v3.26.1
Investments in Real Estate Debt (Tables)
12 Months Ended
Dec. 31, 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):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

16,825

 

 

$

16,825

 

 

$

16,825

 

Commercial Mortgage Loan

 

 

3

 

 

Not Rated

 

 

SOFR + 2.69%

 

 

November 28, 2027

 

 

 

224,600

 

 

 

224,600

 

 

 

224,600

 

 

 

62,400

 

 

 

62,400

 

 

 

62,485

 

Total investments in
 real estate debt

 

 

3

 

 

 

 

 

 

 

 

 

 

 

$

224,600

 

 

$

224,600

 

 

$

224,600

 

 

$

79,225

 

 

$

79,225

 

 

$

79,310

 

(1) Mezzanine loan outstanding as of December 31, 2024 was paid off during the year at maturity.

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 Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Interest income

 

$

11,074

 

 

$

4,040

 

 

$

1,747

 

Other income (expense), net

 

 

 

 

 

 

 

$

(9

)

Unrealized (loss) gain

 

 

(85

)

 

 

85

 

 

 

 

Total

 

$

10,989

 

 

$

4,125

 

 

$

1,738