INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Investments [Abstract]

Schedule of Investment Portfolio

The following table details the composition of the Company's investments ($ in thousands):

	March 31, 2026
Type	Number of Positions	Weighted Average Coupon(1)		Weighted Average Maturity Date(2)	Outstanding Principal Balance(3)		Fair Value
Investments in loans and other notes
Senior loans	27	6.1	%	11/21/2030	$	1,315,384	$	1,307,302
Mezzanine loans and B-notes	9	9.2	%	12/23/2030	308,575		307,020
Credit-linked notes	1	10.7	%	10/30/2037	74,071		74,071
Subtotal	37	6.9	%	3/18/2031	1,698,030		1,688,393
Investments in debt securities
CMBS	35	6.5	%	2/4/2045	228,603		174,216
RMBS	26	7.7	%	4/29/2063	52,595		52,672
Term loans	1	6.9	%	2/4/2033	18,765		18,714
Corporate debt	2	7.0	%	6/9/2032	11,416		11,457
Interest-only securities	4	2.7	%	7/16/2062	48,556		6,647
CLO	1	6.5	%	2/17/2039	3,300		3,304
Subtotal	69	6.7	%	9/1/2047	363,235		267,010
Total investments	106	6.8	%	6/16/2033	$	2,061,265	$	1,955,403

	December 31, 2025
Type	Number of Positions	Weighted Average Coupon(1)		Weighted Average Maturity Date(2)	Outstanding Principal Balance(3)		Fair Value
Investments in loans and other notes
Senior loans	25	6.3	%	9/25/2030	$	941,847	$	936,361
Mezzanine loans	7	8.7	%	12/5/2030	240,200		240,200
Subtotal	32	6.8	%	10/10/2030	1,182,047		1,176,561
Investments in debt securities
CMBS	43	6.7	%	9/20/2043	322,401		269,324
RMBS	24	7.8	%	3/31/2062	51,953		52,328
Corporate debt	5	6.5	%	5/2/2031	17,711		17,672
Interest-only securities	4	2.6	%	6/27/2062	48,556		6,821
CLO	3	7.0	%	5/2/2037	4,326		4,324
Term loans	1	7.4	%	6/27/2031	1,281		1,287
Subtotal	80	6.8	%	2/3/2046	446,228		351,756
Total investments	112	6.8	%	4/20/2034	$	1,628,275	$	1,528,317

(1)For variable rate investments, which bear interest at a rate that is determined by reference to a benchmark index rate, primarily one‑month term Secured Overnight Financing Rate ("SOFR"), the interest rate includes SOFR and other index rates, as applicable, in effect for each investment as of March 31, 2026 and December 31, 2025. In certain cases, the interest rate is reflective of interest rate floors.

(2)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

(3)For interest-only securities, the outstanding principal balance represents the notional amount of such securities.

The following table details the property type composition of the Company's investments ($ in thousands):

	March 31, 2026
Property Type	Number of Positions	Cost Basis		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Investments in loans and other notes
Residential	12	$	808,261	$	812,731	41	%	89	%
Industrial	5	505,722		507,389		26	%	55	%
Retail	14	209,106		211,791		11	%	23	%
Office	4	125,107		125,680		6	%	14	%
Data center	1	27,155		27,098		1	%	3	%
Other	1	3,704		3,704		1	%	—	%
Subtotal	37	1,679,055		1,688,393		86	%	184	%
Investments in debt securities
Residential	38	127,919		127,561		7	%	14	%
Office	10	53,870		54,085		3	%	6	%
Retail	4	20,699		21,268		1	%	2	%
Hospitality	6	35,406		35,377		2	%	4	%
Industrial	7	18,097		17,785		1	%	2	%
Self-storage	1	3,533		3,572		—	%	—	%
Data center	1	734		728		—	%	—	%
Other	2	6,481		6,634		—	%	1	%
Subtotal	69	266,739		267,010		14	%	29	%
Total investments	106	$	1,945,794	$	1,955,403	100	%	213	%

