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Investments in Real Estate Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment in Real Estate Debt
The following tables detail the Company’s investments in real estate debt:
December 31, 2023
Type of Security/Loan
Weighted Average
Coupon(1)
Weighted Average Maturity Date(2)
Face
Amount		Cost BasisFair Value
CMBS
SOFR+4%
10/25/2034$30,995 $30,830 $30,974 
Commercial real estate loan (3)
14 %7/12/202556,235 56,235 56,235 
Total investments in real estate debt10 %$87,230 $87,065 $87,209 
December 31, 2022
Type of Security/Loan
Weighted Average
Coupon(1)
Weighted Average Maturity Date(2)
Face
Amount		Cost BasisFair Value
CMBS
SOFR + 3%
2/12/2038$23,837 $23,839 $23,816 
Commercial real estate loan (3)
14 %12/16/202450,000 50,000 50,000 
Total investments in real estate debt10 %$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:
December 31, 2023December 31, 2022
Credit RatingCost BasisFair ValuePercentage Based
on Fair Value		Cost BasisFair ValuePercentage Based
on Fair Value
AAA$5,176 $5,189 6 %$23,839 $23,816 32 %
A37,009 7,026 8 %— — — %
Baa33,008 3,014 3 %— — — %
Ba32,433 2,479 3 %— — — %
BBB5,514 5,530 6 %— — — %
BBB-5,367 5,384 6 %— — — %
BB2,323 2,352 3 %— — — %
Private Commercial Real Estate Loan (Unrated)56,235 56,235 65 %50,000 50,000 68 %
Total$87,065 $87,209 100 %$73,839 $73,816 100 %
The following table provides the activity for the real estate-related securities for the period from Inception to December 31, 2023:
Amortized Cost BasisGain/(Loss)Fair Value
Real estate-related securities at Inception$— $— $— 
Face value of real estate-related securities acquired24,172 — 24,172 
Sale of real estate-related securities(383)(1)(384)
Capitalized interest income50 — 50 
Unrealized loss on real estate securities— (22)(22)
Real estate-related securities as of December 31, 2022
$23,839 $(23)$23,816 
Face value of real estate-related securities acquired30,830 — 30,830 
Sale of real estate-related securities(23,793)— (23,793)
Realized gain on sale of real estate-related securities— 95 95 
Sale of accrued interest associated with real estate-related securities(46)— (46)
Unrealized gain on real estate securities
— 72 72 
Real estate-related securities as of December 31, 2023
$30,830 $144 $30,974