v3.26.1
Investments in Real Estate-Related and Other Securities
12 Months Ended
Dec. 31, 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):

 

 

 

 

 

 

 

 

December 31, 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

 

6.7%

 

 

September 6, 2039

 

 

$

15,000

 

 

$

15,107

 

 

$

15,323

 

 

$

5,800

 

 

$

5,797

 

 

$

5,829

 

U.S. Treasury(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

595

 

 

 

582

 

 

 

588

 

Total real estate-related
and other securities

 

 

 

 

 

 

 

$

15,000

 

 

$

15,107

 

 

$

15,323

 

 

$

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 Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Interest income

 

$

2,031

 

 

$

76

 

 

$

223

 

Unrealized gain (loss)

 

 

184

 

 

 

33

 

 

 

(2

)

Realized gain (loss)

 

 

506

 

 

 

 

 

 

(593

)

Total

 

$

2,721

 

 

$

109

 

 

$

(372

)