v3.26.1
Investments in Real Estate Securities (Tables)
3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Trading, and Equity Securities, FV-NI
The following is a summary of the Company’s investments in real estate securities, at fair value at March 31, 2026 and December 31, 2025:
CMBS Bonds
($ in thousands)Number of BondsBenchmark Interest RateWeighted Average Interest RateWeighted Average Contractual Maturity (years)Par ValueFair Value
March 31, 2026
171 month SOFR6.80%4.00$102,275 $102,051 
December 31, 2025171 month SOFR6.83%4.25$103,370 $103,668 
The following table shows the amortized cost, unrealized gain (loss) and fair value of the Company’s CMBS bonds at March 31, 2026 and December 31, 2025:
(in thousands)Amortized CostsUnrealized GainUnrealized LossFair Value
March 31, 2026
$102,181 $60 $(190)$102,051 
December 31, 2025$103,269 $400 $— $103,668