Investments in Real Estate-Related Securities

6 Months Ended

Jun. 30, 2026

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


	June 30, 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	$	25,894	$	(941)	$	24,953	$	62	$	25,015	6.76	%	2/14/2028
Preferred stock of REITs	N/A		N/A		1,975		(86)		1,889		6.72	%	N/A

Total	$	25,894	$	(941)	$	26,928	$	(24)	$	26,904


	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.