Investment in Debt Securities, at Fair Value

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Investment in Debt Securities, at Fair Value

Note 7 - Investment in Debt Securities, at Fair Value

CMBS Debt Securities

On August 9, 2023, the Company made an investment in $7,500,000 of investment-grade rated Class D BMO 2023-5C1 CMBS with a 4.00% coupon rate. The Company paid $0.69 on the dollar for the securities. Subsequently, on May 7, 2024, the Company sold its investment in Class D BMO 2023-5C1 CMBS for $6,125,000, resulting in a realized gain of $923,276.

On November 7, 2023, the Company made an investment in $5,060,000 of investment-grade rated Class D BMO 2023-5C2 CMBS with a 5.00% coupon rate. The Company paid $0.70 on the dollar for the securities. Subsequently, on March 18, 2024, the Company sold its investment in Class D BMO 2023-5C2 CMBS for $4,274,997, resulting in a realized gain of $711,645.

As of June 30, 2024, the Company had no investment in debt securities.

The following table provides additional information for the Company's investment in debt securities as of December 31, 2023:

December 31, 2023
Type of Security	Weighted Average Coupon			Weighted Average Maturity Date	Face Amount		Cost Basis		Fair Value
Class D BMO 2023-5C1 CMBS		4	%	8/15/2028	$	7,500,000	$	5,201,725	$	5,425,781
Class D BMO 2023-5C2 CMBS		5	%	11/15/2028	$	5,060,000	$	3,563,352	$	3,793,419
Total debt securities					$	12,560,000	$	8,765,077	$	9,219,200

The following table details the interest income, unrealized loss from changes in fair value and realized gain from dispositions recognized for the Company's investment in debt securities at fair value:

	For the Three Months Ended June 30,			For the Six Months Ended June 30,
	2024			2024
Interest income	$	30,000		$	159,817
Unrealized loss		(1,027,963	)		(454,124	)
Realized gain		923,276			1,634,921
Net gain (loss) from investment in debt securities	$	(74,687	)	$	1,340,614