Investments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Investments [Abstract]

Schedule of Investment Portfolio Composition by Type

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	%

	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	%