Investments in Real Estate-Related Securities (Tables)

9 Months Ended

Sep. 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:

	September 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	$	41,741	$	(1,370)	$	40,371	$	368	$	40,739	6.87	%	4/22/2028
Preferred stock of REITs	N/A		N/A		1,975		73		2,048		6.20	%	N/A
Total	$	41,741	$	(1,370)	$	42,346	$	441	$	42,787

	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.