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Investments in Real Estate Debt
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments in Real Estate Debt Investments in Real Estate Debt
The following tables detail the Company’s investments in real estate debt:
September 30, 2024
Type of Security/Loan
Weighted Average
Coupon(1)
Weighted Average Maturity Date(2)
Face
Amount		Cost BasisFair Value
CMBS
SOFR+4%
8/13/2037$124,427 $123,823 $124,311 
Commercial real estate loan (3)
14 %7/12/202534,696 34,696 34,696 
Total investments in real estate debt (4)
10 %$159,123 $158,519 $159,007 
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 $27,765 as of September 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:
September 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 %
A-11,810 11,920 8 %— — — %
A37,006 7,060 4 %7,009 7,026 8 %
Baa33,007 3,029 2 %3,008 3,014 3 %
Ba3— — — %2,433 2,479 3 %
Ba210,975 10,989 7 %— — — %
BBB17,428 17,438 11 %5,514 5,530 6 %
BBB-40,321 40,514 25 %5,367 5,384 6 %
BB+7,010 7,010 4 %— — — %
BB2,322 2,459 2 %2,323 2,352 3 %
BB-16,950 16,941 11 %— — — %
NR6,994 6,951 4 %— — — %
Private commercial real estate loan (Not rated)34,696 34,696 22 %56,235 56,235 65 %
Total$158,519 $159,007 100 %$87,065 $87,209 100 %
The following table provides the activity for the real estate-related securities for the nine months ended September 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 acquired100,457 — 100,457 
Sale of real estate-related securities(7,695)— (7,695)
Realized gain on sale of real estate-related securities95 — 95 
Increase in accrued interest income
136 — 136 
Unrealized gain on real estate securities— 344 344 
Real estate-related securities as of September 30, 2024
$123,823 $488 $124,311 
Other Investments
During the nine months ended September 30, 2024 the Company acquired land related to build-to-suit properties for a total purchase price of $28,827 which is being accounted for as an investment in loans receivable. The loans will mature within approximately 16 months and are held at amortized cost. Direct costs associated with originating loans are deferred and amortized as an adjustment to interest income over the term of the related loan receivable. As of September 30, 2024, the Company held 22 investments in loans receivable related to build-to-suit arrangements with a total balance of $27,765 which are included within Investments in real estate debt in the Condensed Consolidated Balance Sheet.