Investments in Real Estate-Related Securities

3 Months Ended

Mar. 31, 2026

The following tables summarize our investments in real estate-related securities by asset type:


	March 31, 2026
in thousands	Principal Balance		Unamortized Premium (Discount)		Amortized Cost / Cost(1)		Unrealized Gain (Loss), Net		Fair Value		Period-end Weighted Average Yield		Weighted-Average Maturity Date
Non-agency CMBS	$	29,574	$	(1,006)	$	28,568	$	210	$	28,778	4.72	%	11/21/2027
Preferred stock of REITs	N/A		N/A		1,975		(90)		1,885		6.74	%	N/A

Total	$	29,574	$	(1,006)	$	30,543	$	120	$	30,663


	December 31, 2025
in thousands	Principal Balance		Unamortized Premium (Discount)		Amortized Cost / Cost(1)		Unrealized Gain (Loss), Net		Fair Value		Period-end Weighted Average Yield		Weighted-Average Maturity Date
Non-agency CMBS	$	31,974	$	(1,065)	$	30,909	$	342	$	31,251	4.95	%	11/9/2027

Preferred stock of REITs	N/A		N/A		1,975		33		2,008		6.32	%	N/A

Total	$	31,974	$	(1,065)	$	32,884	$	375	$	33,259

(1)For non-agency CMBS, the amount presented represents amortized cost. For preferred stock of REITs, the amount presented represents cost.