Real Estate Securities

6 Months Ended

Jun. 30, 2026

Note 4 – Real Estate Securities

The Company classified its real estate securities as available-for-sale. These investments are reported at fair value in the consolidated balance sheets with changes in fair value recorded in other income or loss in the consolidated statements of operations.

The table below shows the Company’s securities as of June 30, 2026:


Number of Positions	External Credit Rating	Collateral	Weighted Average Interest Rate			Weighted Average Years to Maturity		Par Value		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
2	AAA	Hospitality, Industrial		4.9	%		13.3	$	9,965	$	9,983	$	3	$	(8	)	$	9,978

As of June 30, 2026, the Company held two CMBS with a total carrying value of $9,978 and a total net unrealized loss of $5, one of which was held in a gross unrealized loss position of $8. As of June 30, 2026, zero positions had an unrealized loss for a period greater than twelve months.

As of June 30, 2026, each of the CMBS were assigned an internal risk rating of 2.