v3.26.1
Real Estate Securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Real Estate Securities
Note 7 - Real Estate Securities
Real Estate Securities Classified As Available For Sale
The following is a summary of the Company's real estate securities, available for sale, measured at fair value, as of June 30, 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
June 30, 2026131 Month SOFR6.60%9.8$187,159 $187,247 
December 31, 2025101 Month SOFR6.61%8.4$151,362 $151,662 
The Company classified its CMBS bonds as available for sale and reports them at fair value in the consolidated balance sheets with changes in fair value recorded in Accumulated other comprehensive income/(loss) in the consolidated balance sheets.
The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CMBS bonds as of June 30, 2026 and December 31, 2025 (dollars in thousands):
Amortized CostUnrealized GainUnrealized (Loss)Fair Value
June 30, 2026$187,905 $43 $(701)$187,247 
December 31, 2025$151,946 $76 $(360)$151,662 
As of June 30, 2026, the Company held 13 CMBS bonds with an amortized cost basis of $187.9 million and a net unrealized loss of $0.7 million, ten of which were held in a gross unrealized loss position of $0.7 million. As of December 31, 2025, the Company held 10 CMBS bonds with an amortized cost basis of $151.9 million and a net unrealized loss of $0.3 million, seven of which were held in a gross unrealized loss position of $0.4 million. As of June 30, 2026 and December 31, 2025, zero positions had an unrealized loss for a period greater than twelve months. As of June 30, 2026 and December 31, 2025, the fair value of the Company's CMBS bonds that were in an unrealized loss position for less than twelve months was $148.3 million and $105.9 million, respectively.