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We invest in commercial properties subject to net leases, which could subject us to losses.
The business activities of our Investing and Servicing Segment, particularly our special servicing business, expose us to certain risks.
Real estate property (the Property Segment ) engages primarily in acquiring and managing equity interests in stabilized and to be stabilized commercial real estate.
This includes multifamily properties, multi-tenant medical office net lease properties and diversified single-tenant triple net lease properties, all of which are held for investment.
Our segments exclude the consolidation of securitization variable interest entities ( VIEs ), principally representing CMBS trust vehicles that we consolidate by virtue of our role as special servicer.
However, they include securitized financing VIEs such as collateralized loan obligations ( CLOs ), single asset securitizations ( SASBs ) and asset-backed securitizations ( ABSs ).
On July 23, 2025, we acquired Fundamental Income Properties, LLC ( Fundamental ), which was completed by way of merger, for approximately $2.2 billion inclusive of $1.3 billion of indebtedness assumed.
At acquisition, Fundamental owned 468 properties, spanning 12.3 million square feet across 44 states, 59 industries and 90 tenants.
The properties, which consist of retail, industrial and service facilities, are leased under 103 individual and master net operating lease agreements with a 17.1 year weighted-average lease base term.
Investment Guidelines Our board of directors has adopted the following investment guidelines: our investments will be in our target assets unless otherwise approved by our board of directors; no investment shall be made that would cause us to fail to qualify as a REIT for federal income tax purposes; no investment shall be made that would cause us or any of our subsidiaries to be required to be registered as an investment company under the 1940 Act; and not more than 25% of our equity will be invested in any individual asset without the consent of a majority of our independent directors.
REMOVED
3 Tab l e of Contents Summary Risk Factors We are subject to a number of risks that, if realized, could have a material adverse effect on our business, financial condition, results of operations, liquidity, the market price of our common stock and our ability to make distributions to our stockholders.
The investment portfolio of our Infrastructure Lending Segment is concentrated in the power industry and, to a lesser extent, the midstream oil and gas industry, which subjects the portfolio to more risks than if the investments were more diversified.
4 Tab l e of Contents The business activities of our Investing and Servicing Segment, particularly our special servicing business, expose us to certain risks.
Real estate property (the Property Segment ) engages primarily in acquiring and managing equity interests in stabilized and to be stabilized commercial real estate properties, including multifamily properties, that are held for investment.
Our segments exclude the consolidation of securitization variable interest entities ( VIEs ).
We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries.
We may also utilize other sources of financing to the extent available to us.
8 Tab l e of Contents Our Target Assets We invest in target assets secured primarily by U.S., European or Australian collateral.
9 Tab l e of Contents Business Segments We currently operate our business in four reportable segments: the Commercial and Residential Lending Segment, the Infrastructure Lending Segment, the Property Segment and the Investing and Servicing Segment.
The application of this methodology resulted in mezzanine loans with carrying values of $0.9 billion and $1.0 billion being classified as first mortgages as of December 31, 2024 and 2023, respectively.