COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Unfunded Commitments Under Investments in Loans and Other Notes

As of March 31, 2026, the Company had aggregate unfunded commitments of $74.1 million across twelve loans and other notes, and $36.7 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $37.4 million. As of December 31, 2025, the Company had aggregate unfunded commitments of $55.9 million across ten loans and other notes, and $21.4 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $34.5 million.

The unfunded commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. The Company's funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing the Company's loans and other notes. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. The Company expects to fund the Company's unfunded commitments over the remaining term of the related loans and other notes, which had a weighted-average future funding period of 3.3 years and 3.6 years as of March 31, 2026 and December 31, 2025, respectively.

Expense Support and Conditional Reimbursement Agreement

As of March 31, 2026, pursuant to the Expense Agreement, the Adviser paid $8.5 million of the Company's expenses on its behalf. Refer to Note 9 for further discussion of the Expense Agreement.

Principal Debt Repayments

The Company's contractual principal debt repayments as of March 31, 2026 were as follows ($ in thousands):


Year	Secured Credit Facilities(1)		Asset-Specific Debt(1)		Total
2026 (remaining)	$	5,124	$	—	$	5,124
2027	145,412		—		145,412
2028	—		—		—
2029	20,581		—		20,581
2030	404,789		198,053		602,842
Thereafter	153,864		154,522		308,386
Total obligation	$	729,770	$	352,575	$	1,082,345

(1) The Company's secured debt and asset-specific debt agreements secured by investments in loans and other notes are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans and other notes, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used.