Real Estate Loan Investments, at Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Real Estate Loan Investments

The following table presents the Company’s real estate loan investments as of June 30, 2025 ($ in thousands):

         Property
Type

         Location

         Origination
Date

         Stated
Interest Rate(3)

         Original
Loan
Amount

         Current
Principal
Outstanding

         Fair
Value

         Unfunded
Commitments

         Payment
Terms (5)

         Current
Maturity
Date

         Maximum
Maturity
Date(4)

Multifamily

Maryland

5/29/2025

1M SOFR + 2.65%

65,150

65,150

65,150

6,050

Monthly; I/O

6/1/2027

6/1/2030

Multifamily

Florida

6/6/2025

1M SOFR + 2.65%

41,500

41,500

41,500

NA

Monthly; I/O

7/1/2028

7/1/2030

Senior
Housing

Wisconsin

5/30/2025(1)

1M SOFR + 4.55%

1,333

1,333

1,333

290

Monthly, I/O-A

5/30/2027

5/30/2028

Senior
Housing

Kentucky

6/6/2025(2)

1M SOFR + 11.74%

4,970

4,970

4,970

251

Monthly, I/O-A

12/6/2027

12/6/2028

Senior
Housing

New York

6/27/2025(1)

1M SOFR + 4.25%

8,500

8,500

8,500

118

Monthly, I/O-A

6/26/2028

6/26/2028

Senior
Housing

North
Carolina

6/27/2025(2)

1M SOFR + 12.13%

6,000

6,000

6,000

N/A

Monthly, I/O-A

6/27/2028

6/27/2029

127,453

127,453

127,453

6,708

(1)

Investment is a subordinate participation interest in a mortgage loan originated by affiliates of the Monticello Advisor.

(2)

Investment is a participation interest in a mezzanine loan originated by affiliates of the Monticello Advisor.

(3)

Represents the stated interest rate of the most recent interest period in effect for each loan as of period end. Mortgage loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. On June 30, 2025, one-month Term SOFR was 4.32%.

(4)

Maximum maturity date assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are typically subject to satisfaction of certain predefined conditions as defined in the respective loan agreements.

(5)

Payment terms are interest only (I/O), or initially interest only and amortize at a future period in accordance with the terms of the respective agreements (I/O-A).