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Investments in Real Estate Debt
6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Investments in Real Estate Debt Investments in Real Estate Debt
The following table details the Company’s investments in real estate debt ($ in thousands):
June 30, 2026December 31, 2025
Real Estate DebtNumber of PositionsCredit RatingWeighted-Average
Coupon
Weighted-Average Maturity DateCost BasisFair ValueCost BasisFair Value
Commercial Mortgage Loan4Not Rated
SOFR + 2.52%
December 15, 2027$304,600 $304,589 $224,600 $224,600 
Originations
On January 14, 2026, the Company originated an $84.0 million whole loan, of which $80.0 million has been funded, for the acquisition and renovation of a 198-unit, 1986-vintage, townhome style multifamily property in the San Diego, California Metropolitan Statistical Area.
The following table details the amounts recognized for the Company's investments in real estate debt ($ in thousands):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026202520262025
Interest income$4,820 $2,126 $10,030 $3,606 
Unrealized gain (loss)16 (42)(12)(44)
Total$4,836 $2,084 $10,018 $3,562