Investments in Real Estate-Related Loans and Securities (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Investments in Real Estate-Related Loans and Securities

The following table summarizes the components of investments in real estate-related loans and securities as of December 31, 2025 and 2024 ($ in thousands):

	December 31, 2025		December 31, 2024
Real estate-related securities	$	56,033	$	57,816
Real estate-related loans	45,023		13,587
Derivative assets related to investments in real estate-related securities	—		102
Derivative liabilities related to investments in real estate-related securities	(3)		—
Total investments in real estate-related loans and securities	$	101,053	$	71,505

Investment In Real Estate Loans

Schedule Of Investments In Real Estate-Related Securities

The following tables detail the Company’s investments in real estate-related loans and securities, including interest rate swaps and cross currency forward contracts related to real estate-related loans and securities, as of December 31, 2025 and 2024 ($ in thousands):

	December 31, 2025
Type of Loan/Security	Number of Positions	Weighted Average Coupon(1)	Weighted Average Maturity Date(2)	Face Amount		Cost Basis/Allowance Adjustment(3)		Carrying Amount
Investments held at Fair value
CMBS - floating	7	SOFR+ 3.91%	May 2027	$	28,765	$	25,985	$	27,133
CMBS - fixed	4	4.56%	November 2026	23,413		20,650		5,170
RMBS - floating	2	SOFR+ 1.76%	August 2030	2,499		2,501		2,504
RMBS - fixed	8	4.71%	January 2036	21,492		21,000		21,226
Cross currency forward contracts	1	N/A	January 2026	—		—		(3)
Total investments held at fair value	22	5.85%	October 2029	76,169		70,136		56,030
Investments held at amortized cost
Real estate-related loans - floating	1	SOFR+8.15%	June 2026	7,044		—		7,044
Real estate-related loans - fixed	3	9.92%	May 2028	42,013		(4,034)		37,979
Total investments held at amortized cost	4	10.22%	January 2028	49,057		(4,034)		45,023
Total investments in real estate-related loans and securities	26	7.56%	February 2029	$	125,226	$	66,102	$	101,053

	December 31, 2024
Type of Loan/Security	Number of Positions	Weighted Average Coupon(1)	Weighted Average Maturity Date(2)	Face Amount		Cost Basis/Allowance Adjustment(3)		Carrying Amount
Investments held at fair value
CMBS - floating	7	SOFR + 3.85%	July 2026	$	24,794	$	22,667	$	22,361
CMBS - fixed	4	4.56%	November 2026	23,413		20,650		6,238
RMBS - fixed	23	5.54%	September 2026	29,728		28,960		29,217
Interest rate swaps	2	4.40%	September 2026	—		—		102
Total investments held at fair value	36	6.11%	September 2026	77,935		72,277		57,918
Investments held at amortized cost
Real estate-related loans - floating	1	SOFR + 8.15%	June 2026	7,044		—		7,044
Real estate-related loans - fixed	2	10.00%	December 2025	9,435		(2,892)		6,543
Total investments held at amortized cost	3	11.13%	February 2026	16,479		(2,892)		13,587
Total investments in real estate-related loans and securities	39	6.98%	August 2026	$	94,414	$	69,385	$	71,505

(1)	As of December 31, 2025 and December 31, 2024, SOFR was equal to 3.87% and 4.49%, respectively.
(2)	Weighted average maturity date is based on the fully extended maturity date of the instruments.
(3)	Adjustments include the cumulative provision for current expected credit losses, unamortized fee income, and foreign currency translation adjustments attributable to real estate-related loans and securities denominated in GBP.