Investments in Real Estate Debt

3 Months Ended

Mar. 31, 2026

5. Investments in Real Estate Debt

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

          
         March 31, 2026

         December 31, 2025

         Real Estate Debt

         Number of Positions

         Credit Rating

         Weighted-Average
Coupon

         Weighted-Average Maturity Date

         Cost Basis

         Fair Value

         Cost Basis

         Fair Value

Commercial Mortgage Loan

4

Not Rated

SOFR + 2.52%

December 15, 2027

304,600

304,573

224,600

224,600

Originations

On January 14, 2026, the Company originated an $84.0 million whole loan, of which $80.0 million has been funded, for the acquisition and renovation of a 198-unit, 1986-vintage, townhome style multifamily property in the San Diego, California Metropolitan Statistical Area.

The following table details the amounts recognized for the Company's investments in real estate debt ($ in thousands):


	For the Three Months Ended March 31,
	2026			2025
Interest income	$	5,209		$	1,481
Unrealized loss		(27	)		(3	)
Total	$	5,182		$	1,478