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

3 Months Ended

Mar. 31, 2026

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 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.

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 March 31,
	2026			2025
Interest income	$	251		$	552
Unrealized (loss) gain		(228	)		529
Total	$	23		$	1,081

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):

			March 31, 2026						December 31, 2025
Real Estate-Related and Other Securities	Weighted-Average  Coupon	Weighted-Average Maturity Date	Face Amount		Cost  Basis		Fair  Value		Face Amount		Cost  Basis		Fair  Value
CMBS	6.7%	August 28, 2039	$	15,000	$	15,107	$	15,095	$	15,000	$	15,107	$	15,323