Fund

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Debt Fund

Debt Fund

As of September 30, 2025, total capital committed to the Fund was $1.0 billion, of which $93.3 million had been contributed. As of September 30, 2025, the Company's share of the total capital committed to the Fund was $100.0 million, of which $8.5 million had been contributed.

During the nine months ended September 30, 2025, the Fund acquired CMBS investments with an aggregate fair value of $87.7 million. During the nine months ended September 30, 2025, one investment was repaid.

The Fund has a term of 7 years from its initial closing in 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 initial closing, which may be extended for one year. 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.