v3.26.1
Real Estate Securities (Tables)
3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale Securities
The following is a summary of the Company's real estate securities, available for sale, measured at fair value, as of March 31, 2026 and December 31, 2025 (dollars in thousands):
CMBS Bonds
Number of BondsBenchmark Interest RateWeighted Average Interest Rate
Weighted Average Contractual Maturity (years)
Par ValueFair Value
March 31, 2026121 Month SOFR6.59%9.7$179,051 $178,712 
December 31, 2025101 Month SOFR6.61%8.4$151,362 $151,662 
The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CMBS bonds as of March 31, 2026 and December 31, 2025 (dollars in thousands):
Amortized CostUnrealized GainUnrealized (Loss)Fair Value
March 31, 2026$179,768 $— $(1,056)$178,712 
December 31, 2025$151,946 $76 $(360)$151,662