Investments in Real Estate-Related and Other Securities (Tables)

6 Months Ended

Jun. 30, 2024

Debt and Equity Securities, FV-NI [Line Items]

Summary of Investments in Real Estate-related and Other Securities

The following table details the Company’s investment in real estate debt ($ in thousands):

June 30, 2024

December 31, 2023

Real Estate Debt

Number of Positions

Credit Rating

Coupon

Maturity Date

Cost Basis

Fair Value

Cost Basis

Fair Value

Mezzanine Loan

1

Not Rated

SOFR(1) + 5.22%

September 7, 2024

$

16,825

$

16,825

$

16,825

$

16,825

(1) 30-day SOFR at both June 30, 2024 and December 31, 2023 was 5.34% per annum.

Summary of Income Recognized from Investments in Real Estate-related and Other Securities

The following table details the amounts recognized for the Company's investments in real estate-related and other securities ($ in thousands):

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2024		2023			2024		2023
Interest income	$	5	$	73		$	11	$	132
Unrealized gain (loss)		—		(126	)		—		(180	)
Total income (loss) from investments in real estate-related and other securities	$	5	$	(53	)	$	11	$	(48	)

CMBS

Debt and Equity Securities, FV-NI [Line Items]

Summary of Investments in Real Estate-related and Other Securities

The following table details the Company’s investments in real estate-related and other securities ($ in thousands):

			June 30, 2024						December 31, 2023
Real Estate-Related and Other Securities	Coupon	Maturity Date	Face Amount		Cost Basis		Fair Value		Face Amount		Cost Basis		Fair Value
U.S. Treasury(1)	N/A	March 14, 2024	$	—	$	—	$	—	$	420	$	409	$	416
U.S. Treasury(1)	N/A	July 9, 2024		420		413		420		—		—		—
Total real estate-related and other securities			$	420	$	413	$	420	$	420	$	409	$	416

(1) Includes $0.4 million of securities pledged as collateral related to the Treasury note futures contracts.