Investments in Real Estate Debt (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate Investments, Net [Abstract]

Summary of Companys Investments in Real Estate Debt

The following table details the Company's investments in real estate debt as of March 31, 2024 ($ in thousands):

	March 31, 2024
Type of Investment in Real Estate Debt	Number of Positions	Weighted Average Coupon(1)			Weighted Average Maturity Date (2)	Face Amount		Cost Basis		Fair Value
Commercial real estate loan	13		9.0	%	March 2028	$	399,911	$	399,777	$	399,911
Mezzanine loan	1		10.0	%	September 2026		50,000		50,000		50,000
Real estate-related securities	14		7.0	%	May 2037		24,457		24,104		24,329
Total investments in real estate debt	28		9.0	%	July 2028	$	474,368	$	473,881	$	474,240
	December 31, 2023
Type of Investment in Real Estate Debt	Number of Positions	Weighted Average Coupon(1)			Weighted Average Maturity Date (2)	Face Amount		Cost Basis		Fair Value
Commercial real estate loan	11		9.1	%	September 2027	$	252,868	$	252,668	$	252,868
Mezzanine loan	1		10.0	%	September 2026		50,000		50,000		50,000
Real estate-related securities	14		7.0	%	May 2037		25,811		25,314		25,321
Total investments in real estate debt	26		9.3	%	April 2028	$	328,679	$	327,983	$	328,189

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(1)Based on applicable benchmark rates as of March 31, 2024.

(2)Weighted average maturity date is based on fully extended maturity.

Schedule of Mortgage Loans on Real Estate

The table below details the type of properties securing the loans in the Company's portfolio at the dates indicated ($ in thousands):

	March 31, 2024					December 31, 2023
Property Type	Fair Value		% of Portfolio			Fair Value		% of Portfolio
Multifamily	$	176,624		39.3	%	$	110,670		36.6	%
Industrial		96,056		21.3	%		91,292		30.1	%
Hotel		93,865		20.9	%		48,795		16.1	%
Data Center		63,131		14.0	%		40,651		13.4	%
Self-Storage		17,659		3.9	%		8,884		2.9	%
Other(1)		2,576		0.6	%		2,576		0.9	%
Total	$	449,911		100.0	%	$	302,868		100.0	%

(1)Other property types represents productions studio.

The table below details the geographic distribution of the properties securing the loans in the Company's portfolio at the dates indicated ($ in thousands):

	March 31, 2024					December 31, 2023
Geographic Location	Fair Value		% of Portfolio			Fair Value		% of Portfolio
Northeast	$	190,998		42.5	%	$	169,829		56.1	%
Mid-Atlantic		66,647		14.8	%		44,166		14.6	%
West		132,680		29.5	%		32,841		10.8	%
Southeast		27,582		6.1	%		27,582		9.1	%
Southwest		18,400		4.1	%		18,400		6.1	%
Midwest		13,604		3.0	%		10,050		3.3	%
Total	$	449,911		100.0	%	$	302,868		100.0	%