
($ in thousands)	Carrying Amount (1)		Outstanding Principal (1)		Weighted-Average Interest Rate		Weighted-Average Remaining Life (Years)
As of December 31, 2025
Senior loans, carried at cost (2)	$	44,420	$	44,420	N/A		N/A
Senior loans, carried at fair value	129,281		129,281		7.8	%	1.5
Mezzanine loans, carried at fair value	8,576		8,752		5.2		4.6
Total debt-related investments	$	182,277	$	182,453	7.7	%	1.7
As of December 31, 2024
Senior loans, carried at cost (2)	$	187,857	$	188,759	8.6	%	0.8
Senior loans, carried at fair value	28,844		28,844		7.8		2.3
Total debt-related investments	$	216,701	$	217,603	8.5	%	1.0

(1)The difference between the carrying amount and the outstanding principal amount of our debt-related investments carried at cost consists of unamortized purchase discount, deferred financing costs, loan origination costs, and any recorded credit loss reserves, if applicable. For our debt-related investments carried at fair value, the difference between the carrying amount and the outstanding principal amount is cumulative unrealized gains or losses.

(2)As of December 31, 2025 and 2024, we had one senior loan that was in default and on non-accrual status with a carrying value of $44.4 million and $46.6 million, respectively. During the year ended December 31, 2025, we received $2.1 million in cash, which was applied to the principal balance. During the year ended December 31, 2025, we did not recognize any debt-related income. During the year ended December 31, 2024, we recognized $4.6 million in debt-related income, of which $1.8 million was received in cash and $2.8 million was capitalized to the principal balance. Weighted-average interest rate and weighted-average remaining life exclude this senior loan from its calculations as of December 31, 2025 and 2024.

As of December 31, 2025, we had three debt-related investments for which we have elected the fair value option and which are carried at fair value. The aggregate outstanding principal was $138.0 million and the aggregate carrying amount was $137.9 million, with a total current commitment of $171.4 million as of December 31, 2025. During the year ended December 31, 2025, we recognized $0.2 million in unrealized losses on these investments, which is included in gain (loss) on financial assets in our consolidated statements of operations. As of December 31, 2024, we had one debt-related investment for which we have elected the fair value option and which is carried at fair value. The carrying amount and the outstanding principal amount was $28.8 million, with a total current commitment of $29.4 million as of December 31, 2024. During the year ended December 31, 2024, we did not recognize any gains or losses on this investment.

As of December 31, 2025, there was no reserve for current expected credit losses (“CECL Reserve”) for our debt-related investment portfolio. As of December 31, 2024, our CECL Reserve for our debt-related investment carried at cost portfolio was $0.5 million or 0.2% of our debt-related investment carried at cost total current commitment balance of $227.2 million, which was comprised of $188.8 million of funded commitments and $38.4 million of unfunded commitments with associated CECL Reserves of $0.4 million and $0.1 million, respectively. Our loan on non-accrual status is a loan in which repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty, therefore we have adopted the practical expedient to measure the allowance for credit loss based on the fair value of collateral resulting in no allowance for this loan as of December 31, 2025 and 2024.


	For the Year Ended December 31,
(in thousands)	2025		2024
Balance at beginning of the year	$	341	$	1,327
Provision for current expected credit losses	(341)		(986)
Write-offs	—		—
Recoveries	—		—
Ending balance (1)	$	—	$	341


	For the Year Ended December 31,
(in thousands)	2025		2024
Balance at beginning of the year	$	123	$	670
Provision for current expected credit losses	(123)		(547)
Write-offs	—		—
Recoveries	—		—
Ending balance (1)	$	—	$	123

As of December 31, 2025, we had no debt-related investments classified as held for sale. As of December 31, 2024, we had one debt-related investment classified as held for sale. The carrying amount was $193.9 million and the outstanding principal amount was $196.0 million, with an interest rate of 7.0% and maturity date of January 2027 as of December 31, 2024.

During the year ended December 31, 2025, we originated 10 loans through our mortgage loan origination program with a total principal balance of $860.4 million. Additionally, during the year ended December 31, 2025, we sold 11 loans, including one loan which was held for sale as of December 31, 2024, totaling $1.05 billion, equal to the carrying cost of the debt-related investments on the dates of sale, to a joint venture partnership in which we have an ownership interest. During the year ended December 31, 2025, we recognized origination fee income related to our mortgage loan origination program of $4.0 million. We did not recognize any origination fee income related to our mortgage loan origination program during the year ended December 31, 2024.

As of December 31, 2025, we had one preferred equity investment and one commercial mortgage backed-security (“CMBS”) designated as available-for-sale debt securities. As of December 31, 2024, we had one preferred equity investment and one commercial real estate collateralized loan obligation (“CRE CLO” or multiple “CRE CLOs”) and one CMBS designated as available-for-sale debt securities. As of December 31, 2025 and 2024, the weighted-average remaining term of our CRE CLOs and CMBS, which is based on the estimated fully extended maturity dates of the underlying loans of the debt security, was 3.1 years and 2.5 years, respectively, and the remaining term of our preferred equity investment was 2.0 years and 2.1 years, respectively. We had no unfunded commitments related to our preferred equity investment as of December 31, 2025 or 2024. There were no credit losses associated with our available-for-sale debt securities as of December 31, 2025 or 2024.


(in thousands)	Face Amount		Amortized Cost		Unamortized Discount		Unamortized Fees (1)		Unrealized Gain, Net (2)		Fair Value
As of December 31, 2025
CMBS	$	2,784	$	2,779	$	5	$	—	$	3	$	2,782
Preferred equity	118,173		118,173		—		—		—		118,173
Total debt securities	$	120,957	$	120,952	$	5	$	—	$	3	$	120,955
As of December 31, 2024
CRE CLOs & CMBS	$	13,325	$	13,258	$	67	$	—	$	112	$	13,370
Preferred equity	123,767		123,187		—		580		—		123,187
Total debt securities	$	137,092	$	136,445	$	67	$	580	$	112	$	136,557

As of December 31, 2025, we had one investment in a joint venture partnership which we have classified as an equity security. The fair value as of December 31, 2025 was $0.6 million, and we recorded an unrealized gain on equity security of $0.6 million during the year ended December 31, 2025, which is included in gain (loss) on financial assets in our consolidated statements of operations. As of December 31, 2025, we had $12.1 million of unfunded commitments. We did not hold any equity securities as of December 31, 2024.