The following table details the Company’s investments in real estate debt ($ in thousands):


						June 30, 2025						December 31, 2024
Real Estate Debt	Number of Positions		Credit Rating	Weighted-Average Coupon	Weighted-Average Maturity Date	Face Value		Cost Basis		Fair Value		Face Value		Cost Basis		Fair Value
Mezzanine Loan		1	Not Rated	SOFR(1) + 5.22%	September 9, 2025	$	16,825	$	16,825	$	16,825	$	16,825	$	16,825	$	16,825
Commercial mortgage loans		2	Not Rated	SOFR(1) + 2.67%	January 27, 2027		118,100		118,100		118,140		62,400		62,400		62,485
Total investments in real estate debt		3				$	134,925	$	134,925	$	134,965	$	79,225	$	79,225	$	79,310

(1) SOFR was 4.32% and 4.33% on June 30, 2025 and December 31, 2024, respectively.

On June 24, 2025, the Company originated a $55.7 million commercial mortgage loan to finance the acquisition of Cortland at Armour Yards (the “Cortland CML”), a 372-unit mid-rise apartment community located in Atlanta, Georgia. The mortgage loan has an initial term of two years and three, one-year extension options. The Cortland CML was financed using proceeds from the Repurchase Facility (see Note 8).

The following table details the amounts recognized for the Company's investments in real estate debt ($ in thousands):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Interest income	$	2,126		$	448		$	3,606		$	897
Unrealized loss		(42	)		—			(44	)		—
Other expense, net		—			(3	)		—			(6	)
Total	$	2,084		$	445		$	3,562		$	891