v3.25.2
Investments in Real Estate-Related and Other Securities
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Real Estate-Related and Other Securities

6. Investments in Real Estate-Related and Other Securities

The following table details the Company’s investments in real estate-related and other securities ($ in thousands):

 

 

 

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Real Estate-Related and Other Securities

 

Weighted-Average Coupon

 

Weighted-Average Maturity Date

 

Face Amount

 

 

Cost Basis

 

 

Fair Value

 

 

Face Amount

 

 

Cost Basis

 

 

Fair Value

 

CMBS

 

4.4%

 

April 22, 2035

 

$

40,000

 

 

$

38,280

 

 

$

38,858

 

 

$

5,800

 

 

$

5,797

 

 

$

5,829

 

U.S. Treasury(1)

 

N/A

 

April 17, 2025

 

 

 

 

 

 

 

 

 

 

 

595

 

 

 

582

 

 

 

588

 

Total real estate-related and other securities

 

 

 

 

 

$

40,000

 

 

$

38,280

 

 

$

38,858

 

 

$

6,395

 

 

$

6,379

 

 

$

6,417

 

(1) Includes $0.5 million of securities pledged as collateral related to the treasury note futures contracts as of December 31, 2024.

The following table details the amounts recognized for the Company's investments in real estate-related and other securities ($ in thousands):

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest income

 

$

885

 

 

$

5

 

 

$

1,437

 

 

$

11

 

Unrealized (loss) gain

 

 

(168

)

 

 

 

 

 

361

 

 

 

 

Realized gain

 

 

336

 

 

 

 

 

 

336

 

 

 

 

Total income from investments in real estate-related and other securities

 

$

1,053

 

 

$

5

 

 

$

2,134

 

 

$

11