Investments in Real Estate Debt

9 Months Ended

Sep. 30, 2024

Real Estate Investments, Net [Abstract]

Note 4 - Investments in Real Estate Debt

The following table details the Company's investments in real estate debt as of September 30, 2024 ($ in thousands):

____________


	September 30, 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 mortgage loan	18		8.5	%	May 2028	$	585,545	$	585,501	$	585,545
Mezzanine loan	2		10.6	%	April 2028		112,500		112,500		112,500
Real estate-related securities	16		6.7	%	July 2038		30,727		30,412		30,727
Total investments in real estate debt:	36		8.7	%	October 2028	$	728,772	$	728,413	$	728,772

The following table details the Company's investments in real estate debt as of December 31, 2023 ($ in thousands):


	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 mortgage 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	$	327,982	$	328,189

(1)

Based on applicable benchmark rates as of September 30, 2024 and December 31, 2023, respectively.

(2)

Weighted average maturity date is based on fully extended maturity.

All of the Company's real estate-related securities have maturity dates greater than ten years from September 30, 2024.

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


	September 30, 2024					December 31, 2023
Property Type	Fair Value		% of Portfolio			Fair Value		% of Portfolio
Multifamily	$	323,941		46.4	%	$	110,670		36.6	%
Data Center		102,314		14.7	%		40,651		13.4	%
Industrial		99,761		14.3	%		91,292		30.1	%
Hotel		94,507		13.5	%		48,795		16.1	%
Self-Storage		39,350		5.6	%		8,884		2.9	%
Life Science		19,804		2.9	%		-		0.0	%
Other(1)		18,368		2.6	%		2,576		0.9	%
Total	$	698,045		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):


	September 30, 2024					December 31, 2023
Geographic Location	Fair Value		% of Portfolio			Fair Value		% of Portfolio
Northeast		256,310		36.7	%		169,829		56.1	%
West		186,270		26.7	%		32,841		10.8	%
Mid-Atlantic		109,590		15.7	%		44,166		14.6	%
Midwest		69,840		10.0	%		10,050		3.3	%
Southwest		50,217		7.2	%		18,400		6.1	%
Southeast		25,818		3.7	%		27,582		9.1	%
Total	$	698,045		100.0	%	$	302,868		100.0	%

The total income from investments in real estate debt disclosed on the Company's condensed consolidated statement of operations relates to interest income, upfront fees recognized, and unrealized gain on these investments in real estate debt. For the three and nine months ended September 30, 2024 the Company recorded de minimis and $0.2 million of unrealized gain on its investments in real estate debt, respectively. For the three and nine months ended September 30, 2023, the Company recorded $34 thousand of unrealized losses and $0.3 million of unrealized gain on its investments in real estate debt.