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Investments in Real Estate Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment in Real Estate Debt
The following tables detail the Company’s investments in real estate debt:
June 30, 2024
Type of Security/Loan
Weighted Average
Coupon(1)
Weighted Average Maturity Date(2)
Face
Amount		Cost BasisFair Value
CMBS
SOFR+4%
10/26/2033$54,499 $53,946 $54,190 
Commercial real estate loan (3)
14 %7/12/202543,435 43,435 43,435 
Total investments in real estate debt (4)
11 %$97,934 $97,381 $97,625 
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 
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(1)The term SOFR refers to the relevant floating benchmark rates, one-month SOFR.
(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.
(4)Total investments in real estate debt per the tables above exclude our investments in loans receivable, described below, which had a balance of $26,914 as of June 30, 2024. We did not hold any investments in loans receivable as of December 31, 2023.

The following table details the credit rating of the Company’s investments in real estate debt:
June 30, 2024December 31, 2023
Credit RatingCost BasisFair ValuePercentage Based
on Fair Value		Cost BasisFair ValuePercentage Based
on Fair Value
AAA$— $— — %$5,176 $5,189 6 %
AA-4,928 4,917 5 %— — — %
A37,007 7,043 7 %7,009 7,026 8 %
Baa33,007 3,020 3 %3,008 3,014 3 %
Ba3— — — %2,433 2,479 3 %
BBB5,432 5,453 6 %5,514 5,530 6 %
BBB-10,265 10,348 11 %5,367 5,384 6 %
BB+6,982 6,983 7 %— — — %
BB2,322 2,441 3 %2,323 2,352 3 %
BB-7,008 6,990 7 %— — — %
NR6,995 6,995 7 %— — — %
Private commercial real estate loan (Not rated)43,435 43,435 44 %56,235 56,235 65 %
Total$97,381 $97,625 100 %$87,065 $87,209 100 %
The following table provides the activity for the real estate-related securities for the six months ended June 30, 2024:
Amortized Cost BasisGain/(Loss)Fair Value
Real estate-related securities as of December 31, 2023
$30,830 $144 $30,974 
Face value of real estate-related securities acquired30,829 — 30,829 
Sale of real estate-related securities(7,673)— (7,673)
Realized gain on sale of real estate-related securities95 — 95 
Decrease in accrued interest income(135)— (135)
Unrealized gain on real estate securities— 100 100 
Real estate-related securities as of June 30, 2024
$53,946 $244 $54,190