Investments in Real Estate Debt (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investment in Real Estate Debt

The following tables detail the Company’s investments in real estate debt:

	September 30, 2023
Type of Security/Loan	Weighted Average Coupon(1)		Weighted Average Maturity Date(2)	Face Amount		Cost Basis		Fair Value
CMBS	SOFR+4%		8/8/2035	$	24,218	$	23,907	$	24,004
Commercial real estate loan (3)	14	%	12/16/2024	63,116		63,116		63,116
Total investments in real estate debt	11	%		$	87,334	$	87,023	$	87,120

	December 31, 2022
Type of Security/Loan	Weighted Average Coupon(1)		Weighted Average Maturity Date(2)	Face Amount		Cost Basis		Fair Value
CMBS	SOFR + 3%		2/12/2038	$	23,837	$	23,839	$	23,816
Commercial real estate loan (3)	14	%	12/16/2024	50,000		50,000		50,000
Total investments in real estate debt	10	%		$	73,837	$	73,839	$	73,816

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(1)The term SOFR refers to the relevant floating benchmark rates, one-month SOFR. Fixed rate Commercial real estate loan is reflected as a spread over the relevant floating benchmark rates, for purposes of the weighted-average.

(2)Weighted average maturity date is based on the fully extended maturity date of the instrument.

(3)The borrower for the commercial real estate loan is NLCA Real Estate Holdings, LLC.

The following table details the credit rating of the Company’s investments in real estate debt:

	September 30, 2023						December 31, 2022
Credit Rating	Cost Basis		Fair Value		Percentage Based on Fair Value		Cost Basis		Fair Value		Percentage Based on Fair Value
AAA	$	5,074	$	5,079	6	%	$	23,839	$	23,816	32	%
A3	3,007		3,006		3	%	—		—		—	%
Baa3	3,007		3,008		3	%	—		—		—	%
Ba3	2,433		2,480		3	%	—		—		—	%
BBB	5,513		5,513		6	%	—		—		—	%
BBB-	2,552		2,571		3	%	—		—		—	%
BB	2,321		2,347		3	%	—		—		—	%
Private Commercial Real Estate Loan (Unrated)	63,116		63,116		73	%	50,000		50,000		68	%
Total	$	87,023	$	87,120	100	%	$	73,839	$	73,816	100	%

The following table provides the activity for the real estate-related securities for the nine months ended September 30, 2023:

	Amortized Cost Basis		Gain/(Loss)		Fair Value
Real estate-related securities as of December 31, 2022	$	23,839	$	(23)	$	23,816
Face value of real estate-related securities acquired	23,907		—		23,907
Sale of real estate-related securities	(23,793)		—		(23,793)
Realized gain on sale of real estate-related securities	—		80		80
Sale of accrued interest associated with real estate-related securities	(46)		—		(46)
Unrealized loss on real estate securities	—		40		40
Real estate-related securities as of September 30, 2023	$	23,907	$	97	$	24,004