| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Type of Security/Loan | | Weighted Average Coupon(1) | | Weighted Average Maturity Date(2) | | Face
Amount | | Cost Basis | | Fair Value | | CMBS | | SOFR + 3% | | 5/19/2043 | | $ | 28,388 | | | $ | 28,574 | | | $ | 28,574 | | | | | | | | | | | | |
(1)The term SOFR refers to the relevant floating benchmark rates, one-month SOFR. (2)Weighted average maturity date is based on the fully extended maturity date of the instrument.
The following table details the credit rating of the Company’s debt investments: | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Credit Rating | | Cost Basis | | Fair Value | | Percentage Based
on Fair Value | | A3 | | $ | 12,224 | | | 12,224 | | | 43 | % | | Baa2 | | 5,272 | | | 5,272 | | | 18 | % | | Baa3 | | 11,078 | | | 11,078 | | | 39 | % | | Total | | $ | 28,574 | | | $ | 28,574 | | | 100 | % |
| | | | | | | | | | | | | | | | | | | Amortized Cost Basis | | Gain/(Loss) | | Fair Value | Real estate-related securities at Inception | $ | — | | | $ | — | | | $ | — | | | Face value of real estate-related securities acquired | 28,478 | | | — | | | 28,478 | | | | | | | | | | | | | | | Capitalized interest income | 96 | | | — | | | 96 | | | | | | | | Real estate-related securities as of December 31, 2025 | $ | 28,574 | | | $ | — | | | $ | 28,574 | |
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