Investments in Real Estate Debt (Tables)

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Summary of Investments in Real Estate-related and Other Securities

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.

Schedule of Amounts Recognized for Investments in Real Estate Debt

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