v3.26.1
Real Estate-Related Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Investments in Commercial Real Estate Loans
The table below summarizes our investments in commercial real estate loans as of March 31, 2026 and December 31, 2025:
$ in thousands
Loan Type
Loan Amount(1)
Principal Balance OutstandingFair Value
Weighted Average Interest Rate(2)
Weighted Average Life (years)(3)
March 31, 2026
Senior loans(4)
$5,545,099 $5,167,516 $5,174,445 6.30 %3.84
Mezzanine loans30,000 25,773 25,773 12.00 %3.59
Total$5,575,099 $5,193,289 $5,200,218 6.33 %3.84
December 31, 2025
Senior loans(4)
$5,025,649 $4,670,191 $4,677,720 6.40 %3.91
Mezzanine loans30,000 25,008 25,008 12.00 %3.84
Total$5,055,649 $4,695,199 $4,702,728 6.43 %3.91
(1)Loan amount consists of outstanding principal balance plus unfunded loan commitments.
(2)Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euro Interbank Offered Rate (“Euribor”) plus a spread. Our loans denominated in British pound sterling earn interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread.
(3)Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement.
(4)Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing.
The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of March 31, 2026 and December 31, 2025:
$ in thousandsMarch 31, 2026December 31, 2025
Property TypeFair ValuePercentageFair ValuePercentage
Multifamily$2,750,140 52.9 %$2,292,433 48.7 %
Industrial1,889,528 36.3 %1,870,741 39.8 %
Student housing345,945 6.7 %343,204 7.3 %
Self-storage214,605 4.1 %196,350 4.2 %
Total$5,200,218 100.0 %$4,702,728 100.0 %
$ in thousandsMarch 31, 2026December 31, 2025
Geographic LocationFair ValuePercentageFair ValuePercentage
United States:
East$1,447,748 27.9 %$1,409,703 30.0 %
South1,217,646 23.4 %1,107,282 23.5 %
West1,129,770 21.7 %986,262 21.0 %
Various U.S.(1)
474,875 9.1 %474,366 10.1 %
Midwest122,797 2.4 %122,767 2.6 %
Total$4,392,836 84.5 %$4,100,380 87.2 %
Non-US:
      United Kingdom(2)
$535,029 10.3 %$324,365 6.9 %
      Europe(3)
272,353 5.2 %277,983 5.9 %
Total$807,382 15.5 %$602,348 12.8 %
Total$5,200,218 100.0 %$4,702,728 100.0 %
(1)Various U.S. includes self-storage and industrial portfolios with multiple locations throughout the United States.
(2)Our European loans that are collateralized by industrial commercial real estate in the United Kingdom are denominated in British pounds sterling and have an aggregate fair value of £404.8 million as of March 31, 2026.
(3)Our European loans that are collateralized by industrial commercial real estate in France, Spain and Italy are denominated in Euros and have an aggregate fair value of €236.7 million as of March 31, 2026.
The following tables summarize our real estate-related securities as of March 31, 2026 and December 31, 2025:
March 31, 2026
$ in thousandsPrincipal BalanceUnamortized Premium (Discount)Amortized CostUnrealized Gain (Loss), NetFair ValueWeighted Average YieldWeighted Average Maturity Date
Non-agency CMBS$17,220 $(38)$17,182 $40 $17,222 6.16 %February 2040
December 31, 2025
$ in thousandsPrincipal BalanceUnamortized Premium (Discount)Amortized CostUnrealized Gain (Loss), NetFair ValueWeighted Average YieldWeighted Average Maturity Date
Non-agency CMBS$14,770 $(38)$14,732 $86 $14,818 6.29 %March 2040
The following table presents the components of gain (loss) on real estate-related securities, net for the three months ended March 31, 2026:
March 31, 2026
$ in thousandsRealized Gain (Loss), NetUnrealized Gain (Loss), NetGain (Loss), Net
Non-agency CMBS$— $(46)$(46)