Investments in Real Estate Debt (Tables)

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

Summary of Investments in Real Estate-related and Other Securities

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.

Schedule of Amounts Recognized for Investments in Real Estate Debt

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