Investments

3 Months Ended

Mar. 31, 2025

Schedule of Investments [Abstract]

Investments

Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the Consolidated Schedule of Investments.

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

The following table represents the Company's investment portfolio as of March 31, 2025:

	Investments at Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Mortgage	$	1,054,685	$	1,063,590	95.2	%
Mezzanine	24,469		24,819		2.2	%
Real Estate Securities	28,925		28,920		2.6	%
Total	$	1,108,079	$	1,117,329	100.0	%

The following table represents the Company's investment portfolio as of December 31, 2024:

	Investments at Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Mortgage	$	791,903	$	799,660	94.9	%
Mezzanine	14,067		14,204		1.7	%
Real Estate Securities	28,914		28,992		3.4	%
Total	$	834,884	$	842,856	100.0	%

The following tables show the investment portfolio composition by industry grouping based on fair value at March 31, 2025 and December 31, 2024, respectively (dollars in thousands):

	At March 31, 2025
	Investments at Fair Value		Percentage of Total Portfolio
Multifamily	$	768,340	68.8	%
Hospitality	188,052		16.8	%
Industrial	96,537		8.6	%
Mixed Use	48,870		4.4	%
Self Storage	15,530		1.4	%
Total	$	1,117,329	100.0	%

As of March 31, 2025, 100% of investments held were based in the United States.

	At December 31, 2024
	Investments at Fair Value		Percentage of Total Portfolio
Multifamily	$	594,636	70.6	%
Hospitality	133,367		15.8	%
Industrial	50,452		6.0	%
Mixed Use	48,871		5.8	%
Self Storage	15,530		1.8	%
Total	$	842,856	100.0	%

As of December 31, 2024, 100% of investments held were based in the United States.