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Investments in Real Estate Debt
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Real Estate Debt Investments in Real Estate Debt
The following tables detail the Company’s investments in real estate debt held at fair value:

December 31, 2025
Type of Security/Loan
Weighted Average
Coupon(1)(2)
Weighted Average Maturity Date(3)
Face
Amount		Cost BasisFair Value
CMBS (4)
SOFR+4%
1/24/2036$850,286 $849,316 $853,531 
Commercial real estate loans (4) (5)
9%6/6/2030848,991 844,731 852,355 
Total investments in real estate debt (6)
8%$1,699,277 $1,694,047 $1,705,886 
__________________
(1)The term SOFR refers to the relevant floating benchmark rate, one-month SOFR.
(2)The weighted average coupon for our CMBS includes both floating and fixed rate investments. Fixed rate CMBS represent a spread over SOFR for purposes of the weighted average calculation.
(3)The weighted average maturity date is based on the fully extended maturity date of the instrument.
(4)Includes investments pledged as collateral under a secured financing agreement. See Note 9 - Debt for additional information.
(5)Certain commercial real estate loans include potential future funding obligations to borrower. See Note 15 - Commitments and Contingencies for additional information.
(6)Total investments in real estate debt per the table above excludes our investments in CMBS investments classified as held to maturity and loans receivable, which are presented below.

December 31, 2024
Type of Security/Loan
Weighted Average
Coupon(1)
Weighted Average Maturity Date(2)
Face
Amount		Cost BasisFair Value
CMBS
SOFR + 4%
4/29/2036$503,280 $503,379 $505,537 
Commercial real estate loans (3)
12%4/5/2028114,089 113,939 113,939 
Total investments in real estate debt (4)
9%$617,369 $617,318 $619,476 
__________________
(1)The weighted average coupon for our CMBS includes both floating and fixed rate investments. Fixed rate CMBS represent a spread over SOFR for purposes of the weighted average calculation.
(2)The weighted average maturity date is based on the fully extended maturity date of the instrument.
(3)Certain commercial real estate loans include potential future funding obligations to borrower. See Note 15 - Commitments and Contingencies for additional information.
(4)Total investments in real estate debt per the table above excludes our investments in CMBS investments classified as held to maturity and loans receivable, which are presented below.



The following table details the credit rating of the Company’s investments in real estate debt held at fair value:
December 31, 2025December 31, 2024
Credit RatingCost BasisFair ValuePercentage Based
on Fair Value		Cost Basis
Fair Value
Percentage Based
on Fair Value
Aaa$19,999 $20,024 1%$25,695 $25,675 4%
Aa3— — —%27,509 27,532 5%
A29,853 9,906 1%— — —%
A36,363 6,381 —%99,820 100,110 16%
Baa15,169 5,174 —%— — —%
Baa2— — —%12,017 12,032 2%
Baa351,591 51,637 3%87,398 87,923 14%
Ba11,856 1,867 —%6,629 6,656 1%
Ba2270,013 271,579 16%48,994 49,222 8%
Ba3197,084 196,270 12%155,215 155,885 25%
B149,838 51,039 3%— — —%
B281,050 81,090 5%— — —%
B3153,053 155,117 9%40,102 40,502 7%
Unrated
848,178 855,802 50%113,939 113,939 18%
Total$1,694,047 $1,705,886 100%$617,318 $619,476 100%
The following table provides the activity for the real estate-related securities from December 31, 2023 through December 31, 2025:
Amortized Cost BasisGain/(Loss)Fair Value
Real estate-related securities as of December 31, 2023
$30,830 $144 $30,974 
Face value of real estate-related securities acquired512,551 — 512,551 
Sale of real estate-related securities(41,781)— (41,781)
Realized gain on sale of real estate-related securities494 — 494 
Sale of accrued interest associated with real estate-related securities1,285 — 1,285 
Unrealized gain on real estate securities— 2,014 2,014 
Real estate-related securities as of December 31, 2024
$503,379 $2,158 $505,537 
Face value of real estate-related securities acquired794,078 — 794,078 
Sale of real estate-related securities(452,434)— (452,434)
Realized gain on sale of real estate-related securities1,815 1,815 
Sale of accrued interest associated with real estate-related securities2,478 — 2,478 
Unrealized gain on real estate securities— 2,057 2,057 
Real estate-related securities as of December 31, 2025
$849,316 $4,215 $853,531 
The following tables detail the Company’s CMBS investments which are classified as held-to-maturity and presented at amortized cost. The carrying value of these CMBS investments as of December 31, 2025 is net of an allowance for credit losses of $2,829. The Company did not record an allowance for credit losses related to these CMBS investments as of December 31, 2024. The Company has the intent and ability to hold these CMBS investments until maturity.
December 31, 2025
Type of Security/Loan
Weighted Average
Coupon
Weighted Average Maturity Date
Face
Amount		Cost BasisCarrying Value
CMBS
SOFR + 7%
3/26/2030$387,750 $387,229 $384,570 
December 31, 2024
Type of Security/Loan
Weighted Average
Coupon
Weighted Average Maturity Date
Face
Amount		Cost BasisCarrying Value
CMBS
SOFR + 7%
12/15/2029$48,800 $48,941 $48,941 
Other Investments
During the year ended December 31, 2024, the Company acquired land related to build-to-suit properties in sale leaseback transactions for a total purchase price of $28,827 which is being accounted for as an investment in loans receivable and held at amortized cost, as the related lease is not deemed to have commenced until the constructed assets are made available for use by the lessee. Direct costs associated with originating loans are deferred and amortized as an adjustment to interest income over the term of the related loan receivable. During the year ended December 31, 2025, the Company placed seven build-to-suit properties in service and contributed properties for an interest in LV Petroleum JV, including two of its build-to-suit properties with a balance of $6,623. See Note 4 - Investments in Real Estate, net for additional information. As of December 31, 2025 and 2024, the Company held 13 and 22 investments in loans receivable related to build-to-suit arrangements with a total balance of $10,691 and $27,635, respectively, which are included within Investments in real estate debt in the Consolidated Balance Sheets.