Investments in Real Estate-Related and Other Securities (Tables)

6 Months Ended

Jun. 30, 2025

Debt and Equity Securities, FV-NI [Line Items]

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.

Summary of Income Recognized from Investments in Real Estate-related and Other Securities

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

Debt and Equity Securities, FV-NI [Line Items]

Summary of 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.