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Investments in Real Estate Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment in Real Estate Debt
The following tables detail the Company’s investments in real estate debt held at fair value:

March 31, 2026
Type of Security/Loan
Weighted Average
Coupon (1) (2)
Weighted Average Maturity Date (3)
Face
Amount		Cost BasisFair Value
CMBS (4)
SOFR + 4%
4/23/2042$994,382 $993,934 $993,119 
Commercial real estate loans (4) (5)
8%7/9/2030958,226 950,069 962,851 
Total investments in real estate debt (6)
8%$1,952,608 $1,944,003 $1,955,970 
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 future funding obligations to borrowers. See Note 14 - Commitments and Contingencies.
(6)Total investments in real estate debt per the tables above exclude 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:
March 31, 2026December 31, 2025
Credit RatingCost BasisFair ValuePercentage Based
on Fair Value		Cost BasisFair ValuePercentage Based
on Fair Value
Aaa$19,998 $19,913 1%$19,999 $20,024 1%
Aa3— — — %— — — %
A29,853 9,891 1 %9,853 9,906 1 %
A36,362 6,355 —%6,363 6,381 — %
Baa15,169 5,160 — %5,169 5,174 — %
Baa270,172 70,071 4 %— — — %
Baa381,194 80,675 4 %51,591 51,637 3 %
Ba113,342 13,326 1%1,856 1,867 — %
Ba2197,558 196,824 10%270,013 271,579 16%
Ba3277,854 276,379 14%197,084 196,270 12%
B146,762 47,244 2%49,838 51,039 3%
B2109,170 108,667 6%81,050 81,090 5%
B3153,051 155,134 8%153,053 155,117 9%
Unrated953,518 966,331 49%848,178 855,802 50%
Total$1,944,003 $1,955,970 100%$1,694,047 $1,705,886 100%
The following table provides the activity for the real estate-related securities for the three months ended March 31, 2026:
Amortized Cost BasisGain/(Loss)Fair Value
Real estate-related securities as of December 31, 2025
$849,316 $4,215 $853,531 
Face value of real estate-related securities acquired199,260 — 199,260 
Sale of real estate-related securities(55,967)— (55,967)
Realized gain on sale of real estate-related securities834 — 834 
Interest income associated with real estate-related securities491 — 491 
Unrealized loss on real estate securities
— (5,030)(5,030)
Real estate-related securities as of March 31, 2026
$993,934 $(815)$993,119 
Schedule of Investments which are Classified as Held-to-Maturity and Presented at Amortized Cost
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 March 31, 2026 and December 31, 2025 is net of an allowance for credit losses of $2,607 and $2,829, respectively. The Company has the intent and ability to hold these CMBS investments until maturity. During the three months ended March 31, 2026, the Company contributed two of its CMBS investments classified as held-to-maturity into an unconsolidated joint venture. Refer to Note 5 - Investments in Unconsolidated Real Estate Affiliates for additional information.
March 31, 2026
Type of Security/Loan
Weighted Average
Coupon(1)
Weighted Average Maturity Date
Face
Amount		Cost Basis
Carrying Value
CMBS
SOFR + 6%
1/21/2030$291,000 $289,896 $287,610 
December 31, 2025
Type of Security/Loan
Weighted Average
Coupon(1)
Weighted Average Maturity Date
Face
Amount		Cost Basis
Carrying Value
CMBS
SOFR + 7%
3/26/2030$387,750 $387,229 $384,570 
(1)The term SOFR refers to the relevant floating benchmark rate, one-month SOFR.