As of June 30, 2026 and December 31, 2025, the Company’s investment in real estate debt consisted of CMBS. Investments in real estate debt are valued using the policies and procedures outlined in “Note 2. Significant Accounting Policies.”

The following tables detail the Company’s investments in real estate debt as of June 30, 2026:


Type of Security	Weighted Average Coupon	Weighted Average Maturity Date	Face Amount		Amortized Cost Basis		Fair Value
CMBS	6.5%	October 27, 2039	$	26,284,713	$	26,282,189	$	26,259,726
Total investments in real estate debt	6.5%	October 27, 2039	$	26,284,713	$	26,282,189	$	26,259,726

The following tables detail the Company’s investments in real estate debt as of December 31, 2025:


Type of Security	Weighted Average Coupon	Weighted Average Maturity Date	Face Amount		Amortized Cost Basis		Fair Value
CMBS	6.8%	August 24, 2039	$	19,284,985	$	19,286,875	$	19,273,251
Total investments in real estate debt	6.8%	August 24, 2039	$	19,284,985	$	19,286,875	$	19,273,251

The following table summarizes the Company’s investments in real estate debt, at fair value:


	Six Months Ended June 30, 2026			Year Ended December 31, 2025
Beginning balance	$	19,273,251		$	—
Additions		7,008,438			25,142,288
Repayments		(272	)		(5,855,031	)
Premium amortization (discount accretion)		772			(382	)
Change in unrealized gain (loss)		(22,463	)		(13,624	)
Ending balance	$	26,259,726		$	19,273,251