| Schedule of Investments in Real Estate Debt, at Fair Value |
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 |
|
|
| Schedule of Investments in Real Estate Debt, at Fair Value |
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 |
|
|