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Investments in Real Estate Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment in Real Estate Debt
The following tables detail the Company’s investments in real estate debt:
December 31, 2024
Type of Security/Loan
Weighted Average
Coupon(1)(3)
Weighted Average Maturity Date(2)
Face
Amount		Cost BasisFair Value
CMBS
SOFR+4%
4/29/2036$503,280 $503,379 $505,537 
Commercial real estate loans (3)
12%4/25/2028114,089 113,939 113,939 
Total investments in real estate debt (4)
9%$617,369 $617,318 $619,476 
December 31, 2023
Type of Security/Loan
Weighted Average
Coupon(1)
Weighted Average Maturity Date(2)
Face
Amount		Cost BasisFair Value
CMBS
SOFR + 3%
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 borrowers for the commercial real estate loans are NLCA Real Estate Holdings, LLC and MBV-AL HOLDCO II, LLC.
(4)Total investments in real estate debt per the tables above exclude our investments in loans receivable and held-to-maturity investments, described below in Other Investments, which had a balance of $27,635 and $48,941 as of December 31, 2024, respectively. We did not hold any investments in loans receivable or held-to-maturity investments as of December 31, 2023.

The following table details the credit rating of the Company’s investments in real estate debt:
December 31, 2024December 31, 2023
Credit RatingCost BasisFair ValuePercentage Based
on Fair Value		Cost Basis
Fair Value
Percentage Based
on Fair Value
Aaa$25,695 $25,675 4 %$5,176 $5,189 6 %
Aa36,072 6,091 1 %— — — %
AA-21,437 21,441 3 %— — — %
A-91,631 91,848 15 %— — — %
A38,189 8,262 1 %7,009 7,026 8 %
Baa33,007 3,037 — %3,008 3,014 3 %
BBB12,017 12,032 2 %5,514 5,530 6 %
BBB-84,391 84,886 14 %5,367 5,384 6 %
Ba231,646 31,674 5 %— — — %
BB+6,629 6,656 1 %— — — %
BB17,348 17,548 3 %2,323 2,352 3 %
Ba340,057 40,357 7 %2,433 2,479 3 %
BB-115,158 115,528 19 %— — — %
B-40,102 40,502 7 %— — — %
Private Commercial Real Estate Loan (Unrated)113,939 113,939 18 %56,235 56,235 65 %
Total$617,318 $619,476 100 %$87,065 $87,209 100 %
The following table provides the activity for the real estate-related securities for the period from Inception to December 31, 2024:
Amortized Cost BasisGain/(Loss)Fair Value
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 loss on real estate securities— 72 72 
Real estate-related securities as of December 31, 2023
$30,830 $144 $30,974 
Face value of real estate-related securities acquired512,551 — 512,551 
Sale of real estate-related securities(41,781)— (41,781)
Realized gain on sale of real estate-related securities494 494 
Sale of accrued interest associated with real estate-related securities1,285 — 1,285 
Unrealized gain on real estate securities— 2,014 2,014 
Real estate-related securities as of December 31, 2024
$503,379 $2,158 $505,537