Debt Fund

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Debt Fund

Debt Fund

As of December 31, 2025, total capital committed to the Fund was $1.3 billion, of which $213.6 million had been funded. As of December 31, 2025, the Company's share of the total capital committed to the Fund was $118.6 million, of which $19.5 million had been funded.

During the year ended December 31, 2025, the Fund acquired investments with an aggregate fair value of $165.3 million, excluding the Fund's purchase of the Company's interest in the joint venture that owns the preferred equity investment in 625 Madison Avenue which did not meet the conditions to be accounted for as a purchase under ASC 860. See Note 6, "Investments in Unconsolidated Joint Ventures."

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 in November 2024 , which may be extended for one year. During the investment period, the Fund is our primary investment vehicle for investments that fit within the Fund's investment parameters, as set forth in the Fund's operating agreements.