Investments in Real Estate-Related Securities (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 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	$	56,858	$	(1,560)	$	55,298	$	469	$	55,767	6.60	%	11/3/2027
Preferred stock of REITs	N/A		N/A		1,974		(20)		1,954		6.50	%	N/A
Total	$	56,858	$	(1,560)	$	57,272	$	449	$	57,721

	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 preferred and common stock of REITs, the amount presented represents cost.