Investments in Real Estate Debt (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment in Real Estate Debt

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

	March 31, 2024
Type of Security/Loan	Weighted Average Coupon(1)		Weighted Average Maturity Date(2)	Face Amount		Cost Basis		Fair Value
CMBS	SOFR+4%		10/3/2034	$	30,327	$	30,010	$	30,388
Commercial real estate loan (3)	14	%	7/12/2025	51,816		51,816		51,816
Total investments in real estate debt	10	%		$	82,143	$	81,826	$	82,204

	December 31, 2023
Type of Security/Loan	Weighted Average Coupon(1)		Weighted Average Maturity Date(2)	Face Amount		Cost Basis		Fair Value
CMBS	SOFR + 4%		10/25/2034	$	30,995	$	30,830	$	30,974
Commercial real estate loan (3)	14	%	7/12/2025	56,235		56,235		56,235
Total investments in real estate debt	10	%		$	87,230	$	87,065	$	87,209

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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:

	March 31, 2024						December 31, 2023
Credit Rating	Cost Basis		Fair Value		Percentage Based on Fair Value		Cost Basis		Fair Value		Percentage Based on Fair Value
AAA	$	5,006	$	5,044	6	%	$	5,176	$	5,189	6	%
A3	7,008		7,052		9	%	7,009		7,026		8	%
Baa3	3,008		3,025		4	%	3,008		3,014		3	%
Ba3	1,868		1,922		2	%	2,433		2,479		3	%
BBB	5,472		5,494		7	%	5,514		5,530		6	%
BBB-	5,325		5,428		7	%	5,367		5,384		6	%
BB	2,323		2,423		3	%	2,323		2,352		3	%
Private Commercial Real Estate Loan (Unrated)	51,816		51,816		62	%	56,235		56,235		65	%
Total	$	81,826	$	82,204	100	%	$	87,065	$	87,209	100	%

The following table provides the activity for the real estate-related securities for the three months ended March 31, 2024:

	Amortized Cost Basis		Gain/(Loss)		Fair Value
Real estate-related securities as of December 31, 2023	$	30,830	$	144	$	30,974
Sale of real estate-related securities	(668)		—		(668)
Realized gain on sale of real estate-related securities	21		—		21
Decrease in accrued interest income	(173)		—		(173)

Unrealized gain on real estate securities	—		234		234
Real estate-related securities as of March 31, 2024	$	30,010	$	378	$	30,388