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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

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 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

)

CMBS  
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):

 

 

 

 

 

 

 

 

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.