Investments in Real Estate-Related Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Real Estate-Related Debt Securities

The following tables summarize our investments in real estate-related securities by asset type:

	March 31, 2025
in thousands	Principal Balance		Unamortized Premium (Discount)		Amortized Cost / Cost(1)		Unrealized Gain (Loss), Net		Fair Value		Period-end Weighted Average Yield		Weighted-Average Maturity Date
Non-agency CMBS	$	53,502	$	(1,566)	$	51,936	$	32	$	51,968	6.73	%	2/1/2028
Common stock of REITs	N/A		N/A		5,543		(258)		5,285		5.05	%	N/A
Total	$	53,502	$	(1,566)	$	57,479	$	(226)	$	57,253

	December 31, 2024
in thousands	Principal Balance		Unamortized Premium (Discount)		Amortized Cost / Cost(1)		Unrealized Gain (Loss), Net		Fair Value		Period-end Weighted Average Yield		Weighted-Average Maturity Date
Non-agency CMBS	$	52,377	$	(1,553)	$	50,824	$	49	$	50,872	6.81	%	1/14/2027
Common stock of REITs	N/A		N/A		5,543		56		5,600		4.41	%	N/A
Total	$	52,377	$	(1,553)	$	56,367	$	105	$	56,472

(1)For non-agency CMBS, the amount presented represents amortized cost. For common stock of REITs, the amount presented represents cost.