	December 31, 2025
Property Type	Number of Positions	Cost Basis		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Investments in loans and other notes
Residential	11	$	676,253	$	681,120	45	%	91	%
Retail	15	207,676		210,162		14	%	28	%
Industrial	3	206,812		208,696		13	%	28	%
Office	3	75,945		76,583		5	%	10	%
Subtotal	32	1,166,686		1,176,561		77	%	157	%
Investments in debt securities
Residential	41	177,898		178,405		11	%	24	%
Office	10	63,146		63,934		4	%	9	%
Industrial	12	41,946		41,883		3	%	6	%
Hospitality	11	36,597		36,837		2	%	5	%
Retail	4	21,380		22,006		1	%	3	%
Self-storage	1	3,525		3,553		1	%	—	%
Other	1	4,995		5,138		1	%	1	%
Subtotal	80	349,487		351,756		23	%	48	%
Total investments	112	$	1,516,173	$	1,528,317	100	%	205	%

The following table details the geographic composition of the Company's investments ($ in thousands):

	March 31, 2026
Geography	Number of Positions	Cost Basis		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Investments in loans and other notes
United States
Sunbelt	17	$	1,124,184	$	1,130,398	58	%	123	%
Northeast	18	408,568		411,696		21	%	45	%
Northwest	1	72,232		72,228		3	%	8	%
International	1	74,071		74,071		4	%	8	%
Subtotal	37	1,679,055		1,688,393		86	%	184	%
Investments in debt securities
United States
Sunbelt	26	103,093		103,255		5	%	11	%
Northeast	20	89,563		89,833		5	%	10	%
Midwest	5	22,993		23,162		1	%	3	%
West	12	22,420		22,508		1	%	2	%
Northwest	2	6,242		6,381		1	%	1	%
International	4	22,428		21,871		1	%	2	%
Subtotal	69	266,739		267,010		14	%	29	%
Total investments	106	$	1,945,794	$	1,955,403	100	%	213	%

	December 31, 2025
Geography	Number of Positions	Cost Basis		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Investments in loans and other notes
United States
Sunbelt	14	$	834,456	$	841,338	55	%	112	%
Northeast	18	332,230		335,223		22	%	45	%
Subtotal	32	1,166,686		1,176,561		77	%	157	%
Investments in debt securities
United States
Sunbelt	33	161,433		162,026		11	%	22	%
Northeast	22	104,731		105,871		7	%	15	%
West	12	29,678		29,936		2	%	4	%
Midwest	8	25,788		26,016		2	%	3	%
Northwest	2	6,572		6,718		—	%	1	%
International	3	21,285		21,189		1	%	3	%
Subtotal	80	349,487		351,756		23	%	48	%
Total investments	112	$	1,516,173	$	1,528,317	100	%	205	%

The following table details the credit ratings of the Company's investments ($ in thousands):

	March 31, 2026
Credit Rating(1)	Number of Positions	Cost Basis		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Investments in loans and other notes
Not rated	37	$	1,679,055	$	1,688,393	86	%	184	%
Subtotal	37	1,679,055		1,688,393		86	%	184	%
Investments in debt securities
AA-	1	3,827		3,878		—	%	—	%
BBB	9	18,395		17,937		1	%	2	%
BB	35	128,143		128,756		7	%	14	%
B	21	99,222		99,057		5	%	11	%
Not rated	3	17,152		17,382		1	%	2	%
Subtotal	69	266,739		267,010		14	%	29	%
Total investments	106	$	1,945,794	$	1,955,403	100	%	213	%

	December 31, 2025
Credit Rating(1)	Number of Positions	Cost Basis		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
Investments in loans and other notes
Not rated	32	$	1,166,686	$	1,176,561	77	%	157	%
Subtotal	32	1,166,686		1,176,561		77	%	157	%
Investments in debt securities
AA-	1	3,825		3,853		—	%	1	%
A	4	9,300		9,276		1	%	1	%
BBB	11	38,364		38,223		3	%	5	%
BB	39	200,267		202,197		13	%	28	%
B	22	80,403		80,872		5	%	11	%
Not rated	3	17,328		17,335		1	%	2	%
Subtotal	80	349,487		351,756		23	%	48	%
Total investments	112	$	1,516,173	$	1,528,317	100	%	205	%

(1)"A" includes credit ratings of A+, A, and A-; "BBB" includes credit ratings of BBB+, BBB and BBB-; "BB" includes credit ratings of BB+, BB, and BB-; and "B" includes credit ratings of B+, B and B-.